Louisiana Revised Statutes 27:306 – Licensing of fantasy sports contest operators
Terms Used In Louisiana Revised Statutes 27:306
- Appropriation: The provision of funds, through an annual appropriations act or a permanent law, for federal agencies to make payments out of the Treasury for specified purposes. The formal federal spending process consists of two sequential steps: authorization
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- person: includes a body of persons, whether incorporated or not. See Louisiana Revised Statutes 1:10
A. No fantasy sports contest operator shall offer any fantasy sports contest in this state without first being licensed by the board. Applications for licensure shall be on forms provided by the board.
B. Before obtaining a license to offer fantasy sports contests in this state, a fantasy sports contest operator shall:
(1) Be a person domiciled in Louisiana or a domestic business entity with a certificate of existence from the secretary of state and in good standing or a foreign corporation with a certificate of authority to transact business in this state from the secretary of state and in good standing.
(2) Demonstrate to the board that the operator is suitable for licensing pursuant to La. Rev. Stat. 27:28.
(3) Provide the board with financial statements indicating any gross fantasy sports contest revenue for the previous three years.
C. The initial application fee shall be one thousand dollars and shall be non-refundable.
D. The license fee for a fantasy sports contest license shall be submitted to the division prior to the issuance of the license. Each license shall be granted for a term of three years. The license fee shall be as follows:
(1) If the three-year average of the licensee’s gross fantasy sports contest revenue is less than one hundred thousand dollars or the licensee has no previous revenue, the fee shall be five thousand dollars.
(2) If the three-year average of the licensee’s gross fantasy sports contest revenue is one hundred thousand dollars or more, but less than three hundred thousand dollars, the fee shall be fifteen thousand dollars.
(3) If the three-year average of the licensee’s gross fantasy sports contest revenue is more than three hundred thousand dollars, the fee shall be forty thousand dollars.
(4) The renewal fee for a fantasy sports contest license shall be submitted to the division on the anniversary date of the issuance of the license and shall be assessed in the same manner as the original license fee was assessed.
E. All fees, fines, and other monies collected by the division, pursuant to this Chapter, shall be forwarded upon receipt to the state treasurer for immediate deposit into the state treasury. An amount shall be allocated to the Department of Public Safety and Corrections and to the Department of Justice, pursuant to legislative appropriation, for regulatory, administrative, investigative, enforcement, legal, and other such expenses as may be necessary to carry out the provisions of this Chapter and for activities associated with the enforcement of laws and regulations governing fantasy sports contests.
F. Any fantasy sports contest operator that allows its license to lapse, without requesting an extension of time to file for renewal of the license, shall be required to resubmit an initial application for licensure. An extension may be granted by the board upon receipt of a written request prior to the lapse of the license.
G. A license issued by the board to a fantasy sports contest operator shall not be transferable.
Acts 2020, No. 141, §1, eff. June 9, 2020.