Financial changes for DraftKings, FanDuel regulations

By Jasmine Otam
TheStatehouseFile.com 

INDIANAPOLIS — Changes to the daily fantasy sports legislation could help operators save some money.

Senate Bill 339 would provide regulations, basic consumer protection and transparency to Hoosiers who take part in fantasy sports games, such as DraftKings and FanDuel.

The House Ways and Means Committee Monday discussing amendments about taxes connected to daily fantasy sports winnings. By Jasmine Otam, TheStatehouseFile.com

The House Ways and Means Committee Monday discussing amendments about taxes connected to daily fantasy sports winnings. By Jasmine Otam, TheStatehouseFile.com

The House Ways and Means Committee voted Monday on an amendment that would decrease the initial registration fee to $50,000 and decrease the annual operator fee to $5,000. It also would prohibit game operators from advertising specifically to juveniles or at venues exclusively for student sports.

Language about prohibiting game operators from contributing to elected officials and the requirement for fantasy sport games to withhold income tax was removed with this amendment.

“The burden is on the individual taxpayer, at that point in time, to report earnings,” Rep. Todd Huston, R-Fishers. “And then, obviously, as part of their income tax filing, they would then pay the appropriate taxes due on it.”

The amendment is not to discourage people from participating in these games, but to make sure that proper taxes are collected and delinquent child support is taken from a winner’s earnings, Huston said.

SB 339 passed with the amendment 19-4 and is now headed to the full House for consideration.

Jasmine Otam is a reporter for TheStatehouseFile.com, a news website powered by Franklin College journalism students.

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