Daily Fantasy Sports in Florida closer to become a reality

A bill to regulate Daily Fantasy Sports in the state passed first committee.

US.- Florida’s Business & Professional Subcommittee passed a bill to regulate Daily Fantasy Sports (DFS) allowing companies to offer their services in the state.

The HB 707 bill introduced by Republicans Matt Gaetz and Ritch Workman states that the websites have the obligation to verify their players legal age (18 years old,) to block DFS employees and relatives from playing games with real-money prizes, to separate player’s funds from operational funds and to allow a third-party to perform annual audits. If the websites fail to comply with these rules they would face civil penalty. Initially the bill did not include taxes, but it was amended to set out a US$500,000 licensing fee and an annual renewal fee of US$100,000.

California’s Assembly committee also approved a similar bill a few days ago. The state’s AB 1437 bill also determines a licensing and a regulatory fee as its Floridian counterpart.