Fantasy Sports

News & Analysis as of

Fantasy Stock Picking Contest Deemed by SEC to be Illegal Security-based Swaps

The SEC shut down a “fantasy” stock picking game for allegedly violating securities laws. Forcerank LLC ran contests via mobile phone games where players paid a fee and predicted the order in which 10 securities would perform...more

SEC Says Mobile Phone Game is an Illegal Security-Based Swap

I previously discussed an SEC Investor Alert which said fantasy stock trading for small amounts of money can violate provisions of securities laws implemented by the Dodd-Frank Act. According to the SEC, the terms “swap,”...more

New York’s Fantasy Sports Law Challenged on Constitutionality Grounds

Last week, a group of New York citizens filed a lawsuit against Governor Andrew Cuomo and the New York State Gaming Commission in an effort to halt implementation of New York’s new fantasy sports law. Wielding as a cudgel...more

New Challenge to Daily Fantasy Sports in New York

A group of New York citizens backed by the anti-gambling group Stop Predatory Gambling has filed a lawsuit against New York Governor Andrew Cuomo challenging the constitutionality of the bill that legalized daily fantasy...more

SB356: Senator Coley Proposes Daily Fantasy Sports Contest Legislation

On September 26, 2016, Senator Bill Coley (R-West Chester) introduced S.B. 356, which if enacted would amend Ohio gambling law to expressly define daily fantasy sports (“DFS”) and e-sports contests that charge a commission...more

Michigan to Legalize Fantasy Sports?

The Michigan State House of Representatives recently introduced legislation proposing to exempt certain fantasy sports contests from the prohibition against gambling contained in the State’s penal code. The proposal is the...more

NFL, Employers, and the Office Fantasy Pool – Gambling in the Workplace

With the start of a new NFL football season around the corner, many employers are likely hearing chatter around the workplace about the upcoming season, predictions, and office football leagues. Office betting pools can have...more

Student Athletes Fight to Keep Fantasy Sports-Related Right of Publicity Claims Alive

Last week, the plaintiff collegiate athletes in a putative class action lawsuit pending in the Southern District Court of Indiana filed their opposition to FanDuel and DraftKings’ respective motions to dismiss. The...more

New York Issues DFS Permits

Just days after a New York State’s Daily Fantasy Sports law was passed, the New York Gaming Commission announced it has issued temporary permits to 5 DFS operators. The companies are DraftKings, FanDuel, Yahoo, Fantasy Draft...more

Fantasy Sports Bill Proposed for Nevada

On August 23, 2016, the two largest daily fantasy sports (“DFS”) operators, DraftKings and Fan Duel, will be presenting their proposed Nevada daily fantasy sports legislation (the “Proposed Bill”) to the Nevada Gaming Policy...more

New York’s Fantasy Sports Law at Work

On August 3, 2016, Governor Andrew Cuomo signed a law legalizing fantasy sports in New York. The timing is critical to the industry, as it may enable major fantasy sports providers to reopen operations in New York by the...more

Massachusetts Becomes Ninth State to Legalize Daily Fantasy Sports

Massachusetts Governor Charlie Baker has signed into law a bill to legalize daily fantasy sports in the Commonwealth. Massachusetts is the ninth state to legalize daily fantasy sports, and the eighth to do so this year. The...more

New York Daily Fantasy Law Passed – But Will it Stick?

As previously reported on our blog, New York enacted a law legalizing fantasy sports (subject to certain conditions and licensing). This undoubtedly makes DFS operators and players happy. But consistent with the notion that...more

NJ Gets Shut-out on Sports Betting

New Jersey’s sports betting law was struck down by an Appellate court decision. The court held that PASPA (the Professional And Amateur Sports Protection Act) prohibits states from authorizing by law sports gambling, and that...more

2015-2016 Massachusetts Legislative Session Ends

After a mad scramble to take action before their midnight deadline, Massachusetts lawmakers closed the 20152016 legislative session by passing five of the “Big Six” bills on their agenda. Beacon Hill saw a flurry of activity...more

New York Legalizes Fantasy Sports

New York Governor Andrew Cuomo signed into law a bill that will officially legalize and regulate the fantasy sports industry in the State. Cuomo’s move comes nearly six weeks after the State Legislature initially passed the...more

New York Legalizes Daily Fantasy Sports

Governor Andrew Cuomo signed into law a bill to legalize daily fantasy sports in New York. This is the eighth state to legalize daily fantasy sports, and the seventh to do so this year. With the start of the NFL season just...more

Worth Another Look: Regulating Fantasy Sports

In January of 2016, the National Conference of State Legislatures (NCSL) published a list of the top ten issues that will be before state legislatures across the nation this year. Since Pennsylvania will close out the...more

Welcome (Back) to New York: The Empire State Legalizes Daily Fantasy Sports

On Wednesday, Governor Andrew Cuomo signed into law S. 8153, a bill authorizing daily fantasy sports (DFS) in the Empire State. The law requires DFS operators to register with the New York State Gaming Commission, pay a 15%...more

Massachusetts Beats Buzzer With New Fantasy Sports Law

With the State legislative session set to expire, Massachusetts lawmakers passed a bill late Sunday night to formally legalize daily fantasy sports in the Commonwealth. While other states that have recently legalized fantasy...more

Emerging Trends Newsletter - Q2

We are thrilled to bring you the 2nd installment of Stinson Leonard Street's Emerging Trends newsletter. Recent Delaware Supreme Court Opinion Limits General Personal Jurisdiction for Foreign Corporation - Recent...more

FY2017 Massachusetts Budget Update: The Conference Committee Budget

Just before the close of the fiscal year, the House and Senate reached an agreement on a $39.146 billion state budget for FY17. Due to a recently identified $750 million drop in projected state revenue, the budget, which was...more

Eric Schneiderman’s Losing Lineup

Defenders of DFS like to point out that it is skill-predominant. If the same can be said for public prosecution, then New York Attorney General Eric Schneiderman has been fielding one hell of a losing lineup. Between the...more

An Overview of HB 2150, Preliminarily Approving Expanded Gaming in Pennsylvania

Action Item: The Pennsylvania legislature is poised to expand gaming significantly to include interactive gaming and fantasy sports, among other major changes. Be prepared for these developments which will create...more

New York 2016 Legislative Session Wrap Up

The New York state legislature closed out its 2016 legislative session in the early morning hours on Saturday. Although the legislature came up short on a number of big-ticket items, such as comprehensive legislative ethics...more

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