Alabama is one step closer to legalizing fantasy sports betting
New York-based FanDuel Inc. was launched in 2009. Along with fival fantasy sports company DraftKings, they 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.
Fantasy sports betting includes daily fantasy platforms like DraftKings and FanDuel. The state last year issued cease-and-desist orders to both providers, with former Attorney General and now U.S. Senator Luther Strange arguing they constituted illegal gambling.
Much of the debate surrounding the decision centered on whether daily fantasy games were primarily skill- or luck-based. Several states have gone on to allow the games, while Alabama and a contingent of about a dozen states continue to prohibit the operations.
The new bill would regulate fantasy sports contests and tax a portion of the operator's profits. The bill now moves on to the Senate.
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