Tuesday, July 5, 2016

Fantasy Sports Operators Must Now Obtain License

Posted By on Tue, Jul 5, 2016 at 12:18 PM

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The Division of Charitable Solicitations and Gaming will now include fantasy sports in its name — the result of a new state law that requires fantasy sports operators to obtain a license with the division.

"Tennessee is one of the first states to enact legislation specifically addressing fantasy sports contests," said Secretary of State Tre Hargett. "We look forward to ensuring operators follow the law to offer a new level of consumer protection for Tennesseans who choose to play these online games.”

The Fantasy Sports Act of 2016 applies to fantasy sports operators — such as DraftKings, FanDuel and Yahoo! Sports — that offer daily and season-long contests that award prizes as well as charge players an entry fee to create imagined teams. Players are not required to register with the Division. Free games that don't offer rewards are also excluded. 
Sports operators are also required to submit financial documents and maintain segregated player funds. 



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