With the impact of the Daily Fantasy explosion hitting hard and fast around the world, it’s good to know who controls the activity of DFS games within the country.
Here we present to you some quick-fire info on The Gambling Commission and what they think of real money Daily Fantasy Sports.
Who are they?
It was in 2005 that the UK government decided that they needed to begin regulating commercial gambling. The Gambling Act was called into action, and at the same time the UK Gambling Commission was formed.
Since 2014, anyone who wants to issue or advertise transactions has to first get a licence and comply with the practices and codes set by the Gambling Commission.
The Commission is no small team; there’s 250 employees whose main headquarters are in Birmingham. They have home based offices across the UK.
What do they actually do?
You might be wondering why gambling even needs to be regulated. When it comes to handling money, it is important to take extra precautions. Without someone there to control what’s going on, there could be chaos, with increased risks of crime and dishonesty.
The Gambling Commission requires practices to adhere to a specific set of guidelines and code. This is to ensure nothing goes awry.
Specifically, the Gambling Commission strives to:
- Prevent crime and illegal activity (e.g. someone running off with your money, or scamming you!)
- Make the process as transparent and fair as possible
- Keep the vulnerable safe; such as children or those who are susceptible to gambling addiction
What do they say about real money Daily Fantasy Sports?
So you might be thinking… Wait! Does this mean DFS is gambling? Well, you can read our article on this very topic here. But, for all intents and purposes, DFS is regarded as gambling in the UK, although it is not in the USA.
It falls under the umbrella term of ‘remote gambling’ – which basically means people participate online, through their phone, or any third party electronic medium. As long as a DFS site operating in the UK has a valid licence, it is perfectly legal.
The Gambling Commission are the good guys; they ensure that the people who are participating daily fantasy games are safe and protected from any kind of fraud. The companies that offer us these great games have to be great too! And that’s kept in check by the Gambling Commission’s guidelines.