New York DFS Bill Aims to Save DraftKings and FanDuel

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New Yor<span id="more-11577"></span>k DFS Bill Aims to Save 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 task from 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 companies’ operations in the state constitute ‘illegal gambling.’

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

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

A fresh York judge on Monday denied DraftKings and FanDuel’s joint obtain a temporary restraining order that would have avoided any action being taken against them prior to the matter might 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 maelstrom that is legal Senator Ranzenhofer, whom thinks DFS should really be awarded a legal carve out from New York’s gambling prohibition, just like the racetracks and brand new casino operators have now been.

‘Time and time again, brand 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 practice this type of business in the state of the latest York.’

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

…shall not add participation in virtually 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 team is based on the existing membership of a 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 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 one of these businesses’ insistence that their internet sites are presently legal?’

But, a write-up in the New York Post suggests that Schneiderman, himself, might not be resistant to the influence of lobbyists.

According to your 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 into the state with, so far, complete impunity.

Daily Fantasy Sports Players File Lawsuit Against Credit Card Industry

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

The legality of day-to-day fantasy sports (DFS) has developed into a debate that is national the last half a year, numerous groups petitioning for its own individual interpretation of the law to be considered correct.

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

DFS became enflamed with litigation and controversy.

But, 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, attorney Hunter Shkolnik argues players ‘think they’re just playing sports games, but as it happens become a gambling situation.’

Credit 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 gambling operation that is illegal.

Shkolnik says his client Yehuda Guttman lost between $5,000 and $10,000 playing day-to-day fantasy contests. 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 send them into bankruptcy.

‘Defendants knew, or should have known, that the loans made to individuals in FanDuel and DraftKings’ DFS schemes were for illegal gambling plus in violation regarding the UIGEA (Unlawful Internet Gambling Enforcement Act), federal and brand New York State legislation,’ 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 just take the freeslotsnodownload-ca.com time to discover why DFS contests are skill challenges.

Tough Case to check out

Shkolnik does his best to pinpoint their 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 in 2006, Shkolnik opines that customers are unknowingly gambling when being told it’s skill-based.

The lawsuit seems to hint at keeping DFS operators and payment merchants accountable for one’s own lack of self-responsibility. Maybe frivolous in nature, it doesn’t mean Shkolnik’s charges are without merit.

Nevada and the latest York attorney general appear to be on the side of the plaintiffs, and extra forthcoming viewpoints from states and lawmakers could additionally help fuel the case against FanDuel and DraftKings.

That does not mean the lawsuit won’t get its fair share of scrutiny from the public that is general. ‘Guy loses thousands gambling and it’s not his fault,’ observer Peter Flagler commented on the nyc Daily News web 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 debt that is fraudulent 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 regarding the tradition regarding the real time poker scene, but we’re not sure we’d want to borrow money from Thomas, if the allegations folks Attorney for the Southern District of nyc are true.

He appears accused of being 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,’ based on a statement from the AG’s office.

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

Meanwhile, thousands of dollars were used to pay for Thomas’ gambling expenses, as well tickets 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 absolutely was 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 when they would not pay up.

Additionally 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 would ultimately spend 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 largest 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 takes place to function as the man that brought down online poker in america on Black 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 and even attempting to collect more income than the victims ever owed.’

Facing 20 Years

Thomas has been a fixture on the East Coast poker scene since the noughties that are late.

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

He could be charged, along with co-owner Maurice Sessum and nine other members of this ongoing business, 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 Nj

New Jersey 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 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 perhaps 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 few of 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 collective lawsuit against the Garden State.

Two federal rulings have sided utilizing the sports leagues, however nj-new Jersey received a much-needed lifeline final month if the Third District agreed to reexamine the truth.

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 happen in February, with the panel likely to release its verdict within the weeks after.

Should it came ultimately back and only the state, New Jersey Division of Gaming Enforcement Director David Rebuck says the step that is next be to bring the practice online.

‘ We had been advised a while back that the Third Circuit will hear the situation 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.’

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

Providing New Jerseyans the capability to place wagers on sporting events online would surely bring substantial new revenues to your Internet casino operators and deliver the subsequent taxation profits to Trenton.

Saving Atlantic City

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

‘We have been 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) 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 possible to be an economic game-changer.’

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

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