Mark Cuban is buying a company that caters to the fantasy that is daily market, good sign for players who regularly be involved in the contests.
Billionaire entrepreneur Mark Cuban could be the outspoken owner of the NBA’s Dallas Mavericks and renowned for appearing on ABC’s ‘Shark Tank.’ The tycoon made his fortune by being ahead of the curve that is tech and today Cuban’s focusing their attention on another burgeoning industry: day-to-day fantasy sports (DFS).
Fantasy Labs, a platform of proprietary analytical information 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 a significant quantity of interest from outside investors,’ Fantasy laboratories 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 their excitement in joining the business since well. ‘The explosive growth of fantasy sports, and its participation with brand new groups of competition like eSports, increases the dependence on high-end resources like the platform offered by Fantasy laboratories,’ Cuban said.
Cuban’s interest in DFS comes at a somewhat astonishing time, taking into consideration the coast-to-coast legal battles daily fantasy operators are engaged in.
From New York to California, the discussion to find out whether DFS constitutes skill vs. luck-based games has proponents and antagonists vociferously voicing opinions on both sides associated with the debate.
New York Attorney General Eric Schneiderman recently ordered DraftKings and FanDuel to end accepting wagers from the state’s residents.
The Empire State AG is also attempting to fine the operators up to $5,000 per instance for previous entry buy ins, a potential total of $3 billion should each of the 600,000 New York cases receive the penalty that is full.
That will likely lead both DFS platforms into bankruptcy.
Fantasy Labs wil attract to investors, them a way to enter the market without actually offering daily fantasy contests as it gives.
Fantasy Labs is a tool that is third-party provides users added research and leverage in selecting their rosters on DFS websites.
Regardless, Cuban thinks Schneiderman and one other handful of states trying to punish the budding market have to rethink their ways.
‘It (daily fantasy sports) has made viewing our games on TV more fun,’ the NBA owner said recently. ‘Hopefully, the stupidity and hypocrisy in a states that are few be cleared up within 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 conquer the grandstanding by a district that is few, but once that takes place I think we will have a slow but yes availability of gambling across the nation,’ Cuban said, jabbing Schneiderman right where it hurts.
Cuban has been snagging up entertainment and gaming companies recently. He is a part-owner of Virtuix Omni and Magic Leap, two businesses progress that is making the virtual and blended reality markets, since well as Unikrn, a platform just like DFS, but geared towards eSports.
Like any smart capitalist, Cuban invests just in companies and markets he believes sit for growth. Despite the ongoing appropriate saga surrounding DFS, Cuban’s interest is definitely a good indication for the controversial industry.
Las Vegas Casino Revenues Up for Fifth in a Row year
The crowds are back in Las Vegas whilst the city records its fifth revenue that is yearly for 2015. (Image: travelblog.viator.com)
Las Las Vegas has staged many a celebrity revival and today it’s staging one of unique. The city that has been once dubbed ‘ground zero of this globe crisis that is economic’ because the downturn of 2008 crashed its property market and ravaged its casino industry, proceeded its bounce back throughout 2015.
This week the Nevada Gaming Control Board reported the town’s 5th year that is consecutive increases as a whole casino revenue.
The state’s major casinos reported a 2.9 percent upsurge in profits over 2014, at $24.6 billion, although this is still 2.6 percent lower compared to the 2007 pre-recession record high that is all-time.
The figures illustrate the shift away from reliance purely on gaming, which made just 43.2 percent of the haul that is total the industry’s lowest-ever percentage.
A recent LVCVA study suggested fewer people are coming to Vegas purely to gamble, or even to wager money at all while the Las Vegas Convention and Visitors Authority (LVCVA) recorded an all-time record for visitor numbers last year.
Just 12 percent regarding the 41 million Vegas visitors in 2014 came primarily to gamble, based on the extensive research, although 71 percent placed at least one bet during their stay.
Rather, the multitudes are coming for the non-gaming amenities: the restaurants, the nightclubs and pool parties, the shopping, and maybe even for the daring feats such as for example the Stratosphere’s bungee jump from 829 feet. Gambling, it appears, can be so century that is last.
‘It’s a sign of the changing market,’ 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. What I’m hearing from people is they save money on entertainment and food than gambling. Itâ€™s this that the visitors seem to want.’
And when 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 almost as if the loss leaders are now completely reversed, with gaming being the shill for all the other money-making stuff that now lures visitors to Sin City, rather than 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 bucks of debt, and to the writing down of assets as part of its bankruptcy proceedings.
Caesars’ predicament aside, the feeling is good. The industry’s losses have been narrowing every 12 months, and analysts are optimistic that video gaming may well find itself in the black again by the finish of 2016, a year that is anticipated to break visitor records once more.
Meanwhile, the off-Strip casinos are going from strength to strength. Downtown was hit specially difficult by the downturn that is economic.
As the big Strip hotels slashed their prices as being a a reaction to the recession, downtown casinos were forced to go even lower in order to fill rooms at any cost.
But now, in a happier climate that is financial the Strip costs are up while the casinos of Fremont Street have reasserted themselves since the budget alternative Las Vegas experience.
Dutch Online Gambling Reforms Get Sudden Tax Migraine
Dutch Parliament within The Hague, where amendments have already been suggested to the Remote Gambling Act which could doom the process that is whole failure. (Image: euro-islam.info)
Holland’s gambling reforms, which try to modernize the Dutch online and land-based gaming markets, have actually been slow-moving, to state the smallest amount of.
Drawn up in 2013 to overhaul the nation’s 50-year-old current laws, they were initially expected to be rubber-stamped in late 2014, nevertheless the Dutch Remote Gambling Act continues to be being debated by committee in the reduced House, with no end in sight.
It’s a pity, because foreign operators are lining around be section of what might be a online that is huge gambling, or at least these were.
The fly that is latest in the ointment is the fact that the 2 ruling coalition parties seemed this week to possess suddenly and unexpectedly flip-flopped on the 20 percent tax rate for online gambling companies. Instead, they propose a blanket 29 per cent rate for both on line and land-based operators.
Online Gaming Looking Grim
It was enough in order to make leading Dutch gaming lawyers 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 we think fascination with industry will decrease if and seriously whenever these motions pass parliament,’ he said.
Because probably the one overriding goal of the gaming that is remote was to channel Holland’s many enthusiastic online gamblers away from the offshore markets in an effort to better protect consumers.
Since the country currently does not have any licensed gambling that is online whatsoever, it might be fair to express that 100 percent of Dutch on the web gamblers engage with these markets, which can add up to an approximated 1.5 million adults.
The aim for the bill was to achieve a ‘channelization rate’ of 80 percent away from the overseas market and toward the brand new licensed operators.
European Commission Supports Differentiation
A taxation price of 20 percent was deemed become a realistic means of achieving these aspirations. Overtaxing operators prevents them from competing effectively with their unlicensed counterparts, which means the players only will go where the product is more desirable.
It would appear that the politicians are bowing to pressure from litigation launched last year by land-based gaming relationship Euromat, which complained to the EC that the tax differentiation for land-based and online gaming companies in Holland violated EU legislation.
Except it doesn’t. The EC officially accepts that differentiation as legal, and is happy to keep it as much as specific member states to choose, as was reaffirmed in 2014 by a land-based litigants instance from the Danish licensing regime.
At worst, the brand new proposal will help to establish another failed European online gambling market. At best, it will be shot down, and will postpone the process yet further.
Research by Holland Casino recently suggested that previous projections may have underestimated the scale for the Dutch online gambling market and it could be worth over €1b ($1.1 billion) per year.