Philadelphia Inquirer Hopes To Boost Revenue From Online Gambling

Print journalism is being reduced by the day in the US, and newspaper companies are in the process of branching out to find additional revenue streams. The Philadelphia Inquirer is using online gambling as a source for their additional revenue.

The Inquirer has partnered with FanDuel, a British online betting company. Together, they have launched Philly.com Instant Fantasy Games. The goal of the site is to generate revenue through fantasy sports such as baseball, basketball, and hockey.

A person goes online and pays $5 for the chance to win $90. The gambler can choose their fantasy team of choice for the day, and after the games are complete, the gambler learns whether they won or lost the bet.

The US government attempted to outlaw Internet gambling back in late 2006 when legislators approved the Unlawful Internet Gambling Enforcement Act. The law, however, does not forbid financial institutions from stopping payments to and from fantasy sports sites.

Representative Barney Frank has proposed legislation that would overturn the UIGEA. If approved, the UIGEA would no longer be valid, and Frank and other lawmakers would then turn their attention towards regulation of the online gambling industry in the US.

FanDuel is ensuring US customers that they are doing nothing illegal when they sign up for the fantasy games that are offered on Philly.com Instant Fantasy Games.

"Thanks to the fantasy sports carve out in the 2006 Unlawful Internet Gambling Enforcement Act, these instant fantasy games are legal in the United States, something that the FanDuel team has been very careful to adhere to," said FanDuel told Editor and Publisher. "FanDuel and its partners generate revenue from taking a commission on each game."

April 12, 2010
Posted By Tom Jones
Staff Editor, CasinoGamblingWeb.com
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