These 1 week fantasy football leagues use the slot machine payout nonsense. You spend $1, lose .90 they state: We paid out 90 cents!
— BobsBlitz.com (@BobsBlitz) October 16, 2014Today, Phil Mushnick goes deeper:
How do we know the vig at DraftKings and FanDuel, based on the playslots of sometimes more than 100,000 entries? You need a calculator, a lot of time and some blind faith. How do we know what’s real and what’s “fantasy”? Are our pro leagues now in the none-of-our-business gambling business? Even if we’re told what the rake from the pot is, how do we know it’s true?
Fantasy league gambling — the word “gambling” is avoided — puts your bet in the hands of the hidden. At a time when hackers and insiders with advanced computer skills are way in front, fraud becomes a prohibitive favorite.
The payoffs are 90 percent of the total daily and weekly pools? Less? How do we know? The big winners were Joe, John and Jim? Joe, John and Jim who? Or is that for the IRS to learn?
And now the NBA, NHL, MLB, FOX, NBC, ESPN and MSG, among others, stand accountable for what they can’t possibly account. But the fantasy leagues are eager to display their logos as proof that they’re certified, legitimate partners.
Got it? No? If you don't - this last story will grab you. Mushnick relays:
Normally a horse and football gambler, a friend of mine last month spent $20 to pick six golfers in DraftKings’ British Open pool. He had Zach Johnson, the winner, and Louis Oosthuizen, who was second. He figured he might have cashed or come close.
“I finished in about 2,500th place,” he said. “That’s all the info I could generate.”
It cost him 20 bucks — cheap — for the lesson. His fling was one and done. I suspect similar lessons are about to be learned by thousands for millions. If and when the day comes, those left holding the empty bag will richly deserve it.
How is that possible? Think about it.
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