Last week, new fantasy sports laws became effective in both Tennessee and Virginia. Accordingly, as of July 1, any fantasy sports contest operator who has failed to register or otherwise apply for licensure in accordance with the newly operative laws in those states is likely to be operating in violation of each state's respective law. Both states have included civil monetary penalties for violations of the new regulations, with Tennessee's penalties ranging up to $25,000 per violation. As such, it is absolutely essential that those companies operating in the fantasy sports space take all steps to ensure licensing-related compliance rather than attempting to fly under the radar.
Keeping Your Fantasy Sports Venture Compliant
Fantasy sports contests and the laws and regulations that govern them, continue to grow and evolve. Not only have Tennessee and Virginia implemented regulatory frameworks to legalize and regulate fantasy sports, but announcements of similarly successful legislative efforts have also come out of New York, Colorado, Mississippi and Indiana. Comparable initiatives are likewise underway in statehouses across the country including, among others, Wisconsin, California and Florida. Against this backdrop, it remains imperative to engage competent legal counsel to become/remain compliant with applicable law when setting up or operating fantasy sports contests.
If you are interested in learning more about this topic or pursuing a venture in this area, please e-mail us at info@kleinmoynihan.com, or call us at (212) 246-0900.
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