BALTIMORE (WJZ) — A crackdown on Internet gambling. Maryland’s comptroller is eyeing up big changes for daily fantasy sports. The multi-million dollar business has rapidly been growing, with thousands of people across the state playing.
Between DraftKings and FanDuel, daily fantasy sports have a firm hold on Maryland. The sport is a new phenomenon, allowing players to draft an imaginary team and compete against others for money on a daily basis.
“I think people are in it for the quick rush,” said Jerry Wixted.
Now the state’s comptroller Peter Franchot is stepping in to regulate.
“We are now putting out the strongest consumer protection regulations in the country,” Comptroller Franchot said.
Some of the proposed rules include a ban for players under the age of 18, a $1,000 deposit limit per month and an order for companies to notify players of their potential tax obligations.
“A lot of people go get in over their head and they are risking more than they can afford in these competitions,” said Franchot.
Franchot is also eyeing up a way to put more experienced players into their own bracket.
More than 200,000 people play daily fantasy sports in Maryland. The comptroller says he wants to make sure none of them are being taken advantage of.
Jerry Wixted of Baltimore has played for a few years now.
“You kind of get in and get out. You don’t have to play a whole entire season,” he said.
Wixted is thrilled to see just changes, and not a full ban like some other states.
“It seems like they’re meeting in the middle right now with people who play,” he said.
Franchot plans to have those rules in place by fall.
Franchot says they will work with the legislative committee over the next few weeks. The rules do require a public comment period.
The comptroller says the proposed rules have nothing to do with standard fantasy sports leagues, and those will not be regulated at all.
Franchot added if a player can show they have assets, then they will be able to bet more than the monthly $1,000 limit.
Franchot says he is optimistic that the companies will be supportive of the proposed rules because he thinks it will help them gain credibility with customers.