LAS VEGAS (AP) – Nevada regulators ordered the shutdown of fantasy sports sites, on Thursday. The sites ordered to to be shut down even included big names in the market like FanDuel and DraftKings. They cannot be operational until a gambling license is issued.. These sites, which are definitely hard-to-miss for the sport lovers, have been ruling the marketplace with Internet and TV ads.
Amid of all the counteractions by investigators and regulators, which include the New York’s attorney general himself, the decision was finalized. It was reported that the employers were using the competitors’ sites to find out information for winning.
So who are Nevada regulators? They are a governing body of country’s gambling hub in LAS VEGAS. Be warned that the actions taken by the body can be influential even in the other parts of the US.
The sites, still unregulated, can enjoy the freedom of competing in games including both college and professional. Nevertheless, they still have to pay a fee to compete for a larger pool. They can then assemble teams gaining the most of the points, according to real-time statistics. Specific percentage of those who finished up to top, will only earn a pay-out.
As for DraftKings, entry fee may range from 25 cents to more than $5,000. The prices may be as high as 1 million dollars.
Nevada’s decision shall neither affect any long-popular online office pool nor season-long fantasy sports. Daily fantasy sport might have been taken similarly but as the contest is limited to a day, mostly instead of stretching out for the whole season, they were consideredas un-equals.
FanDuel and DraftKings put forward an argument that their sites are providing skill games, not just chances. Therefore, Unlawful Internet Gambling Enforcement Act 2006 seems highly protective for them. This act stamped out a particular exclusion to allow fantasy sports.
This distinction was considered an important edge for this industry. The industry skipped regulations based on sports books and casinos traditional rules under this Act. It was for the main reasons they were no longer labelled as “gambling”. Being not called as gambling, give them the edge that some professional sport leagues invested directly or collaborated with the sites.
A.G.Burnett, the chief of the Gaming Control Board, gave the statement that if one is licensed with Nevada, it is good to go. Under this category, also fall traditional sports books. In such books, gamblers usually bet on the results of a particular game.
Yet none of the site has licensed with Nevada but they certainly can apply for their licenses.
Gaming Control Boards recently issued a notice that these sites should stop at once for offering the contests for Nevada residents. They are free to operate after they get license approval. The penalty to keep operating without a license is felony fines and a 10 years in prison. The board states that it has brought this notice into an action, after working with Attorney general’s office of the state. It also puts forward that this has taken several months and is well thought-over and thus, cannot definitely be undone.