VW Blog

On July 3, 2025, the California Attorney General issued an advisory opinion declaring all paid daily fantasy sports (DFS) contests illegal under California law. This ruling puts the future of DFS in California—one of the nation’s largest markets—in jeopardy and raises concerns about potential ripple effects in other states. While some states have issued similar negative opinions, their impact has varied, with courts or legislatures sometimes overturning or clarifying DFS legality.

Venture financing isn’t just about valuation—it’s about how the deal is structured. Liquidation preferences and participation rights can dramatically impact founder payouts and investor returns in an exit. This article breaks down the most common preference structures, from 1x non-participating to capped participation, and explores how seniority and stacking work across multiple rounds.

In March 2025, Delaware overhauled its General Corporation Law, introducing major changes that impact how companies handle conflicted transactions, board approvals, and stockholder rights. These updates aim to reduce legal uncertainty and bring clearer standards for directors, officers, and controlling stockholders. Here’s a quick look at what’s changed—and why it matters.

Congress made major changes to QSBS, expanding who qualifies and how much gain can be excluded. The asset cap rose to $75 million, and investors can now exclude up to $15 million or 10× their basis—whichever is greater. Shorter holding periods also now qualify for partial tax breaks. These changes open the door for both investors and companies to benefit from this powerful tax incentive.

This blog breaks down what qualifies as an “investment company” under federal law and explains how private fund managers—like those running hedge funds or venture capital firms—can avoid burdensome public registration by meeting key legal exemptions.

Texas wrapped up its 2025 legislative session with several sports wagering bills left on the table. This blog covers when the next chance will be to legalize sports wagering in Texas and what the industry should do in the meantime.

Not everyone who discusses money or investments is considered an investment advisor. This blog breaks down key exemptions for professionals like publishers, family offices, and those offering non-securities advice—and highlights how crossing certain lines can trigger SEC oversight.

A map displaying the overlap between sports betting and fantasy sports regulation in the US presented by VW Partner Kevin Vela at the SBC Summit Americas in May 2025.