Understanding the Fundamentals of Fantasy Sports Framework
With the surging popularity of fantasy sports, debates over its legality are starting to faze the commercial gaming industry. Many people misunderstand the federal Unlawful Internet Gambling Enforcement Act (UIGEA) and claim that fantasy sports are exempted from state and federal gambling prohibitions as long as "prizes are made known in advance and the results are based on real statistics." Even if fantasy sports contests are games of skill, laws implicated by fantasy sports competitions still vary from state to state. Thus, it is crucial for gaming entities to keep themselves abreast of the fast-paced developing legal framework of Fantasy Sports.
In this two-hour CLE course, a panel of key thought leaders and practitioners brought together by The Knowledge Group will offer a discussion of the fundamentals as well as updates regarding the latest and significant issues surrounding the fantasy sports framework. This LIVE Webcast also aims to help you avoid common pitfalls and risk issues and offer best practices in ensuring compliance with applicable laws.
Key topics include:
- Fantasy Sports Framework
- Unlawful Internet Gambling Enforcement Act (UIGEA)
- Daily Fantasy Sports Forms and Legality
- Potential Legal Challenges and Issues
- Possible Implications on Gaming Industry
- Risk Mitigation Strategies
- Best Compliance Practices
Kate C. Lowenhar-Fisher, Member
Dickinson Wright PLLC
- What is gambling?
- Statutory Gambling Games
- Bona Fide Contests of Skill
- Skill vs. Chance
Mark Hichar, Partner
Hinckley, Allen & Snyder LLP
- The Legality of Daily Fantasy Sports Contests is Predicated on their being Contests of Skill Rather Than Games of Chance
- Federal Laws Relevant to Fantasy Sports Contests
- Discussion of Individual State laws
- Pending State Legislation
- Do’s and Don’ts in Designing a FS Contest
Peter C. Spier, Partner
Gould and Ratner LLP
- Main Differences: Traditional v. Daily Fantasy Sports
- Partnerships with Professional Leagues, Teams, and Other Legitimate Sports Brands
- DFS – 2015 Facts and Figures
- Explosive Growth of DFS
- Predicting the Future
Who Should Attend:
- Federal and State Lawyers
- Civil Litigators
- Casino Owners
- Legal Advisers
- Other related/interested Professionals and Organizations
Ms. Lowenhar-Fisher is a leading Nevada gaming attorney who counsels many of the world’s premier gaming companies on regulatory issues in connection with mergers and acquisitions, corporate restructuring, reorganizations and financings. She has extensive experience advising clients on issues related to Internet gaming, social gaming, fantasy sports, liquor licensing, nightclubs, restaurants, sweepstakes, contests, and promotions. She regularly represents individuals and businesses before regulatory agencies, including the Nevada State Gaming Control Board, the Nevada Gaming Commission, the Clark County Liquor and Gaming Licensing Board and the Las Vegas City Council. Ms. Lowenhar-Fisher is a member of the International Association of Gaming Advisors and the International Masters of Gaming Law. In addition, she is active in non-profit organizations, and she sits on the board of directors of Junior Achievement of Southern Nevada.
Ms. Lowenhar-Fisher is a leading Nevada gaming attorney who counsels many of the world’s premier gaming companies on regulatory issues …
Peter Spier is a partner in the Business Counseling and Transactions Practice of Gould & Ratner LLP and serves as Chair of the Firm’s Gaming and Daily Fantasy Sports Group. Peter advises DFS clients on the rapidly changing legal landscape facing the industry and keeps clients apprised regarding the status of laws and regulations impacting DFS on a state-by-state basis. He provides guidance to DFS clients regarding how to design their games and contests to avoid running afoul of the applicable laws and regulations and helps them implement policies to comply with tax reporting obligations, data security laws and anti-money laundering requirements, among other legal issues. He is a frequent speaker and author on issues affecting the gaming and daily fantasy sports (DFS) industries.
Peter represents gaming clients in regulatory and licensing matters, as well as financing transactions and corporate mergers and acquisitions. He serves as outside general counsel for several gaming companies, advising them on myriad legal issues pertaining to their day-to-day operations.
In his corporate practice, Mr. Spier represents middle-market companies, private equity and venture capital funds and entrepreneurs in mergers & acquisitions, divestitures, capital raising and debt and equity investments. He serves on the Board of Directors of the Association for Corporate Growth’s Chicago Chapter. Mr. Spier has been named a “Rising Star” in Gaming, M&A and Corporate Law by Illinois Super Lawyers. He recently received a 2016 Excellence in Gaming Award by Corporate LiveWire. He received his J.D. from the Northwestern University School of Law and his B.A. in Economics from the University of Pennsylvania
Peter Spier is a partner in the Business Counseling and Transactions Practice of Gould & Ratner LLP and serves as …
Mark's clients are located within and outside of the United States, and include 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.
Mark's clients are located within and outside of the United States, and include casinos, suppliers of gaming systems and services …
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NASBA Field of Study:
Specialized Knowledge and Applications
NY Category of CLE Credit:
Areas of Professional Practice
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About Dickinson Wright PLLC
Dickinson Wright PLLC is one of the fastest growing law firms in North America, with 15 offices in the U.S. and Canada. We have more than 400 lawyers that provide elite client service in more than 40 practice areas to a broad range of business and governmental entities. Our robust team of Gaming lawyers brings diverse specialties to cover the entire spectrum of today's commercial and Indian gaming industries, both nationally and internationally. Across the firm, from the largest Fortune 500 companies to small and emerging businesses, state and local governments, non-profits and individuals, each client benefits from the depth of our experience, the breadth of our expertise and our focus on providing personalized service. Our lawyers are respected by their peers, honored by industry endorsements and recognized through significant appointments throughout the legal industry.
About Gould and Ratner LLP
Gould & Ratner 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, our lawyers consistently demonstrate the care and commitment that set us 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 us the unique ability to employ our multi-faceted approach to legal service for clients of every size and in every industry.
About Hinckley, Allen & Snyder LLP
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.