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Category Archives: Legislation

Q&A: WHAT TODAY’S FTC ANNOUNCEMENT MEANS FOR DRAFTKINGS’ CUSTOMERS

What has been announced?

As you may already know, DraftKings entered into a merger agreement with FanDuel last November. The U.S. Federal Trade Commission (FTC) has announced they will attempt to block our merger.

We are disappointed by this approach and continue to believe that a merger is in the best interests of our players and the fantasy sports industry. We are currently considering all our options, including litigation.

Are DraftKings and FanDuel still planning on merging at some point?

For now, DraftKings and FanDuel will remain separate companies. We are working closely with FanDuel to determine our next steps.

How does this impact me and my funds?

Nothing is changing for you right now. DraftKings will continue to operate as an independent entity from FanDuel. Players will be able to use their funds to enter contests as they normally do.

DraftKings will continue to keep player funds in segregated accounts. Your funds will remain protected and available for withdrawal.

You can continue to play the games you love, here: https://www.draftkings.com/lobby

Will there be any changes in leadership or client service staff at DraftKings?

Business will continue as usual. The high-quality service you are accustomed to will continue, uninterrupted.

I also have a FanDuel account. What’s happening to FanDuel?

DraftKings will continue to operate as an independent entity from FanDuel. Check with FanDuel for any updates on its business.

 Will this change anything for this upcoming NFL season?

This is an exciting time to be a sports fan and daily fantasy player. We are looking forward to making this football season the best one yet.

Stay tuned for new products, innovative features and contests to roll out this fall. As we gear up for another successful NFL season, we will continue to put you – the sports fan – at the center of everything we do.

 Will DraftKings still offer all of its sports and contests?

Yes. All sports and contests currently offered by DraftKings will continue to be available to play.

Does this impact the partnerships that are in place with the existing sports franchises/networks, like the MLB?

The close partnerships we hold at DraftKings will continue. We do not anticipate that this development will have any impact on our existing partnerships.

 Will DraftKings continue to advertise?

Advertisements for DraftKings will continue as planned.

As always, we will be focused on sustaining our media relationships and advertising partnerships in order to reach new fantasy players, invest more in promotions and drive continued growth to benefit our users.

Will there be any changes to the commission DraftKings collects from contests?

No; this development will not affect our commission rates. We know that there are other platforms players can choose, and we always assess other fantasy sports sites when we size our contests and offerings so that rates remain competitive.

How does this impact my ability to play on DraftKings?

It does not. You can continue to play the games you love, here: https://www.draftkings.com/lobby

DraftKings’ Statement On Merger Speculation – 10/31/2016

“As we have stated previously, a potential combination would be interesting to consider. However, as a matter of policy, we don’t comment on rumors or speculation, and there can be no assurances at this time that any discussion about a combination would result in an agreement or merger.”

DraftKings Statement On Settlement With New York AG – 10/25/2016

“Today’s settlement concludes the process that we began with the New York Attorney General’s office last March. We are pleased to move forward and as our business continues to grow, we are focused on ensuring that millions of passionate sports fans across the country are able to continue engaging in an innovative way with the sports and athletes they love. We are grateful for the support we’ve received from hundreds of thousands of New Yorkers, leading to a regulatory framework for fantasy sports that was confirmed by New York lawmakers and Governor Cuomo last summer.”

STATEMENT FROM DRAFTKINGS CEO JASON ROBINS ON CLOSING A NEW ROUND OF FUNDING – 9/1/2016

“I am excited to announce that DraftKings has closed a $150 million round of funding. The round was oversubscribed and participants include several new investors, such as Revolution Growth.

“Revolution Growth is a tremendous new partner for DraftKings, with an entrepreneurial outlook and spirit of innovation that meshes perfectly with the culture of our company. They also have deep expertise in sports, technology, and policy.

“We welcome Steve Murray of Revolution to our board of directors and look forward to working alongside him and the rest of the Revolution team to realize our vision of building a transformational global sports entertainment and technology platform.”

– Jason Robins, CEO

BOSTON GLOBE: DRAFTKINGS FINDS FOOTING IN HEAVILY REGULATED FANTASY SPORTS MARKET – 8/17/16

By Curt Woodward, Globe Staff

“Last fall, flush with $500 million in venture capital, DraftKings Inc. burst onto the national scene with an inescapable ad campaign tied to the National Football League’s kickoff.

What a difference a year makes. Chastened by battles with officials in multiple states that threatened to tank the daily fantasy sports industry, DraftKings has spent months developing new procedures and controls that will help the company comply with a long list of new government regulations.”

Continue reading here.

STATEMENT ON MASSACHUSETTS FANTASY SPORTS LAW FROM DRAFTKINGS CEO JASON ROBINS – 8/10/16

“Today is a special day for DraftKings. Boston has always been our home, and on behalf of more than 300 DraftKings employees, we want to thank Governor Baker and the legislature for supporting our company in the city we love.

“Since we started our business in 2012, we have embraced the vibrant technology community in Massachusetts. The tech sector, along with our world-class sports teams, has provided much of our inspiration over the years as we have evolved as a sports-tech company. Numerous members of this community came together to support this initiative and we are fortunate to be part of such a tightknit network of talented entrepreneurs and innovators. This new law gives us the foundation we need so that we can continue to grow right here in Boston.

“Of course, we would not be here without our millions of committed fans who enjoy the fun and excitement that our games provide.  We also want to particularly thank Speaker Robert DeLeo and Senate President Stan Rosenberg, Ways and Means Chairs Brian Dempsey and Karen Spilka, Economic Development Chairs Eileen Donoghue and Joseph Wagner, Majority Leaders Ron Mariano and Harriette Chandler, and Senate sponsor Ben Downing.

“DraftKings could not be prouder of our Boston roots, and we look forward to continuing as a hub for innovation and jobs in Massachusetts for years to come.”

– Jason Robins, CEO, DraftKings

STATEMENT ON NEW YORK FANTASY SPORTS LAW FROM DRAFTKINGS CEO JASON ROBINS – 8/3/16

“We are thrilled Governor Cuomo has signed the fantasy sports bill and we thank him for his support of this important legislation. We are excited to have our DraftKings contests return to New York and bring the fun and excitement of DFS back to our fans. We would like to thank our hundreds of thousands of New York supporters for their passion and loyalty over the past several months. Your hard work and efforts have made an incredible difference.

We extend our sincere thanks to the members of the legislature who worked to make this happen, especially Senator John Bonacic and Assemblyman Gary Pretlow, who provided tireless leadership on this legislation. We also greatly appreciate the thoughtful leadership of Senate Majority Leader John Flanagan, Speaker Carl Heastie, and Governor Andrew Cuomo. It is because of their hard work and collaboration that fantasy sports are returning to New York this football season.

On behalf of everyone at DraftKings, we look forward to welcoming New Yorkers back and are excited that fans in some of the greatest sports towns in the world will once again be playing the fantasy sports contests they love.”

– Jason Robins, CEO, DraftKings