New York DFS Bill Aims to Save DraftKings and FanDuel

New Yor<span id="more-5784"></span>k DFS Bill Aims to Save 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 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, seems to be in direct response to the cease and desist letters sent to DFS market leaders DraftKings and FanDuel a week ago by New York AG Eric Schneiderman.

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

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

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

A fresh York judge on Monday denied DraftKings and FanDuel’s joint ask for a temporary restraining order that would have avoided any action being taken against them ahead of 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 legal maelstrom steps Senator Ranzenhofer, whom believes DFS should be provided 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 once more, brand New https://freeslotsnodownload-ca.com/royal-vegas-casino-review/ York has stood in just how, whether by over-regulation or banning that is outright 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 New York.’

His bill seeks to amend New York’s definition of a ‘contest of chance’ as one which:

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

Casino Lobby

The AG’s office dismissed the bill as little more when 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. ‘ How does that square with one of these businesses’ insistence that their internet sites are presently legal?’

Nonetheless, a write-up in this new York Post implies that Schneiderman, himself, may not be immune 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 casinos themselves are not able to provide sports wagering and are also incensed that DFS companies are permitted to operate in the state with, as yet, 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 brand new lawsuit that alleges DraftKings and FanDuel operate illegal online gambling products. (Image: wkyt.com)

The legality of daily fantasy sports (DFS) has progressed into a nationwide debate over the last half a year, numerous teams petitioning for the own personal interpretation regarding 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 mulling their next steps.

DFS became enflamed with controversy and litigation.

But, the latest lawsuit isn’t fond of the operators alone but also the credit card companies that have processed 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 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 should have 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 send that is likely into bankruptcy.

‘Defendants knew, or should have known, that the loans made to individuals in FanDuel and DraftKings’ DFS schemes were for unlawful gambling as well as in violation regarding the UIGEA (Unlawful Web 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 don’t simply take the time to learn why DFS contests are skill challenges.

Tough Case to check out

Shkolnik does his best to pinpoint his belief that daily fantasy is gambling in their 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 when it was passed in 2006, Shkolnik opines that clients are unknowingly gambling when being told it’s skill-based.

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

Nevada and this new 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 situation against FanDuel and DraftKings.

That doesn’t mean the lawsuit won’t receive its fair share of scrutiny from the public. ‘Guy loses thousands gambling and it isn’t 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 to be the head 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, is accused of operating the largest fraudulent debt-collecting scheme ever prosecuted.

Borrowing and lending may be component for the culture 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 ny are true.

He appears accused to be the co-owner and president of a 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 cash 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 purchase Thomas’ gambling expenses, because well seats for recreations games, his wedding cosmetic and reception 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 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 when they did not spend up.

It 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 significantly more than they owed, a practice referred to by employees as ‘juicing balances.’

‘As alleged, the defendants engaged in what is thought to be the biggest fraudulent debt collection scheme ever to be prosecuted, falsely threatening arrest and prosecution of countless Americans, including those who endured disabilities,’ Attorney General Preet Bhahara, who simply takes place to function as the man that brought down online poker in the US on Black Friday.

‘The defendants charged today allegedly took ruthless benefit of the desperate situation in which their victims discovered themselves, using threats and lies to coerce payment and even trying to collect more money than the victims ever owed.’

Facing twenty years

Thomas is 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 side co-owner Maurice Sessum and nine other members associated with ongoing 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 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 may have its day in court sometime in February whenever the usa Court of Appeals for the 3rd District holds a banc that is en to find out whether 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 by Nevada.

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

Their 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 because of the sports leagues, however nj-new Jersey received a lifeline that is much-needed thirty days if the Third District consented to reexamine the truth.

Verdict Implications

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

Should it returned in support of their state, New Jersey Division of Gaming Enforcement Director David Rebuck states the next thing would 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 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 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 undoubtedly bring substantial new revenues to your Internet casino operators and deliver the subsequent tax profits to Trenton.

Preserving 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 ten years leading to a long and sluggish death of the resort city.

‘We are in desperate need of innovative tips 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 last year. ‘This can be an chance to kick-start this industry in a way 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 seeking methods to fund the town as vacant and bankrupt casinos continue steadily to fail on spending their obligated property 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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