The state of Missouri is one of only a few in the United States that has decided to create a law to deal with the fantasy sports industry this year. Legislation was recently passed to allow the activity but will not go into effect until the 28th of August. In the time remaining, the Missouri Gaming Commission is working on implementing the law that will regulate the fantasy sports industry within the state borders.
This week, the Commission came together to begin making the rules in which the operators of DFS will have to adhere to if they want to provide such services within the state. Such companies as FanDuel and DraftKings will most certainly show interest in becoming an operator in Missouri. Once the bill goes into effect in late August, the 8th of September will signal the emergency rule of the Commission coming into play.
The provisions of the emergency rule by the Commission includes several key pieces of information including the fact that sites who operated in the state before the 1st of April will be able to continue offering services until they are given or denied a license. Seven operators should be affected, all of which have the option to apply for a license by the 1st of October.
In the rules, consumer protections are also noted with implementations of these protections to be completed by operators. Consumer protections include that operators must use a Certified Public Accountant to conduct an annual audit of the company finances as well as an audit of the website to make sure the operator is in compliance with the state law. The Commission also set in place procedures for holding hearings in regards to applicants of fantasy contests as well as licensed operators.
The emergency rule will be put in place until March of next year when the permanent rules will be put into effect. Proposed rules were also published by the Commission along with the emergency rule. Companies interested in applying for licensing must fill out a 22 page application as well as a personal disclosure form. This form must be completed by individuals as directed by the Commission which can include employees or key people associated with the company.
A hearing is set to take place on the 2nd of November to discuss the proposed rules. The public can comment on the rules in advance of the November meeting up to 30 days after the proposed rules have been published.
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