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New York DFS Bill Aims to Rescue DraftKings and FanDuel

New Yor<span id="more-43006"></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 daily fantasy activities as a game of skill, thus exempting the task through the state’s prohibition of gambling.

The bill, filed on Monday, is apparently in direct a reaction to the cease and desist letters delivered to DFS market leaders DraftKings and FanDuel last week by 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 split lawsuits against Schneiderman wanting to protect their New York company.

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

A New 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 could 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 provided a legal carve out from New York’s gambling prohibition, just as the racetracks and new casino operators were.

‘Time and time once more, 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 most states across the united states,’ complained Ranzenhofer. ‘ This bill further protects the rights of businesses and individuals who wish to practice this kind of business in the state of the latest York.’

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

…shall not include participation in any dream 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 dream or simulation sports group is founded on the current membership of a actual team that is an associate of an amateur or professional sports organizations…

Casino Lobby

The AG’s office dismissed the bill as bit 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 your companies’ insistence that their web sites are presently legal?’

Nevertheless, an article in this new York Post suggests that Schneiderman, himself, might not be immune to the influence of lobbyists.

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

The casinos themselves are unable to offer sports gambling and are incensed that DFS companies are allowed to operate into the state with, until now, complete impunity.

Daily Fantasy Sports Players File Lawsuit Against Credit Card Industry

Daily fantasy activities is being attacked along with credit card issuers in a new lawsuit that 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 final half a year, numerous teams petitioning for the own personal interpretation associated with the law to be deemed 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 steps.

DFS is now enflamed with litigation and debate.

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, attorney Hunter Shkolnik argues players ‘think they truly are just sports that are playing, 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 must 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 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 submit them into bankruptcy.

‘Defendants knew, or should have understood, that the loans made to participants in FanDuel and DraftKings’ DFS schemes were for illegal gambling plus in violation for the UIGEA (illegal 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 don’t simply take the right time to learn why DFS contests are skill challenges.

Tough Case to Follow

Shkolnik does his best to pinpoint their 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 loophole that is UIGEA allowed for fantasy sports games with regards to was passed away 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 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 New York attorney general seem to be on along side it of the plaintiffs, and extra forthcoming viewpoints from states and lawmakers could additionally help fuel the situation against FanDuel and DraftKings.

That does not mean the lawsuit won’t receive its fair share of scrutiny through the public that is general. ‘Guy loses thousands gambling and it is not his fault,’ observer Peter Flagler commented on the New York 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 to be 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, has been accused of running the largest fraudulent debt-collecting scheme ever prosecuted.

Borrowing and lending may be component regarding the tradition of the live poker scene, but we are 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 stands 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,’ 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 their fellow director withdrew approximately $1.4 million from banks and ATMs.

Meanwhile, tens of thousands of dollars were used to purchase Thomas’ gambling expenses, as well tickets for sports 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 was affiliated with local government and law enforcement agencies and to suggest falsely that victims had committed acts that are criminal as wire or check fraud, threatening all of them with false warrants should they would not spend 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 thought to be the largest fraudulent debt collection scheme ever to be prosecuted, falsely threatening arrest and prosecution of countless Americans, including those who experienced disabilities,’ Attorney General Preet Bhahara, who simply occurs to function as the man that brought down online poker in america on Ebony Friday.

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

Facing two decades

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

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

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

Sports Betting Could Soon Come Online in Nj

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

Sports betting in New Jersey could have its day in court sometime in February when the usa Court of Appeals for the 3rd District holds a banc that is en to determine if the state has the right to authorize the industry.

The expert and recreational Sports Protection Act of 1992 (PASPA) outlawed sports betting nationwide except in a handful 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 legislation 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 sided with the sports leagues, however nj-new Jersey received a lifeline that is much-needed thirty days as soon as the Third District consented to reexamine the case.

Verdict Implications

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

Should it returned in favor of the state, nj-new Jersey Division of Gaming Enforcement Director David Rebuck states 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 truth en banc,’ Rebuck told Gambling Insider this week. ‘That is probably the freeslotsnodownload-ca.com first time that we had a small victory in our efforts to date.’

‘ Whenever we win that … change the activities wagering prohibition to allow 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.

Saving Atlantic City

Lawmakers are banking on sports betting as Atlantic City’s saving grace. 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 town.

‘We are in desperate need of revolutionary 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) stated year that is last. ‘This can be an opportunity to kick-start this industry in a way 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 seeking methods to fund the town as vacant and bankrupt casinos continue to fail on spending their obligated property taxes. Casino companies are in favor of payment-in-lieu-of-taxes continue to help them offset their properties’ continued devaluation as video gaming revenues unrelentingly decline.

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