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

This legislation overhauls how fantasy sports contests operate in Virginia by repealing the existing Fantasy Contests Act and replacing it with a new regulatory framework. The bill mandates that companies offering these contests must register with the state and comply with new oversight standards to ensure consumer protection and fair play. It also establishes specific taxation requirements for fantasy sports operators, ensuring these businesses contribute to state revenue similarly to other gaming industries. Furthermore, the bill introduces civil penalties for operators who fail to follow these new guidelines. For Arlington residents, this move represents a tighter state-level tightening of the online gaming market, aiming to balance the popular growth of fantasy sports with consistent enforcement of safety regulations and improved tax collection.