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Congressional Committee Reviewing Gambling Laws That Could Affect Sports Betting

Published in SportsBusiness Daily on 10 / 21 / 16

A congressional committee is "reviewing federal gambling laws, including the 24-year-old prohibition on sports betting, and plans to introduce comprehensive legislation that also will address daily fantasy sports and other forms of gaming," according to David Purdum of ESPN.com. U.S. Rep Frank ...

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New York AG Rules DFS Sites Illegal

New York Attorney General Eric Schneiderman yesterday ordered DraftKings and FanDuel to "stop accepting bets from New York residents, saying their games constituted illegal gambling under state law," according to a front-page piece by Bogdanich, Drape & Williams of the N.Y. TIMES. The cease-and- ...

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Sports Teams, Fans Give Back To Communities

Financial records show that "more than 100 charities and foundations are run by owners, teams and leagues in all major sports," according to Ken Belson of the N.Y. TIMES. These groups "gave away" almost $163M and had assets of $2.3B in the most recent records available. For decades, owners and teams ...

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IPO Off The Table For FanDuel

An IPO is off the table for FanDuel, which is reportedly valued at $1.3B, because co-Founder & CEO Nigel Eccles said that his company "doesn't need to raise any more money at this point, and that the regulatory landscape for daily fantasy needs to stabilize before any company goes public," accor ...

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Redskins' Garcon Sues FanDuel

Redskins WR Pierre Garcon on Friday in federal court in Maryland accused FanDuel "of making its money 'on the backs of NFL players' in a class action lawsuit that asks a judge to make the company hand over all of its profits from daily fantasy games," according to Brian Dowling of the BOSTON HERALD. ...

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Startup Taking On Vegas Oddsmakers

N.Y.-based startup The Crowd’s Line is looking to be a "high-tech challenger" to Las Vegas sports books with gambling lines that are "crowd-sourced from individuals who are motivated by rankings to provide expert advice,” according to James Covert of the N.Y. POST. The Crowd's Line Found ...

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DraftKings Eyeing Another Big Funding Round

DraftKings is "quietly raising" another $200M in funding, and the round could signal that investors are "still betting that the company has a future," according to documents cited by Sara Castellanos of the BOSTON BUSINESS JOURNAL. Data from Seattle-based venture capital research firm Pitchbook ...

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Head Of New Fantasy Agency: This Is No PR Stunt

Seth Harris, named late yesterday as the head of the newly formed Fantasy Sports Control Agency, said the new effort at self-regulation by the fantasy sports industry was not merely a public relations ploy. “If this was just a PR stunt, I wouldn’t be involved,” said Harris, the for ...

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DraftKings, FanDuel See Drop In Fees Received

New data from daily fantasy sports analytics outfit SuperLobby this morning shows that both DraftKings and FanDuel saw growth in football entries this past weekend, but further declines in entry fees received. DraftKings drew 4.02 million NFL guaranteed prize pool entries, up from 3.76 million the p ...

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U.S. Rep Wants List Of DFS-Playing NFLers

U.S. Rep. Frank Pallone Jr. (D-N.J.) has asked DraftKings and FanDuel to "provide a list" of NFL personnel who "used their services in the last year," according to David McCabe of THE HILL. Pallone in letters sent to the websites on Thursday "asked for the names of players, coaches, referees, traini ...

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Sources: U.S. Attorney Subpoenas DraftKings

DraftKings has "received a subpoena from U.S. Attorney Preet Bharara’s office asking for information about an employee’s activities and potential misuse of inside data," according to sources cited by Berzon & Futterman of the WALL STREET JOURNAL. The subpoena, which seeks information ...

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