The fantasy sports industry is fast growing and it’s more likely to grow at a faster rate now that the US Supreme Court has granted an appellate ruling that makes the business easier and cheaper to operate. However, the legality of fantasy sports focuses on the sternness of US gambling laws, which for no good reason prohibits forms of gambling that millions of people enjoy. A regular sports fan is surely familiar with fantasy sports in its non betting form—players select a team based on real players in their specific sport and score points to win games based on their real-life performances. Fantasy sports contests usually run for a whole season. However, there are now websites that offer quick payouts called panen77 daily fantasy sports, which makes each game more important. The popularity of fantasy betting has been on the rise. It is now so popular that it is now valued at $800 million in the Unites States alone. Dozens of websites are now featuring fantasy betting on their gaming menu as said by the president of the Fantasy Sports Trade Association, adding that almost 7 million Americans and Canadians were into fantasy sports in 2008.
In a nutshell, avid sports and gambling fans are paying for the chance to win money in contests that are rooted on the performances of professional athletes. Now, the question is why isn’t this classified as gambling? One probable answer is playing fantasy sports requires knowledge and skill, and in fantasy betting you can control how you win, but so do sports betting and poker. Here is the true reason why fantasy betting is not considered as gambling: Because the government says it is not. The Unlawful Internet Gambling Enforcement Act includes a specific exemption for fantasy sports, provided the prizes are determined before the start of the contest and the fictional teams don’t correspond to any real teams. The second condition is aimed at preventing fantasy sports, which the professional leagues endorse, from turning into sports betting, which they oppose. License fees aside, the leagues like fantasy sports because it increases interest in their games. However, so does sports betting—the market that which dwarfs the size of the fantasy sports industry.
A 2003 ESPN study found that more than 100 million Americans bet on sports every year, wagering money that can reach up to $100 billion. Moreover, betting on sports is legal only in Nevada, and the leagues are unwaveringly opposed to broader legalization because they fear it would have a corrupting effect. Or so they say. Their actions suggest they know better. “Most of the leagues now have a deal with the Las Vegas sports consultants,” notes Jim Murphy, a professional handicapper. “The leagues pay them to track improper betting trends. Anytime you read about a point-shaving scandal or that so-and-so has been charged with trying to fix a game, it was the Las Vegas bookmakers that ferreted it,” he added. So if you want to be involved in betting on sports and still be on the safe side, then switch from traditional betting to fantasy betting. It is the next best thing.