Sports Betting Tech Provider Vetnos Sues PrizePicks for DFS Patent Infringement

Sports Betting Tech Provider Vetnos Sues PrizePicks for DFS Patent Infringement Pleas Subscribe For Daily Sports Betting News

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When the competition heats up, so does litigation. And the competition for market share in both legal sports betting and DFS is growing. The latest lawsuit involves several DFS patents used in fixed-odds prop lines and risk management.
On Tuesday, Vetnos LLC, a B2B sports technology company, filed a patent and trade secret lawsuit in the Northern District of Georgia (Case Number 1:23cv2746) against PrizePicks — a leading DFS provider.
Vetnos co-founder and technology co-inventor Dan Orlow said, "We apprised PrizePicks of our concerns for several years in an effort to resolve this matter amicably, but unfortunately PrizePicks refused to...

When the competition heats up, so does litigation. And the competition for market share in both legal sports betting and DFS is growing. The latest lawsuit involves several DFS patents used in fixed-odds prop lines and risk management.
On Tuesday, Vetnos LLC, a B2B sports technology company, filed a patent and trade secret lawsuit in the Northern District of Georgia (Case Number 1:23cv2746) against PrizePicks — a leading DFS provider.
Vetnos co-founder and technology co-inventor Dan Orlow said, "We apprised PrizePicks of our concerns for several years in an effort to resolve this matter amicably, but unfortunately PrizePicks refused to respect our IP rights, so we were left with no option but to seek help from the court system."
Vetnos currently licenses its technology to Native American tribes with Class II gaming licenses in California and Oklahoma. As neither state offers access to legalized online sports betting sites, their DFS markets are especially lucrative. Meanwhile, PrizePicks operates its real-money DFS contests in most of Canada, 30 U.S. states, and the District of Columbia. Cutting corners
The lawsuit, filed Tuesday, claims that by infringing on Vetnos’ patents, PrizePicks was able to avoid the development time and costs associated with rolling out a DFS fixed-odds product — costs that Vetnos incurred during its technology development. “By copying the Vetnos Technology, PrizePicks was able to launch a fixed-odds daily fantasy sports game and learn to effectively manage the risk associated with offering such a game without engaging in the significant trial, error, and loss that Vetnos’ predecessor engaged in to develop the Vetnos Technology,” the lawsuit claims.
Spilling the beans
The lawsuit further argues that a former employee of Game Sports Network (Vetnos’ predecessor), Steven Kerstein, shared trade secrets with PrizePicks. After Kerstein left GSN, he worked as a consultant for PrizePicks and is now the company’s Head of Company relations and Marketing Intelligence. PrizePicks, however, denies any wrongdoing. PrizePicks Chief Legal Officer Jason Barclay said, “After years of trying unsuccessfully to get us to buy its technology and intellectual property, Vetnos has now apparently resorted to a frivolous lawsuit to change our minds. That is not a good business or legal strategy. We intend to aggressively defend against this lawsuit and point out its many errors and outright falsehoods.” This article originally appeared on Covers.com, read the full article here
Source: https://www.covers.com/industry/vetnos-suing-prizepicks-for-daily-fantasy-sports-patent-infringement-june-27-2023