FL S0592

Creates the "Fantasy Contest Amusement Act" establishing regulation of fantasy sports contests in Florida through a new Office of Amusements within the Department of Business and Professional Regulation.

Requires contest operators offering fantasy contests for cash prizes to obtain a license with an initial application fee of $500,000 and annual renewal fee of $100,000, subject to a maximum of 10 percent of entry fees collected.

Mandates consumer protection procedures including age verification (18+), segregation of participant funds, prohibition of employee participation, restrictions on confidential information sharing, and annual independent audits by certified public accountants.

Establishes that contest operators must maintain daily operational records for at least 3 years available for inspection, and violations of the act are subject to civil penalties up to $5,000 per violation with a $100,000 aggregate cap.

Exempts fantasy contests conducted in compliance with this act from gambling and gaming provisions in Chapter 849, Florida Statutes, establishing that fantasy contests involve skill rather than chance.