New York DFS Bill Aims to Save DraftKings and FanDuel



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

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

The bill, filed on Monday, is apparently 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 companies’ operations in the continuing state constitute ‘illegal gambling.’

DraftKings and FanDuel quickly launched separate lawsuits against Schneiderman trying to protect their brand New York company.

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

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

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

DFS Carve-out

Into this appropriate maelstrom actions Senator Ranzenhofer, whom believes DFS ought to be issued a legal carve out from New York’s gambling prohibition, just as the racetracks and new casino operators are.

‘Time and time once more, brand New York has stood in the way, whether by over-regulation or outright banning, of activities that are legal and enjoyed in most states across the united states,’ complained Ranzenhofer. ‘ This bill further protects the rights of businesses and individuals who wish to engage in this type of commerce in the continuing state of New York.’

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

…shall perhaps not add participation in any dream or simulation in any fantasy or simulation sports game or game that is educational contest in which (if the game or contest involves a team or teams) no fantasy or simulation sports group is based on the current membership of a actual team that is a part of an amateur or professional sports organizations…

Casino Lobby

The AG’s office dismissed the bill as little more when compared to a lobbyist’s stunt. ‘DraftKings and FanDuel have 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 your organizations’ insistence that their web sites are presently legal?’

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

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

The casinos themselves aren’t able to provide sports gambling and tend to be incensed that DFS companies are permitted to run into the state with, until now, complete impunity.

Daily Fantasy Sports Players File Lawsuit Against Credit Card Industry

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

The legality of day-to-day fantasy sports (DFS) has resulted in a nationwide debate over the last 6 months, numerous groups petitioning for the own personal interpretation for the law to be considered 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 has become enflamed with litigation and debate.

Nevertheless, the latest lawsuit isn’t fond of the operators alone but also the credit card companies that have prepared the millions of dollars in transactions.

In a class action suit filed in a Manhattan court, lawyer Hunter Shkolnik argues players ‘think they’re just sports that are playing, but it turns out to be a gambling situation.’

Charge 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 need 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 enable 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 send that is likely into bankruptcy.

‘Defendants knew, or should have understood, that the loans made to participants in FanDuel and DraftKings’ DFS schemes were for illegal gambling plus in violation associated with the UIGEA (illegal Internet Gambling Enforcement Act), federal and brand New York State regulations,’ 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 called it a ‘hasty decision,’ arguing the attorney general don’t simply take the time to discover why DFS contests are skill challenges.

Tough Case to follow along with

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

Predominantly going off Schneiderman’s ruling that DFS isn’t protected through the UIGEA loophole that allowed for fantasy sports games when it 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 keeping DFS operators and payment merchants accountable for one’s own lack of self-responsibility. Perhaps frivolous in nature, it doesn’t mean Shkolnik’s fees are without merit.

Nevada and the newest York attorney general seem to be on the side of the plaintiffs, and additional forthcoming viewpoints from states and lawmakers could additionally help fuel the instance against FanDuel and DraftKings.

It 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 their fault,’ observer Peter Flagler commented on the nyc Daily News site.

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

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

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

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

He stands accused of being the co-owner and president of the ongoing 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,’ in accordance with a statement from the AG’s office.

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

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

Juicing Balances

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

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

It really is further accused of inflating victims’ debt balances so that they might ultimately pay a lot 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 largest debt that is fraudulent scheme ever become prosecuted, falsely threatening arrest and prosecution of countless Americans, including those who experienced disabilities,’ Attorney General Preet Bhahara, who just takes place to be the man that brought down online poker in the usa on Black 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 even trying to collect more cash compared to victims ever owed.’

Facing two decades

Thomas is a fixture on the East Coast poker scene since the late noughties.

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

He is charged, along with co-owner Maurice Sessum and nine other members for the ongoing company, with wire https://freeslotsnodownload-ca.com/royal-vegas-casino-review/ fraudulence and conspiracy to commit wire fraud. If convicted he could face a sentence that is maximum of years in prison.

Sports Betting Could come online in soon New Jersey

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

Sports betting in brand New Jersey could have its day in court sometime in February whenever the united states of america Court of Appeals for the 3rd District holds an en banc hearing to determine whether or not the state has the right to authorize the industry.

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

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

Their 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 within the courts as the NCAA, NFL, MLB, NBA and NHL filed a lawsuit that is collective the Garden State.

Two federal rulings have actually sided with the sports leagues, however nj-new Jersey received a lifeline that is much-needed thirty days whenever Third District agreed to reexamine the way it is.

Verdict Implications

The banc that is en will bring most of the Third Circuit to pay attention to arguments on nj-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 came back in favor of the state, nj-new Jersey Division of Gaming Enforcement Director David Rebuck claims the next step would be to bring the practice online.

‘ We had been advised a while back that the Third Circuit will hear the truth en banc,’ Rebuck told Gambling Insider this week. ‘That might be the first time that we had a small victory in our efforts to date.’

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

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

Preserving Atlantic City

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

‘We have been in desperate need of innovative ideas 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) stated year that is last. ‘This is an chance to kick-start this industry in a manner that is unprecedented over the East Coast… Sports betting has the possible to be an economic game-changer.’

Within the meantime, local politicians in Atlantic City are searching for methods to fund the town as vacant and bankrupt casinos continue to fail on paying their obligated property taxes. Casino companies are in favor of payment-in-lieu-of-taxes moving forward to help them offset their properties’ continued devaluation as video gaming revenues unrelentingly decline.

Comments are closed.