Mark Cuban is purchasing a company that caters to the fantasy that is daily market, a good sign for players who regularly be involved in the contests.
Billionaire business owner Mark Cuban could be the owner that is outspoken of NBA’s Dallas Mavericks and renowned for appearing on ABC’s ‘Shark Tank.’ The tycoon made his fortune when you are ahead of the tech curve, and now Cuban’s focusing their attention on another burgeoning industry: daily fantasy sports (DFS).
Fantasy laboratories, a platform of proprietary analytical data and tools that players can use to increase their DFS performance, announced this week that Cuban has made an undisclosed investment in the company.
‘We attracted an amount that is significant of from outside investors,’ Fantasy Labs said in a statement. ‘We identified Mark as the ‘dream investor’ … Bringing on Mark is a strategic move that we couldn’t pass up.’
Cuban expressed his excitement in joining the business because well. ‘The explosive growth of fantasy sports, and its involvement with brand new categories of competition like eSports, increases the requirement for high-end resources like the platform provided by Fantasy laboratories,’ Cuban said.
Cuban’s interest in DFS comes at a time that is somewhat surprising taking into consideration the coast-to-coast legal battles day-to-day fantasy operators are involved in.
From ny to California, the discussion to determine whether DFS constitutes skill vs. luck-based games has proponents and antagonists vociferously voicing opinions on both sides of this debate.
Nyc Attorney General Eric Schneiderman recently ordered DraftKings and FanDuel to cease accepting wagers from hawaii’s residents.
The Empire State AG is additionally attempting to fine the operators up to $5,000 per situation for previous entry buy ins, a potential total of $3 billion should all of the 600,000 nyc cases receive the penalty that is full.
That could likely lead both DFS platforms into bankruptcy.
Fantasy Labs is attractive to investors, since it provides them a way to enter industry without actually offering daily fantasy contests.
Fantasy laboratories is a tool that is third-party offers users added research and leverage in choosing their rosters on DFS websites.
Regardless, Cuban thinks Schneiderman and the other handful of states attempting to punish the budding market have to rethink their ways.
‘It (daily fantasy sports) has made viewing our games on TV more enjoyable,’ the NBA owner said recently. ‘Hopefully, the stupidity and hypocrisy in a few states will be cleared up into the courts shortly.’
This week with Fortune magazine, Cuban said he believes gambling will become legalized across the country in the coming years and that online gambling might lead the way during an interview.
‘It’s inevitable. It’s going to take some time for the courts to overcome the grandstanding by a few district attorneys, but once that occurs I do believe we will see a slow but yes availability of gambling throughout the nation,’ Cuban said, jabbing Schneiderman right where it hurts.
Cuban has been snagging up entertainment and gaming organizations recently. He’s a part-owner of Virtuix Omni and Magic Leap, two companies progress that is making the virtual and mixed reality markets, as well as Unikrn, a platform just like DFS, but geared towards eSports.
Like any capitalist that is smart Cuban invests only in companies and markets he believes are positioned for growth. Despite the ongoing legal saga surrounding DFS, Cuban’s interest is definitely a positive indicator for the industry that is controversial.
Las Vegas Casino Revenues Up for Fifth in a Row year
The crowds are back in Las Vegas because the town records its fifth casino-online-australia.net yearly revenue enhance for 2015. (Image: travelblog.viator.com)
Las Vegas has staged many a celebrity revival now it’s staging certainly one of its own. The city which was once dubbed ‘ground zero associated with globe economic crisis,’ while the downturn of 2008 crashed its property market and ravaged its casino industry, proceeded its bounce back once again throughout 2015.
This week the Nevada Gaming Control Board reported the city’s fifth year that is consecutive increases in total casino revenue.
The state’s major casinos reported a 2.9 percent boost in profits over 2014, at $24.6 billion, although this continues to be 2.6 percent lower compared to the 2007 pre-recession all-time record high.
The figures illustrate the shift away from reliance purely on video gaming, which composed just 43.2 percent of the total haul, the industry’s lowest-ever percentage.
Even though the Las Vegas Convention and Visitors Authority (LVCVA) recorded an all-time record for visitor numbers a year ago, a recent LVCVA study suggested less folks are coming to Vegas solely to gamble, and even to wager money at all.
Only 12 percent associated with 41 million Vegas visitors in 2014 came primarily to gamble, according to the research, although 71 percent put at the least one bet during their stay.
Instead, the multitudes are coming for the amenities that are non-gaming the restaurants, the nightclubs and pool parties, the shopping, and possibly even for the daring feats such as the Stratosphere’s bungee jump from 829 foot. Gambling, this indicates, is really final century.
‘It’s a sign of the market that is changing’ David Schwartz, director of the University of Nevada, Las Vegas, Center for Gaming Research, told NevadaAppeal.com this week. ‘Food is growing and gaming as a percentage is shrinking. The things I’m hearing from people is they spend more on entertainment and food than gambling. This is what the visitors seem to want.’
And whenever most of the accounting had been done, Nevada’s casinos still revealed a loss that is net of $661.8 million for the year, even though this figure was down 11 percent compared to the previous 12 months.
It’s nearly as if the loss leaders are now totally reversed, with gaming being the shill for all the other money-making stuff that now lures visitors to Sin City, as opposed to the other way around.
Caesars Spoils the Party
Much of this loss can be attributed to Caesars and the interest paid on its billions of dollars of debt, and to the writing out of assets as an element of its bankruptcy proceedings.
Caesars’ predicament aside, the feeling is positive. The industry’s losses have been narrowing every and analysts are optimistic that gaming may well find itself in the black again by the end of 2016, a year that is expected to break visitor records once again year.
Meanwhile, the off-Strip casinos are going from strength to strength. Downtown was hit especially difficult by the downturn that is economic.
As the big Strip hotels slashed their prices as being a response to the recession, downtown casinos were forced to go also reduced in order to fill rooms at any cost.
But now, in a happier financial environment, the Strip costs are up while the casinos of Fremont Street have reasserted themselves once the budget alternative Las Vegas experience.
Dutch Online Gambling Reforms Get Sudden Tax Migraine
Dutch Parliament within The Hague, where amendments were recommended to your Remote Gambling Act which could doom the whole procedure to failure. (Image: euro-islam.info)
Holland’s gambling reforms, which make an effort to modernize the Dutch on the web and land-based video gaming markets, have actually been slow-moving, to say the least.
Drawn up in 2013 to overhaul the country’s 50-year-old laws that are existing they were initially expected to be rubber-stamped in late 2014, nevertheless the Dutch Remote Gambling Act remains being debated by committee in the reduced House, with no end in sight.
It’s a pity, because foreign operators are lining up to be part of what might be a huge on line gambling revolution, or at least they were.
The fly that is latest in the ointment is the fact that the 2 ruling coalition parties seemed this week to own suddenly and unexpectedly flip-flopped on the 20 percent tax rate for online gambling companies. Instead, they propose a blanket 29 % price for both on line and operators that are land-based.
Online Gaming Searching Grim
It had been enough to help make leading gaming that is dutch tear their hair down. One Netherlands that is such gaming, Justin Franssen of Kalff Katz & Franssen, told eGaming Review that there was now a ‘real likelihood’ that the Dutch online gaming market would fail.
‘Operators have learned their lessons in other jurisdictions and I think desire for industry will seriously decrease if and whenever these motions pass parliament,’ he said.
Because probably the one overriding goal associated with gaming that is remote would be to channel Holland’s many enthusiastic online gamblers away from the overseas markets in order to better protect consumers.
Since the united states currently has no licensed online gambling websites whatsoever, it would be fair to express that 100 percent of Dutch on the web gamblers engage with these markets, which adds up to an approximated 1.5 million adults.
Desire to associated with bill ended up being to achieve a ‘channelization rate’ of 80 percent away from the offshore market and toward the brand new licensed operators.
European Commission Supports Differentiation
A income tax rate of 20 percent was deemed become a realistic way of achieving these ambitions. Overtaxing operators prevents them from competing efficiently with their counterparts that are unlicensed which means the players will simply go where the product is more appealing.
It seems that the politicians may be bowing to pressure from litigation launched year that is last land-based gaming relationship Euromat, which complained to the EC that the tax differentiation for land-based and online gaming businesses in Holland violated EU legislation.
Except it does not. The EC officially accepts that differentiation as legal, and is happy to keep it as much as individual user states to make a firm decision, as was reaffirmed in 2014 by a land-based litigants instance from the Danish licensing regime.
At worst, the new proposal can help to determine another failed European gambling market that is online. At best, it will be shot down, and will postpone the process yet further.
Research by Holland Casino recently recommended that previous projections may have underestimated the scale regarding the Dutch online gambling market and it could possibly be worth over €1b ($1.1 billion) per year.