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US judge restricts former DraftKings executive’s work for Fanatics

Regulation

A US federal judge issued a preliminary injunction limiting Michael Hermalyn’s work for Fanatics until 1 February 2025, according to reports of the ruling. Judge Julia Kobick found that evidence indicated Hermalyn likely mishandled DraftKings trade secrets and breached a non-compete agreement. DraftKings welcomed the order; Fanatics said it disagreed with parts of the ruling and noted Hermalyn could continue working outside the restricted areas.

The order limits Fanatics’ ability to assign Hermalyn work connected to his former DraftKings role.

End-of-day close DraftKings (DKNG), USD, to 14 June 2024
Story date18 March 202414 June 2024

Latest reported results

DraftKings NASDAQ: DKNG

Quarter ended 30 September 2026

Revenue
USD 1.33bn10-Q filing 0001883685-26-000041
Operating income
−USD 493.1m10-Q filing 0001883685-26-000041

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Federal judge blocks Illinois from enforcing gambling laws against prediction markets

A federal judge in Illinois issued a preliminary injunction barring state officials from enforcing gambling laws against CFTC-regulated prediction markets, reportedly. The injunction covers licensing requirements, taxes and enforcement; the report also says DraftKings, FanDuel and Fanatics are among operators retreating from Utah.

A federal judge in Illinois has reportedly entered a preliminary injunction that bars state officials from enforcing gambling laws against CFTC-regulated prediction markets. The injunction reportedly covers licensing requirements and taxes. It was also reported to extend to licensing, taxation and enforcement.

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