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Fantasy Sports Scandal Continues, New York’s AG Reacts
Daily fantasy sports, which have developed in recent years, allow participants to draft teams in games played in just one day. She didn’t immediately respond to a question of whether the company has hired a lawyer in connection with the probe. Deadspin describes an “absence of any sort of official regulatory oversight” on these companies when talking about the scandal.
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The software-development department of DraftKings, a daily-fantasy-sports company. The reality is a lot more complicated. “There is a small percentage of men who don’t do things right”. State Sen. Raymond Lesniak, the state’s biggest supporter of sports betting, knows the NFL’s arguments by heart. Ed Miller and Daniel Singer published an analysis of daily fantasy leagues in Major League Baseball in the Sports Business Journal. FanDuel claims they’re expecting to pay out $2 billion.
What are sports leagues ties to DraftKings and FanDuel? Julian Edelman could unexpectedly blow out his knee in the middle of a game, and there go millions of fantasy sports players’ chances of winning. That’s where the supposed scandal comes in.
Schneiderman wrote a letter to both companies Tuesday, demanding the name, job titles, and descriptions of any employees responsible for compiling the wide range of data used to determine the value of players, The Times reports.
DraftKings says there’s no evidence the employee misused the information. There wouldn’t, in fact, be any concern about insider trading. The incident has been likened to insider trading.
Regulators have taken notice of the controversy, including a few members of Congress and attorneys general.
It’s ridiculous to say that fantasy sports companies are completely unregulated. “It’s not so much what game they are playing, but how often they are doing it and the way the are doing it”, said Whyte.
“We have great records of when data is pulled, when communications were sent”, he said in an interview on Fox Business.
Schneiderman said he can’t comment on the specifics of the investigation, which presumably has just gotten underway. “We have to hold them accountable and get them to follow the policies”. Patrick Redford at Deadspin argues that there’s no way to substantiate whether FanDuel and Draft Kings are colluding with each other. The big TV networks benefiting from all the new ad money coming their way from the DFS players are incented to keep the party going. The question is, what access do company employees have to data that’s valuable on the fantasy market? “I mean, seriously, we’ve come a long way from the dorm room playing amongst your friends to now the corporate sphere that is fantasy football”. Broadly, the daily and weekly games require an entry fee – usually anywhere from 25 cents to $1,000 – and prizes can reach millions.
“It’s our interpretation of the positions taken by the sports leagues and the courts is that fantasy is the exception (to sports gambling)”, Drazin said. Most fantasy betting websites don’t ask for information to identify who’s actually playing.
Last month, New Jersey appealed the decision in federal court in Philadelphia.
The ballot initiative Arizona voters passed, gave tribes complete control over legal gambling in the state.
The 45 states that allow fantasy sports don’t have these kinds of compacts or they classify the leagues as a game of skill.
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Even those who have scored big with the fantasy sites have called for regulation.