This text of Louisiana § 27:308 (Licensee requirements) is published on Counsel Stack Legal Research, covering Louisiana primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.
§308. Licensee requirements
A. As a condition of licensure, a fantasy sports contest operator shall submit
evidence to the board that the operator has established and will implement commercially
reasonable procedures for fantasy sports contests with an entry fee and that:
(1)Prevent employees of the fantasy sports contest operator, and relatives of an
employee living in the same household as an employee of an operator, from competing in
fantasy sports contests offered by an operator in which the operator offers a cash prize to the
general public.
(2)Prevent sharing of confidential information that could affect fantasy sports
contests with third parties until the information is made publicly available.
(3)Provide that no winning outcome is based on the score, point spread, or any
perform
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§308. Licensee requirements
A. As a condition of licensure, a fantasy sports contest operator shall submit
evidence to the board that the operator has established and will implement commercially
reasonable procedures for fantasy sports contests with an entry fee and that:
(1) Prevent employees of the fantasy sports contest operator, and relatives of an
employee living in the same household as an employee of an operator, from competing in
fantasy sports contests offered by an operator in which the operator offers a cash prize to the
general public.
(2) Prevent sharing of confidential information that could affect fantasy sports
contests with third parties until the information is made publicly available.
(3) Provide that no winning outcome is based on the score, point spread, or any
performance of any single real-world sports team or combination of such teams or solely on
any single performance of an individual athlete or person engaged in any single real-world
sporting event.
(4) Ensure that any of following persons do not participate in fantasy sports contests:
(a) Athletes and individuals who engage in or officiate a game or competition that
is a real-world sport or athletic event that is the subject of a fantasy sports contest.
(b) Any sports agent, team employee, referee, or league official associated with a
real-world sport or athletic event that is the subject of a fantasy sports contest.
(5) Verify that a fantasy sports contest player is twenty-one years of age or older.
(6) Provide fantasy sports contest players with access to information on responsible
play.
(7) Provide fantasy sports contest players with access to the fantasy sports contest
player's play history and account details that are not confidential.
(8) Allow individuals to restrict themselves from entering a fantasy sports contest
upon request and provide reasonable steps to prevent the person entering fantasy sports
contests offered by an operator.
(9) Segregate fantasy sports contest player funds from operational funds or maintain
a reserve that exceeds the amount of player funds on deposit, which may not be used for
operational activities. Reserve funds may take the form of cash, cash equivalents, payment
process reserves, payment processor receivables, an irrevocable letter of credit, a bond, or
a combination thereof, in the amount that must exceed the total balances of the fantasy sports
contest players' accounts.
B. A fantasy sports contest operator shall not offer fantasy sports contests based on
the performances of athletes or persons that engage in high school or youth athletic events.
C. A fantasy sports contest operator shall not offer a fantasy sports contest to the
general public that does not establish and make known all prizes and awards offered to
winning participants in advance of the game or contest.
D. A licensed fantasy sports contest operator shall:
(1) Annually contract with a certified public accountant to conduct an independent
audit that is consistent with the standards accepted by the American Institute of Certified
Public Accountants.
(2) Submit to the board a copy of the audit report.
(3) Submit financial reports as required by R.S. 27:310.