OK SB1396

Establishes the Oklahoma Fantasy Contests Act creating a regulatory framework for fantasy contest operators offering contests with entry fees for cash prizes in Oklahoma.

Requires fantasy contest operators to register with the Department of Consumer Credit and pay a registration fee not exceeding $2,500.00.

Mandates operators implement procedures including age verification (18+), prevention of employee participation, segregation of player funds with financial reserves, annual independent audits, and links to compulsive gaming resources.

Establishes civil penalties of up to $1,000.00 per violation enforced by the Department of Consumer Credit, with 80% of collected fees going to the Consumer Credit Administrative Expenses Revolving Fund.

Effective November 1, 2016; exempts fantasy contests from Oklahoma gambling laws (Chapter 38 of Title 21).