Newspaper website offers online fantasy gambling
The Philadelphia Daily News has launched a legal online betting outlet labeled Instant Fantasy Games through its newspaper website, Philly.com.
The news platform partnered with a British wagering company called FanDuel to initiate Instant Fantasy Games. The objective of the gambling website is to create additional revenue for the newspaper.
"We're trying to serve two goals," said Yoni Greenbaum, vice president of product development at Philly.com. "Those are content differentiation and revenue. If you're looking at the sports sites out there, a lot of them have the same stuff. In this day and age, sports fans have insatiable appetites."
Instant Fantasy operates the same way many online fantasy leagues do. A bettor accesses an online account and pays anywhere from $5 to $50 to field a team of players. That team will be matched head-to-head against another team for a chance to win as much as $90.
Professional baseball, basketball and hockey are the sports currently being offered.
The United States government aimed to ban Internet gambling in 2006 when legislators approved the Unlawful Internet Gambling Enforcement Act. The law does not prevent financial institutions from stopping payments to and from fantasy sports websites.
FanDuel is ensuring customers that there is nothing illegal about playing Instant Fantasy Games.
Do you think this is any different than gambling on sporting events?