Congressman Frank Pallone Jr. Wants Hearing On Fantasy Sports
The explosion of daily fantasy sports led by DraftKings and FanDuel is definitely one of the hottest topics in the gaming world. The phrase gaming and not gambling in this market is exactly what stands at the heart of the growing calls to regulate this industry.
Anyone watching any major sporting event in the U.S. cannot miss the massive publicity and marketing campaigns of daily fantasy companies who are spending more on advertising that major global brands.
This has led to calls by many to regulate the fantasy sports sector and declare it the same as real money gambling. The latest to voice these sentiments is New Jersey Democrat Frank Pallone Jr. who sits on the Energy and Commerce Committee. He sent a letter to his Republican counterparts on Monday in which he requested a hearing to examine “the relationship between professional sports and fantasy sports to review the legal status of fantasy sports and sports betting.”
Pallone went on to point out the heavy media presence of commercials for fantasy websites especially with the start of the NFL season. Pallone believes that fantasy sports companies are exploiting a legal loophole to in essence offer real money gambling.
He asked what may others are beginning to voice as well,” You know, put down a bet and get a high return by betting on a team, players, whatever. How is it any different from sports betting? I don’t see it; what, because you call it fantasy.”