WATCH: The Daily Show's Brilliant Takedown of Shady Fantasy Sports Betting Racket
The Daily Show channeled a bit of John Oliver Thursday night with a rather brilliant, in-depth takedown of online "fantasy" betting; a practice that has come under fire from the Department of Justice recently for gambling and what is, in effect, insider trading.
"Now, for years this was a simple affair," Noah said about fantasy sports. "You threw 20 bucks into a pool and then you had something to talk about with your friends long after you had... nothing to talk about with your friends." But things, as Noah points out, have changed recently, namely due to an obscure loophole that allows betting on fantasy leagues but doesn't have a time requirement—which means daily fantasy betting similar to what one would see at any Nevada sports book.
But that's not the only problem. The sites have allegedly defrauded players by artificially driving up pools based on "insider information," with some people having specific knowledge of the industry gambling on opposing websites. This also includes the use of "sophisticated algorithms" that are used by sharks to gain advantage over far less sophisticated players.
"This is crazy," the Daily Show host said. "Online fantasy sports betting is an unregulated market that seems to be screwing everyday Americans out of their hard-earned money." Yes, it most certainly does.
Watch the clip below: