If it looks, feels, plays and pays like sports betting, why is this legal?
When the US Government signed UIEGA into law in September, 2006 they “carved out” three sub industries: lotteries; horse racing and fantasy sports.
They deemed fantasy sports to be contests of skill rather than those of chance or luck and that paved the way for people to be able to legally pay entry fees and collect winnings on their fantasy sports play.
The law set forth certain parameters that define what constitutes a fantasy sports contest. These parameters include that a fantasy contest must involve at least two “real world” events, that the prize must be pre-determined prior to entry and cannot be based on the number of participants. (A contest can be set up in such a way that both the number of participants required and the prize awarded are predetermined. i.e “This will be a 10 person contest with an $11 entry fee and a prize of $100.” If that contest does not reach the required 10 people, then it can be canceled before it even begins.)
UIGEA never detailed the length of a fantasy contest. Although fantasy sports were born and raised as season-long journeys, partial season leagues have formed in recent years. All that the daily and weekly fantasy sports sites have done is reduce the length of a season to a single day or a football / NASCAR weekend. In some cases you will even find contests that only involve a portion of the day’s games. (Think “only day games” in baseball or “just the 1:00” games in football.)
So proceed with confidence that you are on the right side of the law as a player. Deposit, play, win, cash out all with the comfort of knowing that you are dealing with real people based here in the US. A full version of UIEGA is available online.
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