PHILADELPHIA, Oct. 13, 2015 /PRNewswire/ -- Legal-Bay LLC, The Lawsuit Settlement Funding Company, announced today that in the world of fantasy sports, a recent controversy has come out that a DraftKings employee won a mega $350,000 jackpot after leaking insider data. The lineup data was leaked before Week 3 games of the latest NFL season, according to the NY Post. Also according to the article, employees from DraftKings are banned from playing on the site they work for, but they're allowed to play and participate on other sites. The DraftKings employee, who used data that determined which players were used most in all the lineups, won $350,000 on a $25 bet in a contest on another fantasy site, FanDuel. FanDuel and DraftKings have both stated that they've temporarily barred their employees from playing games on "rival sites."
However, now, according to USA Today, a federal lawsuit has been filed against DraftKings and FanDuel by a daily fantasy sports customer, "accusing the companies of fraud because they failed to disclose that their employees had access to insider data," which could help them win "millions at the expense of regular customers." The plaintiff, who lives in Kentucky, is seeking damages for himself and others who are "similarly situated" after the recent insider trading scandal occurred in the fantasy sports world. Also according to USA Today, the suit says that "DraftKings employees have won at least $6 million playing on FanDuel, a rival site that has a similar business model to DraftKings."
Due to the protection of consumer issues, the NY Attorney General is launching their own probe, while a NJ congressman has called for an overview of the popular sites, which are spending tens of millions of dollars on advertising for all of the major sports leagues: NFL, MLB, NBA, NHL, and golf pools as well. The companies are expected to make billions in revenue this year based on fantasy wagering on the internet, which the companies claim it's not gambling but a game of skill. The casino industry of late has questioned how the companies are allowed to operate unregulated, while they need a license and pay taxes and fees to their particular state.
Chris Janish, CEO at Legal-Bay, commented on the recent fantasy sports scandal, "The noose seems to be tightening on various fantasy businesses. The insider trading scandal is just one example that the sites are now at the forefront of some regulation and are now open to both customer lawsuits and state regulatory action to determine if they can continue to operate as unregulated gaming businesses."
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