INDIANAPOLIS — Tasked with creating regulations for paid fantasy sports in Indiana, the state's Gaming Commission is currently working on making rules and building a regulatory system for the rapidly growing world of daily fantasy sports websites.
Thursday marked the first time the Indiana Gaming Commission had met since the Indiana legislature passed a bill making paid fantasy sports legal in Indiana. The bill tasked the commission to create a paid fantasy sports division to regulate the booming industry and enforce those regulations.
At the end of the meeting, the gaming commissioners got an update on where the commission was in the process. Executive Director Sara Tait said steps are being taken to draft rules and regulations for fantasy sites but, because of the massive amount of work that needs to go into it, the rules likely won't be complete until well into 2017.
"We will thoughtfully develop a regulatory framework over the coming months," Tait said. "Our goal is to make this process fair, transparent and to create a common-sense regulatory framework that includes appropriate consumer protections."
Tait pointed out the regulation of fantasy sports in Indiana will be much less stringent than the current regulations that govern Indiana's casinos. She said consumer protections, making sure all games are on as level a playing field as possible, are going to be her main goal.
She said while lawmakers want fantasy sports to continue in Indiana, they want to make sure Hoosiers are protected when they are playing.
Noah Jackson, a staff attorney for the gaming commission, went over for the commissioners the meteoric rise of fantasy sports in recent years. He said last year, the average fantasy sports player paid $465 for fantasy sports, up from $80 per person in 2012. With that kind of growth, Jackson said lawmakers wanted to create a safe environment for players.
The Gaming Commission plans on asking for non-binding letters of intent from any company interested in conducting daily fantasy sports sites in Indiana. Until rules are established, companies currently operating will be allowed to continue to do so. Casinos will also be allowed to start their own paid sports sites if they choose to do so.