Real Money Fantasy Sports on Yahoo!

Fantasy 1Yahoo Inc. is looking to supplement its stagnant advertising business with a new foray into legal online gambling.

The Internet company on Wednesday unveiled a retooled version of its fantasy-sports mobile app that lets users wager real money daily and weekly against their friends and in bigger online tournaments. Yahoo will keep about 10% of the entry fees paid by players, Ken Fuchs, vice president of publisher products at Yahoo, said during an event announcing the app.

The new game marks Yahoo’s attempt to make money from a booming industry that has taken advantage of loosening regulations around online wagering. Unlike poker and sports betting, fantasy sports are exempt from the Unlawful Internet Gambling Enforcement Act of 2006 because they involve skill and not just chance, though some states still restrict these services.

Yahoo said playing its Daily Fantasy game is legal in 45 states—all but Iowa, Arizona, Washington, Montana and Louisiana.

More at the Wall Street Journal

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