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The Rise and Fall of Daily Fantasy Sports

Daily Fantasy Sports ("DFS") - a daily version of a typically months-long fantasy sports season - took the sports fan world by storm in 2015, with two companies leading the charge: DraftKings and FanDuel. Investors rushed in: in June 2015 FanDuel raised a staggering $275M in funding, then a month later, DraftKings grabbed $300M of its own. DFS websites exploited a legal loophole classifying them as "skill games", different from plain old "sports betting", which made them legal and easily accessible in most of the U.S. Both companies bombarded fans with non-stop…

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