There is something seriously wrong/corrupt in NY......nobody is forcing anyone to participate in these fantasy sites, nobody is losing their kids college tuition or houses due to the small entry fees on these sites, what is the harm? NYers are more than capable of making up their own minds if they want to participate in using these fantasy sports sites, I am one of them. It all boils down to the AG and the rest of the NY gov wanting to get their piece of the pie. If that is the case, implement a tax and let it be. Don't ruin/dictate people's freedom of choice.
2
So you pay an "entry fee", pick teams and if you get it right you can win a lot of money, sure sounds like gambling to me. But then again they are on the internet so there will probably be some twisted logic like " we only serve as an introducer to people that want to play with one another" just like Airbnb isn't a hotel booking service and Uber/Lyft aren't taxi services.
1
Government again treating the adult population like children. Gambling, prostitution, and other "vices" should be legal, regulated to make sure participants are 21 or over, and taxed to fund treatment for those who need help with addiction, or vocational training for sex workers who want to get out of the field.
1
I know a lot of people who play fantasy football, but personally, I don't see the attraction. The real deal is good enough for me. But then, I get no pleasure from gambling either. The saying, "Truth is stranger than fiction, "applies in football too. Who could forget when the Giants beat the undefeated Patriots in the Super Bowl?
The key phrase in the article is 'and hedge funds that have invested and partnered...'. Hedge funds have only one purpose: Make money from their investments. Just like bookies do. Allegedly.
The biggest difference between 'normal' Fantasy sports and DraftKings et al, is that at the end of the day the investors in Draft Kings make far more money than the Fantasy players do, whereas the 'normal' Fantasy hosts like Yahoo and CBSSports charge a nominal fee, if anything, and the players in the league split the rest of the proceeds.
But it's ALL gambling: You lay your money down and hope that you made the right choices so you get paid out at the end. Just like at Belmont, Vegas, AC, Foxwoods, Monte Carlo....
It's obvious that people want to take part in this. Why fight the inevitable? Go for a gambling license and rake in all the dough you can and pay the government it's vig. But don't play us for suckers and say this isn't gambling...
The biggest difference between 'normal' Fantasy sports and DraftKings et al, is that at the end of the day the investors in Draft Kings make far more money than the Fantasy players do, whereas the 'normal' Fantasy hosts like Yahoo and CBSSports charge a nominal fee, if anything, and the players in the league split the rest of the proceeds.
But it's ALL gambling: You lay your money down and hope that you made the right choices so you get paid out at the end. Just like at Belmont, Vegas, AC, Foxwoods, Monte Carlo....
It's obvious that people want to take part in this. Why fight the inevitable? Go for a gambling license and rake in all the dough you can and pay the government it's vig. But don't play us for suckers and say this isn't gambling...
1
I could not care less about fantasy sports betting operators. However, if the action by NY removes their never ending obnoxious commercials from the airwaves, I will be truly happy.
3
I am not concerned about the gambling aspect as much as what I see as the Ponzi aspect of these sites. Most people seem puzzled about why so many ads? That is because all those ads bring in tens of thousands of new users, and millions of dollars to keep paying out money and putting up for contests.
Those who dispute what I am saying should ask themselves a simple question; if these sites were to be banned from running ads on the TV and radio, would they be able to take in enough money to keep their business going? If not, then it is a bastardized version of a Ponzi scheme.
They are taking in enough money from many companies, which should be more than enough to run their games, if their business plan is sound. If the only way their business can be run is by weekly bringing in tens of thousands of new users, then they have a problem.
Those who dispute what I am saying should ask themselves a simple question; if these sites were to be banned from running ads on the TV and radio, would they be able to take in enough money to keep their business going? If not, then it is a bastardized version of a Ponzi scheme.
They are taking in enough money from many companies, which should be more than enough to run their games, if their business plan is sound. If the only way their business can be run is by weekly bringing in tens of thousands of new users, then they have a problem.
2
I think your missing their business plan. Each "game" is a gamble unto itself. They pay back a percentage of what is bet (80%). They keep the vig. therefore the more "games" they produce, the greater the activity, the greater the vig. It's a no lose situation for them.
1
While watching the World Series TV broadcast, I got to listen to Pete Rose who is banned from MLB because of gambling. At the same time, during those games, I saw advertisements for fantasy sports gambling with obvious ties to MLB. I know the situations are different, but I still found it hypocritical for MLB to still be punishing Rose while pushing online gambling.
6
As I understand it, Pete Rose was playing major league baseball and/or managing a major league baseball team at the times that he was gambling on major league baseball. It should be clear that this is in a category of action far removed from gambling by on major league baseball by people who are *outside* of the league.
2
It is not the issue of gambling as such, it is the issue of a fair, or rigged, game. 1% (there's that number again) of the players get a large part of the winnings.
Which is it - is it fair, or is it rigged, and do insiders play, and do insiders in one company bet with the other company and/or with their own? And what about the owners of major sports franchises like the NE Patriots own and control the policies of the gambling companies, and does this ownership affect the management and the play of the pro sports teams. Is a player asked to play poorly to affect the outcome on a sports gambling site like Draftkings. All these issues are ones which should be investigated before these games are allowed to continue.
Which is it - is it fair, or is it rigged, and do insiders play, and do insiders in one company bet with the other company and/or with their own? And what about the owners of major sports franchises like the NE Patriots own and control the policies of the gambling companies, and does this ownership affect the management and the play of the pro sports teams. Is a player asked to play poorly to affect the outcome on a sports gambling site like Draftkings. All these issues are ones which should be investigated before these games are allowed to continue.
1
All of those issues and risks apply to stick investing too. But stocks are regulated (sometimes!) not banned.
I find it hypocritical is the "gambling" issue itself. NY is ok with gambling, so long as its taxed, IE the NY lottery, which I have the pleasure of seeing all the commercials for as well, but if the gambling is a skill based game that NY can't get its share of the money, its a terrible thing. I promise you this, if DraftKings was originally set up under the state's government, they would have no problem with it.
It's amazing how all the sports sites, sports talk shows and NFL.com are now quiet on the subject of FanDuel and DraftKings.
Gambling enterprises that popped up eight weeks ago and slathered $100 million each in advertising to the NFL. $200 million more in the coffers of the NFL, led by two greedy owners. Anybody that supports this kind of nonsense deserves to be fleeced of their money.
Hey adults of the US. Gambling is bad for your kids. Grow up and act like adults.
Gambling enterprises that popped up eight weeks ago and slathered $100 million each in advertising to the NFL. $200 million more in the coffers of the NFL, led by two greedy owners. Anybody that supports this kind of nonsense deserves to be fleeced of their money.
Hey adults of the US. Gambling is bad for your kids. Grow up and act like adults.
2
DFS sites have been around for years,not 8 weeks.Gambling is bad for children.So is alcohol,salt,fat,sugar,explicit music lyrics,legal pot,the Kardashians,violent video games etc,.etc.We can expect and require people to be responsible parents or we can ban all ''bad'' things.I'll choose personal responsibility,you've obviously chosen how to tell everybody else how to live.
1
You put money down on "action", it's gambling. It's amazing that two NFL owners are so closely associating gambling with their sport. It's also amazing that these same owners are so greedy as to fleece their own fan base.
Poor judgment. What happens when young kids don't want to watch a football game unless they have money on it? When is enough money enough?
Poor judgment. What happens when young kids don't want to watch a football game unless they have money on it? When is enough money enough?
1
Eric Soufer, a spokesman for Mr. Schneiderman, the attorney general, said: ''We urge FanDuel and DraftKings to follow this example by immediately meeting the terms of the attorney general’s letter and by ending their illegal gambling enterprise — and the economic and public health harms that come with it — here in New York.”
If Daily Fantasy ''causes economic and public health harms'' How can Gov.Cuomo and AG Schneiderman explain their cozy relationship with the casino industry,I won't even mention the mathematically rigged NYS lottery and the video crack aka Quick Draw where a new gambling game starts every 4 minutes.Gov.Cuomo's solution to upstate economic woes........casinos.Who does he think is going to lose their money there,Canadians? The grandstanding Mr.Scneiderman has no idea what impact DFS has on New Yorkers because he did no research,he cherry picked a few anecdotal statements from a letter written by the NCPG.
The NYT editorial board is oh so worried about the college boys getting hooked on gambling via DFS but they're all in on legal pot.They fully trust the young men to use pot responsibly but must protect those same young men when it comes to DFS.Hypocrisy mixed with paternalism proves one thing,the real ''fantasy'' is the mindset of the nanny state.
If Daily Fantasy ''causes economic and public health harms'' How can Gov.Cuomo and AG Schneiderman explain their cozy relationship with the casino industry,I won't even mention the mathematically rigged NYS lottery and the video crack aka Quick Draw where a new gambling game starts every 4 minutes.Gov.Cuomo's solution to upstate economic woes........casinos.Who does he think is going to lose their money there,Canadians? The grandstanding Mr.Scneiderman has no idea what impact DFS has on New Yorkers because he did no research,he cherry picked a few anecdotal statements from a letter written by the NCPG.
The NYT editorial board is oh so worried about the college boys getting hooked on gambling via DFS but they're all in on legal pot.They fully trust the young men to use pot responsibly but must protect those same young men when it comes to DFS.Hypocrisy mixed with paternalism proves one thing,the real ''fantasy'' is the mindset of the nanny state.
1
What is the difference between an NFL player and a horse? Nothing. In both cases bettors carefully check the past performance of the athlete, the competition it will be up against, and the opportunity for an underdog to break out and pay up. Yet no one would suggest that horse tracks are not engaged in gambling. Fantasy sports should be regulated like any other form of wagering.
5
What is the difference between an NFL player and a CEO? In both cases bettors carefully check the past performance of the athlete, the competition it will be up against, and the opportunity for an underdog to break out and pay up, yet no one would suggest that the stock market be banned in New York. And if that example does not resonate, what about crop futures? There the wins or loses turn on the weather, which is as random as the turn of a card or toss of a die, yet that is allowable.
The big difference, as i see it, is the social class of the bettors. Richie Rich bets on stocks and futures, so that is acceptable Joe Sixpack bets on DFS, so that is not.
The big difference, as i see it, is the social class of the bettors. Richie Rich bets on stocks and futures, so that is acceptable Joe Sixpack bets on DFS, so that is not.
3
blackjack is just as much a game of skill as fantasy football. who regulates the winners percentage? Fantasy sports are obviously a form of unregulated gambling that screws the suckers who bet just as much as the casinos do.
1
Hey Draft Kings, "welcome to the Big Time"!
2
This is clearly gambling and should be banned. I am surprised that NJ does not join with NY in this case. Fantasy sports betting is no different then horse racing. You try to pick winners or combinations of finishes in horse racing and that is what is happening here. It is pari-mutual wagering. It should be banned if for no other reason than that the huge number of ads are a big annoyance.( smirk)
4
It's gambling as much as stock investing is gambling. Cease and desist for the Stock Market, too?
I would tend to agree. "Fantasy sports betting is no different then horse racing." But gambling on horse racing is legal in NJ. Then why shouldn't/couldn't fantasy sports betting be legal in the state? In addition, Gov. Christie's administration has been fighting in court to win the right to become the fifth state to allow sports betting.
They just want a piece of the large amount of money these fantasy sports portal are making.
2
I'm against both, but given a choice between legalized gambling games like this and legalized pot, I'll go with the games. It would be a close call, but gambling of this type leads to nothing much more than more gambling until you run out of money, while pot leads a lot of kids to a lot of other things.
1
If you are against both then you should refrain from both.
So the $250 million Disney committed to Draft Kings as an investment goes to legal fees now? And that's just one investor. Look at the effect New York had on the sentiment in the business: payment processors stopping processing, other operators leaving the state. Its so big of a share of business it has most likely altered investment behavior going forward. This is a line in the sand. The legal battle for this must be won in New York or DFS is basically finished.
1
"Nellie Drew, a University at Buffalo sports law professor, said the New York attorney general’s ruling should give pause to the professional sports leagues. "
ruling? what ruling? this was a letter written by the NYAG after no fact finding, due process or inquiry of any type. this was not a ruling. you can call it a political stunt, but dont consider it a ruling.
ruling? what ruling? this was a letter written by the NYAG after no fact finding, due process or inquiry of any type. this was not a ruling. you can call it a political stunt, but dont consider it a ruling.
5
How did this ever get as far as it did? It's obviously gambling.
2
Since when did accepting money for what you guess will happen hoping to win big not constitute a wager? These guys are dead. Their sites are gambling sites and the NY DA wil not give a hoot who their owners are. GOod for them. In this country we have become a nation of deniers. "It depends on what your definition of "is" is was the low point. Now, no one admits anything and calls it something else. Enough already.
3
Ever since people started playing the stock market, the crop futures exchanges, and speculating in currency.
1
Good Point, Mike COdy, but it is too easy to rip off the public in unsupervised gaming. DId you know that only 1% of fantasy players have won money? Too easy to rig.
Only then did the Attorney General's office get involved when it was clear the now $Billions-and-multiplying industry was unable to police itself.
And for those crying about the "nanny state" and "let them eat cake," er, "let them lose their money" mantra, even those who bet and lose $ in the stock market at least have a feeble guarantee from the govt. about it be regulated. Regulated same as the casinos, although those who've ever been on a bad losing streak at the tables have certainly doubted that.