The Ohio General Assembly has recently made some changes regarding fantasy sports betting.
While fantasy sports betting has been around for decades, with advancements in the internet, fantasy sports betting has become a multi-billion dollar industry.
House Bill 132, which will regulate the industry in Ohio, goes into effect on March 23, 2018. The bill will grant the Ohio Casino Control Commission the ability to investigate, license, penalize and regulate fantasy contests, which include fantasy sports. The bill will prohibit fantasy sports based on youth or college sports, but will allow players the ability to play fantasy sports like basketball, football, NASCAR and baseball.
(No indication yet if professional chess will become a fantasy sport. Stay tuned.)
The law is presumably designed to help regulate the previously-unregulated arena of fantasy sports, where companies like FanDuel and DraftKings have emerged as market-leaders. The bill also contains specific prohibitions on those who run these companies, such as prohibiting their family or household members from competing in the fantasy sports they regulate. The law is also designed to prohibit minors from participating in fantasy contests.
The bill also sets the licensing fees that the Ohio Casino Control Commission can charge owners/operators, as well as grants a grace period for current operators to come into compliance with Ohio law.
For more information on the new Ohio law, you can check out the summary from the Ohio Legislative Services Commission.