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Actions Shares. In August , New York Gov. Andrew Cuomo signed into law legislation explicitly permitting daily fantasy sports in the Empire State. However, another lawsuit -- still on-going as of May -- is challenging the August law as running afoul of the New York Constitution. Daily fantasy was given a stamp of approval in early Kilmartin wrote in a Feb. Gina Raimondo.

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In late April , Tennessee Gov. Bill Haslam signed into law a bill legalizing cash-based daily fantasy contests. The statute includes a licensing requirement. The new law overrides a previous attorney general's opinion letter concluding that daily fantasy contests were illegal under then-existing Tennessee law. Operators must pay a licensing fee and are subject to other regulations.

Governor Phil Scott signed a bill on June 8, to permit cash-based daily fantasy in the state. The new legislation includes a variety of consumer protection provisions, including a prohibition on certain computer scripts and a requirement that all player funds are segregated from operating accounts. The enactment of the DFS-friendly statute came more than a year after the former Vermont attorney general concluded that daily fantasy constituted illegal gambling under state law. In an April 5, media release, Alabama Attorney General Luther Strange said "paid daily fantasy sports contests are in fact illegal gambling under Alabama law.

A legislative bill that would legalize DFS was subsequently introduced in in Alabama. On July 7, , the Delaware Department of Justice notified several leading DFS operators that "their respective online fantasy sports activities are not permitted under Delaware law. Olens in a four-page letter dated Feb. DFS-related legislation was subsequently introduced. A follow-up letter from a Honolulu prosecuting attorney instructed leading DFS providers to cease operating in the state. A legislative bill pertaining to DFS has been introduced.

In a May 2, news release, Idaho Attorney General Lawrence Wasden said: "My concern is that the daily fantasy sports offerings my office reviewed require participants to risk money for a cash prize contingent upon individual athletes' collective performances in various future sporting events. As I see it, this falls within Idaho's definition of gambling.

Illinois Attorney General Lisa Madigan concluded that pay-to-play daily fantasy is illegal under state law. Litigation involving FanDuel and DraftKings remains ongoing, with both companies continuing to operate in the state. At the same time, Illinois lawmakers have considering DFS legislation. In a detailed page memo, the office of the attorney general concluded that "daily fantasy sports cannot be offered in Nevada without licensure.

Daily fantasy sports have the attention of Attorney General Marty Jackley.

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Legislative activity pertaining to DFS stalled in Arizona is one of five states where cash-based DFS play has long been considered banned. A prior attorney general's opinion found fantasy football to be considered gambling. A legislative bill to legalize DFS was introduced. The state bans play in games "for any sum of money. In , then-Attorney General William J. Guste, Jr. The Louisiana legislature considered a DFS bill during the session.

Fantasy Football for Smart People: How to Cash in on the Future of th…

Under state law, internet-based fantasy sports leagues are illegal. Montana is not currently considering any amendment to its law. The Montana Lottery offers pay-to-play fantasy football and racing contests. However, state lawmakers held hearings to debate a proposed law that would define certain daily fantasy contests as games of skill and remove them from the state's overall ban on cash-based fantasy games over the internet. Other DFS bills have been introduced, too. The California legislature has considered a DFS bill in prior years but a law has yet to be enacted.

According to a legal opinion letter released in the New York litigation, gambling in California requires a "bet or wager. According to a legal opinion letter released in the New York litigation, Connecticut follows a "predominance test" where the relative levels of skill and chance are measured to determine if the contest is permissible. In taking a long view, we might consider the future of DFS.

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As it stands now, pretty much every one of the various daily fantasy sports are headed toward larger and larger GPP s and a more efficient cash-game ecosystem. Tournaments are also getting more difficult to beat, but at a slower rate.

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At times, and for long stretches, tournaments can become more inefficient. The fundamental difference between a head-to-head game and a large-field tournament, of course, is that what other people think and do has a monumental influence on optimal strategy in the latter, but not necessarily the former. Cash games are a race to finding an optimal value lineup; tournaments are a race to outsmarting other players and leveraging their weaknesses into profit.

While our strategies for identifying player value evolve, cash games are still essentially about competing with yourself. Due to this dynamic—since tournaments are so linked to predicting and exploiting public opinion and since that is always shifting—GPPs have more staying power than cash games.

The only solution that is everlasting is that our process needs to be self-correcting and adaptive to survive in the GPP landscape. For money. The last category of mistakes—lineup-level errors—is what I believe to be the most prevalent in DFS. Even with players at least superficially understanding the importance of ownership, game theory, and contrarian play, we still see overconfidence in many situations.

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This is fundamentally related to uncertainty and volatility. The amount of variance in a sport dictates the confidence we can have in our predictions, which ultimately determines how much it makes sense to go against the grain and forgo value in favor of getting better odds. At one end of the spectrum, you have a sport like basketball, which is highly predictable on a nightly basis. In daily fantasy basketball, optimal cash lineups resemble optimal GPP lineups more so than any other sport, and the lack of volatility is an important factor in that.

Baseball is near the opposite end of the randomness spectrum. Baseball is especially interesting to me for two reasons. One is that pitchers are far more consistent than batters, and should thus be treated differently. In it they talk about volatility, pitchers, hitters, and much more. Also very soon Bobby and Grant will release a second video course on pitchers and Derek Farnsworth Notorious will release a video course on hitters. I might even be able to convince Labs Editor-in-Chief Matthew Freedman to put out a course, no promises. As an example, consider the Vegas lines. In GPP s, though, that inconsistency is monumentally impactful.

My first day of college is what you might describe as notgood. I had to do those freshmen icebreaking activities. Just awkwardly lifting strangers through a tire swing for no apparent reason whatsoever, forever. One of the outstanding icebreakers we had to do was sit in a circle so everyone could see you speak—already a nightmare—and take turns telling two truths and a lie. Classic game, really puts you in the mood to get stuff accomplished right after you go into the bathroom and kill yourself.

Like how are you guys enjoying this? I had like 10 minutes to think of what to say and I have nothing. Also, another relevant data point: I had a blonde mohawk at the time. What a cool, wacky guy!