HB 742

Bill Subjects

Administrative Regulations And Proceedings Amusements And Recreation Corrections Impact Effective Dates, Delayed Gambling Horses And Horse Racing Licensing Racing Short Titles And Popular Names State Agencies Taxation

Abstract

Create new sections of KRS Chapter 230 to authorize the corporation to regulate the conduct of fantasy contest operators; require the use of geolocation technology; require fantasy contest operators to implement procedures to prevent fraud, abuse, and money laundering; require notification to the corporation for a confirmed breach of a sport's governing body's internal rules and codes of conduct, conduct that corrupts any outcome, and confirmed illegal activities; establish licensing requirements for a fantasy contest operator; allow the corporation to promulgate administrative regulations to establish additional qualifications and requirements for licensing to preserve the integrity and security of fantasy contests; prohibit a license from being issued to a person that has been convicted of a felony, crime involving illegal gaming or gambling, or any crime involving theft or fraud; require a fantasy contest operator to conduct an independent audit; require a fantasy contest operator to be at least 18 years old; require the corporation to investigate all reasonable allegations of prohibited conduct; require each fantasy contest operator to include a statement regarding obtaining assistance with real-money gaming problems on the operator's website or mobile application; prohibit a fantasy contest operator from paying any price or award to a person who is on the self-exclusion list; create a new section of KRS Chapter 230 to establish the fantasy contest administration fund from fantasy contest taxes and fees; create a new section of KRS Chapter 138 to define "adjusted gross fantasy contest receipts" and impose a tax on fantasy contests; amend KRS 243.500, 525.090, 528.010, 528.070 to exempt fantasy contests; amend KRS 68.182, 91.202, 92.282, 230.215, 230.225, 230.232, 230.260 to conform; provide that the Act may be cited as the Fantasy Sports Consumer Protection Act; EFFECTIVE July 1, 2025.