alexcrosby36
New Member
Hi my name's Alex and I'm hoping someone can help me with some advice.
I am planning to start a business that runs Daily Fantasy Sports Contests. Basically I will have a website that allows people to win cash prizes by playing in daily fantasy sports contests. The site will offer contests for all major sports including Baseball, Football, Basketball, Hockey, and Soccer.
The way it will work is you choose the sport you want to play (ex: baseball) and pick any 10 players that you think will score the most points for the day. Your team (10 players selected) will be put in a pool (contest) against 20 other people (and their selection of players). The person (team) with the most total points wins the cash prize.
In a nutshell, you choose a contest (sport), pick any 10 players for $5 (entry fee) for a chance to win $25 (cash prize). If your players score more points than the other's peoples players, then you win the cash prize.
I plan to use Paypal to send and receive money.
It's very similar to being a bookie (running a gambling business) except instead of picking teams your picking players and it's considered Fantasy Sports. It should be legal according to - 2006 Unlawful Internet Gambling Enforcement Act - because it makes an exception for fantasy sports.
Can anyone PLEASE offer any advice, suggestions, warnings, anything that can help me and/or things that I should know so I can avoid getting into trouble with the law, etc.
Help will be greatly appreciated.
Also, here are some websites that have the same business idea:
snapdraft . com
fanduel . com
-Alex
I am planning to start a business that runs Daily Fantasy Sports Contests. Basically I will have a website that allows people to win cash prizes by playing in daily fantasy sports contests. The site will offer contests for all major sports including Baseball, Football, Basketball, Hockey, and Soccer.
The way it will work is you choose the sport you want to play (ex: baseball) and pick any 10 players that you think will score the most points for the day. Your team (10 players selected) will be put in a pool (contest) against 20 other people (and their selection of players). The person (team) with the most total points wins the cash prize.
In a nutshell, you choose a contest (sport), pick any 10 players for $5 (entry fee) for a chance to win $25 (cash prize). If your players score more points than the other's peoples players, then you win the cash prize.
I plan to use Paypal to send and receive money.
It's very similar to being a bookie (running a gambling business) except instead of picking teams your picking players and it's considered Fantasy Sports. It should be legal according to - 2006 Unlawful Internet Gambling Enforcement Act - because it makes an exception for fantasy sports.
Can anyone PLEASE offer any advice, suggestions, warnings, anything that can help me and/or things that I should know so I can avoid getting into trouble with the law, etc.
Help will be greatly appreciated.
Also, here are some websites that have the same business idea:
snapdraft . com
fanduel . com
-Alex
