Post by Logan on Jun 12, 2016 5:26:31 GMT -6
JEFFERSON CITY, Mo. (AP) -- Daily fantasy sports can continue in Missouri but will be regulated under a measure signed Friday by Gov. Jay Nixon, making the state one of the latest to legalize the practice.
When the new law takes effect in August, the state Gaming Commission will have oversight of daily fantasy sports. Websites such as DraftKings and FanDuel will need to pay an annual operation fee of 11.5 percent of net revenues from state participants to operate in Missouri, as well as an annual licensing fee of $10,000 or 10 percent of revenue, whichever is lower. Money from the fee will go toward education.
"When a new frontier of online betting is available at the touch of a screen, we have a responsibility to protect consumers and young people," said Nixon, who during his January State of the State address called upon lawmakers to pass rules for the games.
Season-long fantasy sports teams compete over months, but the practice now regulated in Missouri is based on how players perform over a day's, week's or weekend's worth of real-world games.
Read more: hosted.ap.org/dynamic/stories/U/US_XGR_DAILY_FANTASY_SPORTS?SITE=MOCOD&SECTION=HOME&TEMPLATE=DEFAULT
When the new law takes effect in August, the state Gaming Commission will have oversight of daily fantasy sports. Websites such as DraftKings and FanDuel will need to pay an annual operation fee of 11.5 percent of net revenues from state participants to operate in Missouri, as well as an annual licensing fee of $10,000 or 10 percent of revenue, whichever is lower. Money from the fee will go toward education.
"When a new frontier of online betting is available at the touch of a screen, we have a responsibility to protect consumers and young people," said Nixon, who during his January State of the State address called upon lawmakers to pass rules for the games.
Season-long fantasy sports teams compete over months, but the practice now regulated in Missouri is based on how players perform over a day's, week's or weekend's worth of real-world games.
Read more: hosted.ap.org/dynamic/stories/U/US_XGR_DAILY_FANTASY_SPORTS?SITE=MOCOD&SECTION=HOME&TEMPLATE=DEFAULT