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RICHMOND, Va. (Associated Press) -- Virginia has become the first state to approve legislation regulating the fast-growing but embattled online fantasy sports industry.
Gov. Terry McAuliffe signed legislation Monday that formally legalizes and regulates sites such as FanDuel and DraftKings.
Under the new law, fantasy sites have to pay a $50,000 registration fee and submit to regular outside audits. The legislation also explicitly says that fantasy sites are not ''illegal gambling.''
McAuliffe said the new law will ''keep consumers safe from abuses.''
Virginia is one of several states where DraftKings and FanDuel have pushed for legislation to regulate the new industry.
Fantasy sports have been under fire in some states, and attorneys general in New York, Illinois and Texas have issued opinions that they are illegal games of chance.
