Mark Cuban is buying a company that caters to the fantasy that is daily market, a good sign for players who regularly participate 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 their fortune by being in front of the tech curve, now Cuban’s focusing their attention on another burgeoning industry: day-to-day 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 investment that is undisclosed the organization.
‘We attracted a significant amount of interest from outside investors,’ Fantasy laboratories said in a statement. ‘We identified Mark as the ‘dream investor’ … Bringing on Mark is a move that is strategic we couldn’t pass up.’
Cuban expressed his excitement in joining the ongoing company as well. ‘The explosive growth of fantasy recreations, and new categories to its involvement of competition like eSports, escalates the requirement for high-end resources like the platform provided by Fantasy Labs,’ Cuban said.
Cuban’s interest in DFS comes at a time that is somewhat surprising considering the coast-to-coast legal battles daily dream operators are involved in.
The conversation to determine whether DFS constitutes skill vs. luck-based games has proponents and antagonists vociferously voicing opinions on both sides of the debate from New York to California.
New York Attorney General Eric Schneiderman recently ordered DraftKings and FanDuel to cease accepting wagers from their state’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 each of the 600,000 ny cases receive the penalty that is full.
That could likely lead both DFS platforms into bankruptcy.
Fantasy laboratories wil attract to investors, them a way to enter the market without actually offering daily fantasy contests as it gives.
Fantasy Labs is a third-party tool that gives users added research and leverage in choosing their rosters on DFS websites.
Regardless, Cuban thinks Schneiderman and one other handful of states attempting to punish the budding market need to rethink their ways.
‘It (daily fantasy sports) has made watching 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 in 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 will take a moment for the courts to conquer the grandstanding by a few region attorneys, but once that takes place I think we will have a slow but sure availability of gambling across the country,’ Cuban said, jabbing Schneiderman right where it hurts.
Cuban has been snagging up entertainment and gaming businesses recently. He is a part-owner of Virtuix Omni and Magic Leap, two organizations making progress in the virtual and blended reality markets, as well as Unikrn, a platform much like DFS, but geared towards eSports.
Like any smart capitalist, Cuban invests only in companies and markets he believes are situated for growth. Despite the ongoing appropriate saga surrounding DFS, Cuban’s interest is undoubtedly a good indication for the controversial industry.
Nevada Casino Revenues Up for Fifth Year in a Row
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 now it is staging one of its own. The city that has been once dubbed ‘ground zero of the world crisis that is economic’ while the downturn of 2008 crashed its property market and ravaged its casino industry, continued its bounce back once again throughout 2015.
This week the Nevada Gaming Control Board reported the city’s fifth consecutive year for increases as a whole casino revenue.
The state’s major casinos reported a 2.9 per cent boost in revenues over 2014, at $24.6 billion, even though this is still 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 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 associated with the 41 million Vegas visitors in 2014 came primarily to gamble, in line with the 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 the Stratosphere’s bungee jump from 829 legs. Gambling, it appears, is so century that is last.
‘It’s a sign of the market that is changing’ David Schwartz, director regarding 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 spend more on food and activity than gambling. This is exactly what the visitors seem to want.’
And when all of the accounting had been done, Nevada’s casinos still showed a loss that is net of $661.8 million for the 12 months, even though this figure was down 11 percent compared to the previous 12 months.
It’s very nearly as if the loss leaders are now completely reversed, with gaming being the shill for several the other money-making stuff that now lures site visitors to Sin City, in place of the other way around.
Caesars Spoils the Party
A lot 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 good. The industry’s losses have actually 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 casinos that are off-Strip going from strength to strength. Downtown was hit specially difficult by the economic downturn.
As the big Strip hotels slashed their prices as 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 climate, the Strip prices are up as well as the gambling enterprises of Fremont Street have actually reasserted themselves due to the fact budget alternative Vegas experience.
Dutch Online Gambling Reforms Get Sudden Tax Migraine
Dutch Parliament within The Hague, where amendments have now been recommended towards the Remote Gambling Act which could doom the process that is whole failure. (Image: euro-islam.info)
Holland’s gambling reforms, which aim to modernize the Dutch on the web and land-based gaming markets, have 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 belated 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 up to be element of what is actually a online that is huge gambling, or at least these were.
The latest fly in the ointment is the fact that the two ruling coalition parties seemed this week to have 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 operators that are land-based.
Online Gaming Looking Grim
It was enough to help make leading Dutch gaming lawyers tear their hair down. One such Netherlands gaming attorney, Justin Franssen of Kalff Katz & Franssen, told eGaming Review club player mobile casino that there was now a ‘real likelihood’ that the Dutch online video gaming market would fail.
‘Operators have learned their lessons in other jurisdictions and I think interest in industry will seriously decrease if and whenever these motions pass parliament,’ he said.
Because possibly the one overriding goal regarding the remote gaming bill was to channel Holland’s many enthusiastic online gamblers away from the overseas markets in order to better protect consumers.
Since the united states currently doesn’t have licensed online gambling sites whatsoever, it will be fair to state that 100 percent of Dutch on line gamblers engage with these markets, which accumulates to a projected 1.5 million adults.
The goal of the bill ended up being to achieve a ‘channelization rate’ of 80 percent far from the overseas market and toward the new licensed operators.
European Commission Supports Differentiation
A tax price of 20 percent was deemed to be a realistic means of attaining these ambitions. Overtaxing operators prevents them from competing effortlessly with their counterparts that are unlicensed which means the players will simply go where this product is more inviting.
It would appear that the politicians are bowing to pressure from litigation launched last year by land-based video gaming relationship Euromat, which complained to the EC that the tax differentiation for land-based and online gaming organizations in Holland violated EU legislation.
Except it generally does not. The EC formally takes that differentiation as legal, and is happy to keep it up to individual member states to choose, as was reaffirmed in 2014 by a land-based litigants case against the Danish licensing regime.
At worst, the new proposal can help to ascertain another failed European gambling market that is online. At most readily useful, it will down be shot, and can delay the process yet further.
Research by Holland Casino recently recommended that previous projections may have underestimated the scale of the Dutch online gambling market and so it could possibly be worth over €1b ($1.1 billion) per year.