Daily Fantasy

[oochymp 2,393]

my brother just posted this article I thought ya'll might find interesting: You Aren't Good Enough to Win Money Playing Daily Fantasy Football - Bloomberg Business

 

not sure if anyone has tried daily fantasy, but I'd thought about it until I read that, some of the numbers are staggering, for example: "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."

 

from reading that article it sounds like you either lose money on daily fantasy or it sucks all of the fun out of sports, I'm curious if anybody has any first hand accounts or other information to contradict that

[RazorStar 4,025]

Sounds about right, whenever you try to actually make money gambling, playing professional video games, whatever, you need to go at it like a job, and everyone knows jobs just suck the fun out of living.

[ATL_Predator+ 1,196]

Fucking the ever loving shit out of Kate Upton.

[Vin+ 3,121]

I think it depends on how you approach it. Are you doing it for the fun of it and just trying to win a couple bucks, or are you trying to make a living off of it? If it's the latter, then yeah, you're probably not going to have a ton of success.

 

And I love how the article pretty much says, "The people who know what they're doing are better than the people that don't, and that's bad."

[Socal 524]

Therein lies the issue with one day fantasy sports, it's essentially sports betting disguised as a fantasy game. The difference being that these sites like draft Kings and fan duel are even more difficult to win any money because you're not just waging your bet against the odds, you're betting that guys with algorithms, programs, and inside knowledge who treat this like a job won't beat you.

 

If you're someone that is knowledgeable about fantasy sports but don't want to treat it like a day job, stick to money leagues among friends and regulars.

[oochymp 2,393]

the other interesting observation from that article is that apparently a lot of the daily fantasy players are people who used to play online poker, which just underscores the fact that daily fantasy is basically gambling

[Vin+ 3,121]

A major scandal is erupting in the multibillion dollar industry of fantasy sports, the online and unregulated business in which players assemble their fantasy teams with real athletes. On Monday, the two major fantasy companies were forced to release statements defending their businesses’ integrity after what amounted to allegations of insider trading, that employees were placing bets on information not available to the public.

Last week, a DraftKings employee admitted to inadvertently releasing data before the start of the third week of N.F.L. games, a move akin to insider trading in the stock market. The employee — a midlevel content manager — won $350,000 at rival site FanDuel that same week.

...

But in recent years, companies, led by DraftKings and FanDuel, have set up online daily and weekly games in which fans pay an entry fee to a website — anywhere from 25 cents to $1,000 — to play dozens if not hundreds of opponents, with prize pools that can pay $2 million to the winner. Critics have complained that the setup is hardly different from Las Vegas-style gambling that is normally banned in the sports world.

On Monday DraftKings and FanDuel released a joint statement that said that “nothing is more important” than the “integrity of the games we offer,” but offered few specifics about how they keep their contests on the level.

A spokesman for DraftKings acknowledged that employees of both companies have won big jackpots playing at other daily fantasy sites. Late Monday, the two companies temporarily banned their employees from playing games or in tournaments at any other site; they already had prohibited their employees from playing on their own company sites.

“Both companies have strong policies in place to ensure that employees do not misuse any information at their disposal and strictly limit access to company data to only those employees who require it to do their jobs,” the statement said. “Employees with access to this data are rigorously monitored by internal fraud control teams, and we have no evidence that anyone has misused it.”

The data that DraftKings acknowledged was released by its employee, Ethan Haskell, showed what particular players were most used in all lineups submitted to the site’s Millionaire Maker contests. Usually, that data is not released until the lineups for all games are finalized. Getting it early, however, is of great advantage to make tactical decisions, especially when your opponents do not have the information at all.

A spokeswoman for DraftKings said Haskell simply made a mistake and that the company was certain that he did not use the information improperly. She declined to go into specifics about the safeguards or the company’s auditing policies.

More here

 

 

 

 

 

[Piggly Wiggly 960]

These DFS sites are a fucking joke. Not sure what's more laughable, the insider trading going on between FanDuel and DraftKings or the amount of incessant advertisements/commercials that both these sites push out. It's absolutely fucking out of control. Oh, and the fact that these sites claim that it's not gambling and continue to get away with it because it's ''skill based'' LMAO.

 

It's just as much of a gamble, if not more, than regular sports betting is. You're going up against the odds, more variables, AND other people. I'll stick to my point spreads, money lines, and totals, thanks.

 

It's funny how NBB would try to rip me for betting on sports, but then hear how he's trying to break even on FanDuel.

 

 

[BwareDWare94 723]

I've deposited less than $100 at Fanduel and have won about $185, but it's almost impossible to win real money there because that's where all the skilled normal folks--and the folks FanDuel have hired to compete against every day people--are. You'd honestly have to deposit a significant amount and then play a bunch of 50/50 leagues in order to make a little bit of money.

[Vin+ 3,121]

 

http://www.wsj.com/articles/fbi-justice-department-investigating-daily-fantasy-sports-business-model-1444865627

 

The U.S. Justice Department and the Federal Bureau of Investigation are probing whether the business model of daily fantasy sports operators violates federal law, according to people familiar with the matter.

 

FBI agents from the Boston office have been contacting customers of DraftKings Inc. to ask them about their experiences with the Boston-based company, one person familiar with the matter said.

 

The probe is in the preliminary stage, two people said. It is part of an ongoing discussion within the Justice Department about the legality of daily fantasy sites, in which customers pay entry fees to draft virtual sports teams that compete against each other for prize money based on the real-world performances of athletes. 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.

 

Hundreds of millions of dollars in venture capital and player money are flowing into the booming fantasy-sports industry, which counts sports leagues, Alphabet Inc. ’s investing arm, and major media companies such as Comcast Corp. and 21st Century Fox Inc. among its investors. Wall Street Journal-owner News Corp and 21st Century Fox were part of the same company until 2013. Walt Disney Co. earlier this year scuttled a planned investment in DraftKings, though the companies maintain a marketing relationship.

 

Daily fantasy came under scrutiny last week after a DraftKings employee admitted on a fantasy-sports message board last week that he had prematurely released sensitive data about the site’s biggest contest. The same week, he won $350,000 on FanDuel, something both companies acknowledge. DraftKings said the leak was an accident, and both companies said he didn’t benefit from having early access to data.

 

FanDuel has hired an outside investigator to conduct an internal review and make recommendations on how to strengthen controls on sensitive information. DraftKings has hired an investigator to look into unspecified allegations against an employee.

 

“It is entirely predictable that the government would follow up on the misleading reports about our industry,” a DraftKings spokeswoman said in a statement. “We have no knowledge of the specifics of any federal investigation but strongly disagree with any notion that our company has engaged in any illegal activities.”

 

FanDuel has said daily fantasy is a game of skill, not luck, and is therefore exempt under the 2006 law.

 

The New York Attorney General’s office has asked both companies for a raft of internal data including the win/loss records of players, algorithms that determine the fantasy pricing for athletes and details on their policies to prevent fraud. The companies have until Thursday to respond.

 

The Massachusetts Attorney General’s office is in talks with both companies over putting in place proper consumer protections, according to a person familiar with the discussions.

 

 

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[BradyFan81 404]

^

 

"Daily fantasy came under scrutiny last week after a DraftKings employee admitted on a fantasy-sports message board last week that he had prematurely released sensitive data about the site’s biggest contest. The same week, he won $350,000 on FanDuel, something both companies acknowledge. DraftKings said the leak was an accident, and both companies said he didn’t benefit from having early access to data."

 

NBB pls

Edited October 15, 2015 by BradyFan81

[Vin+ 3,121]

http://www.nytimes.com/2015/11/11/sports/football/draftkings-fanduel-new-york-attorney-general-tells-fantasy-sites-to-stop-taking-bets-in-new-york.html?smid=tw-bna&_r=1

 

The New York State attorney general on Tuesday ordered the two biggest daily fantasy sports companies, DraftKings and FanDuel, to stop accepting bets in New York, saying that their games constituted illegal gambling under state law, according to people with knowledge of his investigation.

 

The cease-and-desist order by the attorney general, Eric T. Schneiderman, is a major blow to a multibillion-dollar industry that introduced sports betting to legions of young sports fans and has formed partnerships with many of the nation’s professional sports teams. Given the New York attorney general’s historic role as a consumer-protection advocate, legal experts say the action will most likely reverberate in other states where legislators and investigators are increasingly questioning whether the industry should operate unfettered by regulations that govern legalized gambling.

Fantasy sports companies contend that their games are not gambling because they involve more skill than luck and were legally sanctioned by a 2006 federal law that exempted fantasy sports from a prohibition against processing online financial wagering. That view is increasingly being challenged as fantasy sites have begun offering million-dollar prizes and bets on individual sports, such as golf, mixed martial arts and Nascar races, magnifying the element of chance and making the exemption more difficult to defend.

 

On Tuesday afternoon, as news of the attorney general’s order began to trickle out, DraftKings sent an email to its players, saying, “Attorney General

 

Eric Schneiderman is considering preventing New Yorkers from playing daily fantasy sports,” and added: “Hey, New York, protect your right to keep playing daily fantasy sports. Contact the attorney general today!”

 

Sabrina Macias, a spokeswoman for DraftKings, said: “We’re disappointed he hasn’t taken the time to meet with us or ask any questions about our business model before his opinion.” She said the company had 500,000 users in New York State.

 

In a statement, FanDuel said: “Fantasy sports is a game of skill and legal under New York state law. This is a politician telling hundreds of thousands of New Yorkers they are not allowed to play a game they love and share with friends, family, co-workers and players across the country.”

 

The two companies can challenge the attorney general’s order in court. According to Joseph M. Kelly, a professor of business law at the State University College at Buffalo, the state would have to prove that chance is a material factor in fantasy sports, which would make it gambling.

 

Players who bet on fantasy sports assemble their own teams of real pro athletes who compete based on their actual statistical performance in games.

 

Mr. Schneiderman’s order does not apply to seasonal competitions or to other companies that offer fantasy games.

 

By concluding that daily fantasy games constitute gambling, Mr. Schneiderman also directs an uncomfortable spotlight on some professional sports leagues that oppose gambling, yet maintain financial partnerships with these daily fantasy sports sites.

 

A recent New York TimesNYT ref investigation reported that operators of online gambling sites had begun investing in fantasy companies and that some of DraftKings’ senior managers came from online gambling companies or were professional poker players.

 

Mr. Schneiderman began investigating the fantasy sites after a DraftKings employee inadvertently released internal betting data and that same week won $350,000 on the rival site, FanDuel, which is based in New York. A representative of DraftKings denied that the employee used the internal data to gain an advantage. Both fantasy companies had allowed employees to bet on rival sites, but no longer do. Mr. Schneiderman asked the two companies for a range of internal data and details on how they prevent fraud.

 

Nevada regulators ruled last month that daily fantasy sports should be considered gambling, not games of skill, and ordered fantasy companies to suspend operations until they secured gaming licenses. A Florida grand jury has subpoenaed records of the fantasy sports trade group, The United States attorney in Manhattan has begun an investigation, and the F.B.I. office in Boston, where DraftKings’ offices are, has begun interviewing fantasy players.

 

In addition, nearly a dozen states are considering some form of fantasy sports legislation, according to Gambling Compliance, an independent service that monitors gambling legislation.

 

Mr. Schneiderman also found some daily fantasy ads misleading, according to the people with knowledge of his inquiry

 

For much of the N.F.L. season, DraftKings and FanDuel have blanketed the airwaves with television advertising, spending more than $100 million each, and consistently ranking among the top companies each week in buying airtime.

 

Last September, FanDuel said it was signing up 20,000 to 30,000 players every day. Major League Baseball, the N.B.A. and companies like Comcast,

 

NBC and Google are among its investors. Nearly every N.F.L. team has a sponsorship deal with DraftKings or FanDuel, and two powerful N.F.L. owners — Jerry Jones of the Dallas Cowboys and Robert K. Kraft of the New England Patriots — have equity stakes in the companies.

 

The National Council on Problem Gambling said it had received reports of “severe gambling problems” in some people who play daily fantasy sports, while noting that seasonal competitions with minimal prizes “offer little risk.”

 

 

Edited November 10, 2015 by Vin