In attempts to lessen the uncertainty that still surrounds the legality of fantasy sports, Maryland and Florida introduced measures to clarify the rules of the road for the likes of DraftKings Inc. and FanDuel Inc. Maryland’s regulations, adopted by the state Office of the Comptroller, went into effect January 2, while Florida’s House of Representatives
Big Leaguers: Daily Fantasy Sports Scores Major Legislative Victory in New York
From the Stanley Cup to the NBA Championship, there were some major sports victories these last few weeks. Championship cities celebrated with fans flooding their streets for victory parades. But one sports victory—a win that without question affects far more fans than those in the Steel City and Cleveland—did not occur on the court or…
Did Virginia Save the Daily Fantasy Sports Industry?
Though there aren’t many $2 bills in circulation anymore, Thomas Jefferson’s beloved Virginia just made spending money on daily fantasy sports (“DFS”) contests legal. On March 7, 2016, Virginia enacted the “Fantasy Contests Act” (the “Act”), making it the first state law to affirmatively address the legal issues plaguing the DFS industry.
Beginning in 2009, operating under an exemption in the federal Unlawful Internet Gambling Enforcement Act (“UIGEA”), DFS companies took the country by storm. Companies like Fanduel and DraftKings deployed aggressive advertising campaigns and cemented incredible sponsorships with professional sports leagues like MLB and teams in the NFL. The industry’s uncanny growth was visible to anyone who turned on a sports channel.…
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