Don't worry, they've both come out and banned employees from playing as of today. That will be entirely enforceable and should end these shenanigans once and for all.

 

Nothing to see here!

I haven't tried either of these sites so I don't get how they work exactly, but if it is anything like the fantasy football you can play on CBS, ESPN, Yahoo or wherever, how could this be a scandal/insider trading?

admitted last week to inadvertently releasing data before the start of the third week of N.F.L. games.

What data might they (Draft Kings/Fan Duel) have that the general public does not?

Each week you are given a budget limit, and all players have an assigned value. Teams can pick any players to fill their weekly roster, so long as they stay under the "cap."

 

To win in some of the larger contests - like this one for $350k - the key is hitting on cheaper players, and players that are less likely to be used by your opponents. If you worked for the company and saw less than 25% of the league has picked up Player X, you're at a distinct advantage if you pick him up and he goes off for a great week.

 

Think of it like a March Madness bracket. You need some of the rare upsets to win a larger pool. 

Ah, that makes sense. Thanks.

Explains all the ads.

@darrenrovell: NFL says teams can't own stakes in daily fantasy companies, but their owners can. Robert Kraft & Jerry Jones have stakes in DraftKings.

I totally can see FanDuel doing this. But from DraftKings? That surprised me.

 

 

The DraftKings employee suspected of insider trading looks exactly like you’d expect. pic.twitter.com/PVNXDTWCc7

— Jessica Coen (@jessicacoen) October 6, 2015

 

Now the NY Attorney General has begun an investigation.

 

Be sure to use the promo code and get your $200 bonus while you can!

 

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

bloomberg.com

by Joshua Brustein and Ira Boudway

September 10th, 2015

 

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.

 

Does the influx of new players in September make for easier money? Sud laughs at the question. “A lot easier,” he says.

 

snip

 

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.

 

snip

 

For the massive tournaments whose prizes regularly top $1 million, both websites now limit the number of entries from a single player. FanDuel put a cap of about 1,000 entries on big football tournaments this year. For DraftKings's "Millionaire Maker" tournament, players are limited to 500 entries at the $10 level.

 

These limits seem almost laughably nonrestrictive until you understand how top players operate. 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.

continue

 

New York Attorney General Opens Inquiry Into Fantasy Sports Sites

nytimes.com

By JOE DRAPE and JACQUELINE WILLIAMSOCT. 6, 2015

 

In a letter to both companies, Attorney General Eric T. Schneiderman demanded the names, job titles and descriptions of any employees who aggregate and compile a wide range of data that perhaps could be used to gain a personal advantage — including ownership percentages and pricing algorithms.

 

The companies have until Oct. 15 to respond.

 

Mr. Schneiderman also demanded that the companies turn over details of any internal investigations into their employees, including the one at the center of the current scandal, Ethan Haskell of DraftKings.

 

“It’s something we’re taking a look at — fraud is fraud,” Mr. Schneiderman said in a radio interview early Tuesday before the inquiry was announced.

 

snip

 

In Washington, Representative Hakeem Jeffries, Democrat of New York and a member of the House Judiciary Committee, called on the panel to examine “whether permitting a multibillion-dollar industry to police itself serves the best interests of the American people,” while Senator Robert Menendez and Representative Frank Pallone Jr., both Democrats of New Jersey, asked the Federal Trade Commission to implement safeguards to ensure a fair playing field. continue

scratch off lottery tickets. fantasy football is 98% luck. nobody is "good" at fantasy sports. just lucky.

And the AG and the rest of the politicians are pissed that Draft Kings et al. are partaking in "their" racket.

These guys, and the ones used in their TV commercials, look like the type that lives in Mommy and Daddy's basement. 

I've never heard of these things before

 

do they advertise on TV?

 

I've been pretty busy, on an island.  

 

This is not true at all for the small number of people (around 10-20) that have big money invested and work the math.  It's not about betting $25 for the chance to win a million, it's about repeatedly investing $100,000 to consistently win $8,000.    Add some insider information into the equation and it's essentially a printing press for money.

 

The naive people throwing $200 in an account that think they're playing a football game are losing their shirts.  The small number of people that look at it as a market and are using investment strategies are doing very well.   

Scratch off lottery - Luck

 

Daily Fantasy....not anywhere near "Lottery Luck". Some luck, maybe. Lucky your player didn't get injured. Lucky your player didn't drop the ball. Lucky your player didn't get tackled at the 1 yard line.

 

Unlucky - your player (Calvin Johnson) had the ball stripped by Kam Chancellor just before scoring costing (Boris) about $500 in winnings.

 

There is some luck involved, however, choosing the correct players vs. good matchups is where the "skill" comes into play. Sometimes you choose players vs. tough matchups & score there too....or not.

That's intentional.  "If these dopes can make money, why can't I?" 

ESPN said Tuesday that it's pulling on-air segments sponsored by one of the companies implicated in a possible scandal that's rocked the billion dollar world of fantasy sports.

 

During an afternoon appearance on "Outside the Lines," ESPN anchor Bob Ley detailed how the company is adjusting its partnership with DraftKings.

 

"ESPN today continued running commercials for the two main daily sports fantasy companies, but has removed sponsored elements from within shows," Ley said.

 

A spokesperson for ESPN confirmed to CNNMoney that the channel has pulled DraftKings billboards and sponsorship out of news programming on Tuesday, adding that it is "standard procedure for us to pull these kind of sponsorships and integrations when we are covering significant news, to avoid any suggestion of influence on our coverage."

 

The spokesperson said that ESPN is evaluating the integration of DraftKings in its programming on a day-to-day basis.

 

And contrary to Ley's on-air statement that the commercials are still running on ESPN, the spokesperson said that DraftKings pulled its ads on the channel on Tuesday.

 

The decision comes a day after the New York Times reported that a DraftKings employee admitted to inadvertently releasing data prior to the slate of Week 3 NFL games, prompting claims that the employee may have used insider information to win a $350,000 prize at FanDuel.

 

 

Now if only the Attorney General would look at the white collar criminals on Wall Street, we may finally get some things fixed.

My first reaction as well, Maynard. Go after the shiny new toys and let the real pirates roam unhindered.

Maynard:

Eliot Spitzer did grandstand against Wall Street as AG, and turned out to be a evil monster of a governor.

I remember that...just shows what the priority of just about anything is:

 

NFL, government, business, medicine...

 

All driven by the dollar.  I love money too, but I try not to let it cloud my humanity. 

 

Oh well, time to get it back on-topic.

 

I find it hilarious that ESPN says that they want "to avoid any suggestion of influence on our coverage."

 

Maybe they should take the NFL logo off their programs too. 

 

 

Using this format for fantasy sports, that is far from true. using high level mathematics to figure out probabilities a person can determine how much they win and how much everyone else loses. The system can be gamed.

That is done by design. I bet they hit pretty heavily with college students.

So, in effect, it can be referred to as "counting draft cards?"

 

Okay, that was a bad attempt at a joke.  My wife writes all the funny stuff.

FanDuel bans employees from playing fantasy on any site

 

We have permanently banned our employees from playing any daily fantasy games for money, on any site. We will also require all customers to confirm that they are not an employee of any other third party fantasy site, and if they are, they will not be allowed to access our site.

 

I thought you were for legalizing prostitution.

 

Picture of Maynard's wife:

 

Spitzer had the Senate leader's security detail spy on him.

Hah GL!  She's MUCH better looking than that...funnier too!

LOL, I should hope so.

I get what your saying. I guess what I meant is for the average guy, who doesn't invest hundreds of thousands of dollars into this thing because they think its a game, to them, it's like a scratch off lottery ticket. Pointless. Futile.

 

 

 

Basically what that gets you is a team that doesn't get last. Strategy ensures your team won't tank. It takes a tremendous amount of luck to win at fantasy football.

New York sends cease-and-desist notices to DraftKings, FanDuel

New York attorney general Eric Schneiderman declared Tuesday that daily fantasy sports constitutes illegal gambling in his state and sent game operators DraftKings and FanDuel cease-and-desist notices in a significant blow to the embattled billion-dollar industry. 

Schneiderman demanded DraftKings and FanDuel, the two industry giants, stop accepting "wagers" from New York residents and discontinue operations in the state. 

"Our review concludes that DraftKings'/FanDuel's operations constitute illegal gambling under New York law," Schneiderman wrote in the letter, obtained by ESPN's David Purdum and Darren Rovell, and ABC News. 

During their rampant growth, daily fantasy sites have pointed to the Unlawful Internet Gambling Enforcement Act of 2006 in regard to their legality and have claimed they offer games of skill. But Schneiderman found that "each DraftKings/FanDuel wager represents a wager on a 'contest of chance' where winning or losing depends on numerous elements of chance to a 'material degree.'"

 

http://espn.go.com/chalk/story...daily-fantasy-sports

 

Enter promo code "F****D" 

 

P.T. Barnum would have loved these guys.

I am much more interested in the NY AG investagation of Exxon

Don't you love how the politicians think we're too stupid to make these decisions for ourselves?

winning or losing depends on numerous elements of chance to a 'material degree.'"

 

A lot like IPOs during the Dot Com days.

Ironic, dontcha think?

 

 

The most ironic thing, is her whole song has nothing to do with actual irony.

 

Irony: adjective  using words to convey a meaning that is the opposite of its literal meaning;

 

http://www.isitironic.com/definition.htm

 

The lyrics for "Ironic" are partially re-printed here for your consideration.

An old man turned ninety-eight He won the lottery and died the next day

Not ironic. Bloody unlucky, but there's no irony. However, we'll grudgingly give this one a "Cosmic Irony" tag. This example explores the "double-whammy" effect of being both too old to really use the money effectively for his own pleasure or comfort, and then actually dying. Doesn't change anything, but we'll give her a couple of marks for that.

It's a black fly in your Chardonnay

I have no idea where she was even going with this one. Would a white fly have not been ironic? Bizarre and absolutely not ironic. Can only assume she was in a rush to finish the song.

It's a death row pardon two minutes too late

No irony here again. Not even going to give this one a "Cosmic Irony" tag because it's so banal.

It's like rain on your wedding day

What on earth? If she had said "in the desert, where it hasn't rained in 40 years" we might give it a "cosmic irony" tag, but even then - this is not ironic.

It's a free ride when you've already paid

Nope - this is just a pain in the arse.

It's the good advice that you just didn't take

Oooh, totally non-specific. Can't even begin to rate this one...

Who would've thought ... it figures

Exactly!! This pretty much sums up the reason she's got it all wrong, the apparent belief that irony is used to describe situations where you're "damned if you do, damned if you don't".

Mr. Play It Safe was afraid to fly He packed his suitcase and kissed his kids good-bye He waited his whole damn life to take that flight And as the plane crashed down he thought 'Well isn't this nice...'

Just a nasty coincidence. I don't even want to give this one a "cosmic irony" tag because it's so vacuous.

Well life has a funny way of sneaking up on you When you think everything's okay and everything's going right And life has a funny way of helping you out when You think everything's gone wrong and everything blows up In your face

Ah-hah! The nub of the matter. The confusion appears to be that this song should have actually been titled "Fate" - because that's what she's describing. And it's not a bad "poetic" description of fate, either, I quite like it. But it's not irony. It just isn't.

It's a traffic jam when you're already late

Pisser. Not ironic.

It's a no-smoking sign on your cigarette break

Huh? Not ironic.

It's like ten thousand spoons when all you need is a knife

What? Where the hell would you find ten thousand spoons? OK, sorry, just being a dick there. Not ironic.

It's meeting the man of my dreams And then meeting his beautiful wife

Oh dear God...I give up, I really do.

And isn't it ironic... don't you think

No.