IAG DECEMBER 2016 WEB - page 39

December2016
inside
asiangaming
39
being that his job had allowed him to
access detailed statistical information on
DraftKings players, then use that knowledge
togainanadvantagewhenchoosinghisDFS
teams onFanDuel.
In November 2015, New York State
Attorney General Eric Schneiderman
issued cease and desist letters to all DFS
companies operating in the state, claiming
they were, “engaged in illegal gambling
underNewYork law, causing thesamekinds
of social and economic harms as other
forms of illegal gambling, and misleading
NewYork consumers.”
Schneiderman’s actions sparked a
chain reaction around the country and soon
dozens of stateswerediscussing the legality
of fantasy sportsandwhether they shouldbe
regulatedor banned completely.
It was a brutal blow to the DFS industry
andone it’sbeenfighting against ever since.
Last month, DraftKings and FanDuel
– who have been leading the legislative
charge on behalf of all operators – agreed
to pay a combined US$12 million to New
York to settle claims of false and deceptive
advertising practices. More damaging has
been their rapidly escalating legal costs as
well as the considerable resources they’ve
needed to fund lobby groups in various
iGaming inDepth
iGaming
Blue Pages
“Alreadyboasting90%market shareworldwide
between them, themergerwould createa true
titanof theonlinegaming industry,with the
DFSmarketexpected todouble invalue tomore
thanUS$5.3billionby2021.”
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