New York Attorney General demands documents from Draftkings and Fanduel
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Freddie Buckets
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PostPosted: Tue Oct 06, 2015 5:21 pm    Post subject: New York Attorney General demands documents from Draftkings and Fanduel

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DraftKings and FanDuel are coming under the scrutiny of the New York attorney general after it was revealed Tuesday that a DraftKings employee won $350,000 by gambling on a FanDuel daily fantasy contest with inside information, according to the New York Times. Attorney General Eric Schneiderman wrote letters to both companies demanding names, job titles and descriptions of employees who compile data that could be used to gain a personal advantage.

Schneiderman also demanded that the companies turn over the results of any internal investigations. That includes inquiries into Ethan Haskell, the "mid-level content manager" who fessed up to using information about how frequently players were used in DraftKings' "Millionaire Makers" game before it was available to the public when he won a Week 3 contest on FanDuel.

Both companies said they investigated Haskell and cleared him of wrongdoing.


http://www.sbnation.com/2015/10/6/9467585/draftkings-fanduel-scandal-employee-gambling-investigation
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lakersken80
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PostPosted: Tue Oct 06, 2015 5:42 pm    Post subject:

This is like an employee of the lottery commission winning the jackpot......its highly illegal.
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DaMuleRules
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PostPosted: Tue Oct 06, 2015 8:03 pm    Post subject:

I've been waiting for something to surface about these companies- though more so with FanDuel. Something about them has always seemed fishy.
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Aeneas Hunter
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PostPosted: Wed Oct 07, 2015 8:26 am    Post subject:

Offhand, I don't see anything about this that would be illegal, at least on the part of the company. The employee might be in trouble for misappropriating information from his employer. Even then, it wouldn't be an obvious criminal offense. There might be some theory a prosecutor could pursue.
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ringfinger
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PostPosted: Wed Oct 07, 2015 8:42 am    Post subject:

lakersken80 wrote:
This is like an employee of the lottery commission winning the jackpot......its highly illegal.


Your analogy doesn't fit and I don't think it would be illegal.

To me, it would be like someone working for AT&T, having insider information about the telecom industry, and placing big bets on Verizon stock and hitting.

Remember -- he's a Draftkings employee who won big on a completely different platform.
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PostPosted: Wed Oct 07, 2015 9:21 am    Post subject:

Nothing makes me happier than seeing Government taking down a Big Company.
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PostPosted: Wed Oct 07, 2015 9:40 am    Post subject:

This is becoming a multi billion dollar industry and these two companies have the majority of the market share right now. I don't know how tightly regulated these companies are but I am glad to see there is an investigation. I played on Draft Kings for awhile and lost money. This is gambling plain and simple and it should to be regulated as such. I understand there is a loop hole in the law that allows them to operate as a non gambling company. Also I am getting sick and tired of there commercials. You can't watch any sporting event on TV without getting bombarded with there commercials.
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PostPosted: Wed Oct 07, 2015 10:02 am    Post subject:

LAKERSCMXCIX wrote:
Nothing makes me happier than seeing Government taking down a Big Company.


Nothing? What about a nice & toasty snuggled up homeless chap sleeping soundly on a pile of old blankets on the sidewalk on a cold and clear dark night just prime for your warm white noised drip as if you were pouring a fresh cup of joe in the morning.

HIT THE FOLDGERS MUSIC! The best part of...
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Nnamdi21
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PostPosted: Wed Oct 07, 2015 11:32 am    Post subject:

Played drafKings for a few weeks. 2nd week in I was happy with my 190 score. Only to scroll up to the winner who had a 305 score. I was ranked near the bottom lol...

The top 20 or so hit on every player with 30-40 pts. impossible unless its pure luck or scam.
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PostPosted: Wed Oct 07, 2015 11:38 am    Post subject:

Nnamdi21 wrote:
Played drafKings for a few weeks. 2nd week in I was happy with my 190 score. Only to scroll up to the winner who had a 305 score. I was ranked near the bottom lol...

The top 20 or so hit on every player with 30-40 pts. impossible unless its pure luck or scam.


Quote:
You Aren't Good Enough to Win Money Playing Daily Fantasy Football

Saahil Sud is a fake-sports apex predator. He enters hundreds of daily contests in baseball and football under the name "maxdalury," and he almost always trounces the field. He claims to risk an average of $140,000 per day with a return of about 8 percent. Sud studied math and economics at Amherst College and took a job in data science at a digital marketing firm before shifting to full-time fantasy. He's now the top-ranked daily fantasy sports player, according to Rotogrinders, a stats site for daily fantasy players. He says he's made more than $2 million so far this year.

[...]

What Sud does each day doesn’t seem much like sports fandom—or even like much fun. He spends between eight and 15 hours working from his two-bedroom apartment in downtown Boston; the range reflects his uncertainly over whether to count the time watching games as work. During baseball season he puts about 200 entries into tournaments each night, and he can play more than 1,000 times in the weekly contests during NFL season.

The first step is scraping data from various public resources online and plugging the numbers into his custom-built predictive models, which generate hundreds of lineups based on his forecasts. There are publicly available tools that do some of this work for daily fantasy players, but Sud created bespoke software to make sure no one else can access his data. He also has a technique for identifying athletes who aren’t going to end up on a lot of other team’s rosters, which is important, because there’s a particular advantage in choosing players no one else has noticed.

[...]

Analysis from Rotogrinders conducted for Bloomberg shows that the top 100 ranked players enter 330 winning lineups per day, and the top 10 players combine to win an average of 873 times daily. The remaining field of approximately 20,000 players tracked by Rotogrinders wins just 13 times per day, on average.

http://www.bloomberg.com/news/articles/2015-09-10/you-aren-t-good-enough-to-win-money-playing-daily-fantasy-football


TL;DR: Your regular joe isn't ever going to win anything, period
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lakersken80
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PostPosted: Wed Oct 07, 2015 11:46 am    Post subject:

DuncanIdaho wrote:
Nnamdi21 wrote:
Played drafKings for a few weeks. 2nd week in I was happy with my 190 score. Only to scroll up to the winner who had a 305 score. I was ranked near the bottom lol...

The top 20 or so hit on every player with 30-40 pts. impossible unless its pure luck or scam.


Quote:
You Aren't Good Enough to Win Money Playing Daily Fantasy Football

Saahil Sud is a fake-sports apex predator. He enters hundreds of daily contests in baseball and football under the name "maxdalury," and he almost always trounces the field. He claims to risk an average of $140,000 per day with a return of about 8 percent. Sud studied math and economics at Amherst College and took a job in data science at a digital marketing firm before shifting to full-time fantasy. He's now the top-ranked daily fantasy sports player, according to Rotogrinders, a stats site for daily fantasy players. He says he's made more than $2 million so far this year.

[...]

What Sud does each day doesn’t seem much like sports fandom—or even like much fun. He spends between eight and 15 hours working from his two-bedroom apartment in downtown Boston; the range reflects his uncertainly over whether to count the time watching games as work. During baseball season he puts about 200 entries into tournaments each night, and he can play more than 1,000 times in the weekly contests during NFL season.

The first step is scraping data from various public resources online and plugging the numbers into his custom-built predictive models, which generate hundreds of lineups based on his forecasts. There are publicly available tools that do some of this work for daily fantasy players, but Sud created bespoke software to make sure no one else can access his data. He also has a technique for identifying athletes who aren’t going to end up on a lot of other team’s rosters, which is important, because there’s a particular advantage in choosing players no one else has noticed.

[...]

Analysis from Rotogrinders conducted for Bloomberg shows that the top 100 ranked players enter 330 winning lineups per day, and the top 10 players combine to win an average of 873 times daily. The remaining field of approximately 20,000 players tracked by Rotogrinders wins just 13 times per day, on average.

http://www.bloomberg.com/news/articles/2015-09-10/you-aren-t-good-enough-to-win-money-playing-daily-fantasy-football


TL;DR: Your regular joe isn't ever going to win anything, period


Face it....the guys that are good with numbers are winning in sports. From the stat geeks that are good with numbers that are becoming the GM's of teams in baseball and basketball. Your ordinary sports fans isn't gonna have a PHD in math and be smart enough to aggregate all the data and make use of it to get one over the competition.
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PostPosted: Wed Oct 07, 2015 11:56 am    Post subject:

LAKERSCMXCIX wrote:
Nothing makes me happier than seeing


*peeing
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dont_be_a_wuss
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PostPosted: Wed Oct 07, 2015 12:18 pm    Post subject:

Now that its football season these companies are the largest spenders in advertising. Draft Kings seems like it provides value if you are playing games amongst small groups of people, with DK taking a cut, but the contests are pretty much fleecing the average better according to a guest on Lebatards show today. The pros have advanced algorithms and are entering 1,000's of entries into these contests. Often times the top 10 list of these contest is filled with entries from just a few pros. Its kind of an unspoken agreement between the websites and the pros, they know the pros are winning all the money, but they are happy to be making money as well. And with them being the biggest advertisers this time of year and having so many partnerships with the NFL, ESPN, etc, they have a lot of large companies that are linked to their success.

The same guest said the employees were using information that is available publicly if you know where to look. Except for baseball.
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22
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PostPosted: Wed Oct 07, 2015 1:13 pm    Post subject:

how do they enter so many times daily? I've never been on one of these sites
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ringfinger
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PostPosted: Wed Oct 07, 2015 1:27 pm    Post subject:

I guess I'm confused. I'm not playing in a ton of tournaments (I play 3 max per week) and I play the small money games ($5-$50 max).

Started last year and I was up a little bit last year and I'm up about 20% this year.

So I'm up. I've "made money". Or, are they referring to most people not being good enough to make lot of money, as in, enough to live off of or more? If that's the case, well, it's pretty obvious that you'd need a massive bankroll to do that, as you would with any other game that has a huge luck factor involved, like poker.
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DuncanIdaho
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PostPosted: Wed Oct 07, 2015 2:14 pm    Post subject:

22 wrote:
how do they enter so many times daily? I've never been on one of these sites


They use scripts to automate everything.
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PostPosted: Wed Oct 07, 2015 2:19 pm    Post subject:

Dladi Vidac wrote:
LAKERSCMXCIX wrote:
Nothing makes me happier than seeing Government taking down a Big Company.


Nothing? What about a nice & toasty snuggled up homeless chap sleeping soundly on a pile of old blankets on the sidewalk on a cold and clear dark night just prime for your warm white noised drip as if you were pouring a fresh cup of joe in the morning.

HIT THE FOLDGERS MUSIC! The best part of...


your trying to hard buddy!. just put together the words "throwing pee on the homeless" your level of intelligence lacks the witty commentary that often gets thrown out here on LG

and to answer your question... No. that doesn't make me happier other than seeing your wife doused in my urine marinating in it for hours
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22
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PostPosted: Wed Oct 07, 2015 2:36 pm    Post subject:

DuncanIdaho wrote:
22 wrote:
how do they enter so many times daily? I've never been on one of these sites


They use scripts to automate everything.

Ahh ok, gotcha. Makes sense
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ringfinger
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PostPosted: Wed Oct 07, 2015 2:56 pm    Post subject:

32 wrote:
This is becoming a multi billion dollar industry and these two companies have the majority of the market share right now. I don't know how tightly regulated these companies are but I am glad to see there is an investigation. I played on Draft Kings for awhile and lost money. This is gambling plain and simple and it should to be regulated as such. I understand there is a loop hole in the law that allows them to operate as a non gambling company. Also I am getting sick and tired of there commercials. You can't watch any sporting event on TV without getting bombarded with there commercials.


Just curious. Why would you consider it gambling anymore than say, investing in stocks?
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32
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PostPosted: Wed Oct 07, 2015 3:46 pm    Post subject:

Why is online sports gambling still illegal in the United States but online sports fantasy gambling is not? These companies have found a loop hole to make this legal. That's fine but call it what it is, gambling.
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Last edited by 32 on Wed Oct 07, 2015 3:49 pm; edited 1 time in total
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jonnybravo
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PostPosted: Wed Oct 07, 2015 3:48 pm    Post subject:

Dladi Vidac wrote:
LAKERSCMXCIX wrote:
Nothing makes me happier than seeing Government taking down a Big Company.


Nothing? What about a nice & toasty snuggled up homeless chap sleeping soundly on a pile of old blankets on the sidewalk on a cold and clear dark night just prime for your warm white noised drip as if you were pouring a fresh cup of joe in the morning.

HIT THE FOLDGERS MUSIC! The best part of...


Lol. You are gold man.
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999
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PostPosted: Wed Oct 07, 2015 3:49 pm    Post subject:

jonnybravo wrote:
Dladi Vidac wrote:
LAKERSCMXCIX wrote:
Nothing makes me happier than seeing Government taking down a Big Company.


Nothing? What about a nice & toasty snuggled up homeless chap sleeping soundly on a pile of old blankets on the sidewalk on a cold and clear dark night just prime for your warm white noised drip as if you were pouring a fresh cup of joe in the morning.

HIT THE FOLDGERS MUSIC! The best part of...


Lol. You are gold man.


yaay Daldi has a cheer leader
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dont_be_a_wuss
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PostPosted: Wed Oct 07, 2015 3:59 pm    Post subject:

ringfinger wrote:
32 wrote:
This is becoming a multi billion dollar industry and these two companies have the majority of the market share right now. I don't know how tightly regulated these companies are but I am glad to see there is an investigation. I played on Draft Kings for awhile and lost money. This is gambling plain and simple and it should to be regulated as such. I understand there is a loop hole in the law that allows them to operate as a non gambling company. Also I am getting sick and tired of there commercials. You can't watch any sporting event on TV without getting bombarded with there commercials.


Just curious. Why would you consider it gambling anymore than say, investing in stocks?


They are very similar as financial instruments actually. The key difference is that fantasy football is not one of the SECs recognized securities. People have been arrested for starting sports gambling funds because they didn't understand or respect the list.
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ringfinger
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PostPosted: Wed Oct 07, 2015 4:23 pm    Post subject:

dont_be_a_wuss wrote:
ringfinger wrote:
32 wrote:
This is becoming a multi billion dollar industry and these two companies have the majority of the market share right now. I don't know how tightly regulated these companies are but I am glad to see there is an investigation. I played on Draft Kings for awhile and lost money. This is gambling plain and simple and it should to be regulated as such. I understand there is a loop hole in the law that allows them to operate as a non gambling company. Also I am getting sick and tired of there commercials. You can't watch any sporting event on TV without getting bombarded with there commercials.


Just curious. Why would you consider it gambling anymore than say, investing in stocks?


They are very similar as financial instruments actually. The key difference is that fantasy football is not one of the SECs recognized securities. People have been arrested for starting sports gambling funds because they didn't understand or respect the list.


Or being an investor in a business then?

I guess I just don't consider it gambling per se. Perhaps by the strict definition of it, but, then, getting in to one's car is gambling with one's life. I'm thinking more along the lines of -- whether there is an element of skill to it or not. That's how I distinguish between "gambling" and "not gambling"
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PostPosted: Wed Oct 07, 2015 4:50 pm    Post subject:

There is an element of skill with poker but online poker is not legal in the United States. There is an element of skill in sports betting but online sports betting is not legal in the United States. Why is online fantasy sports gambling legal in the United States but poker and betting on sports is illegal.
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