00:00can we begin with daily fantasy here today a little bit of a surprise story over at
00:04legalsportsreport.com which you can read about sam well i mean this could certainly be a game
00:09changer we don't even lead off with prediction markets today are you kidding me we're leading
00:13off with daily fantasy sports no offense to dfs but there's probably some people that are like
00:18wait a second that's still around this point with sports betting and prediction markets and
00:23everything else the state of virginia sam is looking to dial it back a decade and say
00:28you got to pay taxes on dfs what's going on here
00:33be funny that we're talking about a daily fantasy sports now that we have all these other forms of
00:39sports betting that are popping up and similar challenges that went on with dfs now happening
00:43to them but virginia uh i think about 15 10 years after uh they formally okayed daily fantasy sports
00:51betting now they're trying to make some changes finally uh one of that is to actually tax the
00:56industry for the first time because of like the craziness of uh state fantasy laws and how they
01:03can differ some states have really strict laws and rules governing the products a lot of other states
01:09like texas is one uh really have it says it's illegal but they're still there anyway and it hasn't
01:14been enforced virginia is kind of in the middle where it's been allowed but it doesn't have really
01:19any legislative or governing body that really makes rules for these products so they finally came out
01:25with some new ones uh the timing is definitely interesting given all you know the prediction
01:29market activity going on lawsuits that the state's involved with but among some of the other changes
01:34craig notably is going to be the um the ban on uh player versus house contests on uh fantasy sports
01:43products which we talked about maybe a couple years ago when states really started to crack down on
01:47uh pick them products from underdog and prize picks you know these uh pick a couple player props and kind
01:54of make a parlay um that a lot of states came down against so that'll target those products from
01:59those companies they've largely avoided uh these kind of you know similar changes in other states by
02:04just changing the back end of the product where instead of getting you know a hundred dollars from
02:09prize picks itself when you win that hundred dollars comes directly from a pool uh prize pool of other
02:15players entry fees so it's effectively the same product it just for the company on the back end has
02:21looked a little bit different but you know there's a lot of controversial things out here in sports
02:26betting right now especially um with the rules around it so maybe this is just an opportunity where
02:30the legislature could score an easy win and make some small changes on a smaller product but yeah
02:35definitely interesting uh that it's coming around this at this time while so much other stuff is on
02:40kind of everyone else's plate
02:41kind of everyone else's plate
02:41kind of everyone else's plate
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