Indiana governor signs fantasy sports regulations bill

INDIANAPOLIS (AP) - The Indiana Gaming Commission will soon have the authority to regulate fantasy sports companies.

The governor's office says Gov. Mike Pence signed into law Thursday a bill allowing the commission to oversee companies that offer the games where players compete online for cash prizes by picking teams of real-life athletes.

The law taking effect in July requires players to be at least 18 years old, prohibits contests based on college or high school sports. It sets an initial licensing fee of $50,000 for companies, along with an annual $5,000 fee.

Supporters said the law is necessary to ensure fair contests for the estimated 1 million Indiana residents who play fantasy sports games. Opponents argued that the games amount to gambling on sporting events and shouldn't be legalized.