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Maine Joins Arkansas, Becomes The 15th State To Legalise Fantasy Sports

Maine Joins Arkansas Becomes The 15th State To Legalise Fantasy Sports

Maine legalises paid-entry fantasy sports this year and becomes the fifth state this and 15th state otherwise to do so. The law came into force on Wednesday. Just a few days back the state of Arkansas passed the law legalising fantasy sports.

Gov. Paul LePage had time until August 1 to decide the fate of the bill which was approved by the state legislature in July for clarifying the legality of fantasy sports and regulations. LePage had the option to sign or veto the bill, or do nothing and allowing it to become law via his inaction, and so it became law by the inaction.

Under the new law, the fantasy sports would be declared as a game of skills and exempted from state gaming laws. The law further requires licensing worth $2,500 and 10% tax on gross revenue by those companies who have revenue of more than $100,000, while smaller operators will be exempted from licensing fees. DraftKings and FanDuel would be the only two firms in these categories.

The law also has a certain set of regulations and regulatory body, which also sets the minimum age of players at 18 and prohibits betting on college or amateur events.