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Can you summarize IACO 99E.5?
INTERNET FANTASY SPORTS CONTESTS > Licenses fees terms and conditions revocation.
Short Summary
This legal document pertains to the regulation of internet fantasy sports contests in the state of Iowa. It outlines the requirements for obtaining a license to conduct such contests, including the payment of an initial license fee. The document also specifies the obligations of licensed internet fantasy sports contest service providers, such as preventing employees and their relatives from competing in contests, verifying the age of players, and ensuring that individuals involved in the actual games or contests cannot participate in the fantasy contests. Additionally, the document mandates the inclusion of problem gambling information on the licensee’s website or mobile application, allows electronic communication for account establishment, and imposes restrictions on the number of entries a player can submit. Furthermore, it requires the segregation of player funds from operational funds and the conduct of an annual audit. The document also mentions the payment of taxes and the prohibition of credit card payments by participants. The annual license fee varies based on the provider’s total annual revenues. The document further establishes a regulatory fee to be paid by licensed providers, with a credit provided against taxes. Violation of the listed conditions may result in immediate license revocation.
Whom does it apply to?
Applicants seeking to conduct internet fantasy sports contests in Iowa
What does it govern?
Internet fantasy sports contests
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
Immediate revocation of the license for violation of conditions listed in section 99E.4 or this section
Jurisdiction
Iowa