Draft Kings, FanDuel are shut down in New York State

The New York State attorney general has ordered the two biggest daily fantasy sports companies, DraftKings and FanDuel, to stop accepting bets from New York residents. It says the games represent illegal gambling under state law. It is a body blow to the games, which insist they are based on skill. But the amounts of money are enormous and the attorney general, Eric T. Schneiderman, says the vast majority of those playing lose. Sounds a bit like Lotto 649 and in that sense cynics may see this as government gambling protecting its turf against private gambling. In any case, it is a major blow to a multibillion-dollar industry that introduced sports betting to legions of young sports fans and has formed partnerships with many of the nation’s professional sports teams