Today, State Rep. Joe Atkins (DFL-Inver Grove Heights) announced that he will introduce legislation to clear up the legality of daily sports fantasy betting in Minnesota. The legislation will put in place significant consumer protections to prevent scams that would rip off participants.
“This legislation has become necessary due to the sketchy rules, uncertain legality, and alleged scandals surrounding fantasy betting sites like FanDuel and DraftKings,” remarked Atkins. “My goal is to make sure fantasy sports betting is conducted fairly and legally. Minnesotans should know they’re not going to be ripped off when they engage in fantasy sports betting.”
A Minnesotan who won a $1 million prize from FanDuel on Friday shows the large sums at stake and calls attention to the fact that there are currently zero consumer protections for Minnesota participants. Minnesotans rank #4 in the country in participating in sports fantasy betting.
The legislation will have two components:
1) LEGALITY. The legislation recognizes daily sports fantasy betting as a lawful activity in Minnesota.
2) LICENSING, SECURITY, AND PROTECTION OF PARTICIPANT FUNDS. Entities engaged in daily sports fantasy betting with more than $50,000 wagered per year by its participants shall be required to be licensed by the Minnesota Department of Public Safety. To be licensed, the entity is subject to background checks, review of practices, and audits as established and carried out by the Department.
Rep. Joe Atkins is the DFL Minority Lead on the House Committee on Commerce and Regulatory Reform, which has jurisdiction over gambling issues.
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