Virginia Governor Terry McAuliffe just signed into law the “Fantasy Contests Act,” that is a legal framework for fantasy sports providers that operate within the state. The bill, which was approved by the Virginia legislature a couple of weeks ago, makes Virginia the primary state within the nation to impose state-led oversight of the industry. The state’s Department of Agriculture and Consumer Service would be the state entity that oversees the industry.

The bill would require fantasy sports sites to pay the state a $50,000 registration fee, and implement policies to make sure that each one participants are 18 years of age or older. It also requires player funds to be segregated from a company’s operating funds, and bans employees of fantasy sports sites from competing in public fantasy sports contests. The bill is a win for corporations like DraftKings and FanDuel, which have been looking to convince states to legalize daily fantasy sports.

While the 2 companies operate within the majority folks.. states, the legality of daily fantasy sports continues to be unclear in numerous locations. Some state attorneys general have even stated they suspect the industry constitutes illegal gambling. Interestingly, not all players within the fantasy sports industry are happy concerning the bill passing.

Some smaller season-long fantasy sports operators are arguing that the $50,000 registration fee will force them out of the state, and that the legislature is incorrectly grouping season-long and daily fantasy sports into the similar category.

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