Federal
law generally prohibits gambling on sports, with exceptions in four states and
for certain “games of skill.” The state
of New Jersey has challenged the limit on its authority to legalize sports
betting. In the past year, sports betting websites exploded upon the airways in
multi-million dollar television advertising campaigns led by daily fantasy
sports (DFS) companies inviting fans “to pay an entry fee, pick their own teams
in daily leagues, and win real money, with over millions paid out in these
online contests.” Big winners of these contests were revealed to be employees
and professional gamblers. Big investors in DFS companies are the professional
leagues and networks as partners. States and Congress are threatening to shut
down these lucrative ventures. Rival companies who control nearly 95% of the
DFS market propose to merge. Our panel of experts will debate whether Congress
or state regulation protects consumers or stifles them and innovation in the
wildly popular world of virtual sports.
Business meeting at program conclusion.