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Scandal Erupts in Unregulated World of Fantasy Sports
Posted on 10/5/15 at 7:39 pm
Posted on 10/5/15 at 7:39 pm
quote:
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 using information not available to the public.
quote:
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.
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Posted on 10/5/15 at 8:00 pm to BarberitosDawg
What? Internet gambling sites being less-than-totally honest?
Posted on 10/5/15 at 8:16 pm to BarberitosDawg
Sorry but that's not the same thing as insider trading.
Posted on 10/5/15 at 8:18 pm to deeprig9
Insider trading is getting the crop report before it is released to the public, then buying/selling whatever the crop report says is good/bad, then the report goes public, and you make millions.
Haven't you seen Trading Places?
In Fantasy Sports, it's all based on how the players do on the field.
There is no crop report.
Haven't you seen Trading Places?
In Fantasy Sports, it's all based on how the players do on the field.
There is no crop report.
Posted on 10/5/15 at 8:22 pm to deeprig9
Did you miss the link for NY Times article possibly?
Posted on 10/5/15 at 8:26 pm to deeprig9
The key to winning the big pots in these $5 and $10 dollar contests is picking players that others have not.
Obviously, the players picked still have to perform, but knowing the percentages in a contest ahead of time is a huge huge advantage.
You could spend a couple hundred backs with multiple entries in the same contest with low percentage players and almost be guaranteed a big payday.
This is some crooked shite, but will probably just be more free advertising for this new Goliath industry.
Obviously, the players picked still have to perform, but knowing the percentages in a contest ahead of time is a huge huge advantage.
You could spend a couple hundred backs with multiple entries in the same contest with low percentage players and almost be guaranteed a big payday.
This is some crooked shite, but will probably just be more free advertising for this new Goliath industry.
Posted on 10/5/15 at 9:02 pm to Jefferson Dawg
Of course, all these guys will just get their friends to put in the "bets", oh , I am sorry, this is considered a game of skill, NOT gambling, so I guess it will be better termed drafts.
We arent talking chump change here, either. That employee made 350K with that info. Yeah, that is some shady crap.
We arent talking chump change here, either. That employee made 350K with that info. Yeah, that is some shady crap.
This post was edited on 10/5/15 at 9:03 pm
Posted on 10/5/15 at 9:17 pm to BarberitosDawg
Any game that can be run can also be rigged. The more money in the game the more likely that the game is to be rigged. Rigging can be either skimming or outright winning or both. When there is no transparency and no oversight fraud always exists. The world is full of suckers.
Posted on 10/6/15 at 6:18 am to BarberitosDawg
Best get your legal fantasy weekly leagues out of your system now because they are going to go the way of video poker and for the same reasons (it is probably the same money backing the current manifestation).
If you think for a moment that the people backing these sights ain't going to steal money from their customers in some form or fashion you have lost your mind. The stealing is as much a reason for going in this sort of business as the insane legitimate profits...it is the scorpion and the frog.
Casino craps is as close to a legitimate gambling enterprise as there is (blackjack is just slightly less favorable if the players skills are adequate). They even do it in craps....everything on the table other than the boring come and pass bets plus the free odds grants the casino a sizable mathematical advantage...yet when you are playing you will constantly hear someone mentioning the fact that the hard whatever hasn't hit in a while...even with the almost even odds the house tilts them in their favor by not paying certain points...just because they can and folks will keep coming in.
Weekly Fantasy leagues are ran by criminals. As long as you know this going in and arent surprised when your money is gone have fun. It is a matter of mathematics just like poker...if you are good at crunching numbers I suspect there is some real money to be made until they do what scorpions do....
If you think for a moment that the people backing these sights ain't going to steal money from their customers in some form or fashion you have lost your mind. The stealing is as much a reason for going in this sort of business as the insane legitimate profits...it is the scorpion and the frog.
Casino craps is as close to a legitimate gambling enterprise as there is (blackjack is just slightly less favorable if the players skills are adequate). They even do it in craps....everything on the table other than the boring come and pass bets plus the free odds grants the casino a sizable mathematical advantage...yet when you are playing you will constantly hear someone mentioning the fact that the hard whatever hasn't hit in a while...even with the almost even odds the house tilts them in their favor by not paying certain points...just because they can and folks will keep coming in.
Weekly Fantasy leagues are ran by criminals. As long as you know this going in and arent surprised when your money is gone have fun. It is a matter of mathematics just like poker...if you are good at crunching numbers I suspect there is some real money to be made until they do what scorpions do....
Posted on 10/6/15 at 7:47 am to deeprig9
What's funny about this is my grandfather essentially lived Trading Places. He was the head statistician for the US Department of Agriculture a UGA grad I might add. He used to tell me stories of how lock down and secure the facility they were in when they came together to do the reports. There was literally no communication to the outside world and the amount of security was insane!!! This was in the 70s and and early 80s he was the head man when it came to the crop report and told me how much one man could make if he got the information and it would be 100s of millions!!!!
Posted on 10/6/15 at 6:24 pm to NCdawgfan34
quote:
DraftKings pulled its advertising from ESPN on Tuesday after the daily sports company became engulfed in questions this week about possible insider trading.
Posted on 10/6/15 at 6:32 pm to BarberitosDawg
Saw a commercial for a new one during MNF last night.
"Draft Ops". With Rich Eisen as the pitchman.
This shite is pay dirt.
"Draft Ops". With Rich Eisen as the pitchman.
This shite is pay dirt.
Posted on 10/6/15 at 9:01 pm to BarberitosDawg
quote:
New York Attorney General Eric Schneiderman announced he has launched an inquiry into DraftKings and FanDuel on Tuesday night to look into possible advantages daily fantasy company employees might have gained by exploiting the data of their company to win prizes in contests offered by a competitor.
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