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April 4, 2012 06:44 pm GMT
Daily fantasy sports operator FanDuel isn't subject to online betting laws in the US thanks to daily fantasy sports games being exempt under the carve out in the 2006 Unlawful Internet Gaming Enforcement Act. That means it's virtually a license to print money in the US. However, FanDuel is 100% legal as it is classified as a game of skill not of chance.FanDuel says its revenues hit 4x in the past 6 months with the company giving out over $10m in fantasy payouts in 2011 and it plans to pay out up to $4m per month for the baseball season. Off the back of that success today the site has raised another $1.3m round of funding from existing investors, including Pentech and Piton Capital taking its total raised to date to $7m.
Original Link: http://feedproxy.google.com/~r/Techcrunch/~3/9eNcn7IfQTk/
FanDuel Raises Another Round For Its Clever Take On Fantasy Sports
Daily fantasy sports operator FanDuel isn't subject to online betting laws in the US thanks to daily fantasy sports games being exempt under the carve out in the 2006 Unlawful Internet Gaming Enforcement Act. That means it's virtually a license to print money in the US. However, FanDuel is 100% legal as it is classified as a game of skill not of chance.FanDuel says its revenues hit 4x in the past 6 months with the company giving out over $10m in fantasy payouts in 2011 and it plans to pay out up to $4m per month for the baseball season. Off the back of that success today the site has raised another $1.3m round of funding from existing investors, including Pentech and Piton Capital taking its total raised to date to $7m.Original Link: http://feedproxy.google.com/~r/Techcrunch/~3/9eNcn7IfQTk/
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