Daily Fantasy Sports: Is it Legal or Illegal?
Overview:
In recent years, there has been an explosion in the growth of online daily fantasy sports, in which contestants pay to play for the chance of winning (often substantial) cash prizes based on the statistical performance of selected players on a single day or weekend. The credibility and legitimacy of daily fantasy sports has been bolstered by the support it has received from major U.S. sports leagues. The NBA is an investor in last year’s market-leader FanDuel, while MLB and the NHL have endorsement deals with DraftKings, the current market-leader in the daily fantasy sports industry.
But is daily fantasy sports legal? How is it different from sports betting? Is it exempted from U.S. federal gambling prohibitions by the Unlawful Internet Gambling Enforcement Act (the “UIGEA”)? Does state law matter when it comes to daily fantasy sports? How will the very recent “insider trading” scandal affect the industry? What does the future hold in store for daily fantasy sports? Will it go the way of online poker or does it have a brighter future?
In this two-hour LIVE Webcast, a panel of notable professionals and thought leaders assembled by The Knowledge Group will provide an in-depth analysis of these questions, and identify best practices for daily fantasy sports operators to comply with applicable laws.
Key topics will include:
- State and Federal Law affecting Daily Fantasy Sports
- The future of Daily Fantasy Sports
- Do’s and Don'ts in Operating Daily Fantasy Sports Websites
Agenda:
- Background and History of DFS
- Evolution of fantasy sports – from “season long” to DFS
- Differences between traditional and daily fantasy sports
- Explosive growth of DFS
- Concerns Arising from Explosive Growth
- Is DFS legal (under federal law)?
- The myth of UIGEA
- Intent of UIGEA’s authors
- What UIGEA really says
- Other potentially applicable federal laws, including PASPA and the Wire Act
- State Law
- States where the law is explicit and clear – Montana, Maryland and Kansas
- Pending bills
- Skill-chance continuum
- Five states where DK and FanDuel are blacked out – Why?
- “Close call” states: Arkansas, Tennessee, Kentucky, Texas, North Dakota
- Potential Expansion of Fantasy Contests Beyond DFS
- Intra-game fantasy sports
- eSports
- Alternative models of DFS, e.g., playing against the house; “skill” games which all contestants can theoretically win
- Fantasy stock trading games
- Existing Challenges to DFS
- Nevada review
- Mass. AG review
- Pallone initiative in Congress
- Proposed California bill
- Michigan Gaming Commission opinion
- Pending federal legislation
- Top Ten Do’s and Don’ts for DFS Operators
- Predicting the Future of DFS
- Fallout from Insider Trading Scandal
- Today DFS is everywhere, but where will it be in 5 years? …10 years?
- Will FanDuel and DraftKings go the way of PokerStars?
Who Should Attend:
- Federal and State Lawyers
- Civil Litigators
- Casino Owners
- Legal Advisers
- Other related/interested Professionals and Organizations
David J. Apfel is the founder and chair of Goodwin Procter LLP’s Gaming, Gambling & Sweepstakes Practice, and a founding …
Mark’s clients are located within and outside of the United States, and include fantasy sports operators, casinos, suppliers of gaming …
Peter serves as Chair of the Firm's Gaming and Daily Fantasy Sports Group and is a frequent speaker and author …
Course Level:
Intermediate
Advance Preparation:
Print and review course materials
Method of Presentation:
On-demand Webcast (CLE)
Prerequisite:
NONE
Course Code:
145018
NASBA Field of Study:
Specialized Knowledge and Applications
NY Category of CLE Credit:
Areas of Professional Practice
Total Credits:
2.0 CLE
Login Instructions:
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About Goodwin Procter LLP
Goodwin Procter LLP is a leading Am Law 50 and Global 50 law firm, with offices in Boston, Hong Kong, London, Los Angeles, New York, San Francisco, Silicon Valley and Washington, D.C . Excelling at complex transactional work and high-stakes litigation, the firm combines in-depth legal knowledge with practical business experience to help clients maximize opportunities and manage risk. With more than 850 lawyers, the firm provides corporate law and litigation services, focusing on matters involving gaming, gambling and sweepstakes, financial institutions, intellectual property, private equity, real estate capital markets, securities litigation/white collar defense, and technology/life sciences. For more information, visit www.goodwinprocter.com. Follow us on Twitter @GoodwinProcter. Visit our Gaming Blog: www.goodwingaming.com.
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A multi-dimensional firm of nearly 50 lawyers, Gould & Ratner represents Fortune 500 corporations, closely-held businesses, financial institutions and entrepreneurs, as well as families and their businesses in real estate, corporate, tax, estate and succession planning, litigation, human resources and employment, environmental and related specialty fields.
In this ever-changing and complex world, Gould & Ratner remains one of the few truly mid-size law firms in Chicago. This allows them the unique ability to employ a multi-faceted approach to legal service for clients of every size and in every industry.
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