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What are the top 10 legal considerations for operating an online daily fantasy sports platform?

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1. Compliance with Gambling Laws: Daily fantasy sports is a form of gambling and requires compliance with federal and state gambling laws.

2. Age Verification: Sites must ensure that users meet the minimum age requirements for daily fantasy sports, which is typically 18 or 21 years old.

3. Privacy and Data Protection: Sites must collect user data and store it securely to protect sensitive information such as financial and personal data.

4. Intellectual Property: Sites should protect their brand, logos, and software with trademarks, copyrights, and patents.

5. Advertising and Marketing: Sites must comply with advertising standards and regulations, including disclosing odds, restrictions on targeting minors, and complying with State rules.

6. Payment Processing and Regulations: Sites must comply with banking and payment processing regulations to facilitate transactions and protect user funds.

7. Consumer Protection Laws and Dispute Resolution: Sites must have policies and procedures in place to resolve disputes between users, provide customer support, and respond to complaints.

8. Compliance with Tax and Regulatory Requirements: Sites must adhere to laws regulating businesses. Inconsistent regulation and taxes across states has led states to charge various levies without defined clear guidelines on specific sectors like Daily Fantasy games.

9. Anti-Money Laundering Compliance: Sites must adhere to regulation around money laundering and sanctions compliance.

10. Ethics and Fair Play: Sites must be truthful and honest with their users, including disclosing odds and any vested interest in an outcome. Sites should also aim to ensure all users have a fair and equal opportunity to win, without any form of discrimination or unfair action.