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FantasyDraft Bails Out Fantasy Aces, Will Spend Player Balances

FantasyDraft Bails Out Fantasy Aces, Will Spend Player Balances

FantasyDraft will rescue the consumer balances for the stricken and bankrupt Fantasy Aces site, its CEO announced on Monday regarding the RotoGrinders DFS forum.

FantasyDraft CEO Steve Krombolz stated 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 are going to be topped up with FantasyCash.

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

Bankruptcy filings quickly 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’ included just $2,419. While the ongoing company listed assets of $1.8 million, which will be liquidated to pay creditors, it stated it had liabilities of $2.96 million.

In quick, Fantasy Aces could not pay its customers.

99.6 Percent to Receive Money

‘As members of this DFS community focused on doing things the right way, we feel you, the players,’ wrote Steve Krombolz, CEO and Co-Founder of FantasyDraft that we need to do our part to protect the lifeblood of the industry.

‘So, we have decided getting involved. Today, (more…)

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

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

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

Texas Attorney General Ken Paxton sparked a lawsuit when he opined that day-to-day fantasy sports were illegal under state legislation. A triple-pronged legislative approach from Representative Richard Raymond hopes to challenge that opinion.

The state missed out in the DFS legislation trend that appeared on the dockets of legislatures across the country in 2016 as a result of the fact that its legislative session is biennial, however it seems to be getting back together for lost time.

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

The three bills address the key preoccupations of legislators across the US, from player protections and operator registration fees, to the segregation of player funds as a body of legislation. Curiously, though, one bill ignores the latter point that is somewhat crucial. Likewise, two bills would define DFS as games of skill, while one would not bother.

Representative Raymond is actually hedging his wagers.

The Letter of regulations

Raymond said he hoped his triple-pronged approach would ‘clarify a confusing and law that is ambiguous affirm that dream (more…)

As Rome Burns, Putin OKs Crimea Gambling Zone

As Rome Burns, Putin OKs Crimea Gambling Zone

Russian president Vladimir Putin, dealing with financial sanctions, signs in a legislation that will create a ‘gambling area’ in annexed Crimea. But could his timing be any worse?

The story that is old Roman emperor Nero fiddling while his city burned to the floor has a mythic quality that could be used to Vladimir Putin these days. Facing an international scandal after Russia’s seeming involvement in shooting a Malaysia Air passenger jet out of the sky, the Russian president has chosen now to ok a new gambling area in Crimea; a small region simply to the south of Ukraine, where in fact the horrific incident took place last week.

Of course, unlike Nero, Putin remains firmly in control of all things Russian, and it has borne the brunt of surprisingly little outrage that is international the incident that was allegedly carried out under his military’s auspices.

Putin signed into effect a law this week which will transform the annexed territory of Crimea into a gambling zone for Russian holidaymakers. Within the light of recent events in Eastern Ukraine, Putin, faced with the prospect of increased US/EU sanctions, could very well have opted for a more apposite moment to make this specific announcement, but he is nothing if not bull-headed, and it’s clear he is determined to make the area economically self-sufficient.

Russia overran the territory that is largely russian-speaking the Ukraine in March, following a referendum on its (more…)

Nj Online Gaming Study Predicts Huge Growth Trend Will Continue in 2017

Nj Online Gaming Study Predicts Huge Growth Trend Will Continue in 2017

Nj on the web gaming had its best year up to now in 2016, as well as the future, at the very least in accordance with one new study, will probably be even brighter.

Pennsylvania is expected to consider passing an igaming law this year, and that would be further good news for New Jersey online gaming, as it may help reverse internet poker’s downward spiral.

Internet gaming companies are now being told to expect a profits increase of 17 percent in 2017. International gaming industry research group Eilers & Krejcik says online gambling into the Garden State will reach new highs in the 12 months ahead, despite the firm’s forecast that electronic poker will drop by six per cent.

Best yet for Atlantic City is their prediction that online play is leading to more bets placed at the remaining seven land-based casinos.

‘Increased integration between the internet and live casino appears to be driving extra play and visitation at land-based properties,’ the Eilers & Krejcik research reported.

Great News or Bad News?

Even though the headline reads nicely for internet casino operators while the state’s tax coffers, 17 %, while strong growth, would be a slowdown actually in regards to annual percentage gain.

The New Jersey Division of Gaming Enforcement (DGE) reported total internet gaming in 2016 arrived in at $196.7 million. That is almost $48 million a lot more than the five land-based casinos that a (more…)

Pennsylvania Sports Betting Bill Introduced, Penn State Football Popular at Sportsbooks

Pennsylvania Sports Betting Bill Introduced, Penn State Football Popular at Sportsbooks

A Pennsylvania sports betting bill has been introduced by State Rep. Rob Matzie (D-District 16) that seeks to allow residents in the Keystone State to place financial wagers on sporting outcomes should a federal law be repealed.

James Franklin’s Penn State football team provided large payouts for fans who backed the Nittany Lions last fall, and a Pennsylvania sports betting bill has been introduced to keep those monies inside the Commonwealth.

House Bill 519 would allow the business of accepting wagers on sporting events or on the individual performance of athletes. Traditional Vegas sports betting formats including straight bets, moneylines, parlays, exchange wagering, and pools would all be authorized. However, Matzie’s bill wouldn’t legalize daily fantasy sports.

‘Sports betting is a $400 billion business in the United States,’ Matzie said in a statement. ‘Most of that betting takes place illegally, through bookies and offshore wagering companies. This bill would position Pennsylvania’s casinos to be among the leaders in sports betting as soon as the legal hurdles are removed.’

Those legal hurdles are complex, as sports betting is currently outlawed in all but Nevada. For that to change, a federal statute passed in 1992, the Professional and Amateur Sports Protection Act (PASPA), would need to be repealed by Congress.

Pennsylvania is currently considering a massive gambling expansion packa (more…)