When it comes to the new found obsession with daily fantasy sports through sites such as Fanduel and Draftkings, the question comes up about the legality of the sites. Some people argue that it is gambling and betting on players, while others see it as a game just like season long fantasy sports. There is a lot of money being made by these sites and people believe the idea of them losing their money on a daily basis makes it similar to gambling which should be illegal. The argument that these sites make is that it is a game of skill as well as chance and not all based on luck. According to fortune.com the definition of gambling in every state is typically defined as playing games of chance for money like craps and roulette which is considered “gambling” while playing games of skill is not. I would have to agree and can see the sites point in saying that choosing the right team or selecting players is not all random and some knowledge and thought has to go into it to be successful. A big topic with these sites is that they are not very regulated and generate large revenues. The earnings for each site were as follows:
FanDuel: $15 million in entry fees; $12.8 million in prizes awarded; $2.2 million revenue.
DraftKings: $20.7 million in entry fees; $18.9 million in prizes; $1.8 million revenue.
This is important because I believe companies earning that much should probably be regulated a little more strictly, however I still do not see them as gambling and feel they should be legal.