In his January State of the State address, Gov. Jay Nixon called for laws regulating the daily fantasy sports industry, which is growing in popularity. Friday, Nixon signed HB 1941 into law, making that call a reality.
Under the Missouri Fantasy Sports Consumer Protection Act, daily fantasy sports companies such as DraftKings and FanDuel will be allowed to operate in Missouri if they pay an annual operating fee of 11.5% of net revenue from Missouri participants for the previous year. The revenue collected from that fee will be deposited into the Gaming Proceeds for Education Fund.
The Missouri Gaming Commission will exercise regulatory authority over the industry, including the ability to investigate and license operators. The commission will also have the ability penalize businesses that violate the regulations.
Bill sponsor Scott Fitzpatrick (R-Shell Knob) says his original bill didn’t include an operating fee, but says his legislation is the product of bi-partisan work.
The law goes into effect August 28.