25.02.2020 admin

New York DFS Bill Aims to Rescue DraftKings and FanDuel

New Yor<span id="more-38669"></span>k DFS Bill Aims to <a href="https://freeslotsnodownload-ca.com/royal-vegas-casino-review/">royal vegas casino review</a> Rescue DraftKings and FanDuel

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

A brand new New York 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, seems to be in direct 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 businesses‘ operations in the continuing state constitute ‚illegal gambling.‘

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

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 from this State a lawful industry beloved by thousands of New Yorkers.‘

A New York judge on Monday denied DraftKings and FanDuel’s joint request for a temporary restraining order that would have prevented any action being taken against them before the matter might be settled in the courts.

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

DFS Carve-out

Into this maelstrom that is legal Senator Ranzenhofer, whom thinks DFS must certanly be awarded a legal carve out from New York’s gambling prohibition, just as the racetracks and brand new casino operators have now been.

‚Time and time once again, brand New York has stood in the way, whether by over-regulation or banning that is outright of activities which are legal and enjoyed in many states across the country,‘ complained Ranzenhofer. ‚ This bill further protects the rights of businesses and individuals wishing to take part in this type of business in the state of New York.‘

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

…shall not consist of participation in just about 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 group or teams) no fantasy or simulation sports team is dependant on the current membership of an actual team that is an associate 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 employed a fleet of lobbyists to convince the Legislature to legalize their gambling operations,‘ said AG spokesman Damien LaVera. ‚ How does that square with your companies‘ insistence that their web sites are presently legal?‘

However, a write-up in the latest York Post suggests that Schneiderman, himself, may possibly 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 aren’t able to offer sports gambling and tend to be incensed that DFS companies are permitted to operate into the state with, until now, complete impunity.

Daily Fantasy Sports Players File Lawsuit Against Credit Card Industry

Day-to-day fantasy activities is being 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 daily fantasy sports (DFS) has resulted in a debate that is national the last six months, numerous groups petitioning for the very own individual interpretation regarding 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 currently mulling their next steps.

DFS is now enflamed with controversy and litigation.

However, 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 transactions.

In a class action suit filed in a Manhattan court, lawyer Hunter Shkolnik argues players ‚think they truly are just playing sports games, but it turns out to be 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 plus in violation of this UIGEA (Unlawful Web Gambling Enforcement Act), federal and brand New York State laws,‘ the accusation reads.

FanDuel and DraftKings of program 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 did not take the right time to discover why DFS contests are skill challenges.

Tough Case to adhere to

Shkolnik does his best to pinpoint his 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 with regards to was passed in 2006, Shkolnik opines that clients are unknowingly gambling when being told it’s skill-based.

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

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

That doesn’t mean the lawsuit won’t receive its fair share of scrutiny from the general public. ‚Guy loses thousands gambling and it’s not his fault,‘ observer Peter Flagler commented on the nyc Daily News website.

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 fraudulent debt 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 running the largest fraudulent debt-collecting scheme ever prosecuted.

Borrowing and lending may be part associated with tradition of the live poker scene, 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 of being the co-owner and president of the 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 his fellow director withdrew approximately $1.4 million from banks and ATMs.

Meanwhile, thousands of dollars were used to pay for Thomas‘ gambling expenses, because well tickets for activities games, his wedding cosmetic and reception surgery for their wife, according to the allegation.

Juicing Balances

It’s alleged that the business’s MO was to claim it absolutely was associated with municipality and law enforcement agencies and to suggest falsely that victims had committed acts that are criminal as cable or check fraud, threatening all of them with false warrants when they failed to pay up.

It 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 might 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 biggest debt that is fraudulent scheme ever become prosecuted, falsely threatening arrest and prosecution of countless Americans, including those who endured disabilities,‘ Attorney General Preet Bhahara, who just occurs to be the man that brought down online poker in the US on Black 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 even attempting to collect more cash compared to victims ever owed.‘

Facing twenty years

Thomas happens to be a fixture on the East Coast poker scene since the late noughties.

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

He is charged, along with co-owner Maurice Sessum and nine other members of the business, with wire fraudulence and conspiracy to commit wire fraud. If convicted he could face a sentence that is maximum of years in jail.

Sports Betting Could come online in soon Nj-new Jersey

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

Sports betting in New Jersey has its day in court sometime in February when the usa Court of Appeals for the Third District holds an en banc hearing to ascertain whether the state has the right to authorize the industry.

The expert 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 benefit of sports gambling last year.

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 lawsuit that is collective the Garden State.

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

Verdict Implications

The banc that is en will bring the majority of the Third Circuit to listen to arguments on nj-new Jersey authorizing sports wagering. The proceedings will most likely happen in February, aided by the panel likely to release its verdict into the weeks after.

Should it came ultimately back in favor of the state, nj-new Jersey Division of Gaming Enforcement Director David Rebuck says the alternative would be to bring the practice online.

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

‚ If 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 ability to place bets on sporting events online would undoubtedly 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 saving grace. The eastern coast casino destination has been hurt by nearby states legalizing land-based gambling within the last decade leading to a long and slow death of the resort town.

‚We come in desperate need of revolutionary tips 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) said year that is last. ‚This can be an chance to kick-start this industry in a manner that is unprecedented over the East Coast… Sports betting has the prospective to be an economic game-changer.‘

In the meantime, local politicians in Atlantic City are searching for ways to fund the town as vacant and bankrupt casinos continue 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 video gaming revenues unrelentingly decline.