Daily Fantasy Sports: Is it Legal or Illegal?
Live Webcast Date:
Wednesday, October 14, 2015 from 3:00 pm to 5:00 pm (ET)
Daily Fantasy Sports CLE/CPE
Join us for this Knowledge Group Daily Fantasy Sports CLE/CPE Webinar. 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 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
Daily Fantasy Sports CLE/CPE
- 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?
Daily Fantasy Sports CLE/CPE
David J. ApfelPartnerGoodwin Procter LLP
David J. Apfel is the founder and chair of Goodwin Procter LLP’s Gaming, Gambling & Sweepstakes Practice, and a founding member of Goodwin’s White Collar Crime & Government Investigations Practice. He is a former federal prosecutor who specializes in white collar criminal defense, SEC and other governmental investigations, internal corporate investigations, gaming and gambling related civil and criminal litigation, and bet-the-company business litigation. He is an award winning and nationally recognized trial lawyer. Mr. Apfel also regularly advises companies and individuals on gaming and gambling regulatory matters, and frequently writes and speaks on legal issues related to online gaming, including daily fantasy sports.
Mark HicharPartnerHinckley, Allen & Snyder LLP
Mark’s clients are located within and outside of the United States, and include fantasy sports operators, casinos, suppliers of gaming systems and services (for online and traditional gaming), and investors in and lenders to gaming businesses. He has structured several joint venture arrangements involving gaming operators and has managed the regulatory approval process with respect to numerous gaming-related transactions. Mark is a frequent writer and speaker on developments in Gaming Law and related regulatory actions, and has authored several articles on developments in the laws relating to online gaming, including fantasy sports contests.
Mark received his B.A. degree from Yale University, his J.D. from the University of Chicago Law School, and also studied at the Universität Duisberg-Essen, in Essen, Germany.
Peter C. SpierPartnerGould & Ratner LLP
Peter serves as Chair of the Firm's Gaming and Daily Fantasy Sports Group and is a frequent speaker and author on issues affecting these industries. He advises DFS clients on the rapidly changing DFS legal landscape on a state-by-state basis and helps them design games to comply with the applicable laws. He helps DFS clients implement policies regarding tax reporting, data security and AML, among other issues. He represents gaming clients in regulatory matters, financing and M&A transactions, and acts as outside general counsel for several gaming companies. Peter is an IAGA member and serves on the Board of ACG and on the ABA and CBA Gaming Law Committees. Peter has been named a "Rising Star" in Gaming, M&A and Corporate Law by Illinois Super Lawyers.
Daily Fantasy Sports CLE/CPE
Course Level:
Intermediate
Advance Preparation:
Print and review course materials
Method Of Presentation:
On-demand Webcast
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
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About the Knowledge Group
The Knowledge Group has been a leading global provider of Continuing Education (CLE, CPE) for over 13 Years. We produce over 450 LIVE webcasts annually and have a catalog of over 4,000 on-demand courses.
Speaker Firms
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Faculty
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David J. Apfel
Partner
Goodwin Procter LLP
Partner
Goodwin Procter LLP
Mark Hichar
Partner
Hinckley, Allen & Snyder LLP
Partner
Hinckley, Allen & Snyder LLP
Peter C. Spier
Partner
Gould & Ratner LLP
Partner
Gould & Ratner LLP
About the Knowledge Group
The Knowledge Group has been a leading global provider of Continuing Education (CLE, CPE) for over 13 Years. We produce over 450 LIVE webcasts annually and have a catalog of over 4,000 on-demand courses.
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.
Website: https://www.goodwinprocter.com/
Hinckley Allen is a multiservice law firm offering a full range of legal services and pragmatic business advice to regional, national and international clients, with practices including Construction, Corporate, Litigation, Real Estate, and Trusts & Estates. With their longstanding reputation for creating lasting, meaningful business relationships, they are more than just a law firm. Hinckley Allen is a law firm that truly and fully engages with their clients.
The time Hinckley Allen invests in understanding their clients and strengthening their business relationships allows for exceptional and effective collaboration between their clients and their legal teams. Hinckley Allen is there to answer your questions and ask the right ones. The results they achieve through the strength of their client relationships help explain why their attorneys have been recognized by their peers as some of the best in the country, and why so many of their clients would recommend Hinckley Allen to others.
Hinckley Allen has the capabilities and expertise of a national firm, but with the agility and responsiveness that can only come from a firm of their size. That unique combination allows them to scale to their client's complex and sophisticated needs efficiently, while enabling cost-effective management of their legal matters.
At Hinckley Allen, the way they measure success lies in the extent to which their clients feel they've added real value to their businesses. Hinckley Allen makes a simple promise to all of their clients: to provide value and deliver results.
Website: https://www.hinckleyallen.com/
Gould & Ratner LLP is a law firm with a wealth of legal experience and business acumen. The firm’s services are designed to reflect the needs of well-established organizations and growing businesses, as well as those of individuals. More than just legal advisors, their lawyers consistently demonstrate the care and commitment that set them apart.
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.
Website: https://www.gouldratner.com/
David J. Apfel is the founder and chair of Goodwin Procter LLP’s Gaming, Gambling & Sweepstakes Practice, and a founding member of Goodwin’s White Collar Crime & Government Investigations Practice. He is a former federal prosecutor who specializes in white collar criminal defense, SEC and other governmental investigations, internal corporate investigations, gaming and gambling related civil and criminal litigation, and bet-the-company business litigation. He is an award winning and nationally recognized trial lawyer. Mr. Apfel also regularly advises companies and individuals on gaming and gambling regulatory matters, and frequently writes and speaks on legal issues related to online gaming, including daily fantasy sports.
Mark’s clients are located within and outside of the United States, and include fantasy sports operators, casinos, suppliers of gaming systems and services (for online and traditional gaming), and investors in and lenders to gaming businesses. He has structured several joint venture arrangements involving gaming operators and has managed the regulatory approval process with respect to numerous gaming-related transactions. Mark is a frequent writer and speaker on developments in Gaming Law and related regulatory actions, and has authored several articles on developments in the laws relating to online gaming, including fantasy sports contests.
Mark received his B.A. degree from Yale University, his J.D. from the University of Chicago Law School, and also studied at the Universität Duisberg-Essen, in Essen, Germany.
Peter serves as Chair of the Firm's Gaming and Daily Fantasy Sports Group and is a frequent speaker and author on issues affecting these industries. He advises DFS clients on the rapidly changing DFS legal landscape on a state-by-state basis and helps them design games to comply with the applicable laws. He helps DFS clients implement policies regarding tax reporting, data security and AML, among other issues. He represents gaming clients in regulatory matters, financing and M&A transactions, and acts as outside general counsel for several gaming companies. Peter is an IAGA member and serves on the Board of ACG and on the ABA and CBA Gaming Law Committees. Peter has been named a "Rising Star" in Gaming, M&A and Corporate Law by Illinois Super Lawyers.
