Adopt the Fantasy Contests Act and provide a gambling exception

This bill establishes the Fantasy Contests Act in Nebraska to legally distinguish fantasy sports from illegal gambling by defining contests based on skill and statistical performance rather than single-team outcomes. It requires fantasy contest operators to register with the Department of Revenue, pay a $10,000 initial fee, and submit an annual fee based on a percentage of their gross revenue generated by Nebraska players. The legislation creates a regulatory framework where the department reviews applications within 60 days and must issue or deny registration while allowing operators to continue running contests during the review period unless there is reasonable cause for suspension. Additionally, the bill mandates that operators implement commercially reasonable procedures to safeguard the integrity of their contests and prevent detrimental practices.