Truly Agreed, 2016

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SS SCS HCS HB 1941, 2016    (New Section - as Truly Agreed)    

313.970. 1. No fantasy sports contest operator shall offer any fantasy sports contest in Missouri without first being licensed by the commission. A fantasy sports contest operator wishing to offer fantasy sports contests in this state shall annually apply to the commission for a license and shall remit to the commission an annual application fee of ten thousand dollars or ten percent of the applicant's net revenue from the previous calendar year, whichever is lower.
     2. As part of the commission's investigation and licensing process, the commission may conduct an investigation of the fantasy sports contest operator's employees, officers, directors, trustees, and principal salaried executive staff officers. The applicant shall be responsible for the total cost of the investigation. If the cost of the investigation exceeds the application fee, the applicant shall remit to the commission the total cost of the investigation prior to any license being issued. The total cost of the investigation, paid by the applicant, shall not exceed fifty thousand dollars. All revenue received under this section shall be placed into the gaming commission fund created under section 313.835.
     3. In addition to the application fee, a licensed operator shall also pay an annual operation fee, on April fifteenth of each year, in a sum equal to eleven and one-half percent of the licensed operator's net revenue from the previous calendar year. All revenue collected under this subsection shall be placed in the gaming proceeds for education fund created under section 313.822. If a licensed operator fails to pay the annual operation fee by April fifteenth, the licensed operator shall have its license immediately suspended by the commission until such payment is made.
     4. Any fantasy sports contest operator already operating in the state prior to April 1, 2016, may operate until they have received or have been denied a license. Such fantasy sports contest operators shall apply for a license prior to October 1, 2016. Any fantasy sports contest operator operating under this subsection after August 28, 2016, shall pay the annual operation fee of eleven and one-half percent of its net revenue from the effective date of this section until action is taken on its application. If a fantasy sports contest operator fails to pay its operation fee by April 15, 2017, the fantasy sports contest operator shall have its license immediately suspended by the commission, or if the fantasy sports contest operator has a pending application, its application shall be denied immediately.
     5. If a fantasy sports contest operator ceases to offer fantasy sports contests in Missouri, the operator shall pay an operation fee equal to eleven and one-half percent of its net revenue for the period of the calendar year in which it offered fantasy sports contests in Missouri. Such payment shall be made within sixty days of the last day the fantasy sports contest operator offered fantasy sports contests in Missouri. After the expiration of sixty days, a penalty of five hundred dollars per day shall be assessed against the fantasy sports contest operator until the operation fee and any penalty is paid in full.


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