Bill > SB129

This bill establishes a regulatory framework for fantasy contests in Virginia, requiring operators to obtain a permit from the Department of Agriculture and Consumer Services (VDACS) and pay a significant application fee. It clarifies the definition of a fantasy contest, emphasizing that players compete against each other, not the operator, and that outcomes are based on skill and knowledge, not solely on the performance of actual teams or athletes. The bill also introduces a 10% tax on fantasy contest revenue, with 5% allocated to the Problem Gambling Treatment and Support Fund and 95% to the general fund, and mandates that operators implement procedures to prevent underage play, protect confidential information, and allow self-exclusion for problem gamblers. Furthermore, it requires annual independent audits and testing laboratory reports to ensure compliance and outlines penalties for violations, including permit suspension or revocation and monetary fines. The bill also directs the Virginia Lottery and VDACS to study the regulation and taxation of fantasy contests and report their findings and recommendations to the General Assembly by November 1, 2026.

Budget and Finance, Business and Industry, Justice

https://lis.virginia.gov/bill-details/20261/SB129