Is Daily Fantasy A Ponzi Scheme?

2 LEAD IN THE 7th INNING.
NEIL WALWI TWO HOME RUNS.
AND, IF YOU PLAY DAILY FANTASY
SPORTS YOU PROBABLY LOST MONEY
ON IT.
JOURNALIST DABISQUIT
HIS JOB AT THE WALL STREET
JOURNAL AND GAME A FANTASY
FOOTBALL GAR.
IS IT A PONZI SCHEME?
I CERTALYINTO IT
THINKING IT WAGOLD RUSH AS
WELL.
COVETHITHING AROUND
MAY OF 2015 THROUGH ANOTHER
BASEBALL WRITEFRIEND.
HE SAID YOU GOT TO GET DOING
THIS.
TH IS INCREDIBLE.
AND I WAS HOOKED RIGHT AWAY.
I THOUGHT I'M A PROFESSIONAL
BASEBALL WRITER.
I WILL BE SO GOOD AT IT.
THERE ARE GOLD IN THEM THERE
HILLS!
H
XA
FOD THAT WAS NOT THE
CASE.
BEG A BASEBALL EXPERT
DID NOT HELP ME AT ALL.
IT HURT ME.
AND I BECAME A LOSER PRETTY
QUICKLY.
TH PIQU MY INTEREST
FURTHER.
THOUGHT HOW IS THIS SO BIG?
IT IS NOW SO BIG, HOW IS IT
MORE PEOPLE ARE NOT TALKING
ABOUT IT AND LOOKING AT IT AND
UNDERSTANDINWHAT IT IS?
I MADE IT MY BUSINESS TO DO
THAT.
T Y DO THAT IS GET
INSIDE IT ANSEE IF IT IS
POSSIBLE TO CO OF THESE
SHARKS.
NO TO THE FISH TO ONE OF
THE SHARKS WHO TAKES EVERYBODY
ELSE'S MONEY AND WINS AND ALL
THAT.
WANTED TO SEE, IS THE WHOLE
THING ON THE LEVEL, BECAUSE A
LOT OF THINGS I SAW AT THE TIME
MADE ME WONDER ABOUT THAT.
AND THEN, IS IT POSSIBLE TO GET
REALLY GOOD WITHOUT USING SOME
OF THE MORE ESOTERIC TACTICS
THE GUYS WERE REPORTED TO BE
USING.
YOU WEREN'T WINNING FOR A
WHILE.
THEN, YOENDED UP TRYING
TO GET IN TOUCH WITH A MENTOR,
YOU FOUND A MENTOR.
DID YOU GET DIFFERENT INSIGHT
INTO HOW TO DO THIS?
YEAH, I ENDED UP, YOU KNOW,
GOING THROUGH A FEW DIFFERENT
AVENUES TTO FIND A
MENTOR, BUT I ENDED UP
SETTLING OA GUY NAMED JAY
RAYNOR.
ALG OCS GOEBY BEEP.
HE WAS WILLING TO TEACH ME AND
TAKE ME UNDER HIS WING.
HE SAID YOU ARE DOING IT WRONG.
STOP THINKINWITH YOUR HEART
AND BASEBALL KNOWLEDGE.
LET ME GET YOU REALLY GOOD AT
FANTASY HOCY.
I SAID THAT IS CRAZY.
I HAVEN'T PAID ATTENTION TO
HOCKEY SINCE THE 94 RANGERS.
THOUGH I WAS AMAZED TO FIND
THAT JAROMIR JAGR WAS STILL
PLAYING!
BEND T I HAD NO IDEA.
HE SAID THAIS A GOOD THING.
WE WILL WIPE THE SLATE CLEAN
AND TEACH YOU FROM THE GROUND
UP TO THINK OF THIS AS MATH
THEORY AND CORRELATIONS AN
THINGS LIKE THAT.
AND THE HOCK OGE WILL
COME LATER.
I THOUGHT HE WAS CRAZY, BUT
TURNED OUT HEALING PROCESS HE
WASN'T.
O, WHAYOU ARE SAYING IS
THE BIGGEST ISSUE IS EMOTIONS.
CLEARLY, YOU HAD EMOTIONAL
HIGHS AND LOWS WITH THIS.
HUGE EMOTIONAL HIGHS AND
LOWS.
A FUN AND INTERESTING
GAME.
YOU HAVE TO UNDERSTAND
GOING IN, THIS IS A TOUGH
BATTLE AND THERE ARE VERY GOOD
PLAYERS THERE
IT IS NOT JUSPICK YOUR
FAVORITE PLAYERS AND WIN.
WHEN I WENT THROUGH THE LOSING
STRETCH SIX MONTHS LONG, OR
MORE THAN THAT, I WENT DOWN A
FAIR AMOUNT OF MONEY, EVEN
UNDER BEEP'S TFOR A
TIME.
IWAS VERY DIFFICULT.
I WOULD GO OUT TO DINNER,
INSTEAD OF IT BEING A $100
DINNER, IT WAS A $66 DINNER.
IT IMPACTS EVERY AREA OF YOUR
LIFE.
S HARD FOR ME TO NOT SWEAT
THE GAMES.
WATCHING TH GAMES LIVE.
THE BEST PLAYERS SAY DON'T
SWEAT THE GAMES.
I COULDN'T TEAR MYSELF AWAY.
WHAT WAS MORE IMPORTANT?
SURE: IT IS EASY MONEY.
SEEMS LIKITRIGHT THERE
FOR YOU.
SEEMS LIKE IT IS EASY MONEY.
ESPECIALLY S TIS A
FORMER BASEBALL WRITER WITH THE
WALL STREET JOURNAL.
YOU KNEW WHAT TO BET ON: YOU
KNEW THE PLAYERS.
YOU KNEW THE GAME BETTER THAN
ANYBODY.
UAINSITS THAT OTHER
PEOPLE DIDN'T HAVE.
IT SEEMED LIKE YOU WOULD HAVE A
STEP AHEAD OF EVERYBODY ELSE.
BUT NEIGHBOR KNOWLEDGE
ITSELF IS NOT ENOUGH.
THAT IS EXACTLY WHAT IT IS.
AND IT CAUS YOU TO PAY
ATTENTION TSO OF THE WRONG
THINGS.
W PAY ATTENTION TO THE
NARRATIVE.
HLITTLE THIIN MY HEAD.
THINGS LIKE HEYTHAT GUY IS A
GOOD GUY.
I WOULD PICK GUYS I KNEW WELL
WHO WERE SMART PEOPLE, NICE
PEOPLE.
BLMO THAN I SHOULD
HAVE CERTAINL
SIMPLY BEUSTHE NUMBERS WERE
NOT THERE FOR THEM.
BUT, IT IS HARD TO LET THOSE
BIASES GO.
AND WITH HOCKEY, I WAS ABLE TO
DO THAT.
THAT WAS DETE BIG PART
OF IT.
CERTAINLY TH I WAS GOING
TO HAVE AN ADVANTAGE, AND I HAD
A DISADVANTA
TS BOOK GOES INTO A NUMBER
OF DIFFERENT DETAILS.
LIKE WE WERE SAYING.
THIS IS NOT A TOPIC THAT HASN'T
HAD A TON OF LIGHT CAST ON IT.
THOUGH IT SEEMS LIKE YOU ARE
CASTING THALIGHT INTO THE
DEEPER DARK CRS THAT
MAYBE PEOPLE HAVEN'T SEEN.
THESE ARE MURKY WATERS YOU ARE
SWIMMING IN WERE YOU AWARE?
NO, NOT REALLY.
CERTAINLYTHTIME, I
STARTED ON THIS WHICH WAS
AGAIN, MAY OF 2015, THINGS HAD
NOT BLOWN UAND GONE CRAZY.
THE GIGANTICUSNG BLITZ
HAS NOT HAPPENED.
THAT WAS AUGUST OF SEPTEMBER
2015.
THSCDATHAT ROCKED THE
INDUSTRY CAMIN OCTOBER OF
2015.
ALTHE LEGAL ACTION CAME
THERE AFTER.
SO I DIDN'T KNOW I WAS GOING TO
BE ON THAT KIND OF A RIDE WHEN
I WENT THROUGH IT.
BUT IT WAS GREAT TO BE ABLE TO
TELL THE WHOLE STORY FROM START
TO FINISH. ITTHE BOOK FOR PEOPLE WHO
WERE NOT DAILY FANTASY PLAYERS.
FOR PEOPLE WHO WATCHED THE
WHOLE THING FROM AFAR.
YOU HAVE A FANTASY TEAM WITH
YOUR BUDDIES.
SO WHAT WAS IT ALL?
WAS IT LEGAL?
SO I TRIED TO TELL THAT STORY.
ULTIMATEL THINK THAT WE
FELT IT WAS A LOT MORE
LEGITIMIZED WHEN WE STARTED
SEEING ADS FOR IT ON
TELEVISION.
N DU D DRAFT KINGS COMING
UP WITH DEALS WITH THE NFL.
WHEN ADAM SILVER SAYS BETTING
ON SPORTS IS NOT NECESSARILY A
BAD THING, IT FELT LIKE THE
WORLD WAS TURNING AND SPORTS
WAS GOING TO BECOME LEGAL ONCE
AGAIN.
IF THE IS ONE WORD THEY
HATE, IT IS BETTING, GAMBLING.
THEY ARE AVIIIS A GAME OF
SKILL.
MO SKILL OR LUCK?
I THINK IT IS MORE SKILL
THAN LUCK, BUT THERE IS NO
QUESTION BOTPLAY A ROLE.
IT IS VERYMUON A SPECTRUM.
I LIKEN IT TO POKER IN A LOT OF
WAYS.
OV TIME, THE BETTER PLAYERS
ARE GOING TO BEAT THE POORER
PLAYERS BUT IN AN INDIVIDUAL
SINGLE DAY OR A HAND OF POKER,
ANYTHING CAN HAPPEN.
BUT, IF YOU ARE GOING TO BE
SOMEBODY PLG FOR A LONG
PERIOD OF TIME, YOU ARE GOING
TO LOSE TO THE PEOPLE WHO ARE
BETTER.
S SOMETHING A LOT OF
PEOPLE THOUTH WAS GOING
TO OPEN THE FLOOD GATES TO
SPORTS GAMBNG
IT IS KIND OF KNOCKED DOWN A
PEG THIS LYEAR IN THE NFL
SEASON.
'MURUSHEER OR NOT
THIS NOD EL WHICH BY THE
WAY, FAN DUEL AND DRAFT KINGS
HAVE MERGED.
THEY ARE IN THE PROCESS OF
MERGING IF YOU WILL.
IS THIS BUSINS MODEL THEY
HAVE CREATE IT SOMETHING
THAT IS DYING?
IS IT STARVING?
OR IS IT GOING TO BE THRIVING
AT SOME POI
I THINK IT IS DEFINITELY NOT
STARVING OR DYING.
IT IS SUSTAIBLIT WILL
CONTINUE.
I INIT WILL BE A PART OF
THE LANDSCAPE
IN TERMS OF IT HAVING AN
EXPLOSION, A POSITIVE ONE LIKE
THEY THOUGHT WAS GOING TO
HAVE IN TH SEPTEMBER AND
AUGUST OF 2015, THEY THOUGHT IT
WAS GOING TO CHANGE THE WAY
EVERYBODY WATCHED SPORTS.
I DON'T THIWE WILL GET THERE
AT THIS POINT.
THAT TIME HAS PASSED BUT IT IS
DEFINITELY RTOF THE SPORTS
LANDSCAPE.
I SETNG AS WELL THAT IS
TO SOME EXTENT THE TIP OF THE
SPEAR GETTINGTHE WORLD CLOSER
TO LEGALIZED NATIONAL SPORTS
GAMBLING WHI I THINK IS
SOMETHING THATIS COMING IN THE
NEXT FIVE THE TEN YEARS.
AFTER ALL THIS TIME,
SWIMMING IN THESE WATERS.
DO YOU THINK AN AVERAGE PERSON
CAN GO IN AND WIN A WEEK?
SAN AVERAGE PERSON GOING TO
WIN IN THE COURSE OF A YEAR?
YOU BETTER BE SMART, HAVE LUCK
ON YOUR SIDE.
STUDIED UP AND PUT A LOT OF
TIME INTO IT.
ONE OF THE BIGGEST ADVANTAGES
THE PROS HAVE IS TIME.
IF YOU ARE SMART, YOU CAN
ABSOLUTELY DIT.
BUT IT IS NOT A GET RICH QUICK
SCHEME.
IT IS AN INTERESTING READ
CALLED DUELING WITH KINGS.

Is Daily Fantasy A Ponzi Scheme?

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