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

This legislation overhauls how fantasy sports contests are managed in Virginia by repealing the existing Fantasy Contests Act and replacing it with a new regulatory framework. The bill mandates that fantasy sports operators obtain specific permits and adhere to stricter consumer protection requirements to ensure fair play. It also establishes a clear process for taxing contest revenues, with proceeds directed toward state funding initiatives. For Arlington residents who participate in these online games, the primary effect will be increased platform security and transparency, as operators must now undergo more rigorous state oversight. By formalizing these rules and tax obligations, the Commonwealth aims to bring the fantasy sports industry under closer governmental control, providing a safer environment for players while generating consistent tax revenue for public services.