The bill, which requires consumer protections and a $10,000 licensing fee for DFS operators, hasn’t yet been introduced within the the Nevada legislature, which doesn’t reconvene until next year.
In October, Nevada gaming regulators ruled that the single-day fantasy sports contests are gambling under state law, despite the fact that the DFS industry has a carve-out under federal law concerning online betting. In other words, the sites needed sports betting licenses to continue.
Unlike their decisions in other states, both DraftKings and FanDuel quickly pulled out of the Nevada market. Since then, the selection of states to pass legislation to legalize and regulate DFS has grown to 8. New York, which had also previously declared the games illegal under state law, was the latest. The Empire State was considering legalizing online poker first, however.
Other states that experience approved DFS legislation include Virginia, Colorado, Missouri, Indiana, Massachusetts, Tennessee and Mississippi.
In June, Nevada regulators, for the primary time ever, signed off on a DFS product from local businessman Vic Salerno, whose DFS company is named US Fantasy.
The DFS market could balloon to $14 billion by 2020, if an estimated 40-percent annual growth is the trend, in line with research last year from Eilers Research.
Other DFS companies that would apply for involvement in Nevada include Yahoo! and PokerStars’ parent company Amaya Gaming, but DraftKings and FanDuel control nearly all of the market.
While traditional Nevada sports betting is at record levels, Las Vegas is soon set to get a NHL expansion team, and the NFL is thinking about letting the Raiders move to Sin City. The most important professional sports leagues are investors within the DFS industry.
Read More... [Source: CardPlayer Poker News]
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