Creating a Daily Fantasy Site | Bitcointalksearch.org

Deborah Christine

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Quote from: JohnBarr on September 05, 2019, 06:40:41 PM

Do you need license(s) to create a daily fantasy site? Since it's not entirely a casino, but it is gambling, does it require the same licenses (in the U.S.)? You also don't exactly need money backed behind it to start one since you can just have paid events you're charging fees on with no guarantees. Obviously there's ways to attract customers, just curious what all goes into creating one.

I think it needs a license. Although there are some gambling sites that are not licensed, it would be better if you have an official license.
Because the license serves to provide legality so that people can play with more confidence without fear and doubt. People also do not need to fear cheating because all games can be run without cheating.

electronicash

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you don't need to have a license because after all even if you have game-protect will still bug you all the time. what you need is to pay game-protect so he'll be happy to shill and promote your fantasy site. no hassles at all and guaranteed you are protected by any law. you can be assured your project will be on the spot light every now and then. he owns the gambling section of this forum.

traderethereum

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Quote from: JohnBarr on September 05, 2019, 06:40:41 PM

Do you need license(s) to create a daily fantasy site? Since it's not entirely a casino, but it is gambling, does it require the same licenses (in the U.S.)? You also don't exactly need money backed behind it to start one since you can just have paid events you're charging fees on with no guarantees. Obviously there's ways to attract customers, just curious what all goes into creating one.

I don't know about that since I don't have any gambling website and I don't get involved too deeply in the gambling industry.
But I think you will need a license to run the gambling site and it depends on the country you've lived in.
And besides that, I think you need to search on the right hosting which could allow you to run the gambling website.
Maybe that can work to attract customers to visit the website, but without any promotion, I guess that will be too difficult to get more customers.
I think you need to explain more details about what will the gambling website looks like so maybe we can give more information about what you want to know.
I think if the website is in the US, it will be allowed but it's better if you lived in Macau or other countries which gambling is allowed, so you will not get a problem in the future.

davinchi

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You don't need any bankroll at all on these kinds of websites. You need capital for stuff like building the website and hosting (usually you need dynamic hosting so you can pay less if you have less users and more if you have more customers instead of trying to guess), for marketing and other stuff that every regular company has to pay for.

However, at the end of the day there is no bankroll because in these kinds of casinos (don't know if this is even considered casino) people put up money against each other and house takes a rake from it and they are not even risking any money themselves. It means they do not need any bankroll at all. It is a bit of a easy way out for people who want to start a gambling place but do not have enough bankroll, same with poker as well. Harder to get users than stuff like dice tho.

BTCevo

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Quote from: ashmodeus on September 13, 2019, 12:52:18 AM

Quote from: BTCevo on September 11, 2019, 09:47:55 AM

Of course this is profitable. Gambling business is always profitable in the end because of the house edge that help them to get profit and players like the adrenaline when it comes to gamble, fast money. Actually if you think that it is hard then how about a real business? Dont you think it will be the same? Marketing is always needed im order to get more players and why do you need some fake players or data? In crypto gambling, you should provide everything transparant because some little mistake will ruin everything that you ever created especially about the license and paperwork

Of course , i know exactly if u talking about in the end. mostly , yes.
fortunejack going well like we can see now, directbet.eu closed with high reputation, it happened not merely because a simple license/paperwork or all transparent.
but because a high commit and good management,(its just my opinion by the way), but how about something like betking,bitcoinpenguin,bitspoker,
i mean , what i want to talking its about did u know exactly how to create some business like this, we know about big profit also more money come if u got investor, but, can u do that ?

Not all site are start with some huge bankroll, some of them even start with small bankroll and in the end they are as big as the current big dice. You can see bitsler for examples, I followed them from the very beginning and you can see them right now, with some good management of their team and not even from a single investment fron players and they manage to be as big as others site as well. It is not that easy but of course it takes time

Oceat

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Quote from: JohnBarr on September 05, 2019, 06:40:41 PM

Do you need license(s) to create a daily fantasy site? Since it's not entirely a casino, but it is gambling, does it require the same licenses (in the U.S.)? You also don't exactly need money backed behind it to start one since you can just have paid events you're charging fees on with no guarantees. Obviously there's ways to attract customers, just curious what all goes into creating one.

If you are making money from it, you will probably gonna need a license(s). But it is best if you find a consultant in your country to know more about the type of business that you want to run. Gambling is proven to make money from its customer but you will have to attract lots of customers first before you can make money from it.

blockman

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As long as it relates to gambling, you have to but it's still best to ask a legal counsel that will work on it.

el kaka22

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Daily fantasy websites do not make money because of house edge, they take rake, so they are not even risking any money. Just to give an example, places like primedice put up their own money against gamblers money and in the end because of the house edge they end up profiting in the long run, they may lose money to you but they usually win it from someone else and that equals to them making money.

However, here there is no way a fantasy website loses money, there is no one they are going against, they literally put up no money at all, they are just raking the money that was put up in the pot, like poker games. Hence this is a safer gambling for everyone involved, not a great deal of attention to fantasy games in the world but if you can market it well enough then you can make money.

ashmodeus

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Quote from: BTCevo on September 11, 2019, 09:47:55 AM

Of course this is profitable. Gambling business is always profitable in the end because of the house edge that help them to get profit and players like the adrenaline when it comes to gamble, fast money. Actually if you think that it is hard then how about a real business? Dont you think it will be the same? Marketing is always needed im order to get more players and why do you need some fake players or data? In crypto gambling, you should provide everything transparant because some little mistake will ruin everything that you ever created especially about the license and paperwork

Of course , i know exactly if u talking about in the end. mostly , yes.
fortunejack going well like we can see now, directbet.eu closed with high reputation, it happened not merely because a simple license/paperwork or all transparent.
but because a high commit and good management,(its just my opinion by the way), but how about something like betking,bitcoinpenguin,bitspoker,
i mean , what i want to talking its about did u know exactly how to create some business like this, we know about big profit also more money come if u got investor, but, can u do that ?

BTCevo

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Quote from: ashmodeus on September 10, 2019, 05:43:35 PM

well well,i've seen a lot people try to create a new business , gambling business recently
and all of them have a same question , license and paperwork.
i wonder why ? i am just curious btw.
did it really profitable ?
i just think , at the beginning , its really hard , really.
promoting everywhere , even u need a fake player to make ur games looks crowded.

Of course this is profitable. Gambling business is always profitable in the end because of the house edge that help them to get profit and players like the adrenaline when it comes to gamble, fast money. Actually if you think that it is hard then how about a real business? Dont you think it will be the same? Marketing is always needed im order to get more players and why do you need some fake players or data? In crypto gambling, you should provide everything transparant because some little mistake will ruin everything that you ever created especially about the license and paperwork

ipanks

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The only thing you need is money which will help you to build a new gambling site. You can add many games inside the website and start to introduce the site to people. You can hire someone to build that site, manage it, and secure it from the attacker that might come, so you don't have to confuse to maintain your website. But I don't know if you need a lawyer to take care of your website because I never try to build a gambling site.

MonsterV

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Quote from: JohnBarr on September 05, 2019, 06:40:41 PM

Do you need license(s) to create a daily fantasy site? Since it's not entirely a casino, but it is gambling, does it require the same licenses (in the U.S.)? You also don't exactly need money backed behind it to start one since you can just have paid events you're charging fees on with no guarantees. Obviously there's ways to attract customers, just curious what all goes into creating one.

You better find a lawyer or consultant who can help you about what you plan to do. Indeed, not all businesses must have a license, but a good business must have a clear license. License indicates that your business is legally legal and can be accounted for, unlike a business that does not have it, if one day there is a problem, it might become complicated.

Docnaster

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Quote from: JohnBarr on September 05, 2019, 06:40:41 PM

Do you need license(s) to create a daily fantasy site? Since it's not entirely a casino, but it is gambling, does it require the same licenses (in the U.S.)? You also don't exactly need money backed behind it to start one since you can just have paid events you're charging fees on with no guarantees. Obviously there's ways to attract customers, just curious what all goes into creating one.

You can start anything without a license. No one will stop you. Once you start making money, start applying for licences that are deemed necessary for the niche that you belong in. This is a great way to save money by not applying for licenses at the start without any trace of profitability. As getting licenses can be pretty expensive and you might even have to grease someone's hands only to find out that your idea is not generating any money.

ashmodeus

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well well,i've seen a lot people try to create a new business , gambling business recently
and all of them have a same question , license and paperwork.
i wonder why ? i am just curious btw.
did it really profitable ?
i just think , at the beginning , its really hard , really.
promoting everywhere , even u need a fake player to make ur games looks crowded.

Flagship11

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If you are accepting and paying out money then I believe you need a money transfer license

StandardTR

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Hey maybe i can help you with this. As I live in Europe, I have been informed mainly in this region about the legal aspects. But maybe we can talk a little bit about this. If you are interested you can send me a DM.

YOSHIE

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Quote from: JohnBarr on September 05, 2019, 06:40:41 PM

Since it's not entirely a casino, but it is gambling, does it require the same licenses (in the U.S.)?

This question must be returned to you.
1. Which country do you live in?
2. How gambling sites in your country are illegal or not illegal.
3. How do hardware / software gambling sites in your country today.

Now answer:

Everyone's license almost knows the real meaning (granting of permission), in this category many meanings arise again, it can be said to be an agreement, essentially giving privileges to the product / goods or online site licensed.

I described again for the region.

Region: Within the boundaries of the region means the restrictions in using the product or site to be used in the region or regional (limited).
for example, one license or regional "(United States and Canada) cannot be used in Sengapure because it's the Southeast Asian regional category), and vice versa.

After the region was born again a mass license.
This you must have it.

For this mass license, you must have software, which means an individual license in the software on your computer.
With the "End User License Agreement (EULA)" agreement in your software. This all depends on the license agreement.

hopefully this can be a guide for you.
Good luck.

kryptqnick

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Quote from: JohnBarr on September 05, 2019, 06:40:41 PM

Do you need license(s) to create a daily fantasy site? Since it's not entirely a casino, but it is gambling, does it require the same licenses (in the U.S.)? You also don't exactly need money backed behind it to start one since you can just have paid events you're charging fees on with no guarantees. Obviously there's ways to attract customers, just curious what all goes into creating one.

This seems like a serious thing. Of course, you can ask for opinions on this forum, but you must understand that people here are not professionals, experts in the US legislation system. Well, maybe someone is, but definitely not the majority. So if you want to start your business, you should hire a lawyer to make sure your business will be legal. As far as I know, online gambling is partially illegal in the US (not everything is legal). And then, apart from the license question, there's also the question about taxation, about allowing people to use cryptocurrencies, etc. And hiring a lawyer might seem expensive, but I am sure that you'd have to spend way more in case you accidentally break the law.

el kaka22

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Do you mean fantasy league? Like draftkings and all that? I think they have a separate license, I mean you still have to get a license but I think that wasn't gambling, it wasn't considered gambling because it is closer to poker than dice because people are playing against each other in that game and you make a rake and you still get a license for that but its much more cheaper and easier to get.

After all you have nothing to fear about a poker house scamming people since they will be making money no matter who wins, same with fantasy league, anyone can win and at the end house gets its rake, which is why its easier and a different license. Don't get me wrong its still a gambling license but its an easier one and different than say dice or plinko or blackjack etc etc.

sportbettor

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Here you can find a List of the best Daily Fantasy Sports Sites: http://100bookies.com/best-daily-fantasy-sports-sites-eng/

Lakai01

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Take a few bucks and ask a lawyer what you need to run your business. Its definitly worth it and may save you from a lot of troubles.
Running your business with missing licenses/registrations/... is definitly not a good idea, especially in the US

noormcs5

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Quote from: JohnBarr on September 05, 2019, 06:40:41 PM

Do you need license(s) to create a daily fantasy site? Since it's not entirely a casino, but it is gambling, does it require the same licenses (in the U.S.)? You also don't exactly need money backed behind it to start one since you can just have paid events you're charging fees on with no guarantees. Obviously there's ways to attract customers, just curious what all goes into creating one.

Do you mean a fantasy league type of site ? I do not think that you need any type of license for it but it is not a gambling.
If you are creating a gambling site in the US, you definitely have to register it. In many other parts of the world you can get along without informing the authorities but US has strict law enforcing agencies and you can't risk anything illegal.

JeromeTash

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I think it depends on the State you are in. Some states require a license while others do not require any. For example as of June 2016, one did not need a license to run a DFS in Colorado while in California, you would need one.

I dunno how updated this article is but you might wanna look at it: https://www.gambling.com/laws/dfs-legislation

Indymoney

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Quote from: JohnBarr on September 05, 2019, 06:40:41 PM

Do you need license(s) to create a daily fantasy site? Since it's not entirely a casino, but it is gambling, does it require the same licenses (in the U.S.)? You also don't exactly need money backed behind it to start one since you can just have paid events you're charging fees on with no guarantees. Obviously there's ways to attract customers, just curious what all goes into creating one.

I have no too much information about this but still can confirm you that you don't need any license for any type fantasy league site because its not gambling its game of skills, so its not covered under anti-betting laws.

JohnBarr

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Quote from: dantee1 on September 05, 2019, 06:50:07 PM

As long as it's a gambling, you will need a license to run it legally as a business in any jurisdiction you intend to offer the services. I am not sure if such license is available in most states in the USA. But you will surely need a license.

does it follow all the same casino rules/laws, considering the game isn't really based off of luck and considered more of a skill game? I believe it's still state limited, as not all states allow DFS -- however, I do feel that's been a proposed counter-argument to allow DFS in all regions.

Let's say I have a site, I'd like to run my own real-money contests; I know NJ is legal, so what licenses would I need to operate? Does anyone know the list or have information on this?

Can you be in the United States and run an off-shore operation? As in, run my services through Costa Rica or some off-shore location, and still be the owner in the US -- even though "I" couldn't play on my own service?

dantee1

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As long as it's a gambling, you will need a license to run it legally as a business in any jurisdiction you intend to offer the services. I am not sure if such license is available in most states in the USA. But you will surely need a license.

JohnBarr

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Do you need license(s) to create a daily fantasy site? Since it's not entirely a casino, but it is gambling, does it require the same licenses (in the U.S.)? You also don't exactly need money backed behind it to start one since you can just have paid events you're charging fees on with no guarantees. Obviously there's ways to attract customers, just curious what all goes into creating one.

Topic: Creating a Daily Fantasy Site (Read 294 times)