This article uses the context of daily fantasy sports (DFS) to analyze how companies use strategic categorization in regulatory arbitrage. Recent actions by two leaders in the DFS industry, DraftKings and FanDuel, provide an ideal context to study this issue. DraftKings and FanDuel categorized themselves differently to different audiences at different times in a manner that evaded categorization as an illegal gambling activity, only to then dominate the sports betting market after the Supreme Court's decision in Murphy v. NCAA. We examine how this type of strategic categorization, which we call “fluid categorization,” raises important questions for regulators and others concerned with regulatory arbitrage. We also explore how fluid categorization provides lessons for other businesses. While this article has broad implications for the sports gambling marketplace, it also contributes to meaningful discourse for the broader business community, as its findings are relevant to industries beyond DFS that offer gray market products and seek to fight categorical labels until there is a reclassification event.

中文翻译：

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监管分类和套利：每日幻想体育公司如何在合法赌博之前和之后导航监管类别

本文使用日常幻想体育（DFS）的上下文来分析公司如何在监管套利中使用战略分类。DFS行业的两位领导者DraftKings和FanDuel最近采取的行动为研究此问题提供了理想的环境。DraftKings和FanDuel在不同时间以不同的方式将自己分类为不同的受众，从而逃避了将其归类为非法赌博活动的目的，但随后在最高法院在Murphy诉NCAA案中做出判决后，才在体育博彩市场上独占do头。我们研究了这种称为“流体分类”的战略分类如何给监管机构和其他与监管套利有关的问题提出了重要问题。我们还将探讨流动分类如何为其他企业提供经验教训。尽管本文对体育博彩市场具有广泛的意义，但它也为更广泛的商业社区做出了有益的论述，因为其发现与DFS以外的行业相关，这些行业提供灰色市场产品并寻求与分类标签打交道，直到发生重新分类事件。