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 New York Attorney General Opens Inquiry Into Fantasy Sports Sites

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JonM229

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PostSubject: DraftKings, FanDuel Staff Place Bets Using Insider Information   Tue Oct 06, 2015 8:15 am

I'm truly shocked that these upstanding businesses employ such shady characters.

Scandal Erupts in Unregulated World of Fantasy Sports

Quote :
A major scandal is erupting in the multibillion-dollar industry of fantasy sports, the online and unregulated business in which players assemble their fantasy teams with real athletes. On Monday, the two major fantasy companies were forced to release statements defending their businesses’ integrity after what amounted to allegations of insider trading, that employees were placing bets using information not generally available to the public.

The statements were released after an employee at DraftKings, one of the two major companies, admitted last week to inadvertently releasing data before the start of the third week of N.F.L. games. The employee, a midlevel content manager, won $350,000 at a rival site, FanDuel, that same week.

“It is absolutely akin to insider trading,” said Daniel Wallach, a sports and gambling lawyer at Becker & Poliakoff in Fort Lauderdale, Fla. “It gives that person a distinct edge in a contest.”

The episode has raised questions about who at daily fantasy companies has access to valuable data, such as which players a majority of the money is being bet on; how it is protected; and whether the industry can — or wants — to police itself.

On Monday, DraftKings and FanDuel released a joint statement that said “nothing is more important” than the “integrity of the games we offer,” but offered few specifics about how they keep contests on the level.

A spokesman for DraftKings acknowledged that employees of both companies had won big jackpots playing at other daily fantasy sites. Late Monday, the two companies temporarily barred their employees from playing games or taking part in tournaments at any other site; they already had prohibited their employees from playing on their own company sites.

“Both companies have strong policies in place to ensure that employees do not misuse any information at their disposal and strictly limit access to company data to only those employees who require it to do their jobs,” the statement said. “Employees with access to this data are rigorously monitored by internal fraud control teams, and we have no evidence that anyone has misused it.”

Industry analysts said the episode could leave the leagues open to further criticism that they are too loosely regulated.

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Wallace108: Jon, how the hell do you expect any of us to ever follow your posts? You always set the bar awfully high.  

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Vis

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PostSubject: Re: New York Attorney General Opens Inquiry Into Fantasy Sports Sites   Tue Oct 06, 2015 8:21 am

Anything that can be scammed will be scammed.  Everything can be scammed.  

Calling this Vis' Razor

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JonM229

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PostSubject: Re: New York Attorney General Opens Inquiry Into Fantasy Sports Sites   Tue Oct 06, 2015 8:46 am


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Wallace108: Jon, how the hell do you expect any of us to ever follow your posts? You always set the bar awfully high.  

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PostSubject: Re: New York Attorney General Opens Inquiry Into Fantasy Sports Sites   Tue Oct 06, 2015 1:03 pm

has anyone played on any of these sites? is it as easy as it seems?

i really want to, but know how easilly addicted and wrapped up in it i can get.

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JonM229

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PostSubject: Re: New York Attorney General Opens Inquiry Into Fantasy Sports Sites   Tue Oct 06, 2015 1:41 pm

@tony hipchest wrote:
has anyone played on any of these sites?  is it as easy as it seems?

i really want to, but know how easilly addicted and wrapped up in it i can get.

I haven't, nor do I know anyone who has used them. The only time I see anything about it is when watching football (which is the only live TV I watch) and the commercials come on. I did see a news report on it when they first became big, but it seemed more like a fluff piece than anything else, like "Look at all of these Joe Schmoes winning all of this money!"

Now, we know that the big winners were just people working for rival companies.

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Wallace108: Jon, how the hell do you expect any of us to ever follow your posts? You always set the bar awfully high.  

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PostSubject: Re: New York Attorney General Opens Inquiry Into Fantasy Sports Sites   Tue Oct 06, 2015 1:42 pm

@tony hipchest wrote:
has anyone played on any of these sites?  is it as easy as it seems?

i really want to, but know how easilly addicted and wrapped up in it i can get.

It's very easy to play. Winning is something else.

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SteelerEmpire

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PostSubject: DraftKings employee wins $350K on competing fantasy site (Fanduel).   Tue Oct 06, 2015 8:19 pm

Not a major advantage (if you take the story at face value), but still very, very suspect...

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LAS VEGAS —Stock market traders and chess players - that's who's playing DraftKings, according to CEO Jason Robins, who told a crowd of casino executives last week in Las Vegas that fewer than 15 percent of the players on his site make wagers in traditional sports books...

LINK: http://www.wcvb.com/news/draftkings-employee-wins-350k-on-competing-fantasy-site/35677306

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PostSubject: New York Attorney General Opens Inquiry Into Fantasy Sports Sites   Tue Oct 06, 2015 9:20 pm

DraftKings and FanDuel are turning into a dumpster fire

New York Attorney General Opens Inquiry Into Fantasy Sports Sites

The New York attorney general began an inquiry Tuesday into the prospect that employees of daily fantasy football sites have won lucrative payouts based on inside information not available to the public, asking two leading companies, DraftKings and FanDuel, for a range of internal data and details on how they prevent fraud....

The N.F.L., which recently struck a three-year deal with DraftKings to become a partner of the league’s International Series in Britain, declined to comment.


http://www.nytimes.com/2015/10/07/sports/draftkings-fanduel-inquiry-new-york-attorney-general.html?_r=0

That presumably was prompted by these stories

Scandal Erupts in Unregulated World of Fantasy Sports

On Monday, the two major fantasy companies were forced to release statements defending their businesses’ integrity after what amounted to allegations of insider trading, that employees were placing bets using information not generally available to the public.

The statements were released after an employee at DraftKings, one of the two major companies, admitted last week to inadvertently releasing data before the start of the third week of N.F.L. games. The employee, a midlevel content manager, won $350,000 at a rival site, FanDuel, that same week.


http://www.nytimes.com/2015/10/06/sports/fanduel-draftkings-fantasy-employees-bet-rivals.html?smid=tw-bna&_r=0

Earlier today, on Outside the Lines, Darren Rovell reported that according to a FanDuel spokesperson, DraftKings employees have won 0.3% of all money won at FanDuel. According to Rovell FanDuel has given out “close to $2 billion” in its history, meaning DraftKings employees have won in the neighborhood of $6 million

http://deadspin.com/report-draftkings-and-fanduel-being-investigated-by-ne-1735088955

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JonM229

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PostSubject: Re: New York Attorney General Opens Inquiry Into Fantasy Sports Sites   Wed Oct 07, 2015 8:04 am

Maybe now every other commercial during football won't be either DraftKings or FanDuel.

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Wallace108: Jon, how the hell do you expect any of us to ever follow your posts? You always set the bar awfully high.  

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PostSubject: Re: New York Attorney General Opens Inquiry Into Fantasy Sports Sites   Wed Oct 07, 2015 9:57 am

@Vis wrote:
Anything that can be scammed will be scammed.  Everything can be scammed.  

Calling this  Vis' Razor


Sounds more like Murphy's Codicil, but I get what you mean.

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PostSubject: Re: New York Attorney General Opens Inquiry Into Fantasy Sports Sites   Wed Oct 07, 2015 9:57 am

@JonM229 wrote:
Maybe now every other commercial during football won't be either DraftKings or FanDuel.

One can hope, I suppose.

That's why I have come to love Red Zone.
Yes, it can be a little schizo, but there are no commercials and I never miss a score.

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PostSubject: Re: New York Attorney General Opens Inquiry Into Fantasy Sports Sites   Tue Nov 10, 2015 6:29 pm

RIP FanDuel and Draft Kings

It appears to me the volume of irritating ads has decreased, but too little too late after the ad blitz to start the season put fantasy football gambling on the radar screen of law enforcement

The New York State attorney general on Tuesday ordered the two biggest daily fantasy sports companies, DraftKings and FanDuel, to stop accepting bets in New York, saying that their games constituted illegal gambling under state law, according to people with knowledge of his investigation.

The cease-and-desist order by the attorney general, Eric T. Schneiderman, is a major blow to a multibillion-dollar industry that introduced sports betting to legions of young sports fans and has formed partnerships with many of the nation’s professional sports teams. Given the New York attorney general’s historic role as a consumer-protection advocate, legal experts say the action will most likely reverberate in other states where legislators and investigators are increasingly questioning whether the industry should operate unfettered by regulations that govern legalized gambling.


But no worries - DraftKings sent out an email to its customers telling them to contact the AG and ask him to reconsider.

On Tuesday afternoon, as news of the attorney general’s order began to trickle out, DraftKings sent an email to its players, saying, “Attorney General Eric Schneiderman is considering preventing New Yorkers from playing daily fantasy sports,” and added: “Hey, New York, protect your right to keep playing daily fantasy sports. Contact the attorney general today!”

Yeah - that will work - presumably the lead attorneys for DraftKings did not know that brilliant PR move was coming.

http://www.nytimes.com/2015/11/11/sports/football/draftkings-fanduel-new-york-attorney-general-tells-fantasy-sites-to-stop-taking-bets-in-new-york.html?hp&action=click&pgtype=Homepage&clickSource=story-heading&module=first-column-region®ion=top-news&WT.nav=top-news
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PostSubject: Re: New York Attorney General Opens Inquiry Into Fantasy Sports Sites   Fri Dec 11, 2015 11:12 am

To me, Fan Duel and Draft Kings are not all that different from the Payday Loan industry.

The only difference I can see is that the fantasy sites let you have some fun and make you feel as if you're in control of something before they bleed you dry.

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