While it’s too early to say if regulation of the daily fantasy-sports industry will occur on a federal or a state-by-state level, one aspect of the situation is clear: FanDuel, DraftKings and other operators will have to change the very business model that has allowed them to achieve unprecedented growth. That’s a dangerous proposition for FanDuel and DraftKings, which are already facing federal investigation, state probes and class-action lawsuits after last week’s inside-information leak. The process is lengthy and expensive, and any company that decides to apply will be accused of implicitly admitting that daily fantasy-sports contests are a form of gambling, not a game of skill exempt from online wagering bans. Nevada regulators are banning daily fantasy-sports companies from operating in the state until they are properly licensed under state gambling laws. But as the state of Nevada begins to classify daily fantasy sports alongside other, more traditional forms of gambling, the unregulated industry’s freewheeling days are coming to an end. FanDuel and DraftKings built billion-dollar empires by offering fans a way to wager on their favorite athletes with just a few key presses and mouse clicks.
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