New York Attorney General Eric Schneiderman has concluded his legal action against daily fantasy sports market leaders DraftKings and FanDuel after the pair agreed to pay a total of $12m in penalties for breaches of advertising laws.

The two operators have agreed to pay $6m each in what Schneiderman described as "the highest New York penalty awards for deceptive advertising in recent memory."

Each company will also be required to launch a major overhaul of their advertising practices, as well as maintaining a web page that provides live updates on the probability of winning in the contests they offer.

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