New Ind. Law Targets Paid Fantasy Sports Sites
By Mike Perleberg
(Indianapolis, Ind.) – A new Indiana law legalizes daily fantasy sports betting websites, but requires fees to be paid by the companies offering the online contests.
On Friday, Governor Mike Pence signed Senate Enrolled Act 339. Under the law, websites such as DraftKings and FanDuel will be regulated under the new Paid Fantasy Sports Division of the Indiana Gaming Commission.
Fantasy sports companies will be required to pay a one-time licensing fee of $50,000 with a $5,000 annual renewal fee. The licensing fee could be increased from $50,000 up to $75,000 to cover the costs of the operation of the division.
The law sets the age limit at 18 or older for players on fantasy sports betting websites. The websites will only be able to offer games based on professional sports, not college athletics.
“Today, Indiana became yet another state to put in place a thoughtful and appropriate regulatory framework to protect the rights of fantasy players. We thank Governor Pence for his leadership and advocacy and are hopeful that other states across the country will follow Indiana’s lead,” said Griffin Finan, DraftKings’ director of public affairs.
Other states are taking action on fantasy sports websites. Virginia became the first state to enact such a law earlier this month. A New York state proposal calls for an initial fee of $500,000.