SBC News Voice of the Sports Betting Industry
New Jersey Congressman Frank Pallone has urged for a congressional hearing to review the legality of fantasy sports operators targeting US consumers.
Pallone who supported New Jersey’s failed attempt to legalise sports betting in licensed gambling premises (casinos and racetracks), told US news sources that there appears to be little difference between sports wagering and popular fantasy sports products.
“Fans are currently allowed to risk money on the performance of an individual player,” Pallone said. “How is that different than wagering money on the outcome of a game?”
Pallone has been further critical of US Pro Leagues (NHL,NFL and MLB) positive stance for fantasy sports operators such as DraftKings and FanDuel, whilst being the biggest opponent to legalised state sports betting which would help raise state revenues.
“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,” Pallone said in a statement.
“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, the legal landscape governing these activities remains murky and should be reviewed.”
DraftKings and FanDuel the leading operators in the US fantasy sports market, have tied down exclusive partnerships with US professional sports teams and national broadcast networks. At present the firms have been valued at over $1 billion , having secured multi-million dollar investments in their latest rounds of venture funding backed by major US corporations.
