FSTA Celebrates Virginia Fantasy Sports Bill Being Sent To Governor

FSTA Celebrates Virginia Fantasy Sports Bill Being Sent To Governor

This is the email sent by FSTA President Paul Charchian that stated the FSTA fully supports the bill whose onerous fees will keep out all contest operators out of the state except for FanDuel and DraftKings.

The SBFSTA Stance:

"The Fantasy Sports Trade Association (FSTA) enthusiastically supports the Virginia bill that has a $50,000 initial fee in this email to its members. This $50,000 fee can only be afforded by two-to-four companies in the entire fantasy sports industry. So daily fantasy sports (DFS) is now legal in Virginia for two companies, but the original hobby itself, traditional fantasy sports, are now effectively banned in Virginia due to the onerous fees. And the FSTA, which was built on the backs of small traditional fantasy sports companies, here publicly backs the bill that kills small business throughout the state."

This is the email sent by FSTA President Paul Charchian that stated the FSTA fully supports the bill whose onerous fees will keep out all contest operators out of the state except for FanDuel and DraftKings.

To: FSTA members
From: Paul Charchian, FSTA President
Date: February 26, 2016


FSTA members,

Wednesday was a historic day for the fantasy sports industry as the state of Virginia became the first legislature to pass a regulatory bill for fantasy sports contests operators. The bill is expected to be signed by Governor Terry McAuliffe.

The bill features many common sense measures that protect fantasy sports players and businesses:

  • The minimum age to play is 18.
  • Operating funds must be segregated from player prize funds.
  • An annual audit is necessary.
  • Employees and their families may not play.
  • Companies must take steps to ensure the integrity of their data.
  • Companies must register with the state.
  • The state has the power to investigate violations, and take punitive measures.

The FSTA supports the bill and Virginia's swift action to codify the legality of fantasy sports.

From the FSTA's perspective, the Virginia bill is not perfect as it contains language that requires every company to pay a one-time $50,000 registration fee. The FSTA attempted, unsuccessfully, to have that language removed. Our goal is to pass a small operators provision, similar to what we have done in other states, next year.

The FSTA's goal is to make each state viable to all fantasy sports companies. Please know that the FSTA is working to manage registration fees in all legislation.

It's our hope that the Virginia bill will act as a catalyst and a template (minus the registration fee) for other states.

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