Title 58.1. Taxation
Chapter 42. Fantasy Contests
§ 58.1-4200. Definitions.
As used in this chapter, unless the context requires otherwise:
"Board" means the Virginia Lottery Board established in the Virginia Lottery Law (§ 58.1-4000 et seq.).
"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 independent agency responsible for the administration of the Virginia Lottery pursuant to Article 1 (§ 58.1-4000 et seq.) of Chapter 40 and the regulation of sports betting pursuant to Article 2 (§ 58.1-4030 et seq.) of Chapter 40, casino gaming pursuant to Chapter 41 (§ 58.1-4100 et seq.), and fantasy contests pursuant to this chapter.
"Entry fee" means cash or cash equivalent that is required to be paid by a fantasy contest player to a fantasy contest operator in order to compete in a fantasy contest.
"Fantasy contest" includes any online fantasy or simulated game or contest with an entry fee in which (i) two or more fantasy contest players compete against each other; (ii) the value of all prizes and awards offered to winning players is established and made known to the players in advance of the contest; (iii) all winning outcomes reflect the relative knowledge and skill of the players and shall be determined by accumulated statistical results of the performance of individuals, including athletes in the case of sports events; (iv) 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; and (v) no player competes against the fantasy contest operator.
"Fantasy contest operator" or "operator" means a person or entity to which the Department issues a fantasy contest permit pursuant to § 58.1-4203.
"Fantasy contest permit" means a permit to operate fantasy contests issued pursuant to the provisions of this chapter.
"Fantasy contest player" or "player" means a person who competes in a fantasy contest offered by a fantasy contest operator. "Fantasy contest player" does not include a fantasy contest operator.
"Fantasy contest revenue" means the amount equal to the total of all entry fees that a fantasy contest operator collects from all fantasy contest players, less the total of all sums paid out to all fantasy contest players, multiplied by the location percentage.
"Location percentage" means the percentage of the amount equal to the total of all entry fees, rounded to the nearest tenth of a percent, collected by a fantasy contest operator from fantasy contest players located in the Commonwealth, divided by the amount equal to the total of all entry fees collected by a fantasy contest operator from all fantasy contest players in fantasy contests.
"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.
