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Fantasy Sports Bill Clears in Colorado: Companies Will Have to Pay Fee

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Published on:

Apr/25/2016

DENVER — (Associated Press) - Colorado is closer to regulating fantasy online sports leagues.

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A bill requiring fantasy-sports operators to register with the state passed the House 44-21 Monday.

Large companies, such as Fan Duel and Draft Kings, would also have to get licenses, for a fee.

The bill requires fantasy sports sites to keep fantasy contest player funds separate from operational funds. The sites would also have to maintain a reserve in the same amount as the deposits made to the accounts of fantasy players.

The bill now heads to the Senate.

Sponsors say that some 27 states are currently considering some sort of regulations or taxes on the fantasy sports jackpots.

At least six states have declared the daily fantasy games a form of illegal gambling.

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