Checking The Odds On Fantasy Sports

NY State has made its ruling on whether daily fantasy sports sites are illegal.

The companies argue the attorney general doesn’t have the authority to prevent New Yorkers from playing daily fantasy sports.

But daily fantasy sites such as FanDuel and DraftKings altered the traditional structure and business model of the fantasy sports leagues to offer contests that “restart constantly and typically are played against strangers”, the report said. What’s more, 85% of all players on daily fantasy sports players were losers. In filings earlier Monday, both firms sought to temporarily stop the attorney general from shutting them down in NY until a court rules on the dispute. Unlike Ranzenhofer’s bill, Ortiz’ would require the state Gaming Commission to regulate fantasy sports. The process of amending New York’s constitution to allow for an exception could take years, Sleight said.

On sites like DraftKings and FanDuel, players pay a fee to enter their rosters in a pool along with hundreds or even thousands of others, all vying for a piece of jackpots that can grow to millions of dollars. FanDuel has said the attorney general went after it just to “get himself a few press coverage”.

“We are confident in our legal position, and look forward to our day in court next week”. Though both companies have been operating for years, it wasn’t until recently that they were targeted by regulators, prosecutors, plaintiffs and lawmakers.

That doesn’t mean you can’t think daily fantasy sports are unfair or predatory – as Oliver clearly does – and therefore should be subject to certain regulations like the stock market, for example. “We intend to continue to comply with the legal requirements that would apply to PayPal in this area and will work with our merchants and regulators to ensure we are in compliance”.

He said: “I hope no-one from Amayas here, but theyre basically saying theyre withdrawing from states where they didnt have business anyway.”.

The companies requested the order in the wake of Attorney General Eric Schneiderman’s cease-and-desist letters issued last week. Now daily fantasy has the full focus of powerful government figures who may decide if the games will continue.

As The Post’s Carl Campanile reported Monday, Schneiderman has taken in over $150,000 from gambling interests dating to his 2010 run for attorney general.