The state of Nevada may see daily fantasy sports contests eventually resume thanks to legislation that has been proposed by FanDuel and DraftKings. The Nevada Gaming Policy Committee has revealed details that the two daily fantasy sports operators have proposed legislation that would regulate the activity within the state.
The legislation was reportedly posted on the website of the Nevada Gaming Policy Committee before a meeting was set to take place on the subject this Tuesday, according to Legal Sports Report. The bill seems to be a place where conversation can begin on just how the industry should be able to return to the state. DFS sites removed services from Nevada back in 2015 due to the state’s attorney general naming the activity as one that falls under gambling regulations.
Officials of the state met with the CEOs of FanDuel and DraftKings back in March and a second meeting is scheduled for next week. The committee will be reviewing such DFS information as what other states are doing in regards to laws and legislation on the matter. Also to be discussed is the current state law and its application to the DFS industry. The proposed legislation will be presented as well.
The proposed DFS law would place the Nevada Gaming Commission and the Nevada Gaming Control Board in the position of oversight for operators of DFS and also create regulations for the industry. DFS would be cleared of definitions such as lottery, gambling game or sports pool. Consumer protections would be put in place including prevention of minors taking part, player funds segregated from operational finances, employee restrictions, and problem gambling protocols to be implemented.
Operators would have to pay a licensing fee of less than $10,000 or 5% of the gross fantasy game revenues for the preceding 12 months. This amount is relatively low so one would expect that lawmakers would amend this portion of the measure to a larger amount.
It will be interesting to see how lawmakers respond to the proposal and if DFS will be making its way back into the state of Nevada in the near future.
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