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Nevada Orders Closure of Fantasy Sports Sites

Nevada Orders Closure of Fantasy Sports Sites

Gambling regulators in Nevada have ordered the closure of fantasy sports sites such as DraftKings and FanDuel saying that they can’t operate without a gambling license.

The sites insist that they are skill based games and not chance based wagers and therefore are not subject to gambling regulations. Members of the site pick daily line-ups of players in sports such as football, basketball and hockey and they compete with other players to earn the most points and win prizes which can be worth more than $1 million.

Last Thursday Nevada’s Gaming Control Board issued a notice saying that the sites must immediately stop offering their contests to Nevada residents. If they continue to operate then they could face felony fines and up to 10 years in prison. However, they are able to apply for gambling licenses.

OCA News Editor

Jenny McKinnley is OCA’s financial correspondent. After spending years on the trading floor in both NY and London, she offers insight from the inside out on world financial news and events.




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