[quote=@RickyG85]
<Snipped quote by Double>

I feel like [i]reading the post[/i] answers this,  but here it is:

It's a combination of the two; it's closer to the real world,  in that the card game as we know it, exists. The main characters and their home town exist,  but because this setting more closely resembles reality (on the surface), duelist kingdom and all that,  either never happened,  or were just normal card tournaments. Another overlap with the anime is that they still call it "Duel Monsters".

Does that clear it up for you?
[/quote]

Yes