New York DFS Bill Aims to Rescue DraftKings and FanDuel

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New Yor<span id="more-12723"></span>k DFS Bill Aims to Rescue DraftKings and FanDuel

Senator Michael Ranzenhofer, whose bill aims to classify DFS as a game of ability. He accuses the state of ‘overregulation.’

A brand new ny gambling bill introduced this week by Senator Michael Ranzenhofer (R-Erie County) seeks to classify fantasy that is daily as a game of skill, thus exempting the activity through the state’s prohibition of gambling.

The bill, filed on Monday, appears to be in direct a reaction to the cease and desist letters sent to DFS market leaders DraftKings and FanDuel week that is last New York AG Eric Schneiderman.

The AG has said that the 2 businesses’ operations in the continuing state constitute ‘illegal gambling.’

DraftKings and FanDuel quickly launched lawsuits that are separate Schneiderman seeking to protect their New York business.

DraftKing’s filed a ‘petition and complaint’ contrary to the AG, which aimed to cease him from, according to the filing, ‘carrying out his threat to banish using this State an industry that is lawful by thousands of New Yorkers.’

A brand new York judge on Monday denied DraftKings and FanDuel’s joint request for a temporary restraining order that would have prevented any action being taken against them prior to the matter could be settled in the courts.

The AG acted swiftly as well as on Tuesday filed for an injunction to power down the two operators.

DFS Carve-out

Into this appropriate maelstrom steps Senator Ranzenhofer, who believes DFS should be given a legal carve out from New York’s gambling prohibition, just like the racetracks and brand new casino operators have been.

‘Time and time once more, New York has stood in the way, whether by over-regulation or banning that is outright of activities that are legal and enjoyed in most states across the united states,’ reported Ranzenhofer. ‘ This bill further protects the rights of businesses and individuals wishing to take part in this type of business in the state of the latest York.’

His bill seeks to amend nyc’s concept of a ‘contest of chance’ as the one that:

…shall perhaps not include participation in every dream or simulation in any fantasy or simulation sports game or academic game or competition in which (if the game or competition involves a group or teams) no dream or simulation sports group is dependant on the present membership of a actual team that is an associate of an amateur or professional recreations organizations…

Casino Lobby

The AG’s office dismissed the bill as bit more compared to a lobbyist’s stunt. ‘DraftKings and FanDuel have actually hired a fleet of lobbyists to convince the Legislature to legalize their gambling operations,’ said AG spokesman Damien LaVera. ‘ so how exactly does that square with these businesses’ insistence that their web sites are presently legal?’

Nevertheless, a write-up in the brand new York Post shows that Schneiderman, himself, might not be resistant to the influence of lobbyists.

According to your Post, New York’s casino interests have actually contributed over $150,000 to his campaign funds since 2010.

The gambling enterprises themselves are unable to offer sports wagering and so are incensed that DFS companies are allowed to operate within the state with, so far, complete impunity.

Daily Fantasy Sports Players File Lawsuit Against Credit Card Industry

Daily fantasy sports is being assaulted along with credit card companies in a new lawsuit that alleges DraftKings and FanDuel operate illegal online gambling products. (Image: wkyt.com)

The legality of day-to-day fantasy sports (DFS) has resulted in a national debate over the final half a year, numerous groups petitioning for the own individual interpretation regarding the law to be deemed correct.

Nevada’s Gaming Control Board ordered market leaders DraftKings and FanDuel to leave town, New York Attorney General Eric Schneiderman issued cease and desist letters, and a handful of other jurisdictions including federal lawmakers are currently mulling their steps that are next.

DFS is becoming enflamed with controversy and litigation.

Nonetheless, the latest lawsuit isn’t directed at the operators alone but also the credit card companies that have processed the millions of dollars in transactions.

In a class action suit filed in a Manhattan court, lawyer Hunter Shkolnik argues players ‘think they truly are just sports that are playing, but as it happens become a gambling situation.’

Bank Cards Named

Several payment processors are identified with DraftKings and FanDuel in the lawsuit including Visa, MasterCard, American Express, and Capital One for facilitating and participating in what they allegedly needs known was a unlawful gambling operation.

Shkolnik says his client Yehuda Guttman lost between $5,000 and $10,000 playing fantasy that is daily. Guttman claims he relied on credit cards to allow his DFS participation and often played on credit.

The claim seeks the restitution of monies lost by all DFS players, a goal that would theoretically put DraftKings and FanDuel on the hook for millions of dollars and likely submit them into bankruptcy.

‘Defendants knew, or should have understood, that the loans made to individuals in FanDuel and DraftKings’ DFS schemes were for unlawful gambling and in violation regarding the UIGEA (Unlawful Web Gambling Enforcement Act), federal and New York State laws,’ the accusation reads.

FanDuel and DraftKings of program disagree, the former saying that Schneiderman is attacking its solutions to ‘get himself some press coverage.’ DraftKings is royal vegas online casino safe called it a ‘hasty decision,’ arguing the attorney general don’t just take the right time to discover why DFS competitions are skill challenges.

Tough Case to adhere to

Shkolnik does his best to pinpoint their belief that daily fantasy is gambling in his 45-page criminal suit.

Predominantly going off Schneiderman’s ruling that DFS isn’t protected through the loophole that is UIGEA allowed for fantasy sports games with regards to was passed away in 2006, Shkolnik opines that customers are unknowingly gambling when being told it’s skill-based.

The lawsuit appears to hint at holding DFS operators and payment merchants accountable for your own lack of self-responsibility. Maybe frivolous in nature, that does not mean Shkolnik’s charges are without merit.

Nevada and the latest York attorney general seem to be on the side of the plaintiffs, and extra opinions that are forthcoming states and lawmakers could additionally help fuel the situation against FanDuel and DraftKings.

That doesn’t mean the lawsuit won’t get its fair share of scrutiny from the public that is general. ‘Guy loses thousands gambling and it isn’t his fault,’ observer Peter Flagler commented on the ny Daily News website.

Poker Player Travell Thomas Charged With Operating Fraudulent $31 Million Debt Collection Racket

East Coast poker player Travell Thomas is accused to be the mind of ‘the largest debt that is fraudulent scheme ever to be prosecuted.’ (Image: borgataspringpokeropen2012.blogspot.com)

Travell Thomas, a two-time WSOP Circuit gold ring winner, happens to be accused of operating the largest fraudulent debt-collecting scheme ever prosecuted.

Borrowing and lending may be component of this tradition associated with poker that is live, but we’re maybe not sure we’d want to borrow money from Thomas, if the allegations of US Attorney for the Southern District of nyc are true.

He appears accused to be the co-owner and president of the company that allegedly coerced more than $31 million in consumer debts from thousands of Americans by ‘making false threats and telling a host of lies,’ according to a statement from the AG’s office.

Thomas himself paid himself in $750,000 in money from the scheme, while he and their fellow director withdrew approximately $1.4 million from banks and ATMs.

Meanwhile, tens and thousands of dollars were used to pay for Thomas’ gambling expenses, since well seats for recreations games, his wedding reception and cosmetic surgery for their wife, according to the allegation.

Juicing Balances

It is alleged that the company’s MO was to claim it was connected to local government and law enforcement agencies and to suggest falsely that victims had committed acts that are criminal as wire or check fraudulence, threatening all of them with false warrants if they did not pay up.

It claimed that victims’ driving licenses would be revoked for failure to pay debts.

It is further accused of inflating victims’ debt balances so that they’d ultimately spend significantly more than they owed, a practice referred to by employees as ‘juicing balances.’

‘As alleged, the defendants engaged in what is considered to be the biggest fraudulent financial obligation collection scheme ever become prosecuted, falsely threatening arrest and prosecution of countless Americans, including those who suffered from disabilities,’ Attorney General Preet Bhahara, who simply occurs to function as the man that brought down online poker in the US on Ebony Friday.

‘The defendants charged today allegedly took ruthless benefit of the situation that is desperate which their victims found themselves, using threats and lies to coerce payment and also wanting to collect more money compared to the victims ever owed.’

Facing twenty years

Thomas happens to be a fixture on the East Coast poker scene since the late noughties.

He won his first WSOP Circuit ring in 2011, at a WSOP Circuit Caesars Atlantic City occasion, and their second during the venue that is same 2013.

He is charged, along with co-owner Maurice Sessum and nine other members associated with the business, with cable fraudulence and conspiracy to commit wire fraud. If convicted he could face a maximum phrase of 20 years in prison.

Sports Betting Could come online in soon New Jersey

Nj-new jersey Assemblyman Ralph Caputo is adamant that the survival of Atlantic City depends on sports betting gaining legalization. (Image: meettheleaders.com)

Sports betting in brand New Jersey has its day in court sometime in February when the usa Court of Appeals for the Third District holds a banc that is en to ascertain whether or not the state has the right to authorize the industry.

The Professional and Amateur Sports Protection Act of 1992 (PASPA) outlawed sports betting nationwide except in a handful of states that today is predominantly limited to Nevada.

New Jersey opted to change that, residents voting in benefit of sports gambling in 2011.

The state’s legislature passed a bill with Governor Chris Christie authorizing the law in October of 2012, but since then the measure has sat idle into the courts as the NCAA, NFL, MLB, NBA and NHL filed a collective lawsuit against the Garden State.

Two federal rulings have actually sided with the sports leagues, however New Jersey received a much-needed lifeline last thirty days when the Third District consented to reexamine the actual situation.

Verdict Implications

The en banc hearing will bring most of the Third Circuit to listen to arguments on New Jersey authorizing sports wagering. The proceedings will most likely take place in February, because of the panel likely to release its verdict into the weeks after.

Should it returned in favor of their state, nj-new Jersey Division of Gaming Enforcement Director David Rebuck states the alternative would be to create the practice online.

‘ We were advised a while back that the Third Circuit will hear the case en banc,’ Rebuck told Gambling Insider this week. ‘That is most likely the first time that we had a small victory in our efforts to date.’

‘ If we win that … change the activities wagering prohibition allowing for sports wagering to be performed on the Internet,’ Rebuck said.

Providing New Jerseyans the ability to place wagers on sporting events online would certainly bring substantial new revenues to the Internet casino operators and deliver the subsequent income tax revenues to Trenton.

Saving Atlantic City

Lawmakers are banking on sports wagering as Atlantic City’s savior. The coast that is east destination has been hurt by nearby states legalizing land-based gambling over the last ten years leading to a long and slow death of the resort city.

‘We are in desperate need of innovative tips to combat the continued downturn in New Jersey’s video gaming industry in both Atlantic City and at our racetracks,’ Assemblyman Ralph Caputo (D-District 28) said this past year. ‘This can be an chance to kick-start this industry in a manner that is unprecedented over the East Coast… Sports betting has the potential to be an economic game-changer.’

Within the meantime, local politicians in Atlantic City are seeking ways to fund the town as vacant and bankrupt casinos continue steadily to fail on having to pay their obligated home taxes. Casino companies come in favor of payment-in-lieu-of-taxes moving forward to help them offset their properties’ continued devaluation as video gaming revenues unrelentingly decline.

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