FantasyDraft Bails Out Fantasy Aces, Will Pay Player Balances

FantasyDraft Bails Out Fantasy Aces, Will Pay Player Balances

FantasyDraft will rescue the client balances associated with the stricken and bankrupt Fantasy Aces web site, 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 associated with the industry.’ The vast majority of Fantasy Aces customers will be paid in cash, while bigger balances will be topped up with FantasyCash.

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

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

An account listed in the filings as ‘Players Account’ included just $2,419. As the ongoing business listed assets of $1.8 million, that may be liquidated to pay creditors, it also stated it had liabilities of $2.96 million.

In short, Fantasy Aces could not pay its customers.

99.6 Percent to Receive Cash

‘As members of the DFS community committed to 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 now have decided to have involved. Today, we have

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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

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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 developing a framework of regulation for the contests.

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

The state missed down in the DFS legislation trend that appeared in the dockets of legislatures across the country in 2016 due to the fact that its session that is legislative is, nonetheless it seems to be making up 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 matters.

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 notably crucial point altogether. 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 the Law

Raymond stated he hoped his triple-pronged approach would ‘clarify a confusing and ambiguous law and affirm that dream sports are appropriate in

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President Trump Talks Sports Betting, Nevada Books Collect Record Handle on Super Bowl

President Trump Talks Sports Betting, Nevada Books Collect Record Handle on Super Bowl

Sports legalization that is betting a controversial topic that has recently been debated in several state capitals, and the united states Supreme Court is considering conducting its very own review within the coming months.

President Trump explained he won’t fight for sports betting legalization until he hears all edges associated with story from those who understand the market well.

As Super Bowl LI generated a record handle at Nevada sportsbooks, the subject is garnering the attention of even more important players. The commander-in-chief gave over the weekend while there was much coverage on President Donald Trump’s sit-down with FOX News’ Bill O’Reilly during Super Bowl Sunday, it wasn’t the only interview.

Appearing on American sportscaster Jim Gray’s Westwood One radio network program, the president was asked about legalizing sports gambling nationwide.

‘What I’d do is sit down with the commissioners. I would be talking to them, and we’ll observe how they feel about it,’ Trump explained. ‘Some would perhaps not wish it, I’ve read others perhaps do. I would certainly wish getting their input and obtain the input from the leagues which can be various . . It will be studied very carefully.’

While vague, the president’s remarks will be the first time he’s opined on possibly even considering repealing the Professional and Amateur Sports Protection Act (PASPA). The 1992 statute that is

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

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

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

Pennsylvania is anticipated to take into account passing an igaming law this year, and that would be further good news for brand New Jersey online gaming, as it could help reverse internet poker’s volitile manner.

Internet gaming companies are increasingly being told to expect a revenues increase of 17 percent in 2017. Global gaming industry research group Eilers & Krejcik says online gambling in the Garden State will reach highs that are new the year ahead, regardless of the firm’s prediction that digital poker will decline by six %.

Most readily useful yet for Atlantic City is their prediction that online play is leading to more bets placed at the residual seven land-based casinos.

‘Increased integration between the online and live casino appears become driving extra play and visitation at land-based properties,’ the Eilers & Krejcik study claimed.

Very good News or Bad News?

Although the headline reads nicely for internet casino operators and also the state’s tax coffers, 17 %, while strong growth, would be a slowdown actually in terms of yearly percentage gain.

The nj-new Jersey Division of Gaming Enforcement (DGE) reported internet that is total in 2016 came in at $196.7 million. That is nearly $48 million significant

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