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Sports in Society

DraftKings, FanDuel Reach Settlement With New York Attorney General, Will Pay $6M Each

DraftKings and FanDuel have each agreed to pay $6M to the New York attorney general's office to "settle claims that they employed false and deceptive advertising practices," according to Joe Drape of the N.Y. TIMES. New York AG Eric Schneiderman's investigation "found that the companies had misled novice players about the substantial advantages that high-volume professional players had, including their use of automated computer scripts and sophisticated statistical and game-theory strategies." The companies also "misled players about the likelihood that they would earn a positive return, the investigation found; most players lost money over time." The settlements "clear the way for the two companies to merge." Sources said that DraftKings and FanDuel "are so short of cash ... that they asked Schneiderman's office if they could pay the settlement in installments and conceded that they were having difficulty meeting their day-to-day obligations" (N.Y. TIMES, 10/26). In New Jersey, John Brennan notes DraftKings and FanDuel will be "required to maintain a webpage that provides information about the rate of success of users in its contests, including the percentage of winnings captured by the top 1%, 5% and 10% of players" (Bergen RECORD, 10/26). 

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