CS/CS/HB 707 - Fantasy Contest Amusement Act

• Establishes licensing requirement for fantasy contest operators through the Division of Regulation of the Department of Business and Professional Regulation, with application fees up to $500,000 or 10% of estimated net revenues, whichever is less.

• Requires annual license renewal fees up to $100,000 or 10% of estimated net revenues, whichever is less, and mandates $1 million surety bonds maintained during license terms.

• Prohibits operators and employees from participating in contests, requires age verification (18+), restricts real-world athletes from competing in related fantasy contests, and mandates segregation of participant funds with reserves.

• Requires annual independent audits compliant with Public Company Accounting Oversight Board standards and allocates 7.5% of application and renewal fees to fund compulsive/addictive behavior prevention programs.

• Exempts fantasy contests operated by licensed operators and noncommercial operators from gambling statutes, with civil penalties up to $5,000 per violation ($100,000 aggregate) for violations of the act.