Arab Today, arab today fantasy sports world battles insider trading claims
Last Updated : GMT 20:11:50
Arab Today, arab today
Arab Today, arab today

Fantasy sports world battles 'insider trading' claims

Arab Today, arab today

Arab Today, arab today Fantasy sports world battles 'insider trading' claims

Fantasy sports websites have become a national obsession
Los Angeles - AFP

The lucrative world of online fantasy sports gaming faced an inquiry from New York authorities over allegations of "insider trading" critics say underscored the need to better regulate the multibillion-dollar industry.

The New York Times reported late Tuesday that New York state Attorney General Eric Schneiderman had written to fantasy sports companies DraftKings and FanDuel to request names, job titles and descriptions of staff with access to data that could potentially be used to gain an advantage.

Schneiderman also requested information from internal investigations carried out by the companies.

"It's something we're taking a look at -- fraud is fraud," Schneiderman said in a radio interview before the inquiry was announced.

The inquiry follows revelations that an employee from DraftKings had won $350,000 on rival site, FanDuel.

The employee stands accused of using data not available to the general public -- such as information on which players were the most popular fantasy picks -- to help win big on other sites.

In the past decade, fantasy sports websites in the United States have soared, with the numbers of participants skyrocketing from 12.6 million in 2005 to an estimated 56.8 million in 2015.

- Companies cry foul -

A proliferation of sites offer fans the chance to make money by assembling fantasy American football or baseball lineups, which then score points based on the actual performances of real athletes playing each week.

DraftKings has denied any wrongdoing on the part of the employee embroiled in the case, saying that an internal investigation had shown the worker had only received the data in question after he had entered his fantasy lineup on the FanDuel website.

The employee received the data at 1:40 pm on September 27 -- 40 minutes after the deadline for FanDuel team lineups closed, DraftKings said.

"This clearly demonstrates that this employee could not possibly have used the information in question to make decisions about his FanDuel lineup," DraftKings said in a statement.

"Again, there is no evidence that any information was used to create an unfair advantage, and any insinuations to the contrary are factually incorrect."

Both DraftKings and FanDuel had issued an earlier joint statement assuring that both companies had policies in place to prevent the misuse of information.

Access to data was limited only to employees who needed it to do their jobs. DraftKings and FanDuel have also banned employees from playing.

- 'Clarion call' for regulation -

Yet the company assurances failed to impress advocates of greater regulation.

Chris Grove, of the Legal Sports Report website, said the joint statement from DraftKings and FanDuel should serve as a "clarion call" for swift external regulation.

Grove argued that the controversy left unanswered questions "because there's no central force articulating and enforcing minimum standards, no one entity that can credibly describe the state of the industry on these key issues."

"That is simply an unacceptable status quo when millions of players will risk billions of dollars this year on games they've been told -- but can't be shown -- are fair," Grove stated.

The controversy is also likely to amplify calls from US lawmakers to examine the fantasy sports industry more closely.

Last month, Democratic Congressman Frank Pallone, a senior member of the House Energy and Commerce Committee, called for a hearing to look at fantasy sports and its relationship to gambling.

"Despite how mainstream these sites have become, though, the legal landscape governing these activities remains murky and should be reviewed," Pallone said.

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today fantasy sports world battles insider trading claims Arab Today, arab today fantasy sports world battles insider trading claims

 



Arab Today, arab today
Arab Today, arab today Fadi Kataya explains secrets of  Nancy Ajram's newlook
Arab Today, arab today Messi visit will contribute in tourism

GMT 14:04 2017 Friday ,24 February

Messi visit will contribute in tourism
Arab Today, arab today Expresses Algerian history by woody figures

GMT 13:26 2017 Friday ,24 February

Expresses Algerian history by woody figures
Arab Today, arab today Mental conflict endures

GMT 07:36 2017 Friday ,24 February

Mental conflict endures
View News in Arabic - Business: اقتصاد دولي
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Reading therapy relieves mental disorders

GMT 15:39 2017 Friday ,24 February

Reading therapy relieves mental disorders
Arab Today, arab today UK appoints 1st Scotland Yard chief in 188 years

GMT 05:14 2017 Thursday ,23 February

UK appoints 1st Scotland Yard chief in 188 years
Arab Today, arab today Ex-yoga missionary unleashes rage

GMT 12:16 2017 Thursday ,23 February

Ex-yoga missionary unleashes rage
Arab Today, arab today Pluto's unruly moons

GMT 06:31 2015 Thursday ,04 June

Pluto's unruly moons
Arab Today, arab today Tesla back into red but revenue grows

GMT 07:27 2017 Thursday ,23 February

Tesla back into red but revenue grows
Arab Today, arab today Nissan enhances sales in most markets

GMT 14:08 2017 Monday ,20 February

Nissan enhances sales in most markets
Arab Today, arab today Wafaa Amer is happy for Sherihan’s return

GMT 07:36 2017 Wednesday ,22 February

Wafaa Amer is happy for Sherihan’s return
Arab Today, arab today Milan laughs while Rome cries

GMT 10:28 2017 Wednesday ,22 February

Milan laughs while Rome cries

GMT 05:19 2017 Tuesday ,21 February

Salma Rashid happy for 'A Whisper of Love'

GMT 12:35 2017 Tuesday ,21 February

63-Year-Old Woman Delivers Baby

GMT 22:42 2017 Thursday ,23 February

Nasima Gamei revives heritage in jewelries

GMT 15:53 2017 Tuesday ,21 February

Small ponds have outsized impact

GMT 20:33 2017 Friday ,17 February

To release new antiques collection

GMT 07:51 2017 Wednesday ,22 February

Mom's immune system accepts babies

GMT 09:59 2017 Monday ,20 February

Tourism shows signs of recovery

GMT 13:12 2015 Saturday ,09 May

Sheikh Sultan opens Sharjah Centre

GMT 20:02 2017 Tuesday ,21 February

Nohan Seyam designs beautiful accessories
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday