For 2017, several states have already passed legislation to legalize and regulate paid-entry fantasy sports. Just last week, Maine became the fifth state in the US to do so this year. Now, a total of 15 states have a new law enacted that allows for DFS operators to provide services to sports fans. Both DraftKings and FanDuel were happy with the decision, with one more state now allowing the top DFS companies to operate within its borders.
The DFS measure was approved by state legislature back in July and Governor Paul LaPage had until last week to sign the measure or choose to veto, or do nothing. LePage decided to do nothing so the bill became law due to his inaction. The language of the new law states that fantasy sports is a game of skill which exempts the activity from state gaming laws.
The Gambling Control Unit of the Department of Public Safety is providing oversight of operators with the director of the group having the power to declare rules along with other obligations. Licensing fees for operators will be set at $2,500 but this is only for companies who make more than $100,000 in revenues while operating in the state. So far, this would only apply to FanDuel and DraftKings. Companies who make less than $100,000 will not have to pay a licensing fee.
A 10% of gross gaming revenues also must be paid to the state if $100,000 or more is earned in yearly revenues. This would also apply only to the two top providers of DFS currently in the US, DraftKings and FanDuel.
Consumer protections were also included in the law that are similar to what other states have enacted with their DFS legislation. Operators must not allow employees to take part in contests as well as establish responsible gaming protocols. Player funds must be segregated from operation funds and an audit of the disposition of funds will be required of those who earn gross revenues of over $100,000.
Players must be 18 years of age or older to take part and contests cannot be created based on college or other amateur events.
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