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The DraftKings Inc. website is arranged for a photograph on an Apple Inc. iPad in Washington, D.C., U.S., on Sunday, Oct. 4, 2015. Fantasy sports companies DraftKings Inc. and FanDuel Inc. raised a total of $575 million in July from investors including KKR & Co., 21st Century Fox Inc. and Major League Baseball to attract players to games that pay out millions of dollars in cash prizes in daily contests. Photo: Zia Morales/Bloomberg Photo: Zia Morales/Bloomberg

The daily fantasy sports (DFS) industry is immensely popular in the United States, with millions of registered users and an estimated annual revenue in excess of $300 million. See Dustin Gouker, New Official Data: Daily Fantasy Sports Generated $335 Million In Revenue In a Year, Legal Sports Report, https://www.legalsportsreport.com/21627/ny-dfs/ (last updated June 27, 2018). However, there have been several legal challenges to DFS at the federal and state levels, particularly concerning whether DFS contests should be considered a form of gambling. See, e.g., In re: Daily Fantasy Sports Litig., No. 1:16-md-02677 (D. Mass. filed Feb. 4, 2016). Some state attorneys general have opined that DFS contests are gambling, and some states such as Nevada have determined that DFS operators must be licensed under state gambling regulations. Many other states have expressly concluded that DFS is not considered gambling, however.

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