DFS for over 90%(not the pros) is all about fun.
They want to throw $20 bucks to try to win a million to make watch the games more fun.
No matter how shark infested it ever gets this will never go away.
But having sports betting legalized is a very good thing for DFS companies.
That way they wont have to compare it to chess anymore and can open up shop at all the places where the doors are already closed.
You are just having too difficult of a time looking at it from another perspective besides yours.
No big deal, a lot of people have that problem.
In business you want a monopoly first and foremost.
If you can't attain that then yes, you just want an environment that is conducive to growing. And the shackles being taken off online gambling would be good enough for the owners of those sites. More comp isn't great but they would still have most of the market share in their particular industry (since small scale DFS/poker doesn't really work)
Well yeah, but that is one aspect. Just the big large field GPPs.
The game needs more than that for the sites to prosper. I think a major issue is eventually the market won't be as inefficient, then there really is no reason to play other than fun and the 1-2% that compromise 65% of the buy-ins will just find something else to do. So the sites have a delicate balancing act.
But yes, obviously legalization would be a great thing for the sites. Legalization is a rising tide lifts all boats for all gaming companies really.
It's not just MY perspective lol.
It's the majority.
But like local said, let's just agree to disagree.
I hope that DFS doesn't get banned permanently & states and/or congress deside on a solution, such as regulation if need be, to allow the public to still play.
Problem is there are too many now that understand DFS is a form of gambling, so it could get complicated.
Like some prominent attorneys who follow all of this suggest, the best solution would be for Congress to repeal PASPA and UIGEA...
Sports betting is a way better business model than DFS because players don't win at it. If they do win, you just cut them off. You don't need their liquidity at all. Small bets when market opens so you can adjust the line but that is it. Then you just collect that 5% all day long.
Great game for the house. So if you are pro-house and anti-player, then yeah I'd be very pro-sports betting and DFS dying.
Great game for the house. So if you are pro-house and anti-player, then yeah I'd be very pro-sports betting and DFS dying.
If everything would have always stayed the way it was 2 years ago and never change.
Where the legal system would always turn a blind eye to the gambling aspect of DFS, and you just had a few low populated states that ban it then I would agree that the Monopoly thing is much better.
But I think DK and FD realize that having legal sports betting would ultimately save their ass when all is said and done because things are not going to stay the same way they were 2 years ago.
That climate is changing by the day and we will never go back to that place ever again.
So I am certain that the people at DK and FD are praying for the day sports betting becomes legal because their gig of pretending to not be gambling is up.
It was fun while it lasted but the party is over.
FD and DK already own the overwhelming market share in this space so when the climate turns more positive to pro gambling in general this will help them not hurt them.
Well yeah, of course. I've said I think they are F'd, but that is probably because of my biased disdain for big government and cronyism.
Like I said numerous times, just don't see these sites being able to pay out the states as much as other forms of gambling can. CT makes 25Ms a month off slot machines alone, nevermind the rest of the table games or anything else at Mohegan and Foxwoods. Just slot machines!
If the CT casinos start bitching about DFS as online gambling, can see CT not letting it fly. And I believe there are casinos in 43 states now. Not to mention lotto/scratch, etc.
Also if you think this is true then you are basically saying you think betting sides has a higher EV than betting props. And pretty much no one in the sports betting world would agree with that.
There is a reason books will take 10-100k on sides but the max on props is always much, much lower. Not to mention they cut off props far faster, etc...
It's just a more inefficient market similar to DFS. Except in DFS, nobody cuts you off for winning (not yet anyway)
Making lines on NFL/CFB/NBA games is really easy 95% of the time. Making lines on player performance is way harder.
Just because you have more pathways to victory doesn't make something more profitable, the other end has more pathways too.
New Rules for the Games: The Prospects For Regulation Of Daily Fantasy Sports
Editor’s Note: The author of this post is an adjunct sports law professor at the University at Buffalo Law School and has served as outside counsel for the NHL.
By Nellie Drew, Adjunct Sports Law Professor, University at Buffalo Law School
Ever since the first baseball Commissioner Kennesaw Mountain Landis banned “Shoeless Joe” Jackson for life for allegedly betting on the World Series, gambling has been the cardinal sin of professional sports.
In the century since, there have been numerous gambling scandals involving each of the professional sports leagues, including, most notably, the 2007 federal conviction of former NBA referee Tim Donaghy for fixing games in which he officiated. Consequently, Adam Silver’s letter to The New York Times last year calling for legalized, regulated sports gambling was unprecedented. The unraveling of the daily fantasy sports business over the last few weeks has not altered Mr. Silver’s position. Rather, he continues to advocate for legalization of sports betting and the regulation of daily fantasy sports – which he carefully distinguishes as being games of skill, not chance.
So far, none of the other professional sports commissioners has endorsed Mr. Silver’s position.
Reconsideration may be in order, however as both state and federal law defining and regulating gambling are overdue for revision. The situation is further complicated by the increasingly close relationship between the professional sports leagues and the major daily fantasy sports providers. Each of the NBA, the NHL and MLB has invested in either FanDuel or DraftKings. While the NFL has yet to invest, both FanDuel and DraftKings not only have purchased unprecedented amounts of NFL advertising during the initial weeks of the 2015 season, they also are substantial sponsors of multiple NFL teams. In addition, some NFL owners, namely, Jerry Jones of the NFL’s Dallas Cowboys, and Robert Kraft of the New England Patriots, have ownership interests in daily fantasy sports businesses. For an industry that has prided itself on keeping its distance from any tinge of gambling or gaming, the gap has narrowed to an uncomfortably short span.
As the clamor for further investigation and action grows, many of the daily fantasy sports entities themselves have embraced regulation, perhaps sensing a do-or-die climax approaching. DraftKings, FanDuel and Yahoo Sports have all issued statements indicating their eagerness to work with legislators to promote transparency and consumer confidence. With multiple class action lawsuits filed by disgruntled customers, an FBI investigation underway, several states either engaging in or considering prosecution for numerous offenses, not to mention pending Congressional hearings, it would seem that regulation is inevitable. The big questions: By what authority, and under what parameters will the new order be established? This is assuming, of course, that daily fantasy sports does not experience its own “Black Friday”, the day on which internet poker imploded due to federal prosecution.
If state regulation is imposed, the ramifications will be challenging indeed for daily fantasy sports operators. Fifty different jurisdictions will certainly generate significantly different procedures to achieve relatively similar objectives. The approach and complexity of the new regulations are likely to vary widely, generating an immediate need for legal counsel with expertise in gambling law – much of which will be highly specific to each such jurisdiction.
The crisis of the daily fantasy sports business has served to highlight both the fractured, often incoherent nature of the state-by-state regulation of gambling of any type, and the potential for the incredibly lucrative, sinister black market which Mr. Silver advocates eliminating. This combination would seem to make the situation ripe for reform on a federal level. The existing federal legislation, The Unlawful Internet Gambling Enforcement Act of 2006 (UIGEA), arguably exempts daily fantasy sports as games of skill, not chance. The drafters of UIGEA clearly did not anticipate the daily fantasy sports phenomenon. Therefore, UIGEA does not work well in tandem with the myriad state statutes to regulate the industry. The inevitable dysfunction creates additional uncertainty in an area in which definition and structure are clearly required. Moreover, the extent of the legislative failure to address developing social and technological trends calls into question The Professional and Amateur Sports Protection Act of 1992, (PASPA), which bans betting on professional and amateur sporting events in most jurisdictions.
All four major professional sports leagues lobbied vigorously in support of PASPA. If the goal, however, was to safeguard professional sports from any possible taint of gambling in order to protect the credibility of the respective games, one has to wonder how the same sports leagues can accept vast sums of money from and even invest in entities which conduct activities by which consumers pit their relative skills against the fortunes of chance and other players for prizes which can be in excess of six figures. Even without the spectra of employees from one contest site utilizing inside information to profit in a competitor’s game, the acknowledged play of professional “sharks” underscores the steep odds which the exhilarating advertisements gloss over. The demonstrated increase in fan enthusiasm due to fantasy sports comes at a substantial cost. It simply isn’t possible to sever the significant connections of the fantasy and the real life sporting events. Under the circumstances, the credibility of daily fantasy sports leagues reflects directly upon the credibility of the leagues themselves.
Therefore, effective regulation of daily fantasy sports should be part of comprehensive federal legislation which addresses all forms of gambling on professional and amateur sporting events. While such regulation would mean significant compliance costs for the industry, it would be significantly less than that required for continuing patchwork state regulation. Moreover, both the industry and the affiliated professional sports leagues would benefit from the inherent integrity compliance would afford. The resulting regulatory framework will create a need for able legal assistance for both interpretation and compliance, but ultimately both the daily fantasy sports industry and the professional sports leagues will share in renewed success in a new realm. The boom days may be just about over for daily fantasy sports, but, if managed properly, the current crisis could lay the groundwork for a new, less wide-open, but more stable — and legal — business environment.
https://bol.bna.com/new-rules-for-the-games-the-prospects-for-regulation-of-daily-fantasy-sports/
Editor’s Note: The author of this post is an adjunct sports law professor at the University at Buffalo Law School and has served as outside counsel for the NHL.
By Nellie Drew, Adjunct Sports Law Professor, University at Buffalo Law School
Ever since the first baseball Commissioner Kennesaw Mountain Landis banned “Shoeless Joe” Jackson for life for allegedly betting on the World Series, gambling has been the cardinal sin of professional sports.
In the century since, there have been numerous gambling scandals involving each of the professional sports leagues, including, most notably, the 2007 federal conviction of former NBA referee Tim Donaghy for fixing games in which he officiated. Consequently, Adam Silver’s letter to The New York Times last year calling for legalized, regulated sports gambling was unprecedented. The unraveling of the daily fantasy sports business over the last few weeks has not altered Mr. Silver’s position. Rather, he continues to advocate for legalization of sports betting and the regulation of daily fantasy sports – which he carefully distinguishes as being games of skill, not chance.
So far, none of the other professional sports commissioners has endorsed Mr. Silver’s position.
Reconsideration may be in order, however as both state and federal law defining and regulating gambling are overdue for revision. The situation is further complicated by the increasingly close relationship between the professional sports leagues and the major daily fantasy sports providers. Each of the NBA, the NHL and MLB has invested in either FanDuel or DraftKings. While the NFL has yet to invest, both FanDuel and DraftKings not only have purchased unprecedented amounts of NFL advertising during the initial weeks of the 2015 season, they also are substantial sponsors of multiple NFL teams. In addition, some NFL owners, namely, Jerry Jones of the NFL’s Dallas Cowboys, and Robert Kraft of the New England Patriots, have ownership interests in daily fantasy sports businesses. For an industry that has prided itself on keeping its distance from any tinge of gambling or gaming, the gap has narrowed to an uncomfortably short span.
As the clamor for further investigation and action grows, many of the daily fantasy sports entities themselves have embraced regulation, perhaps sensing a do-or-die climax approaching. DraftKings, FanDuel and Yahoo Sports have all issued statements indicating their eagerness to work with legislators to promote transparency and consumer confidence. With multiple class action lawsuits filed by disgruntled customers, an FBI investigation underway, several states either engaging in or considering prosecution for numerous offenses, not to mention pending Congressional hearings, it would seem that regulation is inevitable. The big questions: By what authority, and under what parameters will the new order be established? This is assuming, of course, that daily fantasy sports does not experience its own “Black Friday”, the day on which internet poker imploded due to federal prosecution.
If state regulation is imposed, the ramifications will be challenging indeed for daily fantasy sports operators. Fifty different jurisdictions will certainly generate significantly different procedures to achieve relatively similar objectives. The approach and complexity of the new regulations are likely to vary widely, generating an immediate need for legal counsel with expertise in gambling law – much of which will be highly specific to each such jurisdiction.
The crisis of the daily fantasy sports business has served to highlight both the fractured, often incoherent nature of the state-by-state regulation of gambling of any type, and the potential for the incredibly lucrative, sinister black market which Mr. Silver advocates eliminating. This combination would seem to make the situation ripe for reform on a federal level. The existing federal legislation, The Unlawful Internet Gambling Enforcement Act of 2006 (UIGEA), arguably exempts daily fantasy sports as games of skill, not chance. The drafters of UIGEA clearly did not anticipate the daily fantasy sports phenomenon. Therefore, UIGEA does not work well in tandem with the myriad state statutes to regulate the industry. The inevitable dysfunction creates additional uncertainty in an area in which definition and structure are clearly required. Moreover, the extent of the legislative failure to address developing social and technological trends calls into question The Professional and Amateur Sports Protection Act of 1992, (PASPA), which bans betting on professional and amateur sporting events in most jurisdictions.
All four major professional sports leagues lobbied vigorously in support of PASPA. If the goal, however, was to safeguard professional sports from any possible taint of gambling in order to protect the credibility of the respective games, one has to wonder how the same sports leagues can accept vast sums of money from and even invest in entities which conduct activities by which consumers pit their relative skills against the fortunes of chance and other players for prizes which can be in excess of six figures. Even without the spectra of employees from one contest site utilizing inside information to profit in a competitor’s game, the acknowledged play of professional “sharks” underscores the steep odds which the exhilarating advertisements gloss over. The demonstrated increase in fan enthusiasm due to fantasy sports comes at a substantial cost. It simply isn’t possible to sever the significant connections of the fantasy and the real life sporting events. Under the circumstances, the credibility of daily fantasy sports leagues reflects directly upon the credibility of the leagues themselves.
Therefore, effective regulation of daily fantasy sports should be part of comprehensive federal legislation which addresses all forms of gambling on professional and amateur sporting events. While such regulation would mean significant compliance costs for the industry, it would be significantly less than that required for continuing patchwork state regulation. Moreover, both the industry and the affiliated professional sports leagues would benefit from the inherent integrity compliance would afford. The resulting regulatory framework will create a need for able legal assistance for both interpretation and compliance, but ultimately both the daily fantasy sports industry and the professional sports leagues will share in renewed success in a new realm. The boom days may be just about over for daily fantasy sports, but, if managed properly, the current crisis could lay the groundwork for a new, less wide-open, but more stable — and legal — business environment.
https://bol.bna.com/new-rules-for-the-games-the-prospects-for-regulation-of-daily-fantasy-sports/
Las Vegas casinos not rushing to join daily fantasy game
Foxsports
Oct 24, 2015
LAS VEGAS (AP) Casinos and sports books, the only companies who can legally offer daily fantasy sports sites in Nevada, are instead watching and waiting from the bleachers.
It has been more than a week since Nevada regulators told the daily fantasy sports industry to get a gambling license or get out, and before they made their exits, the top two companies inferred regulators were playing favorites to protect Nevada's golden ticket: casinos and sports books.
On Friday, DraftKings reiterated in an emailed statement, ''we understand that the gaming industry is important to Nevada and, for that reason, Nevada is taking this exclusionary approach against the increasingly popular fantasy sports industry.''
There was no playing favorites, say state regulators and casino operators.
The state's sports books, for one, haven't suffered with the recent existence of daily fantasy sports. They kept $227 million of what was bet on football, basketball, baseball and other sports last year, up 61 percent since 2011, according to Nevada Gaming Control Board statistics.
While last week's legal opinion opened the door for already-licensed gambling establishments to enter the daily fantasy sports game in Nevada, none appear to be rushing to join.
''No brick-and-mortar wants to put their license at risk,'' said Chris Jones, a gambling industry analyst with Union Gaming. ''I don't think the operators will get involved until there's much better clarity.''
Those lucrative gambling licenses, a result of intense background investigations by Nevada agents who aim to root out unsavory characters from an industry that's only a few decades removed from its mob past and wants it to stay that way, keep their multi-billion dollar operations humming.
They may have clarity in Nevada, but they don't have it outside the state's boundaries. The intense scrutiny and investigations by federal authorities, plus a warning from Nevada's regulators to keep their distance from unlicensed daily fantasy sports operations, also hasn't engendered any sort of confidence about stepping into the fray.
Plus, the daily fantasy sports model has relied on large numbers of new players entering in order to promise big prizes to the minority who win. Nevada doesn't have the population.
''When you parse it all out state by state, you dwindle the pool so much that it's not attractive to the players,'' said Sue Schneider, an Internet gambling expert who started the Interactive Gaming Council trade group in 1996.
Online poker was once an alluring prospect for casinos interested in getting in on an industry estimated to be worth billions of dollars in possible revenue, however, it hasn't been as lucrative as expected. It invites a small pool of possible players residing in three states where it's legal and regulated, including Nevada. Only one of the major casino companies, Caesars Entertainment Corp., has any online poker presence and even then, its World Series of Poker revenue is less than its online social games.
''At this point they're probably just waiting for the dust to settle,'' Schneider said of the casinos.
MGM Resorts, for one, owner of several Las Vegas Strip casino-hotels, says it's ''not focused on participating in the daily fantasy market at this time.'' But MGM spokesman Clark Dumont said in a statement that the company hopes the daily fantasy industry will return to Nevada in the future, going so far as describing it as an ''innovative brand of entertainment.''
The interactive arm of Caesars Entertainment looked at the industry a couple years ago but has no plans to get in the business itself. Neither does sports book operator William Hill.
Barry Leiberman, a gambling lawyer who represents the South Point casino-hotel south of Las Vegas, said he doesn't expect that property to copy the DraftKings and FanDuel model.
''The issue, of course, is the technology to operate it,'' he said. South Point doesn't have it, and Nevada regulators have cautioned those with licenses to keep their distance from the companies that aren't licensed.
Leiberman said he didn't consider it an effort for the state to protect its own.
''What it's doing is calling fantasy sports what it is,'' he said. ''Do you pay money to get into the contest, and do you get money back when you win. And if so, that's gambling.''
Foxsports
Oct 24, 2015
LAS VEGAS (AP) Casinos and sports books, the only companies who can legally offer daily fantasy sports sites in Nevada, are instead watching and waiting from the bleachers.
It has been more than a week since Nevada regulators told the daily fantasy sports industry to get a gambling license or get out, and before they made their exits, the top two companies inferred regulators were playing favorites to protect Nevada's golden ticket: casinos and sports books.
On Friday, DraftKings reiterated in an emailed statement, ''we understand that the gaming industry is important to Nevada and, for that reason, Nevada is taking this exclusionary approach against the increasingly popular fantasy sports industry.''
There was no playing favorites, say state regulators and casino operators.
The state's sports books, for one, haven't suffered with the recent existence of daily fantasy sports. They kept $227 million of what was bet on football, basketball, baseball and other sports last year, up 61 percent since 2011, according to Nevada Gaming Control Board statistics.
While last week's legal opinion opened the door for already-licensed gambling establishments to enter the daily fantasy sports game in Nevada, none appear to be rushing to join.
''No brick-and-mortar wants to put their license at risk,'' said Chris Jones, a gambling industry analyst with Union Gaming. ''I don't think the operators will get involved until there's much better clarity.''
Those lucrative gambling licenses, a result of intense background investigations by Nevada agents who aim to root out unsavory characters from an industry that's only a few decades removed from its mob past and wants it to stay that way, keep their multi-billion dollar operations humming.
They may have clarity in Nevada, but they don't have it outside the state's boundaries. The intense scrutiny and investigations by federal authorities, plus a warning from Nevada's regulators to keep their distance from unlicensed daily fantasy sports operations, also hasn't engendered any sort of confidence about stepping into the fray.
Plus, the daily fantasy sports model has relied on large numbers of new players entering in order to promise big prizes to the minority who win. Nevada doesn't have the population.
''When you parse it all out state by state, you dwindle the pool so much that it's not attractive to the players,'' said Sue Schneider, an Internet gambling expert who started the Interactive Gaming Council trade group in 1996.
Online poker was once an alluring prospect for casinos interested in getting in on an industry estimated to be worth billions of dollars in possible revenue, however, it hasn't been as lucrative as expected. It invites a small pool of possible players residing in three states where it's legal and regulated, including Nevada. Only one of the major casino companies, Caesars Entertainment Corp., has any online poker presence and even then, its World Series of Poker revenue is less than its online social games.
''At this point they're probably just waiting for the dust to settle,'' Schneider said of the casinos.
MGM Resorts, for one, owner of several Las Vegas Strip casino-hotels, says it's ''not focused on participating in the daily fantasy market at this time.'' But MGM spokesman Clark Dumont said in a statement that the company hopes the daily fantasy industry will return to Nevada in the future, going so far as describing it as an ''innovative brand of entertainment.''
The interactive arm of Caesars Entertainment looked at the industry a couple years ago but has no plans to get in the business itself. Neither does sports book operator William Hill.
Barry Leiberman, a gambling lawyer who represents the South Point casino-hotel south of Las Vegas, said he doesn't expect that property to copy the DraftKings and FanDuel model.
''The issue, of course, is the technology to operate it,'' he said. South Point doesn't have it, and Nevada regulators have cautioned those with licenses to keep their distance from the companies that aren't licensed.
Leiberman said he didn't consider it an effort for the state to protect its own.
''What it's doing is calling fantasy sports what it is,'' he said. ''Do you pay money to get into the contest, and do you get money back when you win. And if so, that's gambling.''
Well Hache on that story you just put up it basically confirmed what I said the other day that you laughed at when I said that FD and DK would love to have sportsbetting made legal.
In the article both companies were quoted as saying they want regulation which is just another way to say making sports betting legal.
I dont think DFS will get a pass unless sports betting also gets a pass.
SO thats pretty much proof that I was right saying they they would love the day it becomes legal.
In the article both companies were quoted as saying they want regulation which is just another way to say making sports betting legal.
I dont think DFS will get a pass unless sports betting also gets a pass.
SO thats pretty much proof that I was right saying they they would love the day it becomes legal.
Obviously a no brainer.
Financial risk on sporting events being legal and encouraged is good for everybody.
There are products that we haven't even thought of that would come out of this. Nevermind just the ones we know now.
Something like a stock market game could work if done right, interactive game that is mobile only like a words with friends, etc etc
You will mostly get regulation that makes barrier to entry tougher though...
Where on Earth do you get that out of that article??
Nevada gave DFS companies a chance by telling them to get a license.
But they ran away instead, because they simply refuse to admit it's gambling
Now, I think in time, when DK & FD wake up, you may be right.
Because what they don't understand right now is that their industry is in jeopardy either way.
Many sports bettors turned to DFS because it was legal.
But if DFS becomes illegal practically everywhere, then that group will simply turn back to betting sports illegally.
Then on the other hand, (I know you don't agree with this) if Sports Betting & DFS both are eventually legalized, DFS will slowly lose players to sports betting...
Definitely some unethical things have been going on.
One thing is for sure though...
If & when DFS is up & running again, Fanduel will be getting my business as I don't like DraftKings' attitude through all of this...
