§ 59.1-556

Definitions

As used in this chapter, unless the context requires otherwise:”Confidential information” means information related to the play of a fantasy contest by fantasy contest players obtained as a result of or by virtue of a person’s employment.”Department” means the Department of Agriculture and Consumer Services.”Entry fee” means cash or cash equivalent that is required to be paid by a fantasy contest participant to a fantasy contest operator in order to participate in a fantasy contest.”Fantasy contest” includes any online fantasy or simulated game or contest with an entry fee in which (i) the value of all prizes and awards offered to winning participants is established and made known to the participants in advance of the contest; (ii) all winning outcomes reflect the relative knowledge and skill of the participants and shall be determined by accumulated statistical results of the performance of individuals, including athletes in the case of sports events; and (iii) no winning outcome is based on the score, point spread, or any performance of any single actual team or combination of teams or solely on any single performance of an individual athlete or player in any single actual event.”Fantasy contest operator” or “operator” means a person or entity that offers fantasy contests for a cash prize to members of the public.”Fantasy contest player” or “player” means a person who participates in a fantasy contest offered by a fantasy contest operator.”Principal stockholder” means any person who individually or in concert with his spouse and immediate family members beneficially owns or controls, directly or indirectly, 15 percent or more of the equity ownership of a fantasy contest operator or who in concert with his spouse and immediate family members has the power to vote or cause the vote of 15 percent or more of the equity ownership of any such operator.

History

2016, cc. 318, 703.

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