Florida passes DFS legislation
State moves one step closer to legalizing DFS as proposed regulations come under attack in MassachusettsÂ
Florida yesterday gave the daily fantasy sports industry a welcome boost after passing legislation which seeks to legalize the activity. [private]
The Business and Professions Subcommittee met to discuss HB 707, which had been introduced by Rep. Matt Gaetz and Rep. Rich Workman with the aim of explicitly legalizing DFS in the state.
If passed into law, the bill would create a number of player protection measures including DFS employees being blocked from playing real-money contests and segregated player funds.
The bill contained no tax rates for operators but was amended in the Committee to state operators would have to pay a $500,000 license fee and an annual renewal fee of $100,000.
The bill progressed with a majority – just three of the 13 Committee members voted against it and the bill will now passed on to the House Regulatory Affairs Committee for further scrutiny.
The legislation still has a long way to go before becoming law, with companion bill SB 832 yet to be heard in the Senate, as well as facing full votes in the House and Senate.
Earlier in the day, a hearing Massachusetts discussed proposed regulations put forward by state Attorney General Maura Healey.
During the hearing a number of concerns were raised, with DraftKings attorney Griffin Finan opposing plans to restrict player age to 21 and cap monthly deposits at $1,000.
Griffin said the operator also opposed plans to prohibit DFS contests on college sports events and to force operators to make clear distinctions between professional and amateur players.
Attorney General Healey said her office would review the comments made during the discussions.
âOur focus is on finalizing these strong regulations that will bring needed transparency to this industry and protect consumers, minors, and their families.â
The news comes just days after DFS titans DraftKings and FanDuel scored a major victory in New York when a court granted a permanent stay against an earlier injunction barring them from conducting business in the state.