Missouri close to licensing sports fantasy websites under new law

Missouri could issue its first licenses to fantasy sports websites FanDuel and others this week under a 2016 consumer protection law passed by the Missouri Legislature.

The Missouri Gaming Commission could approve the applications of FanDuel, Fantasy Draft and SportsHub Technologies when it convenes Wednesday morning in Jefferson City. The state has spent more than a year investigating their license applications as required under the new law, known as the Missouri Fantasy Sports Consumer Protection Act.

The three fantasy sports sites, where participants compete for cash prizes, were among five already operating in the state prior to the new law taking effect last year. The other two, DraftKings and RealTime Fantasy Sports, have license applications that are still being investigated, a Gaming Commission spokeswoman said.

Gaming Commission attorney Ed Grewach said the length of the investigation is typical for other licensing investigations the state undertakes. Grewach said the new law let those companies continue doing business in Missouri as long as they applied for a license.

Under the law, fantasy sports businesses pay fees to the state amounting to 11.5 percent of net proceeds from Missouri residents. The fees are used to fund schools.

Estimates for total fees to be collected this year under the law range from $680,000 to $1 million.

Read more: St. Louis Post-Dispatch

Tags:, , , , ,

Leave a Reply

Have you heard?

Missouri Business Alert is participating in CoMoGives2019!

Find out how we plan to use your gift to enhance training and programming for our students