DFS sites DraftKings and FanDuel will stop offering their services to residents of New York State immediately, the attorney general’s (AG) office announced on Monday.
All Bets Are Off: nyc State AG Eric Schneiderman (left, seen here with Governor Andrew Cuomo in 2014) has agreed to hold back on his interest in billions in DFS and fines that are buy-in DraftKings and FanDuel until a September hearing in court.
That is section of a settlement that will see the AG’s office keep from pursuing litigation that would hold both sites responsible for vast amounts of bucks in player restitution and fines.
Last December, AG Eric Schneiderman amended his lawsuit against DFS and FanDuel to look for the return of all the buy-ins paid by customers who played in New York State throughout 2015, and also a $5,000 fine per head.
With 600,000 clients collectively, brand New York represents the web sites’ second-biggest market after California, and liabilities would amount to around $3 billion in fines collectively, with millions on top of that in returned buy-ins.
Instead, the AG has consented to postpone their litigation until when an appeal against the lawsuit will be heard september.
Schneiderman initially took action contrary to the two sites with a cease-and-desist letter in November, informing them that their operations in brand New York amounted to unlawful gambling.
Sensing the unavoidable, Continue reading “DraftKings and FanDuel Power Down in New York State Pending September Appeal”