"Key employee." An individual who is employed by an
applicant for a fantasy contest license or an individual who is
empowered to make discretionary decisions that regulate fantasy
contest operations as determined by the board.
"Licensed entity representative." As defined in 4 Pa.C.S. §
1103 (relating to definitions).
"Licensed gaming entity." As defined in 4 Pa.C.S. § 1103
(relating to definitions).
"Licensed operator." A person who holds a fantasy contest
license.
"Participant." An individual who participates in a fantasy
contest, whether the individual is located in this Commonwealth
or another jurisdiction.
"Person." A natural person, corporation, publicly traded
corporation, foundation, organization, business trust, estate,
limited liability company, licensed corporation, trust,
partnership, limited liability partnership, association or
another form of legal business entity.
"Principal." An officer, director, person who directly holds
a beneficial interest in or ownership of an amount equal to or
greater than 5% of all the securities of an applicant for a
fantasy contest license or a licensed operator, person who has a
controlling interest in an applicant for a fantasy contest
license or a licensed operator or who has the ability to elect a
majority of the board of directors of a licensed operator or to
otherwise control a licensed operator, lender or other licensed
financial institution of an applicant for a fantasy contest
license or a licensed operator, other than a bank or lending
institution which makes a loan or holds a mortgage or other lien
acquired in the ordinary course of business, underwriter of an
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