Virginia Governor signs DFS bill into law
State becomes the first to establish regulatory framework for daily fantasy sportsÂ
Virginia has become the first US state to regulate daily fantasy sports (DFS) after Governor Terry McAuliffe signed legislation into law. [private]
The bill creates the Fantasy Sports Act, with operators required to register with the Department of Agriculture and Consumer Services.
DFS firms will have to pay a $50,000 license fee, and be subject to an annual audit of their business processes and practices.
Operators must also take steps to prevent employees and their immediate relatives playing on their sites, segregate player funds, and ensure data is secure.
DraftKingsâ director of public affairs Griffin Finan said Virginia had put in place a âthoughtful and appropriateâ regulatory framework to protect the rights of fantasy players.
âWe thank Governor McAuliffe for his leadership and advocacy and are hopeful that other states across the country will follow Virginiaâs lead.
âWe will continue to work actively to replicate this success with dozens of legislatures and are excited to continue these efforts,â he added.
A growing number of states are progressing DFS legislation, with Indiana lawmakers sending a similar bill to their governor to be signed into law.
Other states, however, have moved to block DFS operators with FanDuel confirming last week it has reached an agreement with the Texas attorney general to wind down its business in the state.