DFS sites DraftKings and FanDuel will cease offering their solutions to residents of New York State immediately, the attorney general’s (AG) office announced on Monday.
All wagers Are Off: ny State AG Eric Schneiderman (left, seen here with Governor Andrew Cuomo in 2014) has agreed to keep back on his interest in billions in DFS and buy-in fines from DraftKings and FanDuel until a September hearing in court.
This is part of a settlement that will see the AG’s office refrain from pursuing litigation that would hold both sites liable for vast amounts of bucks in player restitution and fines.
Final December, AG Eric Schneiderman amended his lawsuit against DFS and FanDuel to look for the return of all the buy-ins paid by clients who played in New York State throughout 2015, and also a $5,000 fine per head.
With 600,000 clients collectively, New York represents the web sites’ second-biggest market after Ca, and liabilities would total around $3 billion in fines collectively, with millions on top of that in returned buy-ins.
Rather, the AG has decided to postpone their litigation until when an appeal against the lawsuit will be heard september.
Schneiderman initially took action against the two sites via a cease-and-desist page in November, informing them that their operations in brand New York amounted to unlawful gambling.
Sensing the inescapable, DraftKings and FanDuel attempted t Read more