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Fantasy Sports Regulation in the United States after Cheat Scandal on FanDuel

October 16 Sandra Wong

DraftKings employees reportedly won nearly $6 million playing daily fantasy sports at rival FanDuel

Scandal has hit daily fantasy sports, and now ESPN is reporting that DraftKings employees are making roughly $6 million playing on rival FanDuel’s site.

The scandal broke after The New York Times reported that one DraftKings employee had admitted to “inadvertently releasing data before the start of the third week of N.F.L. games.” That employee won $350,000 at FanDuel the same week.

Every wonder which sports has the most cheating?

cheating in fantasy sports

FanDuel and DraftKing Employees Allegedly Used Insider Information to Win Millions on Each Other’s Sites

Following allegations that FanDuel and DraftKing employees used insider information to win millions on each other’s sites, U.S. Senator Richard Blumenthal (D-Conn.) issued a letter today urging Federal Trade Commission Chairwoman Edith Ramirez and Attorney General Loretta Lynch to investigate deceptive and possibly fraudulent practices in the “daily fantasy sports” (DFS) online betting market.

What is the Fantasy Sports Industry Speculating?

We heard this buzzing around the fantasy sports news water cooler: We can’t help but wonder if Amaya politics is behind all this Fantasy Sports Drama happen as they are trying to break into the industry by breaking the competition. Amaya is pushing regulation in Fantasy Sports hard, and could this be their way in? DraftKings is already seen pulling out of a few different states in United States and players are hesitant and scared to trust DraftKings. We just thought this was an interesting take on things.

What are the difference between FanDuel and DraftKings?

FanDuel and DraftKings both operate websites that invite individuals to compete against one another in online fantasy sports tournaments based on real-life statistics of professional sports players. Users pay an entry fee to compete for prize pools. The prize pools are funded through these entry fees, but DraftKings and FanDuel often guarantee prize pools of a certain amount and will pay out the difference. The difference, known as the “overlay”, provides an incentive for these companies to attract as many users as possible to avoid paying from their own reserves.

SOURCE: Business Insider, BluMenthal, CBC News

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