It's so dark and scary. Yet, anyone can open up a currency trading account and put money in with a credit card and trade instantly. Oh, wait, they aren't actually trading, because the brokers don't execute their trades, they just book them on paper. LOL, there is some serious corruption and payoffs going on here.
More crackdowns coming:
For an industry that was hardly noticed five years ago, it has now become a multibillion dollar operation with investors like Robert K. Kraft, owner of the New England Patriots, and Jerry Jones, owner of the Dallas Cowboys, along with Major League Baseball and television networks NBC and Fox.
There may be no better sign that a business has hit the big time than when it is being investigated by the Justice Department for possible wrongdoing.
First, an employee of DraftKings acknowledged that he might have used inside information from the company about how fantasy sports players were constructing their teams to win $350,000 in a contest run by FanDuel. Since then, it has emerged that a number of leading winners in the contests are employees of the two companies, raising fairness questions when these contests are promoted endlessly in advertisements with breathless references to the millions of dollars available to ordinary players.
Since then, The New York Times reported that the Federal Bureau of Investigation has interviewed some prominent players in the contests, including questions about whether deposits have been accepted from people in states that outlaw paying to join fantasy sports. And last week came a report in The Times that a grand jury subpoena was issued to the Fantasy Sports Trade Association, an industry lobbying organization, as part of an investigation being conducted by the United States attorney’s office in Tampa, Fla.
The government is seeking the minutes of board meetings, according to two people who spoke on condition of anonymity because they were not authorized to discuss the case publicly.
For an industry that was hardly noticed five years ago, it has now become a multibillion dollar operation with investors like Robert K. Kraft, owner of the New England Patriots, and Jerry Jones, owner of the Dallas Cowboys, along with Major League Baseball and television networks NBC and Fox.
There may be no better sign that a business has hit the big time than when it is being investigated by the Justice Department for possible wrongdoing.
First, an employee of DraftKings acknowledged that he might have used inside information from the company about how fantasy sports players were constructing their teams to win $350,000 in a contest run by FanDuel. Since then, it has emerged that a number of leading winners in the contests are employees of the two companies, raising fairness questions when these contests are promoted endlessly in advertisements with breathless references to the millions of dollars available to ordinary players.
Since then, The New York Times reported that the Federal Bureau of Investigation has interviewed some prominent players in the contests, including questions about whether deposits have been accepted from people in states that outlaw paying to join fantasy sports. And last week came a report in The Times that a grand jury subpoena was issued to the Fantasy Sports Trade Association, an industry lobbying organization, as part of an investigation being conducted by the United States attorney’s office in Tampa, Fla.
The government is seeking the minutes of board meetings, according to two people who spoke on condition of anonymity because they were not authorized to discuss the case publicly.
Just watched an old episode of South Park --- the Terrance and Phillip mobile game.
The game is free, and the goal is to collect Canadian coins. But then you can purchase Canadian coins (200 coins for 49-cents, 500 for 99-cents). With the coins, you can help Terrance and Phillip build Canada (hospitals, schools).
Clearly a dig at Farmville, the Kardashian game, etc. Where people spend real money to buy a virtual donkey, or a virtual blouse. Then you'll hear the story about the teenager who gets a $237 bill, and their parents go ape-shit.
Soooooooooo.........Americans are allowed to spend money on dumb-ass mobile games, but can't spend money on sports & poker? Crazy world. Sometimes if you think about it too much, it wears you out.
http://southpark.wikia.com/wiki/Freemium_Isn't_Free/Script
The game is free, and the goal is to collect Canadian coins. But then you can purchase Canadian coins (200 coins for 49-cents, 500 for 99-cents). With the coins, you can help Terrance and Phillip build Canada (hospitals, schools).
Clearly a dig at Farmville, the Kardashian game, etc. Where people spend real money to buy a virtual donkey, or a virtual blouse. Then you'll hear the story about the teenager who gets a $237 bill, and their parents go ape-shit.
Soooooooooo.........Americans are allowed to spend money on dumb-ass mobile games, but can't spend money on sports & poker? Crazy world. Sometimes if you think about it too much, it wears you out.
http://southpark.wikia.com/wiki/Freemium_Isn't_Free/Script
Clearly people want to bet on sports. So why not let them? Given that people are going to wager in some form whether or not it's legal - then why not regulate and make some money? Seems so obvious, but apparently it's "dark", "scary", "evil". Apparently people in other countries can handle it, but not Americans.
It is absolutely mind boggling to me that in 2015 America I can't use say the MGM's Web site to bet on sports. It simply amazes me that the government doesn't setup a legal framework to make this happen. They can tax 1% of all transactions (or charge a flat user fee) and make a ton of $. And, my state could tax say 2% of winnings and collect their share. Vegas would make boatloads in this scenario and it is a head scratcher why they don't lobby for this.
it's because while gambling generates revenue, it is more likely to ruin lives, which will ultimately cost society more than the tax revenue it brings in
people are stupid, and while i am against further regulation of some things (ie. firearms), gambling is one that is ok to heavily restrict imo. getting money from locals or offshore is still doable, so the system isn't really broken as long as the govt doesn't crack down hard on winners.
people are stupid, and while i am against further regulation of some things (ie. firearms), gambling is one that is ok to heavily restrict imo. getting money from locals or offshore is still doable, so the system isn't really broken as long as the govt doesn't crack down hard on winners.
Government doesn't regulate business exclusively to protect consumers. Government also regulates business to protect companies from competition.
-Op ed in LV review journal.
You have the lottery which takes like 50% off the top, table games are -EV no matter what, sports betting charges a 4.5% juice even though that is a very low overhead business, 10% on parlays etc.
Notice all the legalized gambling is player vs house? When it is player vs player then it is too much for society to handle, gee wonder why?
-Op ed in LV review journal.
You have the lottery which takes like 50% off the top, table games are -EV no matter what, sports betting charges a 4.5% juice even though that is a very low overhead business, 10% on parlays etc.
Notice all the legalized gambling is player vs house? When it is player vs player then it is too much for society to handle, gee wonder why?
What you say makes sense, but it isn't the truth at all. Society does not give a shit about other people, it's just a smokescreen. It's like the NCAA saying we can't have a playoff because kids might miss classes. It's bullshit. They are perfectly fine with gambling ruining people's lives as long as they are in on it and collecting. There is another reason why sportsbetting has not passed. It isn't because they want to protect us. It's likely because the people making money on illegal sportsbetting have paid off a lot of people. Nothing you hear from their mouths publicly is true, just forget about that.
Like I said, there are tons of forex brokers that are nothing but legal bookies. Deposit by cc and trade within seconds, and they are nothing but paper trades. They simply say you have this position on paper, but they are just booking the trade and knowing you will lose, and the trades are not executed. Lose as much as you want, and where is the protection for society then? Where is the gov't to protect the guy that walks into an East St Louis ghetto casino and bets everything he has on the craps table? There is no protection. It's legal. Poor ghetto suckers, thanks for playing! State of Illinois dept of revenue thanks you!
Yes, you heard that correctly. There is a fucking casino in East St Louis, IL. The poorest city in America, just a complete ghetto that you do not stop in for any reason at any hour. If you are on the road, you piss your pants rather than stopping in that shithole at noon on a Tuesday. It's that ghetto.
http://abc27.com/2015/10/19/gaming-bill-would-regulate-daily-fantasy-sports/
Like I said, regulation isn't really the issue. The issue is the states want to either shake down the DFS sites for $ or get rid of them to steer gambling toward their own regulated industries within the state.
It's nothing but a shakedown.
Like I said, regulation isn't really the issue. The issue is the states want to either shake down the DFS sites for $ or get rid of them to steer gambling toward their own regulated industries within the state.
It's nothing but a shakedown.
Every form of gambling is different as far as how the business models work. You need real industry know-how to make the right regulations/taxes/licensing, otherwise you could kill really hurt the industry.
DFS doesn't have the $ to give these states that a local casino or lottery does. The smaller sites would be done based on that PA proposal and the larger sites would have to raise rake to the point that profitability would likely be very difficult, thus losing a large portion of your player base.
10% rake sounds like a lot but these sites spend a ton on coding/programming talent, paying affiliates 30% of rake new users bring in, payment processors 3% of total deposits then obviously the huge ad blitz needed to grow or else it doesn't work.
Regulation isn't really the issue, taxes/licensing killing industry is.
Maybe in like 2 years if the sites kept growing they could do something like that, but right now I doubt they can do so.
I think these politicians think DFS has more $ to offer them than it does. These companies aren't even profitable yet and won't be for the foreseeable future. Even when they do get profitable, we're not talking billions of dollars here. They can't hook the gov't up the way a casino can.
