Section 1105 - Operation of fantasy contests; allocation of funds1.Operation of fantasy contests. A fantasy contest operator licensed under this chapter shall: A. Disclose the number of entries that a fantasy contestant may submit to each fantasy contest and provide reasonable steps to prevent fantasy contestants from submitting more than the allowable number; [2017, c. 303, §2(NEW).]B. Prohibit fantasy contestants from submitting more than one entry in any fantasy contest involving 12 entries or fewer; [2017, c. 303, §2(NEW).]C. Prohibit fantasy contestants from submitting more than 2 entries in any fantasy contest involving more than 12 entries but fewer than 36 entries; [2017, c. 303, §2(NEW).]D. Prohibit fantasy contestants from submitting more than 3 entries in any fantasy contest involving 36 or more entries but fewer than 101 entries; [2017, c. 303, §2(NEW).]E. Prohibit, unless otherwise provided by this chapter, fantasy contestants from submitting more than 3% of all entries in any fantasy contest involving more than 100 entries; [2017, c. 303, §2(NEW).]F. Permit unlimited entries in no more than 3% of all fantasy contests; the entry fee for such contests must be a minimum of $150; and [2017, c. 303, §2(NEW).]G. Inform fantasy contestants of state and federal tax obligations on certain winnings. [2017, c. 303, §2(NEW).] [2017, c. 303, §2(NEW).]
2.Allocation of funds. The director shall collect for deposit to the General Fund 10% of gross fantasy contest revenues, including any revenues earned while operating pending approval of an application submitted to the director as described in section 1103, subsection 9, from a fantasy contest operator licensed under this chapter that has gross fantasy contest revenues of $100,000 or greater. [2017, c. 303, §2(NEW).]
Added by 2017, c. 303,§ 2, eff. 11/1/2017.