DraftKings and FanDuel were just dealt their biggest blow yet
David Ryder/Getty Images
According to Wallach, DraftKings and FanDuel will both appeal the ruling in the New York Appellate Division, and ask for a stay of injunction in order to allow both companies to remain operating throughout the case.
In November, New York Attorney General Eric T. Schneiderman ordered that daily fantasy sports websites constituted gambling and were thus illegal.
At the time, Schneiderman called the websites illegal gambling under New York law.
"Our review concludes that DraftKings'/FanDuel's operations constitute illegal gambling under New York law," Schneiderman wrote in a letter.
The attorney general's investigation after a report surfaced that said employees of the websites were winning a lot of money betting at the rival's website.
Jason Robins, CEO of the daily fantasy site DraftKings has argued that daily fantasy is not gambling, arguing that it is a game of skill, not chance.
"If you randomly picked a fantasy lineup and played against someone who put thought into it, they would beat you 9 times out of 10, if not more," Robins argued on ESPN. "So [daily fantasy is] pretty different, I think, from sports books where even though there is some advantage that can be had, the edges are so minimal that it is primarily chance-based."
Several other states have also banned daily fantasy sports to some degree, including Nevada, where DraftKings and FanDuel were order to shut down in October.
The daily fantasy sports sites also asked for an expedited trial, which the judge also ruled against.
You can read the full ruling here.
- Volumes up, values down: India's deal-making marks notable shifts in April
- 10 best kid-friendly summer vacation destinations in India
- “Are you accusing me of bullying the US?” jokes EAM S Jaishankar when asked about India-US relations
- As rain and snow events become more intense, so could our earthquakes, study finds
- India-EU FTA 'most difficult, complex' due to non-trade issues: EAM Jaishankar
- Nothing Phone (2a) blue edition launched
- JNK India IPO allotment date
- JioCinema New Plans
- Realme Narzo 70 Launched
- Apple Let Loose event
- Elon Musk Apology
- RIL cash flows
- Charlie Munger
- Feedbank IPO allotment
- Tata IPO allotment
- Most generous retirement plans
- Broadcom lays off
- Cibil Score vs Cibil Report
- Birla and Bajaj in top Richest
- Nestle Sept 2023 report
- India Equity Market