LAS VEGAS, Nev. – The Latest on gambling regulations for a new fantasy sports model in Nevada (all times local):
Nevada gambling regulators have approved a new platform that will allow bets in a fantasy sports model.
The Nevada Gaming Commission voted Thursday to give a gambling license to Henderson-based US Fantasy.
The newly developed sports system essentially blends sports betting with elements of traditional fantasy sports contests.
US Fantasy and traditional fantasy systems, such as the popular DraftKings and FanDuel models, differ primarily in the way they pay out winners.
US Fantasy’s payout depends on what and how other gamblers are betting, while traditional fantasy sports sets an established prize money amount.
The new Nevada platform also declares fantasy sports betting as gambling, despite the industry arguing in the face of legal challenges across the country that its games are not gambling.
A new gambling platform set for approval Thursday in Nevada will further blur the lines between sports betting and fantasy sports, coming as the daily fantasy sports industry argues in the face of legal challenges across the country that its games are not gambling.
The Nevada Gaming Commission is expected to back a gambling license for Henderson-based US Fantasy.
The newly developed sports system essentially blends both forms of wagering but with different ways of paying out prize money to create a model that declares fantasy sports betting is gambling.
An industry leader predicts it won’t have a major effect on fantasy sports overall because it may only work in Nevada, where sports betting is already legal.