{"id":74506,"date":"2016-10-26T08:47:12","date_gmt":"2016-10-26T12:47:12","guid":{"rendered":"http:\/\/madisoncountycourier.com\/?p=74506"},"modified":"2016-10-25T21:49:42","modified_gmt":"2016-10-26T01:49:42","slug":"schneiderman-announces-12-million-settlement-with-draftkings-and-fanduel","status":"publish","type":"post","link":"https:\/\/madisoncountycourier.com\/?p=74506","title":{"rendered":"Schneiderman announces $12 million settlement with DraftKings and FanDuel"},"content":{"rendered":"

\"Attorny_General_Eric_T_Schneiderman\"<\/a>Each Company Agrees To Pay $6 Million For Repeated False Advertising Violations In New York; Year-Long Investigation Found That Both Companies Had Consistently Misled Consumers In Advertisements<\/em><\/p>\n

Companies Agree To Sweeping Marketing Reforms, Including Enhanced Disclosure To Users About Terms and Conditions Of Marketing Promotions, Expected Winnings, And Rates Of Success<\/em><\/p>\n

Schneiderman: Today\u2019s Settlement Makes It Clear That No Company Has A Right To Deceive New Yorkers For Its Own Profit<\/em><\/p>\n

Attorney General Eric T. Schneiderman announced that his office has reached separate $6 million settlements \u2013 for a total of $12 million in penalties and costs – with DraftKings and FanDuel, resolving lawsuits alleging false and deceptive advertising practices by the companies. The settlement agreements impose the highest New York penalty awards for deceptive advertising in recent memory. The agreements also require sweeping reforms to the companies\u2019 marketing, including clear disclosure of terms and conditions for marketing promotions, expected winnings, and expected performance in the online contests, as well as resources for players at risk for compulsive gaming disorders, including addiction. Furthermore, the companies will be required to maintain a webpage that provides information about the rate of success of users in its contests, including the percentage of winnings captured by the top 1%, 5% and 10% of players.<\/p>\n

Attorney General Schneiderman<\/strong> said, \u201cToday\u2019s settlements make it clear that no company has a right to deceive New Yorkers for its own profit. DraftKings and FanDuel will now be required to operate with greater transparency and disclosure and to permanently end the misrepresentations they made to millions of consumers. These agreements will help ensure that both companies operate, honestly and lawfully in the future.\u201d<\/p>\n

The Attorney General\u2019s investigation found, among other violations, that the companies:<\/p>\n