Skip to main content

Justice Dept. Not Impressed By Guy Who Deposited $35 With FanDuel And Won More Than $2 Million

The FBI and DOJ are coming for your fantasy sports.
  • Author:
  • Updated:
    Original:

Don't even think about trying to deposit that check.

Daily fantasy sports leagues are not just Insider Trading 3.0®, maybe. They’re also maybe not so much games of skill as much as they are illegal online gambling with all sorts of unsavory people involved. At least, federal prosecutors up in Boston are mulling the possibility over.

Congress in 2006 prohibited financial companies from transferring money to online gambling sites and several were shut down. But so-called games of skill were exempted. Fantasy-sports sites have since operated under that exemption. So-called daily fantasy sites like DraftKings and FanDuel, Inc. didn’t become popular until after the law was enacted.

The Justice Department is trying to determine whether daily fantasy games are a form of gambling that falls outside the purview of the exemption. No decision on the matter has been reached, these people said.

FBI, Justice Department Investigating Daily Fantasy Sports Business Model [WSJ]

Related

wirecard

German Regulators More Focused On Doing Insider Trading Than Stopping Insider Trading

Turning one of your own in to prosecutors after years of doing the same to Wirecard skeptics is not a great look for BaFin.

trump victory

Trump Pardon Parade A Veritable Dealbreaker ‘Where Are They Now?’

Not in prison anymore, thanks to the Dear Leader’s last acts!

By U.S. Government, Federal Bureau of Investigation [Public domain], via Wikimedia Commons

Practicalities (Contract Killings) Of Running Online Black Market More Serious Than Actual Running Of Online Black Market

Silk Road founder Ross Ulbricht can started making himself comfortable at the Metropolitan Correctional Center.