Posted on 11/10/2015 5:23:49 PM PST by SMGFan
New York's attorney general on Tuesday ordered the daily fantasy sports companies DraftKings and FanDuel to stop accepting bets in the state, saying their operations amount to illegal gambling.
In a pair of letters sent to the companies, Attorney General Eric Schneiderman said that after a one-month investigation, his office had concluded that the daily contests promoted like a lottery are essentially games of chance, not skill.
(Excerpt) Read more at foxnews.com ...
Interesting
In other news , New York State Lottery officials have announced that the jackpot for tonight’s MegaMillions drawing is up to $180 million.
They’re cutting into the State’s action.
Once these companies grease the right palms in Albany, it’ll be fine again.
So he will “outlaw” lotteries as well?
As long as they were season long ventures it could be argued that more knowledge and skill were involved than luck. Game to game is more luck since game performance is far less predictable than season performance. Still the only ads in NY that are more numerous tgsn Fanduel are Lotto and powerball.
That opinion might be good news for Draft Kings and Fan Duel. They will be able to produce many people who can testify that they won because they studied the performances of the people they picked and won because of their skill in analyzing the records of players and understanding the matchups, and not because they picked names out of a hat.
The lottery is based on picking random numbers and involves sheer luck. I would compare Draft Kings and Fan Duel more to horse racing that a lottery. In Horse racing, everyone can read the past performances of the horses. With Draft Kings and Fan Duel everyone has the same information and they win or lose based on what they do with that information.
You should test out your theory. Open a place and take bets on horse racing. I would bet, pun intended, that you would end up in handcuffs before the sun set. By the way, there have been guys doing what Fan Duel and Draft Kings are doing for decades, they are called bookies. The only difference is that bookies will take a bet on credit, FD and DK cash on hand.
Let me amend that. FD and DK have the credit card companies stand in for the loan sharks.
I didn't advance a theory. I compared Draft Kings and Fan Duel to horse racing.
You do know that taking bets on horse racing outside of the track or OTB is illegal.
2. If you transfer money by debit card, there is no interest fee.
3. If you pay be credit card, and pay the balance off when due, there is no interest fee.
4. Don't get in over your head. See rule one.
I do know that his is not necessarily the case everywhere. There are exceptions in places where card rooms can legally accept bets on horse races. In some states, people can legally place bets on horse races over the internet.
But I knew the trick with whales like Ichikawa...
was that they can’t bet small for long.
He didn’t think of it as winning 10,000...
he thought of it as losing 90,000.
So, he upped his bets.
Until he dropped his winnings back and gave up a million of his own cash.
In the casino, the cardinal rule is to keep them playing...
and keep them coming back.
The longer they play, the more they lose.
In the end, we get it all.
This dialogue from “Casino” is more accurate when dealing with your normal degenerate gambler.
Good movie. And if someone doesn't adhere to rule number one, then yes, they will get it all.
” They will be able to produce many people who can testify that they won because they studied the performances of the people they picked and won because of their skill in analyzing the records of players and understanding the matchups, and not because they picked names out of a hat. “ If this was highlighted in commercials Rush or Sean read, (the reality of how people win), many players would stop playing.
You could go to the Borgota and shoot hoops for a cash prize. But if you do not have the skill would you put up the entry fee?
No.
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