New Jersey Fines DraftKings for Incorrect Reporting of Sports Data
The Division of Gaming Enforcement (DGE) has announced they have issued DraftKings, the Sportsbook operator, with a fine of $100K for reporting incorrect sports betting data as part of its trading figure returns to the state.
New Jersey hands out a fine to DraftKings for reporting sports betting errors.
LISTEN TO THIS ARTICLE:Concerns by the DGE in New Jersey were raised when it became apparent DraftKings had issues with its reporting of sports betting revenue in other US states, Illinois and Oregon. Regulators in these states had concerns with the accuracy of DraftKings revenue returns, and on the investigation, the DGE found similar problems in the operator’s New Jersey sports revenue returns.
The presence of such issues emphasizes the importance of transparency and accuracy for all operators in New Jersey, including those offering services at the best NJ online casinos. The regulators had to re-issue sports betting data for the period where DraftKings had reported incorrect figures. The DGE stated this was the first time in thirteen years it had re-publish revenues from gambling operators in the state.
DraftKings Implements New Compliance Procedures
The DGE warned leadership at DraftKings in June that this situation is not acceptable in the state of New Jersey, and this was the reason for the penalty fine.
In response, the sportsbook operator said the errors had arisen due to a problem with a new database and certain bets being listed incorrectly. Originally the operator tried to say this was a minor issue and not important because it did not affect the taxable revenue of the company. However, the DGE said that all sports betting data should be accurate to give a true reflection of sportsbook revenue earned in New Jersey.
More Regulation News
DraftKings admitted these errors had caused a serious issue and had implemented new procedures that bring the operator into compliance with gaming legislation in the US state.
We value our relationship with the DGE and are committed to ensuring compliance with all regulatory guidelines, There was an error in the reporting of our wagering mix breakdown to the state that we have corrected by implementing additional controls.
Earlier this month DraftKings announced it may sell VSiN back to its former owner.
RELATED TOPICS: Regulation
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