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THEY’RE BACK: FANDUEL & DRAFTKINGS GRANTED STAY

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December 11, 2015, Queens, NY  Call it a comeback. After being put out of business in New York state based on a court ruling last month, fierce competitors, and now even fiercer allies FanDuel and DraftKings have been granted an emergency stay allowing the gambling sites to continue.

The ruling comes hours after Justice Manuel Mendez imposed a temporary injunction preventing FanDuel and DraftKings from operating in New York state, supporting New York Attorney General Eric Schneiderman who initiated the action against the daily fantasy sites. However, the appellate court overruled the injunction so both sites can operate until the matter is settled which won’t happen until probably May or June 2016.

FanDuel ceased operations in New York on Nov. 17, but DraftKings remained steadfast and continued as the matter was being deliberated. FanDuel plans to resume services beginning this evening. According to ESPN’s David Purdum, at least 600,000 New Yorkers play daily fantasy on DraftKings and FanDuel, having put up more than $200 million in entry fees combined in 2015.

Assemblyman Dean Murray has initiated legislation stemming from two bills intended to legalize and regulate daily fantasy sports in New York. The New York State Legislature convenes in mid-January where the matter will be resolved as both sides will present their cases over the course of four or five months.

Just like New York finally licensed casinos, the state will finally relent regarding daily fantasy sites as well as allowing MMA matches because of the huge revenue that will be generated. Revenue that’s taxable.

Professor Clifford Benton can be reached at @cliffordbenton.

 

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