DraftKings and FanDuel stop doing business in New York

New York Attorney General Eric Schneiderman announced that the biggest daily fantasy sports betting companies, DraftKings and FanDuel, have agreed to stop doing business in New York. The companies have also agreed to halt their legal challenge to Schneiderman if they lose in an upcoming decision by an appeals court in Manhattan.

 

 

In a statement last Monday, a spokesman of DraftKings said it is dropping New York residents as customers, but it will work with state lawmakers “to enact fantasy sports legislation so that New Yorkers can play the fantasy games they love.”

 

 

The deal allows for a legal cooling-off period. The agreement turns off DFS – at least by the two website giants – until either a law is passed this spring regulating the industry or a court decides in the two companies’ favor. According to Senator John Bonacic, chairman of the Senate Racing, Gaming and Wagering Committee, the Senate would be open to rectifying the proposal to have the Gaming Commission regulate DFS.

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