North Carolina is the latest US state to consider regulating daily fantasy sports (DFS) contests following the introduction of a bipartisan bill last week.The Fantasy Sports Regulation bill is sponsored by Republican Senators Richard Gunn and Michael Lee, and Democrats Daniel Blue, Erica Smith-Ingram and Joyce Waddell.Their bill, S589, requires DFS operators to register with the Department of the Secretary of State and confirms that fantasy sports contests do not constitute gambling, lotteries, gaming, or any other activity prohibited in the North Carolina General Statutes.
It proposes an initial registration fee equal to 10 per cent of gross revenue from the previous calendar year (up to $10,000), or a fee of $2,500, whichever is higher.
Licenses would be valid for a period of five years and carry a renewal fee of either 10 per cent of gross revenue or $5,000.
The bill also sets out controls such as ring-fencing player funds, preventing operators' employees and family members from competing in cash contests, and restricting play to those over the age of 18.
The bill passed its first reading on April 5th and was assigned to the Senate Committee on Rules and Operations.
If approved the bill will come into force on January 1st, 2018.Gaming Intelligence