There have been many questions surrounding why daily fantasy sports continue operating freely throughout the United States, while online poker remains split between three regulated states and a black market. And it’s possible that daily fantasy sports (DFS) will eventually end up just like online poker…at least, this is what Rolling Stone predicts.
In a piece entitled “Will Daily Fantasy End Up Like Online Poker? You Bet,” the famed pop-culture magazine follows DFS superstar Teddy McDermott, who’s made over $1.5 million in the past two years. In addition to playing DFS, McDermott is also a poker player who suffered through “Black Friday.” Following this horrific day (Apr. 15, 2011) in poker history, the father found himself trying to grind out small profits in the local casino to get by. Eventually, he discovered DFS and has been making a much-better living ever since.
But just how much longer can McDermott and other DFS pros expect the bliss to last?
It’s hard to say because, as Rolling Stone points out, major sports leagues like the NBA, NFL, MLB, NHL and NASCAR have all aligned themselves with DFS sites. Some of these same leagues even have an investment at stake in the matter. So as long as pro sports leagues continue lobbying for DFS, then the industry figures to be around for some time.
“The one advantage that DFS has that poker didn’t is all these companies and MLB, NFL, Robert Kraft, and Jerry Jones have equity stakes in it,” McDermott says. “I don’t think those guys are going to go down without a fight and lose millions, or billions even. Hopefully it won’t happen, but I’m definitely worried about it.”
McDermott has good reason to worry because various politicians have called for hearings on the DFS subject. New Jersey Rep. Frank Pallone is one such politician, and he’s looking for some justice since his state can’t legally offer sports betting (something the NFL has lobbied against). And with increased political pressure against the DFS industry, it’s only a matter of time before these sites are forced to go through the regulation process.
Be sure to check out the entire Rolling Stone piece here.