New Fantasy Sports Bill In Kentucky; FantasyDraft Offers A Glimmer Of Hope To Fantasy Aces Players

Posted By Steve Ruddock on February 17, 2017 - Last Updated on February 12, 2021

State legislatures are now settled in for the 2017 session, and one of the most popular topics of conservation seems to be gaming, particularly the legalization of daily fantasy sports and sports betting.

With a new DFS bills in Kentucky, the number of states that are considering taking legislative action on daily fantasy sports has reached 20, with seven states also making the case for legalized sports betting.

DFS legislation update

It was a relatively quiet week on the DFS front, with Kentucky introducing a bill to legalize and regulate DFS. Tennessee lawmakers recently introduced an appropriations bill to fund the DFS law the state passed last year.

With the new additions, the number of states with active DFS legislation is now up to 20:

  1. Alabama
  2. Connecticut
  3. Florida
  4. Georgia
  5. Hawaii
  6. Illinois
  7. Indiana
  8. Iowa
  9. Kentucky
  10. Mississippi
  11. Missouri
  12. Montana
  13. Nebraska
  14. New Jersey
  15. New Hampshire
  16. Oregon
  17. Pennsylvania
  18. Tennessee
  19. Texas
  20. Washington

Legal Sports Report’s legislative tracker has up-to-the-minute updates on all DFS legislation.

FantasyDraft bailing out FantasyAces

The only other DFS-related news was the announcement by FantasyDraft that it had “entered into an agreement with the Fantasy Aces bankruptcy trustee to obtain player account and balance information in order to help reimburse missing FantasyAces player funds.”

Pending approval, the reimbursements will be based on the amount of money players had in their accounts, but will not be a dollar-for-dollar reimbursement.

Per the FantasyDraft statement:

  • Players with a Fantasy Aces cash account balance between $1,000 – $5,000:
    • We will provide $1,000 Cash + Remaining balance in FantasyCash up to $4,000 ($5,000 total)
  • Players with a Fantasy Aces cash balance >$5,000:
    • We will provide $1,000 Cash + $4,000 FantasyCash + a Pending Bonus for the remainder of your balance
    • Pending Bonus is earned at a rate of 4% for each $1 in entry fees paid in USD, and is paid as FantasyCash

Sports betting legislation update

According to a new poll by Seton Hall Sports, a staggering 15 percent of the US population would bet on the Super Bowl… if sports betting were legal nationwide.

With this type of appeal, is it any wonder there is such a strong push to revisit the 1992 law, the Professional and Amateur Sports Protection Act (PASPA),  that prevents states not grandfathered in by the government from passing laws legalizing sports betting?

The number of states actively fighting to repeal PASPA, or pre-committing to legalizing sports betting should federal laws change, stands at seven:

  1. Hawaii
  2. Maryland
  3. Michigan
  4. New Jersey
  5. New York
  6. Pennsylvania
  7. South Carolina

Virtual sports a bridge to sports betting?

While US legislators are weighing the pros and cons of legalized sports betting another product that could bridge the gap between casino gambling and sports betting is quietly appearing on the scene: Virtual sports.

Virtual sports has been kicking around Europe for years, where it serves as filler content in sports betting shops during off-hours, but is just starting to gain a foothold in the US.

Virtual sports is spreading in the US. It’s now available on the Pala Interactive social casino, at some of the William Hill US Nevada sportsbooks. Virtual sports will soon be available for real-money online wagering in New Jersey online casinos.

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Steve Ruddock

Steve Ruddock is a veteran of the gambling industry, having been a longtime contributor to numerous publications both online and off centered on the regulated US online gambling industry. Steve is based in Massachusetts.

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