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Fantasy Sports Sites Ordered To Stop Taking Bets In New York State (nytimes.com)
HughPickens.com writes: The NY Times reports that in a major blow to a multibillion-dollar industry that introduced sports betting to legions of young sports fans, the New York State attorney general has ordered the two biggest daily fantasy sports companies, DraftKings and FanDuel, to stop accepting bets from New York residents. He said their games constituted illegal gambling under state law. "It is clear that DraftKings and FanDuel are the leaders of a massive, multibillion-dollar scheme intended to evade the law and fleece sports fans across the country," says NY attorney general, Eric T. Schneiderman, "Today we have sent a clear message: not in New York, and not on my watch."
Fantasy sports companies contend that their games are not gambling because they involve more skill than luck, and because they were legally sanctioned by a 2006 federal law that exempted fantasy sports from a prohibition against processing online financial wagering. "Fantasy sports is a game of skill and legal under New York state law," says FanDuel. "This is a politician telling hundreds of thousands of New Yorkers they are not allowed to play a game they love and share with friends, family, co-workers and players across the country." The attorney general's office also said that ads on the two sites "seriously mislead New York citizens about their prospects of winning." State investigators found that to date, "the top 1 percent of DraftKings winners receive the vast majority of the winnings." Schneiderman's investigation was spurred after reports arose that a DraftKings employee used internal data to win $350,000 on rival site FanDuel, which the operators denied. While both companies had allowed employees to place bets on the others site, they have since banned such practices.
Fantasy sports companies contend that their games are not gambling because they involve more skill than luck, and because they were legally sanctioned by a 2006 federal law that exempted fantasy sports from a prohibition against processing online financial wagering. "Fantasy sports is a game of skill and legal under New York state law," says FanDuel. "This is a politician telling hundreds of thousands of New Yorkers they are not allowed to play a game they love and share with friends, family, co-workers and players across the country." The attorney general's office also said that ads on the two sites "seriously mislead New York citizens about their prospects of winning." State investigators found that to date, "the top 1 percent of DraftKings winners receive the vast majority of the winnings." Schneiderman's investigation was spurred after reports arose that a DraftKings employee used internal data to win $350,000 on rival site FanDuel, which the operators denied. While both companies had allowed employees to place bets on the others site, they have since banned such practices.
It's only a movie dude. Not real.
It did happen, but you're too young to remember.
I know you were sarcastic, but the odds are actually better. Fantasy sports leagues aren't like the standard $50 on the outcome of the game. They are, by federal law, arranged more like a poker tournament, where the top N positions in the league (determined ahead of time) get money. Unlike poker tournaments (or the state lottery) the payouts are fixed ahead of time. So, the percentage of monies in that become monies out are frequently lower than in casino gambling or the state lottery. So the odds (payout adjusted) are worse.
And, if it truly is a skill game, than the odds for those skilled are much better, but everyone without a degree in stats has worse likelihood, and far worse odds, than Powerball.
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