Daily Fantasy, legal or not?
Fantasy sports leagues have made their way into just about every home and work office over the least few years. Everyone is getting in on the action whether it’s the MLB, NBA, NHL or the big one; the NFL. Usually, players commit to their fantasy leagues for full seasons. Most leagues do have money involved, with each player putting down a small amount to be collected by the winner of the league at the end of the season. From these season-long leagues, shorter daily leagues have spawned.
On a daily fantasy site like DraftKings or FanDuel, players pay an entry fee to join a league in which they pick a team to play for one night. It’s projected that daily fantasy games will rake in about $2.6 billion dollars in entry fees alone this year. From these collected fees, websites promise that players can win thousands of dollars easily. You pay to play; a very big risk yet possibly a very big reward.
Sounds a lot like gambling right? New York Attorney General, Eric Schneiderman thinks so. Just last week, Schneiderman ruled that daily fantasy sites, DraftKings and FanDuel in particular, are illegal gambling sites. This is because Schneiderman concluded that the sites’ games are of chance, making it gambling. Both sites have stated multiple times that they host games of skill. This is where the controversy comes into play, as skill gambling is legal while chance gambling is not.
Schneiderman did not enter this battle blindly. He and a team of researches discovered little details that help build his case. Through search engines and coding, they found that these sites even refer to themselves as “gambling“. Within Draft Kings’ code, multiple key terms like “weekly fantasy football betting” redirect users to their sites. Don’t believe us? Google it yourself to see the results. It was also noted by Schneiderman and his team that Draft Kings presents a slide show to investors that includes poker, and it’s global internet rise to impact the investors decision.
The sites haven’t ofically been shutdown in New York but could very well be soon. So what’s your opinion? Do you play on Daily Fantasy sites?