Here is the weekly recap of the top legal news in the internet gaming world for the week of Sept. 1-5:
- New Portuguese Internet gaming law to be implemented within 180 days.
- FanDuel raises $70 Million of financing
- Antigua presents new proposal to U.S. in decade-long Internet gaming dispute
New Portuguese Internet gaming law to be implemented within 180 days
Portuguese internet gaming legislation received approval this week to enter a 180-day window for implementation. The legislation received approval from Portugal’s Council of Ministers back in June.
A new regulatory body, the Gaming General Inspection, will regulate the online industry.
The legislation received criticism from the existing lottery operator, the Portuguese Olympic Committee and certain sports leagues and associations.
FanDuel raises $70 Million of financing
Fantasy sports got a big bump in action this week with the kickoff of the NFL’s regular season last night. In 2014, an estimated 40 million Americans are playing some form of fantasy sports. And this industry growth is attracting big investments.
FanDuel, Inc. announced this week that it raised $70 million in a recent funding round, increasing total investment to $88 million. FanDuel “represents 65% of the daily and weekly fantasy sports market,” according to a September 2, 2014 Business Wire article.
According to a Reuters article, FanDuel CEO Nigel Eccles recently stated that the company turned profitable in the fourth quarter of 2013 and the recently raised funds will be primarily used to invest in mobile and increase marketing.
Antigua presents new proposal to U.S. in decade-long Internet gaming dispute
An Intellectual Property Watch report out this week indicates that the new government of Antigua and Barbuda submitted a new proposal to the US government in the decade-old Internet gaming dispute before the WTO.
This dispute dates back to March 2003 when the government of Antigua commenced an action before the WTO challenging the US prohibition against offshore internet gaming operators claiming the US position was inconsistent with obligations under the GATS. In 2004, Antigua won the dispute and in 2007 was awarded the right to violate US copyright laws to the tune of $21 million per year.