December 23, 2015
As readers of this blog are aware, the fantasy sports industry has been generating headlines in waves over the last several months. While the legal proceedings in New York have dominated the airwaves and back pages, the news out of Massachusetts has been no less significant as State Attorney General Martha Healey has proposed comprehensive regulations that would govern the fantasy sports industry. Now, the State’s Governor has thrown his support behind the regulations introduced by the AG, publicly stating that he believes that the proposals significantly and appropriately provide necessary consumer protections that would maintain the integrity of the industry.
What other momentum is there towards industry regulation?
Meanwhile, Adam Silver, Commissioner of the National Basketball Association, has once again reinforced his publicly-stated belief that both daily fantasy sports and sports betting should be legalized and regulated. Silver made headlines last fall by penning a New York Times op-ed advocating for the legalization of betting on professional sports in the United States, shortly after the NBA finalized its agreement to become an equity stakeholder in daily fantasy industry leader, FanDuel.
Fantasy Sports Industry’s News Cycle Continues
The endorsement by the Massachusetts Governor and the Commissioner of the NBA of common-sense regulations that are meant to ensure the prolonged legality of the fantasy sports industry follows similar efforts undertaken by the legislatures of Illinois, California and Indiana. As fantasy sports contests, and the laws and regulations that govern them, continue to grow and evolve, it is essential that fantasy sports enterprises keep abreast of the developing legal landscape. Operators should regularly review their respective contest platforms, entry fees and prize structures with knowledgeable counsel in order to effectively navigate this rapidly changing regulatory framework and in order to remain compliant with applicable laws.
If you are interested in learning more about this topic or pursuing a fantasy sports venture, please e-mail us at info@kleinmoynihan.com, or call us at (212) 246-0900.
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