Fantasy sports regulation bill advances in House

New regulations for large-scale fantasy sports betting could be on the way to Florida, as legislation setting up parameters for companies offering the games to operate passed through a House panel.

The bill (PCB COM 24-01) would regulate fantasy sports operations with prize payouts of more than $1,500 per season or more than $10,000 per year. It would ban platforms from offering direct bets on sporting events in addition to the competitive fantasy games. Ads for casinos, with “depictions of slot machine-style symbols, cards, dice, craps, roulette or lotto” would also be banned.

Players would be required to be told of prize award amounts before the contest begins, and award amounts couldn’t be based on the number of participants or the size of the entry fee. Operators would also have to verify participants are at least 21 years old, and operators and their relatives and employees would be barred from participating in fantasy contests.

Regulations would be enforced by the Gaming Control Commission, which would have the power to investigate and audit companies offering fantasy sports. If violations are found, the commission could issue a fine of up to $5,000 per incident and $100,000 in total in addition to revoking the license. Another bill (PCB COM 24-02) would impose a license fee of $500,000, with an annual renewal fee of $250,000.

Both bills sailed through the House Commerce Committee, signaling the Legislature will act to regulate the industry after failing to address the issue in previous years. The Senate versions of the bills (SB 1566, SB 1568), which match the House bills, are scheduled to be heard on the floor next week.

The only votes against the bills came from Rep. Tyler Sirois, a Merritt Island Republican, who voted against both, and from Rep. Toby Overdorf, a Palm City Republican, who voted against the license fee bill.

Overdorf is concerned the bill would tie up amateur operators, opening them up to penalties imposed by the Gaming Control Commission.

“What is the enforcement mechanism associated with this?” Overdorf said. “How would you know if somebody is paying more than $1,500?”