Under new regulations, paid fantasy sports companies have to pay a $50,000 initial licensing fee, and a $5,000 annual fee after that. (Photo by Drew Daudelin)
The Indiana Gaming Commission Thursday granted licenses to three paid fantasy sports companies. That comes after state lawmakers approved new regulations on paid fantasy sports this year, including a $50,000 licensing fee.
The approved companies represent only a small percentage of websites offering the service.
The commission approved licenses for DraftKings, FanDuel and FantasyDraft. That means those websites can legally provide their paid fantasy sports service to people in Indiana.
Gaming Commission Executive Director Sara Gonso Tait says 13 other companies sent letters of intent. 12 didn’t apply and one other only applied this week. The deadline is July 1st.
“I should note that we have been communicating with these parties for quite some time, that information has been posted on our website," Tait says. "So every party should have plenty of notice that they should cease operations in Indiana effective July 1.”
Commission members say their role will remain as a regulator, so any illegal activity would need to be addressed by prosecutors.
Under the new regulations, paid fantasy sports companies have to pay a $50,000 initial licensing fee, and a $5,000 annual fee after that.
Some smaller companies objected to what they viewed as those unaffordable fees while the regulation bill moved through the legislature.