The new “Fantasy Contests Act’ outlines just how those entities are allowed to operate legally. The main takeaway is that Virginia is monetizing fantasy sports; each business like FanDuel or DraftKings must pay a $50,000 annual fee to do business in the state.
“This event was off the charts”
Gary Vaynerchuk was so impressed with TNW Conference 2016 he paused mid-talk to applaud us.
All participants must be 18 or older, and employees of fantasy sports companies are prohibited from engaging in public fantasy sports contests.
The law takes care of much of the headline-grabbing trouble fantasy sports have run into lately, but doesn’t quite offer much of an entry point for competition. As other large states have begun to straight-up outlaw fantasy sports betting, startups will have trouble scaling to a point where the $50,000 annual fee in Virginia is acceptable.