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Fantasy Sports Sites Have Until Aug 1 To Apply For Licensure

By Network Indiana

Posted May 23, 2016

Daily fantasy sports companies have until August to declare they want to keep doing business in Indiana.

In March, Indiana became the second state to formally affirm daily fantasy games are legal -- four states have followed since.

Indiana's law sets a $50,000 registration fee for the operators. The Indiana Gaming Commission wants a letter of intent by August 1 from companies who plan to run games, with a full application due by November.

The commission will vote on those applications in March. Companies already running games can keep doing so in the meantime.

The commission will begin drafting regulations for fantasy sports when the law takes effect July 1.

"We have emergency rule-making authority as well as formal rule-making authority," Tait says. "So we anticipate proposing emergency rules in September, and then we also anticipate starting the formal rule-making process probably about that same time."

DraftKings and FanDuel hold about 90-percent of the business in the quarter-billion-dollar fantasy market, but Gaming Commission executive director Sara Tait says a handful of smaller companies operate in Indiana too. She anticipates as many as three additional companies may seek licenses.

The law doesn't give the commission the same enforcement authority it holds over casinos. But the agency will be responsible for setting technology standards for fantasy sports websites to ensure credit-card payments are secure, and a ban on players under 18 is enforced.

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