The young daily fantasy sports (DFS) market is exhibiting exponential increases in both players and spending per player. That makes online tournament operators, currently hungry for capital, potentially exciting candidates for investment.
When projecting returns, however, investors should not underestimate existing legal risks or the chance public opinion may sour on online gaming. Despite popular belief, existing federal gambling laws do not protect DFS gaming; rather, they give teeth to myriad state gaming laws that may constrain DFS.
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