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Can you summarize 23 ARCO Chapter 116?
Miscellaneous Regulated Industries > Paid Fantasy Sports Games
Short Summary
The provided legal document content governs paid fantasy sports games in Arkansas. It applies to game operators who professionally conduct paid fantasy sports games for cash prizes for members of the general public and require cash or a cash equivalent as an entry fee. It also applies to game participants who participate in these paid fantasy sports games. The document provides definitions for various terms, establishes conditions that a paid fantasy sports game must meet, and defines the term ‘person’ to include various legal entities. The document authorizes game operators to conduct paid fantasy sports games through one or more websites or platforms maintained and operated by the game operator. Additionally, the document governs the taxation of paid fantasy sports games in Arkansas. Game operators are required to pay a tax of eight percent (8%) of their gross paid fantasy sports game revenues from the previous state fiscal year. The tax must be reported and remitted to the Department of Finance and Administration on a quarterly basis. The Secretary of the Department of Finance and Administration is responsible for prescribing the forms for reporting and remitting the tax. The tax is subject to the Arkansas Tax Procedure Act, and the secretary is authorized to promulgate rules to administer the tax. The document does not specify any exemptions or penalties for non-compliance or violation of the provisions.
Whom does it apply to?
Game operators and game participants
What does it govern?
Paid fantasy sports games
What are exemptions?
Paid fantasy sports games conducted in compliance with this chapter are exempt from 5-66-101 et seq.
What are the Penalties?
The penalties for non-compliance or violation of the provisions are not specified in the document.
Jurisdiction
Arkansas