Illegal gambling cnbc

Jacob Pramuk Staff Reporter.

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The Illinois attorney general on Wednesday deemed daily fantasy sports to be illegal gambling under state law in another blow to embattled companies DraftKings and FanDuel. In an opinion delivered to state representatives, Attorney General Lisa Madigan said she felt free online pokies with features, paid contests offered by the companies should be considered gambling.

Her office now expects DraftKings and FanDuel to change their gambling nova scotia of use and make Illinois residents ineligible to compete until lawmakers pass new legislation. The designation marks another hit to the fast-growing companies, which are embroiled in a legal battle to continue operating in New York. DraftKings and FanDuel can currently operate in New York while they appeal an injunction barring them from operating there.

The companies — which expect to see billions of dollars in contest entry fees this year — operate under a federal legal carve out. But they have faced increased illegal gambling at the state level in recent months amid an advertising barrage and concerns about employee access to confidential information.

Daily fantasy companies have argued that the games take skill and deserve distinction from poker or traditional sports gambling. It's a city -- and Illinois is a state --that plays fantasy sports like almost no other. So why the Attorney General would tell her A sports town like Gamblong and a sports loving state like Illinois deserves nothing less.

In a statement, DraftKings counsel David Boies said the company disagreed with the Illinois opinion and "the reasoning behind it. We also believe, as the attorney general has said, that this is a policy question for state legislators to address," he said.

In the cnvc, users pick lineups of real cnbc and can win money based on their performance in games. Schneiderman illeggal others have argued that players lack control over the real-world illegal gambling cnbc. Daily gammbling sports is gambling community fund gambling Jacob Pramuk jacobpramuk.

So is daily fantasy gambling or not? Jacob Pramuk Staff Reporter. Download the latest Flash player and try again. Please upgrade to watch video. The requested video is unable to play. The video does not exist in the system. Please disable your ad blocker on CNBC and reload the page to start the video.

Illegal gambling may conjure images of mobsters, bookies, and threats of violence but while that underground world still exists, technology has made illegal gambling much more accessible. CNBC Investigates takes you inside the high-stakes world of illegal gambling where some. ENGLEWOOD CLIFFS, N.J., December 10, Beyond the Las Vegas strip there's a thriving underworld of illegal gambling. It's a multi-billion. In the world of illegal gambling, sporting events are far and away the biggest money maker. Literally hundreds of billions of dollars are wagered illegally in the.

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