NE LB342

Creates the Fantasy Sports Consumer Protection Act requiring fantasy contest operators to obtain licenses from the Nebraska Department of Revenue, with initial application fees of $5,000 and license terms of four years

Imposes a 10% tax on adjusted gross fantasy contest receipts beginning July 1, 2026, with 85% of revenue going to the General Fund and 15% to the Compulsive Gamblers Assistance Fund

Establishes consumer protections including mandatory geolocation verification, identity verification, age requirements (18+), fraud prevention measures, and a voluntary self-exclusion program for problem gamblers

Defines fantasy contests as skill-based games where participants assemble fictional rosters of real athletes and compete for predetermined prizes based on statistical performance, explicitly excluding them from Nebraska's gambling prohibitions

Requires large fantasy contest operators (those with $1 million+ in adjusted gross receipts) to submit biannual reports on procurement spending with businesses owned by women, minorities, veterans, indigenous persons, and persons with disabilities