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REFERENCE TITLE: event wagering; fantasy sports; fees |
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State of Arizona Senate Fifty-fifth Legislature Second Regular Session 2022
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SB 1459 |
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Introduced by Senator Borrelli: Representative Chaplik
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AN ACT
amending section 5-1212, arizona revised statutes; Repealing section 5-1318, Arizona Revised Statutes, as amended by Laws 2021, chapter 405, section 3; amending section 5-1318, Arizona Revised Statutes, as added by Laws 2021, chapter 234, section 4; RELATING to fantasy sports contests and event wagering.
(TEXT OF BILL BEGINS ON NEXT PAGE)
Be it enacted by the Legislature of the State of Arizona:
Section 1. Section 5-1212, Arizona Revised Statutes, is amended to read:
5-1212. Fantasy sports contest fund
A. The fantasy sports contest fund is established consisting of monies deposited pursuant to section 5-1211 or from any other source. The department shall administer the fund. Monies in the fund are subject to legislative appropriation.
B. On notice from the department, the state treasurer shall invest and divest monies in the fund as provided by section 35-313, and monies earned from investment shall be credited to the fund.
C. The department may spend not more than ten eight percent of monies on the department's annual costs of regulating and enforcing this chapter unless otherwise provided by the legislature. The department shall transfer any remaining monies in the fund to the state general fund.
Sec. 2. Repeal
Section 5-1318, Arizona Revised Statutes, as amended by Laws 2021, chapter 405, section 3, is repealed.
Sec. 3. Section 5-1318, Arizona Revised Statutes, as added by Laws 2021, chapter 234, section 4, is amended to read:
5-1318. Fees; event wagering fund
A. The department shall establish a fee for the privilege of operating event wagering. In determining the fee, the department shall consider the highest percentage of revenue share that an Indian tribe pays to this state pursuant to the tribal-state gaming compact. The event wagering operator or designee has the option to choose either the cash accrual or modified accrual basis method of accounting for purposes of calculating the amount of the fee owed by the event wagering operator or designee. The fees required pursuant to this section are due and payable to the department not later than the twenty-fifth day of the month following the calendar month in which the adjusted gross event wagering receipts were received and the obligation was accrued.
B. The event wagering fund is established consisting of monies deposited pursuant to this chapter or from any other source. The department shall administer the fund. Except as otherwise provided in this chapter, the department shall deposit, pursuant to sections 35-146 and 35-147, all monies collected under this chapter in the event wagering fund. On the twenty-fifth of each month, any monies remaining in the event wagering fund shall be transferred to the state general fund. On notice from the department, the state treasurer shall invest and divest monies in the fund as provided by section 35-313, and monies earned from investment shall be credited to the fund.
C. Unless otherwise determined by the legislature, the department may spend not more than ten eight percent of monies on the department's annual costs of regulating and enforcing this chapter, and any remaining monies in the fund revert to the state general fund.