New Sports Betting Regulations Being Reviewed by PA
Lawmakers in the state of Pennsylvania are currently reviewing regulations for the daily fantasy sports betting industry in the state but a new form of such wagering may be entering the market soon thanks to USFantasy Sports.
Pennsylvania lawmakers have been quite busy lately as several forms of online gambling are being considered. One such area under discussion is daily fantasy sports. Lawmakers have been reviewing regulations to see just how the industry should operate in the state and recent developments could see something new on the horizon.
This weekend, USFantasy Sports, a Las Vegas based company, launched a product for fantasy football. The new product is tied to players in the NFL but is based on pari-mutuel betting. This type of wagering is a pool style format commonly used in dog and horse races. The model is different from assembling a fantasy team but players instead try to collect a higher score than other teams by other bettors.
Officials in the state of Nevada banned daily fantasy sports last year, which was a huge industry dominated by DraftKings and Fanduel. The banning took place due to reports and concerns over regulation issues with less than 2% of players being able to collect 99% of winnings. In June, the Nevada Gaming Control Board decided to approve the new model based on pari-mutuel wagering.
A republican of Westmoreland County is now planning on monitoring the USFantasy Sports option and if it is successful, then would consider the option in Pennsylvania. Representative George Dunbar serves on the House Gaming Oversight Committee and is quite interested in the new pari-mutuel fantasy football option.
Dunbar is curious to see how the gaming option is conducted in Nevada as it seems to be DFS on steroids. If the casinos want something like the option, then Dunbar will not be opposed at all.
Confident in their Offering
USFantasy Sports have yet to make a comment on the gaming option since they are preparing to offer services but officials of the company did say they were surprised to find that they were the first to bring the idea to the market. USFantasy is confident that their gaming option will be popular with bettors.
Bob Kocienski is the CEO of USFantasy Sports, who spoke with Casino City Times and stated that all the ingredients are there for the company to be a smashing success. Think of the gaming option as a horse race but instead of using horses, professional athletes are in the mix.
With the new gaming option, opening odds are provided for several events based on the performance of NFL games. This will include running backs, receivers and quarterbacks. Individual players can be chosen to win, place and show, or finish first, second or third. The amount that is wagered as well as the place in which the player finishes will determine the payout provided.
With the wagering options, trifectas and exactas are expected to provide higher payouts. Exotic wagers found in horse racing will also be included such as Pick 3s, Daily Doubles and more. The option also includes a $1 million prize that will be provided for individuals who wager $1 and pick winners of seven events correctly in one day.
USFantasy Sports will provide gaming options in football and look to expand into other sports in the near future. This will include hockey, golf, basketball and baseball. Officials of the company have actually met with Dunbar to discuss their gaming platform and how the option could work in the state of Pennsylvania.
Dunbar is no stranger to DFS. In 2015, he actually proposed regulations for the industry in the state and tying the gaming options to the land based casinos. Dunbar now plans to meet with Representative John Payne to discuss the USFantasy Sports option among other gambling issues.