The recent backlash, however, seems to be a Pyrrhic victory. Ten days later, the Times published a long piece about the dangers of fantasy betting. The Nevada decision came weeks after The New York Times reported on an episode that “amounted to allegations of insider trading,” in which employees at the two companies were making bets aided by proprietary information. Last week, regulators in Nevada ruled that playing daily fantasy sports for cash, a right protected by a loophole in the Unlawful Internet Gambling Enforcement Act of 2006, should be considered “gambling” rather than the less-sinister sounding “game of skill.” DraftKings and FanDuel, the industry’s titans, were forced to cease operations in the state until they received their gambling licenses. From a pure optics perspective, it’s been a rough month for the burgeoning fantasy-sports gambling business.
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