Gambling to feature at New York daily fantasy sports hearing

How did we get to this point in the New York DFS case?

Across the country, state officials are grappling with how to regulate this industry-in-a-cloud. Not so, perhaps, the start-ups and other small companies seeking to gain a following among fantasy fans.

“They can’t have it each methods”, he stated.

FanDuel received $23.6 million in entries overall for its National Football League contests over the weekend, down 17 percent from two weeks earlier, according to data from daily fantasy sports industry tracker Super Lobby. The companies had been valued at more than $1 billion each.

Lambrecht said the company is in talks with six potential targets: Three that have already launched and have existing customer bases and another three that are on the verge of launching. “The bottom line”, says Joseph Kelly, a professor of business law at SUNY College at Buffalo, “is can the Attorney General show that chance is a material factor?”

Internet fantasy sports, a new twist on the timeless notion of sports betting, can co-exist with traditional forms of gambling, as long as there are basic consumer protections in place.

Daily fantasy sports, a turbocharged version of the season-long game, have developed over the past decade.

“There’s no need to do any kind of fine calibration to determine how much is chance and how much is skill”, Kiernan said. It’s unclear whether he’ll issue a ruling Wednesday.

Now only a handful of states have weighed in specifically on DFS. But when it comes to policy, the public opinion about what constitutes gambling doesn’t matter-it’s the complex and technical legal definitions, which vary state to state, that will seal the fate of daily fantasy sports operators. Tomorrow, the companies plan to make their cases in front of a judge ahead of a trial expected to come next year.

“I’m hoping to get some insight into the whole working of fantasy sports in general”, said Assemblyman Gary Pretlow, who chairs the Assembly Racing and Wagering Committee. He quit his job as an accountant last year, and now the 31-year old father of two works from his home outside of Detroit, playing daily fantasy sports for a living, which is more work than you might think. “If it isn’t legal, he needs to figure out how to legalize it before he regulates it”.

During Wednesday’s listening to, Mendez requested few questions, however pushed McGee to deal with why Schneiderman’s workplace was taking the stance that seasonal fantasy sports activities have been authorized in contrast to the day by day model. Schneiderman has called daily fantasy sports illegal gambling and filed an injunction to shutter the companies in the state. “The situation cries out for a federal overlay of uniform nationwide regulation to avoid a piecemeal, state-by-state approach to DFS”.

North Carolina State guard Anthony Barber (12) dribbles the ball across the FanDuel logo during the first half of an NCAA college basketball game in the Legends Classic, Tuesday in NY. While the funds from lotteries and casinos may sometimes contribute to better schools and more jobs, gambling itself can be a destructive force for individuals and communities alike. The suit alleges that Visa, MasterCard, American Express, and other banks are facilitating illegal gambling operations online by accepting payments on credit cards for the daily fantasy sites.

The concept of fantasy sports leagues sprang up in the 1980s as a low-tech, statistics-laden hobby played by friends and officemates.