The year 2017 is rapidly advancing with the first quarter almost done and internet betting showing strong growth all over the world. The law in some places is finally catching up with the public demand for safe and regulated online wagering. The newest jurisdiction to legalize daily fantasy sports is the State of Mississippi USA where the final hurdle for the legislation was met when Mississippi’s Governor Phil Bryant officially signed House Bill 967 this week.
The Mississippi Gaming Commission will now have the authority to regulate and license Fantasy Sports events online and off. State regulators will be issuing licenses to daily fantasy sports operators. Many expect DFS operators such as DraftKings, FanDuel, FantasyDraft, and Yahoo to apply for a license in Mississippi, costing an operator a meager $5,000 for three years.
Some rules apply to the license requirements such as checks and annual audits on daily fantasy sports operators with revenues from the firms required to pay an eight percent tax. An age restriction of eighteen years minimum for participants and a prohibition is placed on employee engagement in the activity.
Attorney General Jim Hood determined fantasy sports was a game of chance opening the door for legislation regarding daily fantasy sports betting in Mississippi also known as "The Magnolia State" and the "The Hospitality State. " The three million people in the State will welcome the additional revenue from online daily fantasy sports. The revenue deficient state is expecting a $5 million annual return in taxes from Daily Fantasy Sports. It has been suggested that this amount is a overestimation of the possible returns but as proponents of the move say five million is better than no money at all. Texas is the next jurisdiction to complete debates on regulating daily fantasy sports betting which is expected to happen this year.