Arkansas Becomes the 11th US State to Legalize Daily Fantasy Sports – HB2250
Arkansas is following suit along with the 10 other US States to regulate and legalize daily fantasy sports. It’s been a long process since DFS activity has gotten underway in the US with each state slowly, but surely governing the idea. Arkansas Governor Asa Hutchinson passed a bill that regulates and legalizes daily fantasy sports that are paid entry. This move will give the okay for daily fantasy sports operators like FanDuel and DraftKings to offer such activities in the state.
Bill H2250 was signed on Monday of this week making the state the first to take the initiative in 2017. Other states Arkansas follows are Massachusetts, Kansas, New York, Colorado, Indiana, Maryland, Virginia, Tennessee, Mississippi and Missouri.
The move to legalize DFS was very much expected especially after the actions seen in the Statehouse, where the bill was approved by a vote of 25-5. The House approved a version of the bill 85-0 after it passed legislation.
H2250 will tax all daily fantasy sport revenues operators make with an 8% tax rate; this rate is for all users in the state of Arkansas. There is no real regulation of the industry with consumer protection, etc., included in the bill like there is with all other states.