Florida DFS Bill past First Stage
Posted: January 18, 2016
Updated: June 5, 2017
The Florida DFS bill discusses the regulation of daily fantasy sports services.
The HB 707 Florida DFS bill was introduced by Republicans Matt Gaetz and Ritch Workman. It is created to regulate daily fantasy sports in Florida. The Business & Professional Subcommittee passed the proposal. This was the first important step to make daily fantasy sports a legal activity in Florida according to US gambling laws.
According to the proposed DFS regulations in Florida, daily fantasy players should verify that they are at least 18 years old. DFS employees and their relatives would be banned from participating in real money DFS contests. DFS sites would also require undergoing an annual audit carried out by a third-party corporation. Those DFS operators that don’t comply with these Florida DFS rules could face a civil penalty.
Florida DFS bill comes after similar move in California
The proposed Florida DFS bill originally did not have anything about gambling taxes or fees. However, an amendment was made with the Florida DFS licensing fee and a renewal fee, according to US gambling news. DFS licensing fee in Florida would be $500,000 (€459,100) while the annual renewal fee $100,000 (€91,800) according to the Florida DFS bill.
The state of California recently approved a bill that could help to regulate daily fantasy sports in the state. The California Assembly committee passed the AB 1437 that previses a license for California DFS operators. An annual regulatory fee would be also needed for these operators to stay in the business legally.
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