Arab Today, arab today fantasy sports world battles insider trading claims
Last Updated : GMT 22:28:40
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.

arabstoday
arabstoday

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

 



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 Designer Aql Faqih aspires to innovation

GMT 18:41 2017 Friday ,20 October

Designer Aql Faqih aspires to innovation
Arab Today, arab today Barcelona through George Orwell’s eyes

GMT 13:44 2017 Friday ,20 October

Barcelona through George Orwell’s eyes
Arab Today, arab today Etiquette expert underlines importance of gifts

GMT 17:52 2017 Sunday ,03 September

Etiquette expert underlines importance of gifts
Arab Today, arab today Tillerson heads to Gulf, downbeat

GMT 09:23 2017 Friday ,20 October

Tillerson heads to Gulf, downbeat
Arab Today, arab today Hiring not part of Alibaba pledge

GMT 11:26 2017 Wednesday ,18 October

Hiring not part of Alibaba pledge
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today World's deepest lake in peril

GMT 15:54 2017 Friday ,20 October

World's deepest lake in peril
Arab Today, arab today Ex-French minister Dati wants tough action

GMT 10:54 2017 Thursday ,19 October

Ex-French minister Dati wants tough action
Arab Today, arab today Delhi braces for pollution 'airpocalypse'

GMT 16:07 2017 Friday ,20 October

Delhi braces for pollution 'airpocalypse'
Arab Today, arab today The history of solar eclipses

GMT 05:16 2017 Sunday ,20 August

The history of solar eclipses
Arab Today, arab today Sweden to get biggest car factory

GMT 14:10 2017 Friday ,20 October

Sweden to get biggest car factory
Arab Today, arab today Mercedes says recalls 400,000 UK cars

GMT 06:56 2017 Tuesday ,17 October

Mercedes says recalls 400,000 UK cars
Arab Today, arab today Actress Shery Adel happy for Egypt’s qualification

GMT 08:57 2017 Wednesday ,18 October

Actress Shery Adel happy for Egypt’s qualification
Arab Today, arab today Massacre fears spark race

GMT 19:09 2017 Thursday ,19 October

Massacre fears spark race

GMT 07:47 2017 Tuesday ,17 October

Hussein Fahmy happy for honoring in festival

GMT 18:15 2017 Monday ,16 October

British actress becomes fifth woman

GMT 16:53 2017 Tuesday ,05 September

Youssra depended on colored foam

GMT 16:00 2017 Wednesday ,18 October

Climate-disrupting volcanoes helped topple

GMT 10:46 2017 Saturday ,05 August

Nanis reveals simple ideas for home renovation

GMT 06:43 2017 Wednesday ,18 October

Fake dentists ply brisk trade

GMT 06:49 2017 Tuesday ,17 October

EasyJet, Lufthansa among seven to bid

GMT 17:12 2017 Monday ,07 August

Al-Shawaifi reveals secrets of total solar eclipse

GMT 20:46 2017 Thursday ,19 October

Qualcomm files lawsuits in China to ban iPhones

GMT 16:53 2017 Saturday ,02 September

Mai importance of gifts during Eid Al-Adha
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