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The attention is coming in several different ways:
What exactly all of that might mean for the DFS industry in the long term is up for interpretation, but it’s clear that DFS is becoming an issue that more states will at least take a closer look at.
The Executive Committee Task Force on State and Local Taxation touched on the topic of DFS in a meeting last week, as reported by MultiState Insider.
In the meeting held Nov. 20-21 in Miami, the task force “raised for the first time the tax treatment of fantasy sports,” according to the Insider:
The issue arose this morning in a roundtable session with legislators from approximately 20 states, where they shared tax policy issues they expect to be big in their states in 2016. The legislative and regulatory environment surrounding fantasy sports in several states was discussed and legislators cited recent activity that could serve as potential legislative models.
The story also indicated the subject of DFS will be addressed again in a meeting in January.
Daily fantasy sports will also be the subject of its own session at next week’s NCSL Capitol Forum, which helps to set the “States’ Agenda” for the organization. Here is how the session is described in the event’s agenda:
Out of Bounds? A Legal Analysis of Pay-to-Play Fantasy Sports: People have been playing traditional fantasy sports for decades, but daily fantasy sport sites have become big business in the U.S. Recently, DraftKings and FanDuel have been accused of “insider trading” and both companies have been named in a new class action lawsuit alleging negligence, fraud and false advertising. Learn more about fantasy sports’ legal standing, the validity of these accusations, and what states can do to regulate this new industry.
The moderator of the session is Utah State Senator Curtis Bramble, a state where nearly all DFS sites currently operate; Bramble has no known position on DFS.
The possible bottom line is twofold:
The fact that the NCSL is looking into the DFS industry is not a guarantee that DFS will be impacted directly, but it may start shaping how legislators consider and deal with the industry moving forward.