DraftKings Ends Reignmakers: Cites Legal Issues

Submitted by Guest on

Written by :

Guest

Published on :

It's been a rough day for the U.S. sports betting market, to say the least.  First we learn that BetRivers sent out an abrupt letter to its affiliate partners in a handful of states advising they are shutting the affiliate program down (no word on whether they intend to completely pull out of those states).

Now comes word that the Draftkings Reignmakers promo is effectively dead due to "legal reasons".

That one is hitting folks hard as well.

One person posted on Twitter has at least one individual will be adversely affected, and it ain't pretty.

"This Reignmakers user had listed 3k NFTs for a total of $422 million.  This snapshot is from almost a year ago. Today, DraftKings announced Reignmakers is dead & these assets are now worthless, just 2 years after launch."

DraftKings gave no notice as the Reignmakers program has been shuttered immediately.  They emailed customers letting them know.  Gee thanks.

In a bizarre twist, the decision comes in less than 24 hours after the company announced plans to offer new NFT packs.

The move has left many users questioning their investments in the platform and seeking clarification on compensation. 

The court's denial of DraftKings motion to dismiss a complaint alleging that the NFTs are investment contracts under the Howey test has been cited as a key factor in the shutdown.

chris-may-24.png

Related Content

Are Changes on the Horizon for Sweepstakes Casinos in the US?

Are Changes on the Horizon for Sweepstakes Casinos in the US?

Sweepstakes casinos offer a very similar experience to online casinos. You can still play your favorite games like slots and blackjack, it is just the winnings that are different. Instead of winning real-money, sweepstakes work slightly differently.
Plataformas de Cassino Online Continuam Acessíveis no Brasil Após Decreto de Lula

Plataformas de Cassino Online Continuam Acessíveis no Brasil Após Decreto de Lula

Com a expressiva vitória de Lula nas eleições brasileiras da semana passada, é praticamente certo que os jogos de azar online continuarão sujeitos a restrições no país, a menos que o setor consiga uma vitória na Justiça.
Ultra Panda to Ultra Thunder: The Credit and Agent Account Questions Operators Must Resolve

Ultra Panda to Ultra Thunder: The Credit and Agent Account Questions Operators Must Resolve

If an agent still has Ultra Panda credits, the appearance of Ultra Thunder in a supplier catalog creates an immediate question: what happens to the old balance? For store owners and distributors, that matters more than a new logo or a list of games.
Casinos Like – The Trusted Source for UK Online Casino News

Casinos Like – The Trusted Source for UK Online Casino News

The UK online casino industry is one that is evolving greatly in recent times, with new regulations that are already shaping a different future for the market.