Fantasy sports are a popular form of gambling in Australia. But, fantasy sports present legal and regulatory challenges. This article examines the regulation and legal challenges of fantasy sports in Australia. This article first provides information about fantasy sports in Australia. It highlights that fantasy sports are popular for two reasons. First, sports are part of Australian culture. Second, Australians gamble more than people from some other countries. Next, the article explores the regulatory and legal issues. These legal issues are related to gambling regulation, protection of technology and system inventions, use of athletes’ statistical data, and use of athletes’ or sport teams’ names, images, and likeness. Lastly, the article discusses how sport governing bodies in Australia have become co-regulators of fantasy sports gambling. This is because, in Australia, fantasy sports operators need the permission of and a data-sharing agreement with the sport governing bodies. This allows the sport governing bodies to reach commercial accommodation with the operators and share in the revenue.