Vulcan To Stop Offering Real Money Wagers Due To Legal Uncertainty
The ongoing legal uncertainty in the daily fantasy sports market is having ripple effects in other forms of fantasy games. eSports is another growing industry which offers real money prizes for games looking to win money in other ways than gambling.
We have discussed AlphaDraft and Vulcan in past reports. Vulcan have seemingly got cold feet on offering real money prizes due to the legal battles DraftKings and FanDuel are having in parts of the U.S. In a statement on their blog Vulcan said that as of January 14. 2106 they will no longer be offering paid fantasy. They will be not taking any more real money fantasy wagers as of the start of the League of Legends Championship series.
Players will have to withdraw all their cash from their accounts by Feb.5. All funds remaining will be converted into Vulcan’s virtual currency. In a statement Vulcan explained their decision by saying that the current legal landscape in the U.S. has made it “difficult” and that the decision comes “after careful consideration (and much heartache).
The removal of the real money wagers will enable Vulcan to focus on providing features that players can enjoy in all states. They went on to say that only about 10 percent of all players actually engaged in the real money option and that 90 percent “participated on everything else.”