ATLANTA (February 16, 2016) | Sen. Renee Unterman (R – Buford) has introduced legislation to regulate Georgia’s rapidly growing fantasy sports industry. Senate Bill 352 was drafted in an effort to protect consumers and the integrity of all fantasy sports contests, as well as codify important industry standards. It is estimated that 1.5 million Georgians and approximately over 50 million people nationally participate in fantasy sports contests.
“We need to reduce the chances of Georgians being exposed to fraud or dishonest tactics through participation in fantasy sports. Consumer protection policies are needed to ensure these popular contests are fair and skills-based. The audit procedures outlined in Senate Bill 352 will hold companies accountable for their operations and allow consumers to continue partaking in an enjoyable pastime without concern,” said Sen. Unterman.
Senate Bill 352 will require operators of fantasy sports contests in Georgia to:
• Set restrictions on who can play certain fantasy contests, including company employees, individuals who do not meet minimum age requirements, professional athletes and NCAA athletes;
• Ensure that employees with access to confidential information do not participate in fantasy sports contests or share this information until it is publicly available;
• Enact protections for player account funds;
• Develop procedures for the detection and prevention of transactions associated with money laundering or fraud;
• Participate in an annual audit to ensure compliance and transparency with the regulations set forth in Senate Bill 352. These audits will be conducted by an independent contractor and submitted to the state for review.
Fantasy sports currently operate in 40 states, 18 of which are reviewing similar legislation to regulate the industry. It is anticipated that approximately 14 other states will introduce legislation within the next few weeks.
Senate Bill 352 has been assigned to the Senate Regulated Industries and Utilities Committee for further consideration.
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For Immediate Release:
February 16, 2016
For Information Contact:
Jennifer Yarber, Director
Jennifer.yarber@senate.ga.gov
404.656.0028