New Yor<span id="more-2990"></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 continuing state of ‘overregulation.’

A brand 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 task from 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 two organizations’ operations in the continuing state constitute ‘illegal gambling.’

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

DraftKing’s filed a ‘petition and complaint’ against the AG, which aimed to cease him from, in accordance with the filing, ‘carrying out his threat to banish using 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 before the matter could possibly be settled in the courts.

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

DFS Carve-out

Into this appropriate maelstrom actions Senator Ranzenhofer, who thinks DFS is issued a legal carve out from New York’s gambling prohibition, just like the racetracks and new casino operators have already been.

‘Time and time once more, New York has stood in just how, whether by over-regulation or banning that is outright of tasks which can be legal and enjoyed in many states across the country,’ complained Ranzenhofer. ‘ This bill further protects the rights of businesses and individuals who want to engage in this kind of commerce in the state of New York.’

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

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

Casino Lobby

The AG’s office dismissed the bill as little more than the usual 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 your companies’ insistence that their internet sites are presently legal?’

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

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

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

Daily Fantasy Sports Players File Lawsuit Against Credit Card Industry

Daily fantasy activities has been assaulted along with credit card issuers in a new lawsuit that alleges DraftKings and FanDuel operate unlawful online gambling products. (Image:

The legality of daily fantasy sports (DFS) has resulted in a debate that is national the last six months, numerous teams petitioning for its very own individual interpretation of this 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 mulling their steps that are next.

DFS has become enflamed with litigation and debate.

Nonetheless, the latest lawsuit isn’t inclined to 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’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 needs known was a gambling operation that is illegal.

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 likely send them into bankruptcy.

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

FanDuel and DraftKings of course 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 did not take the right time to discover why DFS competitions 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 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 clients 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. Perhaps frivolous in nature, it doesn’t mean Shkolnik’s fees are without merit.

Nevada and the newest York attorney general appear to be on the side of the plaintiffs, and additional opinions that are forthcoming states and lawmakers could additionally help fuel the instance against FanDuel and DraftKings.

That does not mean the lawsuit won’t get its fair share of scrutiny through the public that is general. ‘Guy loses thousands gambling and it’s not their fault,’ observer Peter Flagler commented on the ny Daily News internet 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 debt that is fraudulent scheme ever to be prosecuted.’ (Image:

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 part associated with the tradition of this real time poker scene, but we are perhaps 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 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,’ based on 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 had been used to purchase Thomas’ gambling expenses, because well tickets for recreations games, his wedding reception and cosmetic surgery for his wife, according to the allegation.

Juicing Balances

It’s alleged that the business’s MO was to claim it was associated with local government and law enforcement agencies and to suggest falsely that victims had committed criminal acts such as cable or check fraudulence, threatening them with false warrants should they failed to spend 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 that they might ultimately spend a lot more than they owed, a practice referred to by employees as ‘juicing balances.’

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

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

Facing twenty years

Thomas was a fixture on the East Coast poker scene since the belated noughties.

He won his very first WSOP Circuit band 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 of this ongoing company, with wire fraudulence 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 Nj-new Jersey

New Jersey Assemblyman Ralph Caputo is adamant that the survival of Atlantic City depends on sports gaining legalization that is betting. (Image:

Sports betting in brand New Jersey may have its day in court sometime in February when the united states of america Court of Appeals for the next District holds a banc that is en to find out whether the state has the right to authorize the industry.

The expert and Amateur Sports Protection Act of 1992 (PASPA) outlawed recreations betting nationwide except in a few of royal vegas casino download australia states that today is predominantly restricted to Nevada.

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

The state’s legislature passed a bill with Governor Chris Christie authorizing the legislation 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 aided by the sports leagues, however nj-new Jersey received a much-needed lifeline final month if the Third District agreed to reexamine the actual situation.

Verdict Implications

The en banc hearing 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, with the panel likely to release its verdict within the weeks following.

Should it came ultimately back in favor of hawaii, New Jersey Division of Gaming Enforcement Director David Rebuck states the step that is next be to bring the practice online.

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

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

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

Saving 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 over the last decade leading to a long and sluggish death of the resort city.

‘We come in desperate need of revolutionary suggestions to combat the continued downturn in New Jersey’s 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 way that is unprecedented along the East Coast… Sports betting has the potential to be an economic game-changer.’

Into the meantime, local politicians in Atlantic City are searching for 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 continue to help them offset their properties’ continued devaluation as gaming revenues unrelentingly decline.

Leave a Reply

Your email address will not be published. Required fields are marked *