Fantasy Sports Companies Defend Embattled Industry
BOSTON (AP) — Daily fantasy sports companies say their industry remains viable despite a rocky start to 2016.
The industry's top two companies have taken recent hits to their businesses, including this week's disclosure that ESPN and DraftKings ended an exclusive advertising deal and FanDuel was laying off 55 workers in its Florida office.
But Boston's DraftKings and New York's FanDuel say they're more concerned about progress on the legislative front, as dozens of states consider bills regulating their industry.
The developments come after media giant 21st Century Fox said Monday it was marking down the value of its investment in DraftKings by about 60 percent.
Last month, Vantiv, a payment processing company, said it would stop serving the industry this month.
Citigroup and Bank of America say they're blocking their New York customers from playing the contests.