Just four months ago, daily fantasy sports companies seemed like a sure bet.
With no government oversight, the companies recruited players by the millions, many of them young, lured by an ever-expanding buffet of online contests as well as a costly and inescapable advertising campaign that made winning big seem easy.
Then the tide began to turn — rapidly. The commercials all but vanished. States began investigating. In recent weeks, three states joined New York and Texas in calling the games gambling. A major payment processor for fantasy sites said it was withdrawing from the market, citing the legal uncertainties.