2 years ago1,000+ Views
Over the past couple of months, playing fantasy sports for money has become a huge source of cash.
Millions across the globe hop online and create fantasy lineups in big cash leagues. The payouts are huge. Recently, the government took the owners of many of these companies to court to claim the gambling is illegal.
At the moment, the company owners of fantasy leagues have been allowed to continue during the trial, but many investors have been scared over the case.
The company received one of its biggest blows yet, as payment processor Vantiv Entertainment Solutions has told daily fantasy companies it works with that it will stop doing business in the space as of Saturday, The New York Times reported Friday.
Jonathan Ellman, who is chief transaction and marketing counsel for the company, said in the letter that Vantiv would consider re-entering the marketplace when legal hurdles have been cleared.
"Its departure will be a blow to DFS operators, large and small," said Indiana University professor Sarah Jane Hughes, who is an expert on payment processing.
Hughes said payment processors face penalties under the Unlawful Internet Gambling Enforcement Act of 2006 if they participate with people or companies that states have deemed as participating in illegal gambling. But because the matter has been tied up in the courts, it's unclear why Vantiv might have made a sudden change or whether they're even legally allowed to.
If the money isn't able to process in a timely manner, this could sway thousands of people away from the fantasy sports program.

Is This The End Of Cash Daily Fantasy Leagues?

1 comment
Haha again, the debate between game of skills or game of chance. I'm interested to see what it comes down to.