HOUSTON – Texas law outlaws traditional sports betting, but loopholes in how some companies operate are giving Texans new ways to wager.

“It all started two years ago during the Super Bowl,” said Antonio Langer of Houston. “You know, everybody loves the Super Bowls, so I deposited a little bit of money and struck it big.”

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Two main legal workarounds have emerged in the Texas betting landscape: prediction markets and daily fantasy sports (DFS).

Understanding the loopholes

There are two types of loopholes being explored here: prediction markets and daily fantasy sports, or DFS.

Prediction markets allow users to purchase “event contracts” — essentially yes-or-no bets on future outcomes in sports or politics.

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