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So finally Congress has decided to act on the explosive world of Daily Fantasy Sports, though most experts agree they are probably a bit too late to act.
After all, millions of dollars has been pumped into the industry from many of the major sports leagues, ESPN and a number of millionaire investors.
On Monday it was announced that Democratic congressman Frank Pallone Jr. of New Jersey would like to have a Congressional committee take a look at the connection between fantasy sports and gambling.
It’s no coincidence perhaps that Pallone Jr. comes to us from New Jersey, the very state that the leagues have filed suit against to try and prevent the legalization of sports wagering. And with the NFL, NBA and other professional sports outlets cozying up to Daily Fantasy Sports sites like DraftKings and FanDuel, one cannot help but question the timing, not withstanding Pallone’s utter shock at the number of DFS commercials that aired on Sunday.
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“Anyone who watched a game this weekend was inundated by commercials for fantasy sports websites, and it’s only the first week of the NFL season,” said Pallone. “These sites are enormously popular, arguably central to the fans’ experience, and professional leagues are seeing the enormous profits as a result. Despite how mainstream these sites have become, though, the legal landscape governing these activities remains murky and should be reviewed.”
Regardless of Pallone’s intentions, one thing is clear, the industry is one with many hidden dangers.
On Monday morning, Gambling911.com sister site DFS911.com introduced a series detailing how smaller, more cash-strapped companies are currently struggling to pay their customers.
"It's stuff like this that will give a black eye on Daily Fantasy Sports," notes Thomas Somach, who covers the industry for Gambling911.com and DFS911.com.
- Aaron Goldstein, Gambling911.com
