Fantasy contests; regulation and taxation, civil penalty, repeals Fantasy Contests Act.

From the Legislature

Fantasy contests; regulation and taxation. Imposes (i) a 10 percent tax on a fantasy contest operator's fantasy contest revenue, with 2.5 percent of the tax revenue being allocated to the Problem Gambling Treatment and Support Fund and the remaining 97.5 percent being allocated to the general fund, and (ii) a 2.6 percent fee on a fantasy contests operator's fantasy contest revenue to be utilized by the Virginia Lottery to cover the costs of administration and regulation of fantasy contests in the Commonwealth. The bill also limits the definition of "fantasy contest" and requires fantasy contest operators to apply to the Virginia Lottery for a permit before offering any fantasy contest in the Commonwealth. This bill is identical to SB 129.