Colorado Updates Fantasy Sports Regulations

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00:00 (upbeat music)

00:02 - Let's move on to the Daily Fantasy landscape here.

00:08 And this is changing by the minute here.

00:10 As sports betting is becoming legalized,

00:12 states are scrutinizing certain operators

00:15 and saying, "Hey, look, is this DFS

00:17 or is this sports wagering?"

00:18 And we've got an update here in the state of Colorado.

00:21 So what are they saying?

00:23 - Yeah, we're seeing more attention than ever

00:26 on this DFS Pick'em product.

00:29 And that comes from last month we were at a conference

00:33 and a government affairs representative

00:35 from FanDuel kind of called it out,

00:37 said there's Daily Fantasy sports companies

00:40 running illegal sports books.

00:41 They're offering these Pick'em products,

00:43 which are generally partly propositions on real life stats,

00:48 which a lot of people feel that that could be sports betting

00:52 and regulators kind of across the country

00:54 have been split on the issue.

00:55 And so our legal experts,

00:57 and we've even had people within these companies say,

00:59 "You know what?

01:00 It's a difference of opinions.

01:01 We respect those opinions.

01:03 We wanna work with regulators to make this work."

01:07 And we've seen certain states kind of crack down.

01:09 We've had Wyoming send a seasoned assist.

01:11 Last year, Maryland and West Virginia did.

01:13 Maine is investigating this right now.

01:15 And I know Kansas is as well.

01:18 And Colorado is kind of one to say,

01:20 "All right, this is fine,

01:22 but we're gonna put a few caveats in here

01:24 and you're gonna work with us."

01:27 And that's what these DFS operators

01:29 under Dog and Price Picks have said to us repeatedly.

01:32 They're working with regulators,

01:33 making sure it falls under their laws.

01:36 And so, yeah, most Pick'em states,

01:40 where it's live, you can pick two players or more,

01:45 and it's based on real life stats.

01:47 So say, you want somebody to hit a homer,

01:50 I'm gonna say he hits more than a homer

01:51 and somebody has more than this many strikeouts.

01:54 Well, in Colorado, you have to have four or more players

01:57 and it has to be based on fantasy point accumulations

02:00 of over-unders.

02:01 So it makes a little bit more sense 'cause it's DFS.

02:05 It's daily fantasy, picked on fantasy points.

02:10 It's a little more cut and dry

02:11 than we're seeing in some other states.

02:13 And I think this is, I talked to a lawyer for this story.

02:16 Go ahead and go read it at Legal Sports Report.

02:18 But he said, "This is the biggest topic in sports betting."

02:22 Because some of these states,

02:25 these Pick'em operators aren't paying taxes

02:27 or the license fees for sports betting.

02:29 And for those people who feel like it's sports betting,

02:32 that's not fair.

02:34 So yeah, it's an issue

02:35 and it's gonna continue to be for a little bit,

02:37 I think, as regulators kind of pay more attention to it

02:40 and shake out the rules.

02:42 (upbeat music)

02:45 [MUSIC]

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