FTC Asked to Investigate Daily Fantasy Sports

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FTC Asked to Investigate Daily Fantasy SportsThe increasingly complicated world of daily fantasy sports betting may be about to get even more complicated.

According to the latest reports out of New Jersey, requests are being made for the Federal Trade Commission to look into this emerging and highly controversial industry.

NorthJersey.com is reporting that the FTC has “has the authority to investigate daily fantasy sports,” according to claims from New Jersey Rep. Frank Pallone and U.S. Sen. Bob Menendez.

And it’s these very lawmakers among others who want the FTC to get involved and investigate daily fantasy sports.

The announcement came the same day that the New York State attorney general’s office ordered DraftKings and FanDuel, the market leaders who together command more than 90 percent of the unregulated industry, to stop doing business on the state and declared the competitions to be gambling. That development, which could have wide-reaching implications for the burgeoning multimillion-dollar industry, was first reported by The New York Times.

“While traditional gambling establishments are highly regulated through both state and federal law, and online gambling and sports betting is severely restricted, daily fantasy sports remains completely uncontrolled,” Menendez and Pallone wrote in their letter to the FTC.

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