Over 100 million people watch Super Bowl – the NFL final on Sundays. One of the reasons for attraction to this grand finale is betting. According to an article published in NBC News, around 4million, $ is betted, and 97% of it comes through back doors. It is excellent fun to be with friends and family, enjoying good food and drink, cheering your favorite team, or rating the commercials on TV. No financial aspect is involved until and unless one puts his hard-earned money on wagering. It brings no difference who is the champion of the Super Bowl; New England or Falcon. Why is Fantasy Sports Game a Form of Gambling?
Money at Stake
Until and unless one gamble on the outcome of the game, there is no financial risk is involved. The risk is created by wagering, which fascinates so many football fans. This aspect of wagering turns the fantasy sports game into gambling. Till 2016 there was no legislation to control the fantasy sports industry. It grew in leaps and bounds uncontrolled, unseen. Then states took notice to standardize those games, which were generating millions of state revenue. In 2016 eight states inclusive of New York passed legislation to regularize and authorize fantasy sports.
With a legal framework, each state has the right to allow or not to continue the fantasy sport. Each state formulates the policy on the ground whether the leisure values of these challenges and economic activity they produce validate their cost. This theory was accepted by major sports leagues, including the NFL. It is difficult to emphasis the factor of skill or chance, which determines the financial reward of the player. It is complicated to draw the line whether the game engages skill or chance primarily. After all, it is human performance, and many factors affect it.
Investors rely on their acumen and other factors while buying a stock, which they believe will fetch them good returns on the future. Some schools of thought think the same principle applies to fantasy sports. The gambler chooses a particular player or team based on their past performance and scores, predicting they will win the race, which renders into prize money for them.
The Basic Difference
There is a fundamental difference between a financial market and fantasy sports games. Speculation in the financial market not necessarily creates risk. It transfers the risk factor from one party to another. If one investor decides to buy a stock of the “X” company, he buys it from the seller of the stock at a given price. The inherent risk of slumping of the price is there; one party accepts the risk while selling it. Moreover, hedging strategy minimizes the risk factor.
Gambling is also entertainment
It is time to accept the fact that keluaran sgp or any fantasy game is also a form of gambling. It entertains millions of people in different forms. From a policy-making point of view, it is nothing wrong to state that the activity should be legitimate as it has entertainment as well as financial value. Proclaiming fantasy sport as a form of gambling is subject to the law. A transparent legal framework should be implemented for the well-being of both players and gamblers.