NY Attorney General Hands DraftKings, FanDuel Devastating Blow

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Source — The New York State attorney general on Tuesday ordered the two biggest daily fantasy sports companies, DraftKings and FanDuel, to stop accepting bets from New York residents, saying their games constituted illegal gambling under state law.

The cease-and-desist order by the attorney general, Eric T. Schneiderman, is a major blow to a multibillion-dollar industry that introduced sports betting to legions of young sports fans and has formed partnerships with many of the nation’s professional sports teams.

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Obviously no surprise here. This has been a long time coming. For months now, we’ve heard whispers questioning the legality of DraftKings and FanDuel. They’ve snaked by on the premise that their “daily fantasy” contests are determined by skill and not luck, thus making them not gambling.

Well, this afternoon, NY State attorney general Eric T. Schneiderman disagreed. According to Rovell, New York makes up about 10% of FanDuel’s revenue. This is not surprising, as NYC is massive and the company has their HQ there.

You have to believe these two companies are prepared for this. $800 million in funding doesn’t just go to plastering advertisements all over the subway and running commercials about insurance salesmen that deposited 50 cents and won $10 million. Some of that cheddar goes to legal teams and lobbyists, and it’s time for those boys to get to work.

In a statement, FanDuel said:

“Fantasy sports is a game of skill and legal under New York state law. This is a politician telling hundreds of thousands of New Yorkers they are not allowed to play a game they love and share with friends, family, co-workers and players across the country.”

Ahh, the emotional angle. The politician is taking away a game you love! Friends! Family! Classic move. When your back’s against the wall you come out swinging. You go for the jugular. Nothing is out of play. Not friends. Not family. Nothing.

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