What's the Difference Between Fantasy Sports and Illegal Gambling?
Online fantasy sports companies like Fan Duel, Draft Kings and Bet Bomb are big business, but should they be illegal?
Fox Business reporter Adam Shapiro and BetBomb.com CEO Todd Drowlette joined Trish Regan on "The Intelligence Report" to discuss.
Shapiro explained that Congress made online gambling illegal with the Unlawful Internet Gambling Enforcement Act of 2006, but there's a loophole in the law that specifically permits fantasy sports gaming.
He pointed out that Rep. Frank Pallone (D-NJ) is now calling for a congressional hearing into the legality of fantasy sports websites, despite the fact that the law states that there are differences between gambling and fantasy sports gaming.
Drowlette explained that the act of picking individual players makes fantasy sports a game of skill, whereas sports betting is predicated on chance.
"They're completely different. The carve-out is very specific in the law. That's why companies like mine, BetBomb.com, and Fan Duel and Draft Kings feel confident in what we're doing," Drowlette said, adding that those companies are estimating approximately $3 billion in revenue this year.
Watch more from "The Intelligence Report" above and share your thoughts on fantasy sports gaming in the comments.