In the evolving world of licensed sports gambling, operating unlicensed March Madness pools on the Internet continues to pose a meaningful legal risk
. And even the companies FanDuel and DraftKings have moved away from describing their overall business models as"daily fantasy sports" in favor of securing state-issued gambling licenses.
Although betting on the results of the NCAA Men's Basketball Tournament has become as much of a tradition as watching the underlying games themselves, those sports fans who seek to commercialize their private hobbies and host large, online contests could reasonable find themselves in a bit of hot water.
Under federal law, the risks of operating larger, commercial NCAA Tournament pools seem even greater. Under federal law, the Interstate Wire Act of 1961 prohibits individuals from “engaging in the business of betting or wagering [through the knowing use of] a wire communication for the transmission in interstate or foreign commerce.
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