As far as politics and policy go, probably the most important event in recent memory for fantasy sports was the passing of the Unlawful Internet Gambling Enforcement Act of 2006 which was designed to outlaw gambling over the internet, but specifically excluded fantasy sports. This piece of legislation could have effectively killed fantasy sports across the board, but instead it considered them a game of skill.
From a more macro perspective, economic and statistical research is becoming more and more important in today's society due to continued financial struggles for individuals and entire nations around the world. It will be key in the coming months and years to figure out an economic policy that can benefit both the United States and her allies while taking advantage of the limitless opportunities provided by such a global and interconnected economy. Since fantasy football is effectively an exercise in portfolio management, it can actually be used as quite a teaching tool in asset management and budgeting among other things. Especially nowadays with kids doing their learning through a number of previously unconventional methods, I think fantasy sports are a great, fun way to introduce adults and children alike to important economic and financial lessons. Hopefully they continue to grow and evolve to accommodate more and more new users in the coming years and add to the already substantial impact they have had on pop culture in the US as well as the wallets of those who enjoy the game so much.
.jpg)
From a more macro perspective, economic and statistical research is becoming more and more important in today's society due to continued financial struggles for individuals and entire nations around the world. It will be key in the coming months and years to figure out an economic policy that can benefit both the United States and her allies while taking advantage of the limitless opportunities provided by such a global and interconnected economy. Since fantasy football is effectively an exercise in portfolio management, it can actually be used as quite a teaching tool in asset management and budgeting among other things. Especially nowadays with kids doing their learning through a number of previously unconventional methods, I think fantasy sports are a great, fun way to introduce adults and children alike to important economic and financial lessons. Hopefully they continue to grow and evolve to accommodate more and more new users in the coming years and add to the already substantial impact they have had on pop culture in the US as well as the wallets of those who enjoy the game so much.
Not sure how political this is, but certainly socio-economic. Millions upon millions of hours each week is wasted at American offices towards playing Fantasy Football. I know my company, a fortune 200 company, has completely banned all websites that support fantasy. In my view, this is pretty draconian. With the proliferation of smart phones, anyone has access at any time. More to the point, the companies are actually making employees waste even more time. They're on their phones slower connection, hiding in rooms where they won't be spotted. As this blog illustrates, fantasy is very much apart of the popular culture. Companies should simply embrace this and allow their employees to partake.
ReplyDeleteOn a side note, I've really enjoyed your blog. It's always nice to meet a fellow traveler. Good luck in the playoffs.
You mentioned an Act that was passed and I heard about this. It was told to me that this Act really changed the Fantasy World. You stated, “As far as politics and policy go, probably the most important event in recent memory for fantasy sports was the passing of the Unlawful Internet Gambling Enforcement Act of 2006 which was designed to outlaw gambling over the internet, but specifically excluded fantasy sports.” This gave the Fantasy world a lot more interests/players and then, before you knew it, everyone had a Fantasy team of some type of sport whether it was basketball, football, etc…
ReplyDeleteLou, I am not a fantasy sports participant but I know that the Fantasy Football Alliance is making a lot of money off of fantasy products (e.g., cheat sheets to help people make better drafts, advertising). I think once an industry is successful, the government loves to come in and immediately attempt to regulate it for profit by taxing it. There should not be any government involvement in fantasy sports at all. Also, people have testified against online gambling, and I honestly don’t think online gambling should be illegal. Some people cannot handle it, but I think that like anything else it is a vice.
ReplyDeleteGreat post, best wishes.
Lou, I did not know there was an Internet Gambling Enforcement Act (2006). I'm not into gambling, but don't know if I agree with the government excluding Fantasy Football. If they're going to ban gambling and make it illegal than why make FF legal? Is it for their personal gain? I think that it should be the same all across the board. What are your thoughts? But I do agree with you if they "could have effectively killed fantasy sports across the board", like I mentioned before I know so many people that play FF. It's an addicting hobby for sure from my perspective. Which can be detrimental to someone's life in a worse case scenario. Great post!
ReplyDelete