You may have missed it but earlier this month, daily fantasy sports regulation in Pennsylvania became official. The Pennsylvania Gaming Control Board finally rolled out regulations that aim to improve the safety and security of the games.
Due to the fact there has been very little interruption for players playing DFS Pennsylvania, it may be difficult to tell that anything happened. Here is what you need to know as a daily fantasy sports player in Pennsylvania.
Why did DFS need to be regulated?
In October of 2017, Pennsylvania Governor Tom Wolffe signed landmark gambling legislation that greatly expanded gambling in the state. Among the reforms was the full embrace of daily fantasy sports, which have been regulated by the Pennsylvania Gaming Control Board for players located in PA as of April 28, 2018.
Although Pennsylvania players have been able to enjoy DFS for years and the industry was self-regulating, many states have come to the conclusion that DFS sites need oversight.
How many states have regulated daily fantasy sports thus far?
A total of 19 states have officially regulated daily fantasy sports. In many other states, daily fantasy sports has been left alone, while in a handful of states DFS remains unlawful.
What DFS sites can I play?
As part of the new Pennsylvania gambling law, a fantasy sports operator must submit an application to to the Pennsylvania Gaming Control Board. So far six sites have submitted applications including:
- Boom Fantasy
- Fantasy Football Players Championship
- Fast Pick
Players who are playing at any of these sites will not need to re-register for an account – they can continue to play as normal. Playing on DFS sites that are not authorized by the state of Pennsylvania is not lawful.
How is revenue generated from DFS in PA?
The Pennsylvania Department of Revenue will collect a 15% monthly tax on the adjusted revenues of daily fantasy sports operators. Operators must also pay $50,000 for a license that lasts five years.
Do deposits and withdrawals change?
Pennsylvania DFS players will still have access to the same deposit and withdrawal methods, which at most sites include credit cards as well as Paypal.
What else does Pennsylvania regulation change?
Honestly, not a whole lot. Many states have given their full support for DFS over the last couple of years with many states instituting similar regulations. As a result, top daily fantasy sports sites have already adopted most, if not all, of the policies that are demanded by the law.
Among the items that Pennsylvania law requires for DFS include?
The PGCB says that very little will change for players on authorized DFS sites. The regulatory agency suggests that players review eligibility guidelines from operators that authorized to offer games to players in the state.
The main goal of the regulations is to ensure that Pennsylvanians are playing on DFS sites in a safe, secure and fair environment. Among the more notable requirements of the legislation:
- Players must be 18 years of age.
- Operator funds must be segregated from player funds
- Players must be aware of rules and prices before playing
- Operators must verify player identities
- Beginner contests must be limited to new players