DraftKings & Flutter stocks drop 6% on regulation concerns
Stocks of DraftKings and Flutter Entertainment fell by over six percent.This drop was brought on by concerns that US sports betting companies, such as DraftKings and...
DraftKings pays fine over proxy wagering rule breaches
DraftKings accepted the sanction with a $150,000 fine over breaches of proxy gambling in the state of NJ.
The Division of Gaming Enforcement issued an appeal to the Attorney General.
According to media reports in 2020, a Florida-based client of DraftKings had struck a deal with the head of the company’s sportsbook which permitted him to utilize a proxy for wagering in the state. DraftKing refused to accept this announcement.
Still, the Attorney General decided that the company breached the rules regarding proxy wagering. Consequently, the operator agreed to pay the penalty of $150,000.
Besides the fine, the company was obliged to initiate necessary steps to prevent such cases in the future.
In February, DraftKings reported a net loss of $1.52bln for the 2021 FY though the annual revenue doubled.
2021 revenue accounted for $1.30bln which shows a rise of 110.9 percent compared to the previous FY, costing $614.5mln.
US betting companies unite: ROGA for responsible gaming
Together, the top seven sports betting companies in the US form the Responsible Online Gaming Association (ROGA).Cooperation in addressing issues associated with...
