Fantasy Sports Companies Near Settlement With New York State

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An electronic advertisement for DraftKings outside Madison Square Garden. The company and its competitor FanDuel are said to be short on cash.

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Mark Lennihan/Associated Press

The daily fantasy sports companies DraftKings and FanDuel are nearing a settlement agreement with New York’s attorney general over claims that they engaged in false advertising when they spent nearly a half-billion dollars blitzing the national airwaves with commercials last year, according to two people familiar with the discussions who spoke on the condition of anonymity because negotiations were continuing.

The agreement with the attorney general, Eric T. Schneiderman, was expected to cost the…

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