DraftKings, DanDuel to stop in NY

To happen immediately, daily fantasy sites DraftKings and FanDuel will stop operating paid contests in New York. In exchange, NY Attorney General Eric Schneiderman will wait until an appeals hearing is held to pursue underlying litigation that, if successful, would force these fantasy sites to pay restitution to participants who lost money playing the sites' games. Schneiderman believes that daily fantasy sports violate state gambling laws. The daily fantasy sites have argued that they offer games of skill, not games of chance, and as such are in compliance with state and federal laws. New York residents were responsible for more than $267 million in entry fees and $24.8 million in revenue for daily fantasy sites in 2015, making it the second- largest DFS state behind California.