In July of 2016, the Maryland Comptroller Peter Franchot announced proposed regulations for the daily fantasy sports industry of the state. This week, Franchot announced that the regulations have now been implemented. Because the daily fantasy sports industry have a significant presence in the state, Franchot stated it was appropriate to enforce basic rules so that games are conducted in a fair manner, with the right taxes paid and anti-competitive abuses declared out of bounds.
The regulations put in place for DFS contests in the state basically include information on consumer protections, the same type of regulations that have been put in place in several other states in the US last year. A law was actually enacted in 2012 in the state that would make fantasy sports contests that have entry fees legal. This law put the office of the Comptroller in charge of oversight for the industry at this time.
Included in the regulations are rules that must be followed by participants as well as operators. Players have to be 18 years of age or older to take part in the paid-entry contests. Paid contests cannot be enjoyed by individuals who are employees, directors, contractors, principals or officers. Operators are not allowed to offer contests on college or amateur sports. Any experienced players have to be identified by operators.
Third party scripts to enter contests are not be used with deposit limits set for players at $1,000. However, this amount can be increased but credit cannot be issued to players via the operator. Funds of the players have to remain separated from the funds used during operation. A CPA must also provide an annual audit of the fantasy operator books.
There are no licensing fees, direct tax or registration for operators in the state based on these regulations. However, they do note that operators of fantasy sports will have to comply with all applicable tax laws and regulations.
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