DraftKings, FanDuel seek restraining orders to continue in NY

A court hearing on the matter is scheduled for November 25.

“He has unleashed an irresponsible, irrational and illegal campaign to destroy a legitimate industry”, the petitions stated. The companies and their supporters contend that they are in fact games of skill. “We believe this TRO is necessary to protect DraftKings’ business while we pursue our legal actions to prevent the attorney general from denying New Yorkers the right to continue playing the daily fantasy sports games they love”.

Schneiderman’s office scoffed at the legislation.

Oliver does an excellent job of breaking down the problem with daily fantasy sports on sites like FanDuel and DraftKings, which is that fantasy sports are an exception in gambling laws but that exception was created back when fantasy sports were “just those office things that you lost to Janice in accounting”. “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”.

Schneiderman ordered the two sites to stop accepting bets in New York because they violate New York state laws about gambling, according to The New York Times.

This month, Schneiderman used a novel application of a state securities-fraud law to press energy companies to be more up front about the business risks of climate change.

Asked whether the lawsuit could target DraftKings and FanDuel’s business partners, such as payment processors, Mittenthal said Schneiderman’s cease-and-desist letter only addressed the fantasy sports companies.

User questions about the new steps have added to the time it takes the company to process the transactions, she said. “They just applied the whole online poker model to fantasy sports”.

DraftKings and FanDuel say they support developing US regulations for their industry, which grew out of traditional, season-long fantasy sports games played by millions of Americans.

$48,350 from the NY Gaming Association – the umbrella group of nine racetrack slot casinos, including Genting’s Resorts World Casino at Aqueduct.

Financial institutions might consider taking this opportunity to review the capability of their internal controls and monitoring systems to evaluate and/or reject proceeds from DFS sites where such conduct is illegal or from potentially unlawful Internet gambling in accordance with both federal and state law. The brouhaha comes amid an explosion of online fantasy sports wagering, buttressed by professional sports fans being bombarded by television and online commercials from the two competing companies. As FanDuel, DraftKings and others DFS services come under fire and face serious issues, the debate over their legality intensifies.