Douglas Gansler Quoted in the Law360 article, "Banks Must Choose Whether Daily Fantasy Is Worth The Risk"Douglas F. Gansler
Douglas Gansler was quoted in Evan Weinberger's Law360 article, "Banks Must Choose Whether Daily Fantasy Is Worth The Risk," on November 13, 2015.
With regulators taking a hard look at banks’ compliance with anti-money laundering, Bank Secrecy Act and other compliance issues, the costs of continuing their relationships with DraftKings and FanDuel may outweigh the already significant amount of money those two clients provide.
The situation with daily fantasy sports is slightly different. Schneiderman’s assertion that DraftKings and FanDuel violate New York’s gambling statutes do not carry the force of law. Instead, they have to be adjudicated by a judge.
“What happened is Schneiderman said, in his view, online fantasy sports is illegal. That does not have any actual legal weight beyond being his view as the chief legal officer of a state,” said former Maryland Attorney General Douglas Gansler, now a partner at Buckley Sandler.
If banks ultimately decide DraftKings and FanDuel are not worth the gamble, their businesses would likely be in danger unless a judge rules in their favor quickly.