Scandal Erupts in Fantasy Sports Betting
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A major scandal is erupting in the multibillion dollar industry of fantasy sports, the online and unregulated business in which players assemble their fantasy teams with real athletes. On Monday, the two major fantasy companies were forced to release statements defending their businesses’ integrity after what amounted to allegations of insider trading, that employees were placing bets on information not available to the public.
Last week, a DraftKings employee admitted to inadvertently releasing data before the start of the third week of N.F.L. games, a move akin to insider trading in the stock market. The employee – a midlevel content manager — won $350,000 at rival site FanDuel that same week.
On MondayDraftKings and FanDuel, released a joint statement that said that “nothing is more important” than the “integrity of the games we offer,” but offered few specifics about how they keep their contests on the level.http://www.nytimes.com/2015/10/06/sports/fanduel-draftkings-fantasy-employees-bet-rivals.html?smid=tw-bna&_r=0
A spokesman for DraftKings acknowledged that employees of both companies have won big jackpots playing at other daily fantasy sites. Late Monday, the two companies temporarily banned their employees from playing games or in tournaments at any other site.
How the hell does that work? Algorithms, what? Insider Devontae Freeman information?
Was about to dive into DFS but took a step back and decided to just gamble regularly.
Was about to dive into DFS but took a step back and decided to just gamble regularly.
won $350,000, BUT
"the two companies temporarily banned their employees from playing games or in tournaments at any other site."
What the fuck does this solve? Like quite literally dude is at home going
"the two companies temporarily banned their employees from playing games or in tournaments at any other site."
What the fuck does this solve? Like quite literally dude is at home going
By Slizz Go To PostHow the hell does that work? Algorithms, what? Insider Devontae Freeman information?
Was about to dive into DFS but took a step back and decided to just gamble regularly.
The top 1% earners use sophisticated software that allows them to play hundreds of games, algorithms to determine what actions to play, and have an outright advantage that normal everyday players don't.
By Smokey Go To PostThe top 1% earners use sophisticated software that allows them to play hundreds of games, algorithms to determine what actions to play, and have an outright advantage that normal everyday players don't.so its exactly like the stock market?
By diehard Go To Postso its exactly like the stock market?
Yep. Some of these guys build their own software too. It's crazy.
This guy made 350k in one week. Ain't shit happen to him. Just some light shined on the possible need for regulation. He still got his 350k . Nice gig if you can land it.
I've never seen anything more heavily advertised during sporting events then Fan Duel and Draft Kings are right now. Made me want to invest in their stocks when they went public. But I'm worried about them eventually getting shut down or slapped with heavy fines and the prices plummeting.
They did an OTL special on this today. Almost all the employees for both are playing each others games and some of the executives are saying that they are making more doing that than their regular salary.
Gonna need to regulate this quick before they the government thinks twice. Probably already are now.
Gonna need to regulate this quick before they the government thinks twice. Probably already are now.
I've been thinking about getting involved in this for a while now but hadn't gotten around to it. Serious time investment. Definitely staying away now until the dust settles on this.
By Mangoverboard Go To PostI've been thinking about getting involved in this for a while now but hadn't gotten around to it. Serious time investment. Definitely staying away now until the dust settles on this.Don't do it. It's rigged.
the influx of money draftkings has gotten is obscene--they've bought an unreal amount of ad space in the last year. when you're literally dominating air time and getting official call outs from on air broadcasts for NFL games...the costs involved are gigantic
i legit hope DFS gets banned though--and this coming from someone who enjoys sports betting.
i legit hope DFS gets banned though--and this coming from someone who enjoys sports betting.
Didnt they spend like 500 mill or something outrageous on advertising
It's easily in the hundreds shit is everywhere
It's easily in the hundreds shit is everywhere
By Smokey Go To PostDidnt they spend like 500 mill or something outrageous on advertisingThe irony is when you listen to a podcast that shits all over DFS (like the Deadcast) and it's interrupted by a Draft Kings ad.
It's easily in the hundreds shit is everywhere
RT @DavidPurdum: Nevada Gaming Control says daily fantasy sports meets the definition of a game or gambling game. Complete release: http://gaming.nv.gov/modules/showdocument.aspx?documentid=10481
"Attorneys for Garcon, say that FanDuel 'knowingly and improperly exploits the popularity and performance,' of Garcon and other NFL players without their permission.http://www.npr.org/sections/thetwo-way/2015/10/30/453245445/nfl-player-pierre-garcon-files-class-action-lawsuit-against-fanduel
"Their class-action lawsuit, filed in Maryland, goes on to say that the daily fantasy site uses the names and likenesses of NFL players, like Garcon, in television ads without their authority."