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Nevada Gambling Regulators Approve U.S. Fantasy Platform, Calling It A "Fair Model"

Published in SportsBusiness Daily on 06 / 24 / 16

A new gambling platform "approved by Nevada regulators Thursday will further blur the lines between traditional sports betting and fantasy sports contests," according to Sally Ho of the AP. The Nevada Gaming Commission gave a gambling license to Henderson-based U.S. Fantasy, "calling it a fair ...

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02/25/16
Virginia Pols Pass Bill Setting Up DFS Structure

The Virginia legislature yesterday became the "first in the country to pass bills setting up a legal structure for daily fantasy contests," according to Graham Moomaw of the RICHMOND TIMES-DISPATCH. There was "little debate over the legislation that cleared the General Assembly," but it was "opposed ...

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02/23/16
DraftKings, FanDuel Begin Appeal In N.Y.

FanDuel and DraftKings late yesterday each submitted opening briefs with the N.Y. Appellate Court, arguing that daily fantasy is a game of skill, and that lower courts erred in granting state Attorney General Eric Schneiderman a restraining order against the pair. That order has now been stayed pend ...

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02/16/16
DFS Industry Launches Major Lobbying Push

Facing legal questions that "could threaten its survival, the fantasy-sports industry has initiated a lobbying blitz in statehouses across the country," according to Alexandra Berzon of the WALL STREET JOURNAL. The effort is being coordinated by the Fantasy Sports Trade Association, FanDuel and ...

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02/15/16
DraftKings' Latest Funding Round Takes A Hit

DraftKings recently raised about $70M from investors, a "sharp drop from the company’s previous investment rounds as it fights regulatory battles across the country," according to sources cited by Curt Woodward of the BOSTON GLOBE. A source said that investors "did not assign a fixed valuation ...

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02/08/16
Citi Blocks Card Use For DFS In New York

The daily fantasy sports industry was "dealt a new blow Friday when Citigroup said it would begin blocking New Yorkers’ debit and credit card payments" on FanDuel and DraftKings, according to Bogdanich, Glanz & Williams of the N.Y. TIMES. Citi in a statement said that it would "block the p ...

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02/01/16
Vantiv To Stop Working With DFS Companies

Vantiv Entertainment Solutions, a payment processing company that handles a "significant number of transactions" for DraftKings and FanDuel, notified the operators last week that it "would no longer handle their payments and in fact was leaving the industry altogether," according to Joe Drape of the ...

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01/28/16
Hawaii AG Latest To Declare DFS Illegal Gambling

Hawaii Attorney General Doug Chin yesterday issued a formal opinion that daily fantasy sports contests "constitute illegal gambling under state law," according to Craig Gima of the HONOLULU STAR-ADVERTISER. Chin in a release said, "Gambling generally occurs under Hawaii law when a person stakes or r ...

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01/27/16
FSTA Ads Denounce Calif. Assemblyman

The Fantasy Sports Trade Association has "launched an advertising campaign targeting" California Assemblyman Marc Levine, who labeled daily fantasy sports as "illegal gambling and voted against authorizing it in law," according to Jeremy White of the SACRAMENTO BEE. Levine has argued DFS i ...

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01/25/16
Pope Francis, Vatican To Launch Sports Conference

Pope Francis will "make sports a focus of his papacy’s third global initiative on education, following his efforts to highlight income disparity and climate change," according to John Ourand in this week's SPORTSBUSINESS JOURNAL. The Vatican is "launching a multifaith sports conference in Octo ...

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01/21/16
Cuban Responds To Texas AG On DFS

Texas Attorney General Ken Paxton's opinion that wagering on DFS could be considered illegal gambling "cast a cloud" over the Fantasy Sports Trade Association convention yesterday, as "hundreds of people gathered at the Omni Dallas Hotel to discuss legal challenges across the country tha ...

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