DraftKings eyes prediction market with new business registration
An American gambling company offering sportsbooks and daily fantasy sports services, DraftKings, announced its debut in the prediction markets space by registering a new...
DraftKings and NFLPA pause legal dispute over NFTs
An American gambling company, DraftKings, and the NFL Players Association (NFLPA) have reached an agreement that could bring their legal dispute to a close.
The dispute stemmed from a contract between DraftKings and the NFLPA over the use of player likenesses in an NFL-themed non-fungible token (NFT) collection. Initially, DraftKings had agreed to pay for these rights as part of its fantasy sports offerings. However, as interest in NFTs declined, DraftKings ended the deal, arguing that a contract change allowed them to terminate the agreement if NFTs were classified as securities.
After another lawsuit raised questions about whether some NFTs might be considered “unregistered securities,” DraftKings decided to shut down its NFT business and back out of the deal. However, the NFLPA disagreed, arguing that the lawsuit never actually proved DraftKings’ NFTs were securities. The association accepted that NFT demand had dropped but insisted DraftKings couldn’t just walk away from a signed contract, saying, “buyers’ remorse is not a basis to terminate a contract.”
Now, according to the agreement, both parties have requested that the New York federal court put the case on hold while they finalize the agreement terms. If an official resolution is reached, the case could be completely dismissed, bringing an end to the dispute.
DraftKings extortion lawsuit moves forward
A New York federal court is allowing VIP player Steven Jacobs' lawsuit against DraftKings to move forward.Jacobs sued DraftKings last June, claiming the company worked...
