Via New York Times:
DraftKings and FanDuel are so short of cash, according to the two people familiar with the negotiations, that they have asked Mr. Schneiderman’s office if they can pay the final settlement in installments, and they have conceded that they are having difficulty meeting their day-to-day obligations. Within the past three weeks, the New York-based FanDuel has laid off more than 60 people, and both companies have acknowledged that they are months behind in their payments to vendors, especially to the array of public relations and lobbying firms that they have employed across the nation to persuade individual state legislatures to legalize daily fantasy games — the most critical component of rebuilding their business.
Maybe they shouldn’t have spent all their money on buying literally every single commercial on television for the past two years? Or on buying advertisements on the courts of seemingly every team int he world? I’d be surprised if the two companies combined haven’t spent 100 gajillion dollars (give or take a gajillion) on advertising.
It’s like Twitter losing money: you’re the first and the biggest ones in a a basically untouched industry. You’ve got people giving you soooo much of their money, plus at least 90% of them are losing. And y’all can’t pay back an $8 million judgement? BROKE BOIS.
The two are reportedly going to merge soon, building a monopoly on the whole daily fantasy experience. Wait, I lied, because you’ve still got the bet fantasy option in the world at your fingertips right now: whitetiefantasy.com (shameless ad plug)