In 2018, Ohio passed a law that gave regulatory oversight of fantasy sports gaming to the casino control commission. The five operators are the first to receive state licenses under the law.
The commission said the oversight will provide consumer protections, including ensuring prompt payment of winnings, offering beginning-player only contests and verifying the identity of players.
RELATED: Fantasy sports betting now legal in Ohio. subject to regulation
The new law bans fantasy contests based on youth or college sports and bars operators from advertising to minors. It also prohibits players under 18 from participating.
More than 57 million people in the U.S. and Canada participate in both daily and season-long fantasy sports.
Fantasy sports websites operate contests in two ways: no fees and no prizes for the winners or entry fees and cash prizes for the winners. FanDuel and DraftKings — the two biggest operators — retain a percentage of the fees, depending on what kind of contest it is.
About the Author
