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Jerome García June 26, 2023 3 min read
Vetnos Files Lawsuit against PrizePicks, Claiming Patent Infringement
In its lawsuit, the company alleges that PrizePicks took advantage of its patented technology used for fixed-odds daily fantasy sports betting
Vetnos LLC is a business-to-business provider of fantasy sports technology that has a growing presence in the United States. The company provides tribal operators in states such as Oklahoma and California with daily fantasy sports (DFS) technology, powering their operations. While Vetnos holds three patents for technology that helps mitigate performance and financial risks related to DFS fixed-odds betting, the company now reportedly filed a lawsuit against another DFS operator, claiming it used its technology.
As announced by LegalSportsReports, Vetnos filed a lawsuit against PrizePicks with the Northern District of Georgia last week. In its lawsuit, filed as a patent infringement as well as trade secret misappropriation, the company claimed that PrizePicks copied its patented fixed-odds fantasy technology.
Dan Orlow, Vetnos’ co-founder, explained that the company has been trying to resolve the matter with PrizePicks for years. However, given that no amicable solution was reached and PrizePicks allegedly didn’t respect the company’s IP rights, Orlow said that Vetnos had no other choice but to file a lawsuit.
“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.“Dan Orlow, co-founder of Vetnos
Lawsuit Alleges PrizePicks “Copied” Vetnos Technology
The lawsuit alleges that a former employee of Vetnos, Steven Kersetein, contributed to the “copying” process of the company’s technology. Vetnos claimed that by taking advantage of its patented technology, PrizePicks was able to introduce fixed-odds DFS games with little to no risk. Additionally, the company explained that to develop the technology it engaged in trial and error, something that PrizePicks didn’t have to go through.
“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,“claims the lawsuit filed by Vetnos
Currently, Kersetein is a part of PrizePicks where he oversees market intelligence and company relations. In light of the lawsuit, the company can submit a response through July 11, 2023.
In a statement released by PrizePicks, the company’s chief legal officer and head of public policy, Jason Barclay, challenged the claims made by Vetnos. He alleged that for years Vetnos tried to sell its technology and has now “resorted to a frivolous lawsuit to change our minds.” Speaking on behalf of the company, Barclay said that PrizePicks plans to defend itself aggressively against the lawsuit.