Fantasy sports explosion has gone unchecked until the recent insider trader scandal rocked the industry.
Sports sports business contributor Marc Edelman joined the #SuitUP Podcast to break down the scandal.
Edelman stated it was “well known” in the “fantasy sports community” employees of DraftKings and FanDuel played daily fantasy sports on one another’s sites and found it “astounding” MLB were unaware.
A DraftKings employee won $350,000 on FanDuel’s website.
Edelman explained how Major League Baseball’s infusion of capital impacted DraftKing and the fantasy sports industry after an infusion of private equity.
“DraftKings would have never been able to catapult itself into number 2 without Major League Baseball,” according to Edelman.
Sports leagues and networks have invested in fantasy sports, but the league that would benefit the most did not invest to NFL. “NFL did not jump the gun on this,” Edelman described.
On fantasy sports as gambling, Edelman explained laws are being applied game to game and state to state to eliminate the element of chance to distinguish it from skill based gambling games such as poker.
Disclaimer: (All opinions expressed by #SuitUP guests are theirs solely and do not necessarily reflect the opinions of Exavier B. Pope I, Esq., #SuitUP Podcast, #BestDressedPodcast Network, or 528 Media Group. Marc Edelman is a consultant for a fantasy sports operator in litigation against DraftKings.)
Exavier B. Pope I, Esq. is an award winning attorney, on air legal analyst, media personality, and Fortune 500 speaker. Mr. Pope has over 200+ appearances on air, including: international television on BBC and Al Jazeera English; national television on Fox News Channel, HLN, NBC Nightly News, Al Jazeera America, WGN Morning News, Fox Business Channel, and Huff Post Live; Top 3 Local Media Markets on Fox, CBS, and NBC; international radio on BBC Radio; national radio on ESPN Radio, Clear Channel Radio, NBC Sports Radio; contributed digitally to CNBC, Huffington Post, Jet, and Black Enterprise; and has appeared in other media outlets nationally and internationally. Mr. Pope is represented by top media and literary agency RLR Associates. All opinions expressed are those solely of Mr. Pope.
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