PayPal Shutting Down DraftKings, FanDuel Transactions
Following a precedent-setting decision by a Superior Judge Friday morning ordering Daily Fantasy Sports sites DraftKings and FanDuel to halt operating in New York, leading payment processing company PayPal has decided to stop permitting money transfers to and from those websites.
PayPal is an especially popular platform for submission of contest entry fees.
“We have been monitoring the ongoing legal developments closely and in light of the court’s ruling we are working with our merchants to stop processing transactions related to the daily fantasy sports category in New York State,” a PayPal spokesman said in a statement. “We know there are passionate voices on both sides of this issue, and we regret any disappointment this causes.”
In his ruling granting Schneiderman’s request, Mendez said the balance of interests favored Schneiderman and the state “due to their interest in protecting the public, particularly those with gambling addictions.”
“The protection of the general public outweighs any potential loss of business,” Mendez wrote.
- Aaron Goldstein, Gambling911.com
