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New York DFS Bill Aims to Rescue DraftKings and FanDuel

New Yor<span id="more-5895"></span>k DFS Bill Aims to Rescue DraftKings and FanDuel

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

A new nyc 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 delivered to DFS market leaders DraftKings and FanDuel a week ago by New York AG Eric Schneiderman.

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

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

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

A brand new 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 ahead of the matter could be settled in the courts.

The AG acted swiftly and on Tuesday filed for the injunction to turn off the two operators.

DFS Carve-out

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

‘Time and time again, brand New York has stood in just how, whether by over-regulation or outright banning, of tasks which can be legal and enjoyed in most states across the nation,’ reported 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 the latest York.’

His bill seeks to amend ny’s concept of a ‘contest of opportunity’ as one that:

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

Casino Lobby

The AG’s office dismissed the bill as a bit more than the usual 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. ‘ How does that square with your organizations’ insistence that their web sites are presently legal?’

However, articles in this new York Post shows that Schneiderman, himself, may possibly not be resistant to the influence of lobbyists.

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

The gambling enterprises themselves are not able to offer sports betting and therefore are incensed that DFS companies are allowed to operate in the state with, so far, complete impunity.

Daily Fantasy Sports Players File Lawsuit Against Credit Card Industry

Day-to-day fantasy sports has been assaulted along with credit card companies in a lawsuit that is new alleges DraftKings and FanDuel operate unlawful online gambling products. (Image: wkyt.com)

The legality of daily fantasy sports (DFS) has progressed into a debate that is national the final 6 months, numerous casino royal vegas teams petitioning for the own individual interpretation of 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 mulling their next steps.

DFS is enflamed with controversy and litigation.

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

In a class action suit filed in a Manhattan court, attorney Hunter Shkolnik argues players ‘think they are just sports that are playing, but it turns out become 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 illegal 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 known, that the loans made to participants in FanDuel and DraftKings’ DFS schemes were for unlawful gambling plus in violation regarding the UIGEA (Unlawful online Gambling Enforcement Act), federal and New York State laws,’ the accusation reads.

FanDuel and DraftKings of course disagree, the former saying that Schneiderman is attacking its services to ‘get himself some press coverage.’ DraftKings called it a ‘hasty decision,’ arguing the attorney general didn’t simply take the right time to learn why DFS contests are skill challenges.

Tough Case to follow along with

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 UIGEA loophole that allowed for fantasy sports games with regards to was passed in 2006, Shkolnik opines that customers are unknowingly gambling when being told it’s skill-based.

The lawsuit generally seems to hint at keeping DFS operators and re payment merchants accountable for your own lack of self-responsibility. Possibly frivolous in nature, that does not mean Shkolnik’s costs are without merit.

Nevada and the latest York attorney general appear to be on along side it of the plaintiffs, and extra forthcoming opinions from states and lawmakers could additionally help fuel the situation 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 his fault,’ observer Peter Flagler commented on the New York 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 head of ‘the largest fraudulent financial obligation collection 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 for the tradition associated with the poker that is live, 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 appears accused to be the co-owner and president of a 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 had been used to buy Thomas’ gambling expenses, as well seats for sports games, his wedding reception and cosmetic surgery for their wife, according to the allegation.

Juicing Balances

It is alleged that the organization’s MO was to claim it had been associated with municipality and law enforcement agencies and to suggest falsely that victims had committed criminal acts such as wire or check fraudulence, threatening these with false warrants should they failed to pay up.

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

It really is further accused of inflating victims’ debt balances so than they owed, a training described by employees as ‘juicing balances. that they would ultimately spend more’

‘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 just happens to end up being the man that brought down online poker in the usa on Ebony Friday.

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

Facing 20 Years

Thomas happens to be 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 their second during the same venue in 2013.

He’s charged, along with co-owner Maurice Sessum and nine other members of this company, with wire fraud and conspiracy to commit wire fraud. If convicted he could face a maximum phrase of 20 years in jail.

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 gambling gaining legalization. (Image: meettheleaders.com)

Sports betting in brand New Jersey may have its day in court sometime in February whenever the usa Court of Appeals for the Third District holds a banc that is en to determine if the state has the right to authorize the industry.

The pro and recreational Sports Protection Act of 1992 (PASPA) outlawed recreations 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.

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 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 aided by the sports leagues, however nj-new Jersey received a lifeline that is much-needed thirty days whenever Third District agreed to reexamine the truth.

Verdict Implications

The banc that is en will bring a lot of the Third Circuit to listen to arguments on nj-new Jersey authorizing sports wagering. The proceedings will most likely take place in February, because of the panel expected to release its verdict into the weeks following.

Should it came ultimately back in support of their state, nj-new Jersey Division of Gaming Enforcement Director David Rebuck says the step that is next be to create the practice online.

‘ We were advised a while back that the Third Circuit will hear the truth 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.’

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

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

Saving Atlantic City

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

‘We are in desperate need of revolutionary 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 this past year. ‘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.’

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

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