Texas has joined New York and Illinois in deciding that daily fantasy sports sites are illegal.
Fantasy sports companies told to stop taking bets in New York, Illinois and Texas
I love NFL football. But what’s even hotter right now than the NFL is fantasy football. Two of the big players called DraftKings and FanDuel made news over the off-season when Wall Street gave them huge additional funding to grow their businesses.
A buddy of mine has three fantasy teams going simultaneously. Yet when I see him during the season, it’s like he’s not really there; he spends all his time texting people on these fantasy football texting groups talking about what’s going on in their world.
So clearly people love fantasy football. But don’t be fooled into heavily gambling because you’ll lose money over time…even if you get lucky every once in a while.
The latest development in this ongoing story is that Attorney General Ken Paxton of Texas came out earlier this week with the following statement:
“It’s my duty as Attorney General to look to the law, as passed by the people’s representatives, to answer the questions put to this office. Paid daily ‘fantasy sports’ operators claim they can legally operate as an unregulated house, but none of their arguments square with existing Texas law. Simply put, it is prohibited gambling in Texas if you bet on the performance of a participant in a sporting event and the house takes a cut.”
Meanwhile, back in December, Attorney General Lisa Madigan of Illinois wrote that the law ‘clearly declares that all games of chance or skill, when played for money, are illegal gambling in Illinois.’
A month earlier, the attorney general of New York State told both DraftKings and FanDuel that they must stop taking bets in New York because their operations are tantamount to illegal gambling. Take a look at what the the state’s attorney general Eric Schneiderman said:
‘It is clear that DraftKings and FanDuel are the leaders of a massive, multi-billion dollar scheme intended to evade the law and fleece sports fans across the country.’
Those are real fighting words!
Can you really make money playing daily fantasy sports?
Here’s what you need to know: There’s a stacked deck against you as an ordinary fan. Don’t fall for the promises of vast wealth that they advertise.
The New York Times reports the people making the real money are employees of these companies who do the equivalent of trading on inside info to make the big bucks. One employee at DraftKings admitted to using industry data to make $350,000 in just one week on FanDuel.
So if you do fantasy football, do it strictly for fun. Nothing more, nothing less. Don’t expect to get rich! Remember, it’s kind of like Vegas; the house always win!
For more money-saving advice, see our Life section.