Today would not be a propitious day to invest, as some
professional sports leagues have done, in the daily fantasy sports
sites, Draft Kings or FanDuel. Or to make bets (or, according to
DraftKings/FanDuel, to exhibit your skill) on those sites if you
live in New York. The reason is that on November 16 those two
companies failed in their efforts to get a temporary restraining
order against the Attorney General of New York, Eric Schneiderman,
prohibiting the Attorney General from stopping those two fantasy
sports companies from operating.
There will be a further hearing next week, but the companies
will have an uphill battle to show that the instant riches that
they advertise continuously during televised sporting events do not
occur as the result of gambling. How else can one make hundreds of
thousands of dollars in a day? Perhaps, if you are lucky and smart,
on the stock market (which, of course, is highly regulated). Daily
Fantasy Sports sites, on the other hand, have been operating
without regulation in New York and other states.
Read the article here.