HomePublicationsNewsletter ArchiveNewslettersVolume 22Issue 12CONGRESSIONAL HEARING ON DAILY FANTASY SPORTS SCHEDULED FOR MAY 11

The U.S. House Energy and Commerce Subcommittee on Commerce, Manufacturing, and Trade recently announced plans to hold an investigatory hearing on May 11, 2016 with regards to daily fantasy sports (“DFS”).  It is expected that the committee will discuss the legal status of DFS and sports betting in general so as to inform themselves of the many issues with respect to DFS. 

Ranking Member Frank Pallone (D-NJ) first requested a hearing in September of 2015 in response to industry providers DraftKings and FanDuel began radio advertising campaigns while also being accused of alleged insider trading violations.  Rep. Pallone has consistently spoken in favor of allowing sports betting in his home state of New Jersey.

An ESPN report indicated that a focus of the hearing will include state action already enacted regarding DFS and a discussion regarding whether federal or state action is more appropriate.  The NBA, MLB, and NHL all have varying equity interests in either DraftKings or FanDuel and 28 of the 32 NFL teams have sponsorship or marketing deals with the companies. 

There have been a total of nine state Attorneys General who have opined that DFS violates their respective state gaming regulations.  Alabama, Illinois, New York and Texas are among the states currently engaged in litigation as to DFS.  More than 20 state legislatures have considered bills this year seeking to clarify the legal status of DFS.

A link to the ESPN report is below.

http://espn.go.com/chalk/story/_/id/15202961/congressional-hearing-held-daily-fantasy-sports-may

 

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