DFS Online Betting Now Legal In Virginia USA

Published Thursday, March 10, 2016 - Online-Casinos.com
DFS Online Betting Now Legal In Virginia USA

The current level of uncertainty around the legality of daily fantasy sports betting has created a storm of controversy in the online gambling industry in the USA’s gambling market. Daily Fantasy sports operators such as FanDuel and DraftKings are struggling to maintain the momentum the activity gained in recent months. The legal issue and the regulation of the pastime have become a focus for authorities in the varied jurisdictions in the States.

The recent ruling by the Attorney General in Texas saw FanDuel announce that it will withdraw its services from Texas. FanDuel said although fantasy sports was founded in Texas more than forty years  ago, the company has been operational in the state since 2009 it will obey the law and withdraw its services. FanDuel commented it “strongly” disagrees with the opinion of the Attorney General Ken Paxton.

A meeting with the executives from the major Daily Fantasy sports betting operators and the Nevada Gaming Policy Committee is scheduled.  Nevada Governor Brian Sandoval said the session has been designed to ensure the state is up-to-date with its policies on gambling.

Now the state of Virginia has become the first state to pass legislation that formally legalises daily fantasy sports contests at least within its borders. State Governor Terry McAuliffe recently signed the ‘Fantasy Contests Act’ which enables a series of protections for residents of Virginia that participate in Daily Fantasy sports betting.

The Act requires fantasy sports operators to register with the state and pay a licensing fee of $50,000 to cover oversight costs.

DFS brands will require age verification and must undergo two independent audits of their operations per year to ensure state regulations are adhered to.

The Fantasy Contests Act also prevents the sharing of confidential information and player funds must  be separated from the company’s own operational funds. Employees and relatives working at DFS brands will not be able to take part in real-money contests on any DFS website.

 

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