Georgia lawmakers consider fantasy sports regulations
MACON, Ga. -- The Georgia legislature is considering a bill that would regulate the fantasy sports industry in the state.
The bill, called the Fantasy Contest Act, has been assigned to the Ways and Means Committee and would require companies or other entities that manage fantasy sports for prizes to register with the state.
Companies would be required to pay a registration fee with the state based on their gross revenue. They would also be taxed six percent on the gross revenue that they make on fantasy sports.
Rep. Allen Peake (R-Macon), who sits on the Ways and Means Committee, said that he sees the bill as a protection of the little man because it will also serve to require companies to provide responsible playing instructions and beginner's games for players who are not as experienced so that they won't be taken advantage of by professional players or robots.
Peake said that fantasy sports is a growing industry and that it is not surprising to see this kind of regulation come forward.
Donovan Latherou said he used to play fantasy football with his friends frequently but he quit once it started becoming about money. He said that when cash became involved is when he decided he wanted to stop playing. He said that aspect of the games took the fun out of it for him.
Latherou said the he is in favor of the state regulating fantasy sports. He also said that the state likely want to put their hand in the pot, which is why they are taxing it.
Peake said he looks forward to talking about the bill in committee.