To a lot of fans, Sunday’s Super Bowl victor is less significant than their everyday dream sports wagers and also the very real money they can acquire.
Together with the rapid increase of fantasy sports gambling websites FanDuel and Draft Kings, has come increased scrutiny and questions regarding whether daily fantasy game gambling is legal.
At least $26 billion changes hands from the budding dream market. So is it simply a game, or is it gaming?
Attorneys general in six countries have announced the daily dream games a kind of gambling or prohibited under state legislation, such as New York, Texas, Illinois, Hawaii, Vermont and Mississippi. However a week, Rhode Island’s attorney general announced the action legal but stated it has to be governed.
The fantasy sports business and their lawyers argue it is not gambling because it is a”game of skill” instead of fortune. People who side with the countries, however, have a totally different take.
“Daily fantasy sports are gambling because it is a game of chance,” Timothy Fong, co-director of University of California in Los Angeles’ Gambling Studies Program told CNBC’s”On the Money” in an interview.
Fong argued that any event can alter the game, and”only one moment in time which decides result, which is basically gambling.”
“It’s a sport of skill,” says Rick Horrow, sports attorney and CEO of Horrow Sports Ventures.
Decades ago,”I would send draft selections in the email to friends and we’d perform a forerunner of dream,” Horrow said, adding that the modern day version is” essentially the growth of technologies to catch up with what people desire.”
“Frankly, five percent of the whole business is daily dream…the rest is dream on a seasonal basis that no one questions”
“Season-long dream sports isn’t gambling,” says Dr. Fong,”It’s skill-based because individuals are continuously making motions, things are shifting.”
In daily fantasy sports, for a fee, users compete against each other, trying to pick the best players for their virtual team. The winner is determined by the players’ stats on this afternoon, and a money prize is given.
Professional sports leagues, for example, NFL, NBA, and Major League Baseball, have invested in fantasy sports businesses to a degree. Horrow states that the businesses will prevail in fantasy sports business”are the ones that are going to figure out how to use the communal aspect of these games.”
Definitely, soccer has become the most popular fantasy game. In accordance with Ibisworld, 36 percent of business revenue is in the NFL. That is accompanied by Major League Baseball with 19 percent, automobile racing at 12% and the NBA in 10 percent.
With all that money floating about, folks like Fong believe the sector should be rigorously monitored at least.
“This is a form of gambling and it should be regulated,” says Fong. But”it’s entertainment, a modern day form of entertainment that can bring people together.”
Horrow added that “fantasy is a communal activity, whether it’s mobile or otherwise it is going to evolve.”