Daily Fantasy Sports
The concept of the daily fantasy sports game is relatively new. It takes the traditional fantasy sports model and compresses it into a daily, and sometimes weekly, game.
History
Daily fantasy sports is a new niche in the fantasy sports industry. Like traditional fantasy sports, players draft a team of real world athletes who then score fantasy points according to set scoring rules. However instead of being stuck with the same team through a whole season, daily fantasy sports contests last just one day (or in the case of NFL or NASCAR, one weekend). Daily fantasy sports is quicker and more numbers-driven. Daily fantasy sports websites do not compete for the same players as traditional sports games, but instead market themselves as complimenting traditional fantasy sports.[1]
Legality
The legality of daily fantasy sports games is the same as that of season long fantasy sports. In most US states fantasy sports (including daily fantasy sports) is generally considered a game of skill and therefore not considered gambling. However, some states, such as Arizona, Maryland, Montana, Louisiana, Iowa and Vermont, either use a more restrictive test of whether a game is one of skill or have specific laws outlawing paid fantasy sports.
At a Federal level fantasy sports is defined and exempted by the Unlawful Internet Gambling Enforcement Act of 2006 (UIGEA). The bill specifically exempts fantasy sports games, educational games, or any online contest that "has an outcome that reflects the relative knowledge of the participants, or their skill at physical reaction or physical manipulation (but not chance), and, in the case of a fantasy or simulation sports game, has an outcome that is determined predominantly by accumulated statistical results of sporting events, including any non-participant's individual performances in such sporting events..."[2]
However, all prizing must be determined in advance of the competition and can not be influenced by the fees or number of participants. To be compliant fantasy sports must follow the rule that: "prizes and awards offered to winning participants are established and made known to the participants in advance of the game or contest and their value is not determined by the number of participants or the amount of any fees paid by those participants." [3]
The formal definition of fantasy sports within UIGEA stipulates that the outcome of a fantasy game must be dependent on multiple sports events but explicitly does not define the period over which the game must be played. The enactment of UIGEA gave the first legal definition of fantasy sports with which operators could then develop games around. This resulted in the emergence of daily fantasy games which first appeared in late 2007.
References
- ^ DiFino, Nando (2010-03-05). "Everyday Fantasies". Wall Street Journal. Retrieved 2010-11-22.
- ^ Longley, Robert (2006-08-22). "Fantasy Sports Not Gambling, Bill Declares". About.com. Retrieved 2007-11-01.
- ^ "H.R. 4954: Security and Accountability For Every Port Act of 2006’’". Retrieved 2010-06-03.
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History of betting exchange
The concept of peer-to-peer betting - the precursor to a betting exchange - was first brought to the public by the UK website Flutter.com in May 2000. At the same time Irish-based betting exchange Betmart.com was launched into the UK. Soon after, UK-based Betfair launched what it originally called "open-market betting", in June 2000 - a name which was quickly changed, by the media and the associated industry, to "betting exchange". Betfair embraced a pure exchange model - one Flutter later adopted and, some say, even improved upon in places - but it took a year before Flutter launched their new technology, and first-mover advantage proved decisive for Betfair. Though Flutter managed to climb to a reported 30% market share, Flutter's backers were content to broker a merger which left Betfair the dominant partner by a reported ratio of 84:16. Post merger, Flutter's customers were transferred to Betfair's system, which was later upgraded to embrace some of Flutter's functionality. Betfair went from strength to strength and controls a reported 90% of global exchange activity today. In late 2004, Betfair announced a rescue package which resulted in it absorbing the customers of Sporting Options, which had gone into administration with debts in excess of £5 million.
As with other types of exchanges, betting exchanges thrive on liquidity and customers tend to focus on the exchange where they are confident their bet can be paired up with a matching counterbet. Breaking with British tradition, Betfair uses decimal odds instead of fractional (traditional) odds because they are more popular globally. Some of its competitors allow customers to use fractional odds if they prefer.
Unsurprisingly, Betfair's success has attracted a number of rivals.
This article is licensed under the GNU Free Documentation License. It uses material from the Wikipedia.
Carr–Benkler wager
Yochai Benkler speaking at UC Berkeley Boalt Hall School of law on 27 April 2006.
Nicholas Carr speaking at the VINT Symposium held in Utrecht, Netherlands on June 17, 2008.
The Carr-Benkler wager is between Yochai Benkler and Nicholas Carr about whether the most influential sites on the Internet will be peer-produced or price-incentivized systems.
History
The wager was proposed by Benkler in July 2006 in a comment to a blog post where Carr criticizes Benkler's views about volunteer peer-production. Benkler believes that by 2010 the major sites will have content provided by volunteers in what Benkler calls commons-based peer production, as in Wikipedia, reddit, Flickr and YouTube. Carr argues that the trend will favor content provided by paid workers, as in most traditional news outlets.[1][2][3][4]
References
- ^ "What is the Carr-Benkler wager?". The Guardian. "On the two sides: Nicholas Carr, a former executive editor of the Harvard Business Review; and Yochai Benkler, a professor of law at Yale University whose book, The Wealth of Networks: How Social Production Transforms Markets and Freedom, suggests that new types of collaboration let people be more productive than profit-seeking ventures."
- ^ Fox, Justin (February 15, 2007). "Getting Rich off Those Who Work for Free.". Time (magazine). "In other fields, it's not so clear. In a critique of Benkler's work last summer, business writer Nicholas Carr speculated that Web 2.0 media sites like Digg, Flickr and YouTube are able to rely on volunteer contributions simply because a market has yet to emerge to price this "new kind of labor." He and Benkler then entered into what has come to be widely known in Web circles as the "Carr-Benkler wager": a bet on whether, by 2011, such sites will be driven primarily by volunteers or by professionals."
- ^ Carr, Nicholas. "Calacanis's wallet and the Web 2.0 dream.".
- ^ Benkler, Yochai. "Benkler on Calacanis's wallet.".
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