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Fantasy sports companies weigh leaving U.S. market – for now

in Apolitical/Top Headlines by

Yahoo remains active. CBS has quietly withdrawn. And lesser-known daily fantasy sports companies are scaling back. As industry leaders FanDuel and DraftKings fight to protect their lucrative enterprises, other companies offering daily fantasy sports are taking different approaches to how they operate as their new industry faces increased scrutiny. “The industry is pretty fragmented on the ‘should they stay or should they go’ issue,” said Chris Grove, editor of the Las Vegas-based Legal Sports Report, which focuses on sports wagering.…

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Massachusetts AG proposes tighter regs for fantasy sports

in Sports/Top Headlines by

Daily fantasy sports companies like FanDuel and Boston-based DraftKings would be allowed to continue operating in Massachusetts, but with age and advertising restrictions, disclosure requirements and other new rules proposed Thursday by the state’s attorney general. Maura Healey announced what she called an aggressive, first-in-the-nation plan to regulate the websites after her office spent several weeks reviewing whether the contests were legal in the state. “This is an industry that cries out for transparency and robust consumer protection,” she said.…

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Don’t throw the daily sports fantasy baby out with the bathwater

in Statewide/Top Headlines by

You cannot turn on the television without seeing an ad for daily fantasy sports players DraftKings or FanDuel. That’s because the interest in daily fantasy sports is at stratospheric levels. Fantasy sports is as popular as Buffalo wings and cold beer. A report in Fortune shows that 57 million North Americans are betting $465 a year on fantasy sports, making it a $27 billion business. DraftKings, based out of Boston, and FanDuel, operating from New York, are the largest single-day fantasy sports websites. Their websites work like this:…

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Legislation filed to regulate daily fantasy sports websites

in Statewide/Top Headlines by

State Sen. Joe Negron and Rep. Matt Gaetz filed new draft legislation Tuesday which would put restrictions on daily fantasy sports websites like DraftKings, FanDuel, and others operating in the state. According to the bill’s language, game operators must register with the Department of Agriculture and Consumer Services and pay related fees. The state would also require them to “implement certain procedures” that would prevent certain people from playing fantasy games, as well as restrict some information from being shared with third parties. In addition, the bill would make…

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NJ Democrat Frank Pallone still wants hearings on fantasy sports

in Sports/Top Headlines by

Daily fantasy sports have exploded into a multibillion-dollar industry in recent years. Advertisements for both FanDuel and DraftKings are inescapable during broadcasts of football games and on ESPN. But is the party going to end soon? In September, New Jersey Democratic U.S. Rep. Frank Pallone requested that the Energy and Commerce Commission hold advanced hearings to determine the legal status of daily fantasy sports. The committee has jurisdiction over professional sports gambling. Then allegations of insider trading emerged last month when an employee of DraftKings mistakenly…

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Fantasy sports lobbies up, hires former deputy Labor Secretary for self-regulation

in Top Headlines by

As fantasy-sports operators face scrutiny and increased calls for regulation, the industry is turning to a former member of the Obama administration to help prove to outsiders it can self-monitor. Seth Harris, who was deputy U.S. Labor Secretary and was acting department head for more than a year, has been retained by the Fantasy Sports Control Agency to lead an independent regulation board. The newly created agency will work under the auspices of the Fantasy Sports Trade Organization, with the…

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NBA Commissioner Adam Silver suggests regulations on daily fantasy operators

in Statewide/Top Headlines by

Daily fantasy operators, despite several outside investigations, continue to face serious questions about legality of industry trade practices under federal and state gambling laws. Steve Fainaru and Mark Fainaru-Wada of ESPN are reporting that NBA Commissioner Adam Silver has called for federal regulation of fantasy operators, even though he insists the league will continue its relationship with FanDuel – one of the organizations under scrutiny. Silver’s remarks, made on ESPN’s Outside the Lines, is the first from a major sports…

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