A report from King 5 News has stated that Washington State is planning a hearing for the final month of 2015 in which the fantasy sports industry will be discussed. Pam Roach, a Washington State Senator, stated that the hearing would take place in Olympia and would focus on the current law in which fantasy sports is illegal within the state when it comes to real money wagering. The law is not currently begin enforced in regards to DFS sites.
In the past, Roach had presented a fantasy sports measure but did not find the support needed to move forward with the legislation. Efforts by Roach would focus on creating season-long leagues legal in the state but not the sites that offer daily fantasy sports. However, the bill could be open to allowing such sites in the future.
Several other states are looking into the daily fantasy sports industry such as Florida and Nevada. On the negative side, New York State will be opening an inquiry into the latest reports of ‘insider trading’ in regards to DFS sites. The attorney general of New York began to look into the matter earlier this week, as reports began to surface that employees of daily fantasy football sites have been able to earn payouts based on information not made available to the public.
The NY attorney general asked FanDuel and DraftKings, two top DFS companies, to provide internal data and details as to how they prevent fraudulent activity from taking place. The inquiry is based on information that both companies had allowed employees to play each other’s sites and win substantial amounts of money.
This past Monday, both sites were forced to release a statement to defend the business of daily fantasy sports based on allegations of insider trading. An employee of DraftKings admitted one week ago that data was inadvertently released before the beginning of the third week of NFL games. The employee is a midlevel content manager at DraftKings who won a large prize of $350,000 at FanDuel the very same week.
The incident has now raised the question as to who at the companies offering daily fantasy sports services have the access to information that could be used with rival companies for a profit. Both companies claim they have the utmost integrity in regards to the games they offer and provided information on how each keeps contests on the level.
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