Daily Fantasy Sports Bill Gains Traction in Florida

Daily fantasy sports (DFS) is an engaging activity that is available in many US states. Offering entertainment similar to sports betting, the activity has been gaining popularity over the last few years, attracting a wide range of audiences. One state that is currently trying to establish effective regulation for daily fantasy sports games is Florida.

Currently, the activity isn’t regulated but it is also not prohibited by existing laws. While this leaves DFS in a grey area, lawmakers are trying to change the status quo, implementing effective regulation of the activity. There are two proposals that are currently gaining traction in Florida’s House. Concurrently, versions of the bill are also advancing in the state’s Senate.

The House version of the DFS legislation contains two bills, PCB COM 24-01 and PCB COM 24-02. While the first bill proposes the establishment of the regulation of fantasy sports in Florida, the second one is related to the licensing of the activity.

Under PCB COM 24-01, the regulation of DFS in Florida would be in the hands of the state’s Gaming Control Commission. It would be tasked with overseeing the activities of such operators and granted the authority to impose penalties for breaches of the established regulations. In case breaches are uncovered, the Commission would have the authority to revoke licenses or impose fines starting from $5,000 all the way up to $100,000.

The Bills Propose a Robust Set of Rules

Per the proposal, the state would regulate DFS operations with payouts that surpass $10,000 per annum or $1,500 per season. Similar to other states, fantasy sports betting would not be permitted for anyone under the age of 21.

DFS operators, under the proposed legislation, would be responsible for identifying their players and ensuring that no one under the age of 21 engages in wagering. It’s not a surprise that anyone employed or related to the DFS operators in any way won’t be permitted to engage in fantasy sports betting.

As noted, PCB COM 24-02, the second part of the DFS proposal in the House, establishes the requirements for licensing of DFS operators. Companies interested in offering the activity to customers in Florida, under the proposed regulation, would be subject to a $500,000 licensing fee. On the other hand, the proposed bill calls for the implementation of a $250,000 fee, applicable for an annual renewal of the license.

The efforts of lawmakers signal that there is a commitment to regulate fantasy sports betting. However, the future of the activity is yet to be decided by the legislators.