The very complexity and opacity that make daily fantasy sports legal also make it more likely that the casual fan will lose money. There is a truism in investing that complexity favors the big guy and disadvantages the little guy, and it applies here as well. If securities laws were like gambling laws, it would be illegal for people to buy shares of Google or a United States Treasury bond, because that would be gambling, but legal for them to invest in currency swaps that pay a return if the Swiss franc, Argentine peso and Vietnamese dong together outperform the Swedish krona, Mexican peso and South Korean won.
- Daily Fantasy Sports and the Hidden Cost of America’s Weird Gambling Laws - Neil Irwin