The act implements the recommendations of the department of regulatory agencies in its sunset review and report of the "Fantasy Contests Act", with modifications, by:
- Transferring regulatory authority over fantasy contest operators from the director of the division of professions and occupations in the department of regulatory agencies to the director of the division of gaming in the department of revenue;
- Requiring small fantasy contest operators (i.e., those with 7,500 or fewer active customer accounts in Colorado) to undergo annual audits by an independent third party and submit the results to the department of revenue, as larger operators are currently required to do; and
- Removing the regulation of fantasy contest operators from the list of programs subject to sunset review, making it permanent as are other programs administered by the division of gaming.
The act reduces the fiscal year 2020-21 appropriation to the division of professions and occupations in the department of regulatory agencies by $11,252.
(Note: This summary applies to this bill as enacted.)