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Can you summarize 9 VTST Chapter 116?
Commerce and Trade > FANTASY SPORTS CONTESTS
Short Summary
This legal document governs the operation of fantasy sports contests in Vermont. It applies to fantasy sports operators who offer contests to the public with a cash prize of $5.00 or more. The document outlines the policies and procedures that operators must adopt to prevent certain individuals from participating in the contests, such as the operator itself, employees or relatives of employees, and professional athletes or officials in the same sport. It also requires operators to prevent the disclosure of confidential contest information, verify the age of players, limit the number of entries per player, prohibit the use of certain computer scripts, segregate player funds from operational funds, and notify players about potential income taxation of winnings. Additionally, operators have duties to provide information and resources on addiction and compulsive behavior, enable self-restriction for players, and provide access to player account information. Operators are also required to contract with a third party for an annual independent audit to ensure compliance. The document prohibits operators from extending credit to players and offering contests based on the performance of participants in college, high school, or youth athletic events.
Whom does it apply to?
Fantasy sports operators who offer contests to the public with a cash prize of $5.00 or more
What does it govern?
Operation of fantasy sports contests
What are exemptions?
13 V.S.A. chapter 51 (relating to gambling and lotteries) does not apply to fantasy sports contests
What are the Penalties?
No specific penalties are mentioned
Jurisdiction
Vermont