The Daily Fantasy Sports industry has been at the centre of a controversy in the United States, stemming from the fact that there is no uniformity of opinion regarding its legality. Ten states in the US have decided that daily fantasy games are not legal whereas four states have passed laws to declare it legal. American sports fans would indeed welcome any opportunity to place wagers on sporting events, particularly in a legal and reliable environment. As of now, Americans make use of a number of online gambling websites operating from offshore locations in order to participate in sports betting or play their favourite casino games or slot games such as Double Bubble slot.
The potential online sports betting and fantasy sports betting in the United is so large that the government cannot afford to neglect it. It is therefore no surprise that the federal government has decided to study the industry closely. The US House of Representatives Committee on Energy and Commerce has announced a debate on the daily fantasy sports industry that will study it from different perspectives in order to get a clear idea of what it entails and what its future is.
The proposed debate on the daily fantasy sports business has been scheduled for May 11 and it will feature testimonies from eight people belonging to different areas of the gambling industry. An important point on the agenda of the meeting will be to compare the legal opinions of states that determine daily fantasy sports betting to be illegal with those that have made it legal. The Attorneys General of the different states have differing opinions about this industry and their viewpoints will definitely be of great value to the meeting.
The Unlawful Internet Gambling Enforcement Act of 2006 has placed many restrictions on gambling in the United States and this has been a major point of contention with states that wish for restrictions to be loosened. Therefore, the meeting will also study the existing regulatory environment in the country, both in terms of federal laws and state laws. There will also be need for consumer protection laws to be put in place as well as mechanisms to ensure that daily fantasy sports operators meet the existing standards of consumer protection. Daily Fantasy Sports companies offer a range of products that will also have to be studied by the Committee.
There is too much of money involved in the daily fantasy sports industry for legal issues to remain vague. It is very important to have a reasonably uniform regulatory framework in place so that all parties, ranging from operators to gamblers to the government, can benefit from the industry in the long term.
As far as the Daily Fantasy Sports industry is concerned, it maintains that the products are skill based and not luck based. This position has been challenged by other entities, both from the gambling industry as well as the government, who maintain that there is no difference between it and straightforward sports betting.