MISSISSIPPI (WLOX) - A senate committee has passed a bill that would make fantasy sports betting legal in Mississippi.
Senator Sean Tindell, R-Gulfport, penned Senate Bill 2541. If passed, it would create the Fantasy Contest Act. The legislation would require fantasy sports operators to register with the state and meet certain requirements, such as contracting a third party to perform an independent audit every year.
The company's initial registration would include a $100,000 surety bond, followed by an annual registration fee of $30,000 or 5 percent of the total entry fees collected less what is paid to participants; whichever is greater.
In January, Attorney General Jim Hood said sports fantasy betting is illegal under state law. Hood joined top legal experts in many states, including New York, making moves to shut down fantasy sports leagues in their states.
DraftKings Director of Public Affairs Griffin Finan issued the following statement about the framework for fantasy sports betting:
If the bill is passed by the House and Senate and signed into law by the governor, it would become effective July 1.