March Madness may be in full swing, but don’t put your money on the daily fantasy sports (“DFS”) sites DraftKings and FanDuel. New York Attorney General Eric Schneider dealt the online betting sites a potentially fatal blow with his recent announcement that both sites had agreed to suspend their operations in New York state as part of a settlement with the attorney general’s office. Given that New York is the sites’ largest market, the shutdown raises serious questions about their viability going forward, especially as other states consider following New York’s lead. Although legislation regarding DFS is still pending in New York, the announcement has already reverberated through the online betting community in less time than it takes “the wave” to pass through a crowded stadium. Betting on sports is big business. The American Gaming Association (“AGA”) estimated that $9.2 billion would be bet on the 2016 NCAA…
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