Daily Fantasy Sports: Is it Legal or Illegal?
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
- 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
- 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 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.
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 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.
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 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.
Peter serves as Chair of the Firm's Gaming and Daily Fantasy Sports Group and is a frequent speaker and author …
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Method of Presentation:
On-demand Webcast (CLE)
NASBA Field of Study:
Specialized Knowledge and Applications
NY Category of CLE Credit:
Areas of Professional Practice
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