Questions Arise Over Legality Of Fantasy Sports Betting

Published Tuesday, July 21, 2015 -
Questions Arise Over Legality Of Fantasy Sports Betting

The internet has given the gambling industry a new venue for people to punt but with that new opportunity the usual legal battle arises in different jurisdictions. Sports betting in America is not legal except in certain places such as Nevada. To get around the legality of betting on sporting events over the internet fantasy sports was introduced. Now the activity is legal in all but five of the States in the Union but the success of the offering is calling lawmakers to question how far this trend should go.

It is not only lawmakers that are questioning daily fantasy sports betting but also authorities in the gambling industry. The overall market is estimated to be worth $3 billion and expanding at an alarming rate.  Big business is getting involved with powerhouse firms such as Yahoo entering the field offering daily sports betting to the Yahoo search engine customers. It is not that Yahoo was not already involved in Fantasy sports with its introduction of fantasy sports in 1998 that offered stats and coverage of sporting events in America. DraftKings and FanDuel currently dominate real money fantasy sports, but that could soon be a different story as the high tech companies begin to realize the enormous potential presented with daily fantasy sports betting.

The legality is questioned by those in the industry who feel threatened by the trend. Kenneth Fuchs, vice president of Yahoo commented, “Fantasy sports is a game of skill,” Fuchs, added, “We stay very close to the laws and we know that in 45 states this is legal and it’s fairly well established fantasy sports is a game of skill.”

Not everyone agrees with the description of fantasy sports, with Jim Murren the CEO of MGM Resorts explaining, “Absolutely, utterly wrong. I don’t know how to run a football team, but I do know how to run a casino, and this is gambling.”





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