Frequent Fantasy Sports Bills Seek to Challenge State AG’s Stance on Legality

Frequent Fantasy Sports Bills Seek to Challenge State AG’s Stance on Legality

Texas received three daily fantasy sports (DFS) bills in quick succession this week, each aimed at legalizing and creating a framework of legislation for the contests.

Texas Attorney General Ken Paxton sparked a lawsuit when he opined that daily fantasy sports had been illegal under state law. A triple-pronged approach that is legislative Representative Richard Raymond hopes to challenge that opinion.

The state missed down regarding the DFS legislation trend that appeared on the dockets of legislatures across the country in 2016 due to the fact that its legislative session is biennial, however it appears to be creating for lost time.

Each of the three bills is sponsored by State Representative Richard Raymond (D-Laredo). His co-sponsors vary, as does the language of each bill, although they also chime in on many issues.

As a human anatomy of legislation, the three bills address the key preoccupations of legislators across the US, from player defenses and operator enrollment fees, to the segregation of player funds. Curiously, though, one bill ignores the latter notably crucial point altogether. Likewise, two bills would define DFS as games of skill, while one wouldn’t bother.

Representative Raymond is clearly hedging his bets.

The Letter of regulations

Raymond said he hoped his triple-pronged approach would ‘clarify a confusing and ambiguous legislation and affirm that fantasy sports are appropri Continue reading “Frequent Fantasy Sports Bills Seek to Challenge State AG’s Stance on Legality”

FantasyDraft Bails Out Fantasy Aces, Will Spend Player Balances

FantasyDraft Bails Out Fantasy Aces, Will Spend Player Balances

FantasyDraft will rescue the client balances of the stricken and bankrupt Fantasy Aces website, its CEO announced on Monday in the RotoGrinders DFS forum.

FantasyDraft CEO Steve Krombolz said his company is stepping in so that they can save the ‘lifeblood regarding the industry.’ The vast majority of Fantasy Aces customers will be paid in cash, while larger balances is going to be topped up with FantasyCash.

FantasyDraft was on the verge of acquiring the website month that is last it pulled out of the offer citing ‘issues identified during our research.’ It was a move that quickly propelled Fantasy Aces towards chapter 5 bankruptcy.

Bankruptcy filings soon unveiled the truth that is messy Fantasy Aces’ situation: the company had failed to segregate player funds from its operational costs and owed its customers $1.3 million.

An account placed in the filings as ‘Players Account’ contained just $2,419. Even though the ongoing business listed assets of $1.8 million, which will be liquidated to pay creditors, additionally said it had liabilities of $2.96 million.

In brief, Fantasy Aces could not pay its customers.

99.6 Percent to Get Cash

‘As members of this DFS community devoted to doing things the proper way, we feel that we have to do our part to safeguard the lifeblood associated with industry, you, the players,’ wrote Steve Krombolz, CEO and Co-Founder of FantasyDraft.

‘So, we have decided getting involved. Toda Continue reading “FantasyDraft Bails Out Fantasy Aces, Will Spend Player Balances”

Melco Crown Calls Sheldon Adelson’s $10 Billion Bet on Japan, Hard Rock Scrambling for Partners

Melco Crown Calls Sheldon Adelson’s $10 Billion Bet on Japan, Hard Rock Scrambling for Partners

Melco Crown Entertainment won’t be intimidated by Las Vegas Sands billionaire Sheldon Adelson’s comments this week that he’s ready to spend up to $10 billion on building a casino in Japan.

Melco Crown CEO Lawrence Ho says there’s no cap on how much his company is willing to spend on an integrated casino resort in Japan.

Hong Kong businessman Lawrence Ho, the billionaire son of Stanley Ho who held a gambling monopoly in Macau for 40 years, told reporters soon after hearing of Adelson’s pledge that his company is prepared to invest even more. During the same investor conference in Tokyo, Ho explained, ‘We’ll absolutely spend whatever we need to win.’

Japan legalized commercial casinos last fall, but hasn’t determined the specific regulations for the newly liberalized industry. The country’s parliament is working to decide how many gambling licenses will be issued, but the general consensus is that just two properties will be authorized.

In a press release unveiling Melco Crown’s integrated resort concepts for Japan, Ho added, ‘There currently is no predetermined cap on our intended investment. I prefer not to constrain our dreams… with price tags, particularly at this early stage.’

Melco Crown Entertainment was founded in 2004 through a partnership between Melco International Development and James Packer’s Australian Crown Resorts.

Between Rock and Hard Place

With Adelson, a man w Continue reading “Melco Crown Calls Sheldon Adelson’s $10 Billion Bet on Japan, Hard Rock Scrambling for Partners”