The proposed bill introduces the Fantasy Sports Consumer Protection Act in Nebraska, establishing a regulatory framework for fantasy contest operators. It defines key terms such as "fantasy contest," "fantasy contest operator," and "participant," and sets forth licensing requirements for operators, including a nonrefundable application fee of $5,000. The bill mandates background checks for key individuals associated with applicants and emphasizes measures to prevent fraud and underage participation. It allows existing operators to continue offering contests temporarily while they apply for licensure and outlines responsibilities such as age restrictions and geolocation requirements.

Additionally, the bill imposes a 10% tax on fantasy contest operators' adjusted gross receipts, with proceeds directed to the General Fund and the Compulsive Gamblers Assistance Fund. It establishes penalties for violations, creates the Fantasy Sports Consumer Protection Fund for administrative purposes, and requires large operators to report on procurement goals related to minority and disadvantaged businesses. The bill amends several sections of the Revised Statutes Cumulative Supplement, 2024, modernizing the legal framework surrounding gambling in Nebraska, particularly in response to the increasing popularity of fantasy sports. Key amendments include the redefinition of terms related to gambling and the repeal of original sections 28-1101, 28-1105, and 28-1113, indicating a significant overhaul of existing gambling laws.

Statutes affected:
Introduced: 28-1101, 28-1105, 28-1113