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Virginia Governor signs fantasy sports bill into law

Tuesday, March 8, 2016 : FANTASY SPORTS FIRST FOR STATE OF VIRGINIA (Update)
 
Governor signs fantasy sports bill into law.
 
The Virginia legislative system has wasted no time in legalising fantasy sports in the state, quickly following last week's legislative approval  with Governor Terry McAuliffe's imprimatur making Virginia the first US state to regulate the genre, which includes daily fantasy sports as well as season-long competitions.
 
A last-ditch attempt by season-long fantasy sports operators to exclude daily fantasy sports from the bill's provisions failed.
 
SB646, the “Fantasy Contests Act,” stipulates that all players be 18 years or older and bans employees and immediate relatives from participating in contests. Operators must also keep player funds separate from the company's operational funds, pay a $50,000 fee to operate in the state and submit to an annual audit of their operations by the state Department of Agriculture and Consumer Services.
 
The Governor's office said in a statement: “This bill, which was passed by super majorities of both chambers, will empower Virginia to regulate this emerging industry and keep consumers safe from abuses.”
 
The House of Delegates passed its version of the bill 80-20, followed by the Senate, which passed it 31-9.
 
Major daily fantasy sports operator DraftKings, which lobbied vigorously for the bill, commented:
 
"Today, Virginia became the first state in the nation this year to put in place a thoughtful and appropriate regulatory framework to protect the rights of fantasy players. We thank Governor McAuliffe for his leadership and advocacy and are hopeful that other states across the country will follow Virginia's lead. We will continue to work actively to replicate this success with dozens of legislatures and are excited to continue these efforts."
 
However, not everyone is happy with the new law, and some of the smaller season-long operators say the fees it imposes will put them out of business in Virginia, and that the daily fantasy sports genre constitutes gambling.
 
Rather belatedly, the industry's trade body, the Fantasy Sports Trade Association, expressed reservations about the high fees in the bill and their potential impact on smaller operators.
 
Other opponents claim that the broad language of SB646 could open the intrastate door to alternative forms of online gambling and the rising eSports industry

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Gambling News :

Pokerstars Now Lead Sponsor of Global Poker League - Alex Dreyfuss Global Poker League has received a significant boost from the announcement by Dreyfuss Mediarex Sports and Entertainment company Friday that online pokers biggest operator, Pokerstars, has signed on as lead and exclusive GPL sponsor.

Betconstruch invests in Ucrafts - BetConstruct may have also been attracted by the obvious interest in Ucrafts business - the start-up has already gained 5,000 subscribers in just a few months of commercial activity.

Plus500 Founders Selling Off Shares - Alon Gonen and Gal Haber respectively sold 7.2 million shares, retaining a 10.4 percent interest in the company; and 2.6 million shares, retaining a smaller stake of just 3.6 percent.

Rush Golf Live Launches - Virtual sports provider Inspired Gaming has announced the launch of its latest product - Rush Golf Live - with Betfred the first operator to carry the game.

British Basketball League in Deal With Perform - The British Basketball League has agreed a six-year deal with Perform, a digital sports content and media group, for the distribution and sale of all global media-related rights.

Ashley Sandyford Sykes Sharing Slot Expertise - Sandyford-Sykes has experience in the development of over a hundred popular online slot titles and led the Quickfire development team at Microgaming.

2016 WPT National Marrakech High Roller Results - Spanish poker pro Nabil Cordoso boosted his career earnings by a useful $66,873 this week when he was awarded the first prize in the PMU.fr WPT National Marrakech High Roller event in Marrakech.

GreenTube and Chopsticks In Partnership - Novomatic Interactive subsidiary Greentube has announced that it has signed a partnership deal with the Gibraltar-based mobile app developer Chopsticks In The Apps Ltd through which it will organize distribution of Chopsticks games through its online, mobile, social and land-based channels.

DraftKings Investigating Collusion Complaint - The stigma of cheating has surfaced again in the daily fantasy sports sector following allegations that two players colluded in a million dollar contest at DraftKings.

Singapore Gambling Exemptions Granted - The issue of certain state-linked commercial organisations being granted exemptions from Singapores tough anti-online gambling laws has been on the table for the past few months and has been the subject of opposition complaints; protest petitions and general argument.

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