Mark Cuban is buying a company that caters to the day-to-day fantasy recreations market, a great sign for players who regularly be involved in the contests.
Billionaire entrepreneur Mark Cuban is the outspoken owner of the NBA’s Dallas Mavericks and renowned for appearing on ABC’s ‘Shark Tank.’ The tycoon made his fortune when you are ahead of the curve that is tech and today 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 business.
‘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 his excitement in joining the business as well. ‘The explosive growth of fantasy recreations, and new categories to its involvement of competition like eSports, advances the importance of high-end resources like the platform offered by Fantasy Labs,’ Cuban said.
Cuban’s interest in DFS comes at a somewhat astonishing time, considering the coast-to-coast legal battles daily dream operators are currently involved in.
From New York to Ca, the conversation to determine whether DFS constitutes skill vs. luck-based games has proponents and antagonists vociferously voicing opinions on both sides regarding the debate.
New York Attorney General Eric Schneiderman recently ordered DraftKings and FanDuel to cease wagers that are accepting their 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 all of the 600,000 ny cases receive the penalty that is full.
That will 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 tool that is third-party provides 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 (day-to-day 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.’
During an meeting 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.
‘It’s inevitable. It will take a moment for the courts to conquer the grandstanding by a few district attorneys, but when that occurs I do believe we will have a slow but sure availability of gambling throughout the nation,’ Cuban said, jabbing Schneiderman right where it hurts.
Cuban has been snagging up gaming and entertainment companies 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 much like DFS, but geared towards eSports.
Like most smart capitalist, Cuban invests only in companies and markets he believes are placed for growth. Despite the ongoing appropriate saga surrounding DFS, Cuban’s interest is certainly a positive indication for the industry that is controversial.
Nevada Casino Revenues Up for Fifth Year in a Row
The crowds are back in Las Vegas because the city records its fifth revenue that is yearly for 2015. (Image: travelblog.viator.com)
Las Vegas has staged many a celebrity revival and now it’s staging certainly one of its very own. The city which was once dubbed ‘ground zero associated with the globe crisis that is economic’ because the downturn of 2008 crashed its property market and ravaged its casino industry, continued its bounce back throughout 2015.
This week the Nevada Gaming Control Board reported the town’s 5th year that is consecutive increases in total casino revenue.
The state’s major casinos reported a 2.9 % upsurge in revenues 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 comprised just 43.2 percent of the total haul, the industry’s lowest-ever percentage.
While 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 people are coming to Vegas solely to gamble, and on occasion even to wager money at all.
Only 12 percent regarding the 41 million Vegas visitors in 2014 came primarily to gamble, in line with the extensive 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 perhaps even for the daring feats such as for example the Stratosphere’s bungee jump from 829 legs. Gambling, it seems, is indeed century that is last.
‘It’s a sign of the market that is changing’ David Schwartz, director associated with 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 exactly what the visitors seem to want.’
And when all of the accounting ended up being done, Nevada’s casinos still revealed a net loss of almost $661.8 million for the year, although this figure was down 11 percent compared to the previous 12 months.
It’s very nearly as if the loss leaders are now totally reversed, with gaming being the shill for many the other money-making stuff that now lures visitors to Sin City, in place of 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 down of assets as part of its bankruptcy proceedings.
Caesars’ predicament aside, the feeling is positive. The industry’s losses have actually been narrowing every 12 months, and analysts are optimistic that gaming may well find itself in the black once more by the end of 2016, a year that is anticipated to break visitor records again.
Meanwhile, the off-Strip casinos are going from strength to strength. Downtown was hit especially hard by the downturn that is economic.
As the big Strip hotels slashed their prices being a response to the recession, downtown casinos were forced to go also lower in order to fill rooms at any cost.
But now, in a happier climate that is financial the Strip rates are up and the gambling enterprises of Fremont Street have actually reasserted themselves as the budget alternative Las Vegas experience.
Dutch Online Gambling Reforms Get Sudden Tax Migraine
Dutch Parliament into The Hague, where amendments were suggested to the Remote Gambling Act that could doom the process that is whole failure. (Image: euro-islam.info)
Holland’s gambling reforms, which make an effort to modernize the Dutch online and gaming that is land-based, have actually been slow-moving, to state the smallest amount of.
Drawn up in 2013 to overhaul the nation’s 50-year-old laws that are existing they were initially anticipated to be rubber-stamped in late 2014, but 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 section of what might be a huge online gambling revolution, 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 % rate for both on line and operators that are land-based.
Online Gaming Looking Grim
It was enough to make leading gaming that is dutch tear their locks out. One such Netherlands video gaming lawyer, Justin Franssen of casino-online-australia.net Kalff Katz & Franssen, told eGaming Review that there was now a ‘real likelihood’ that the Dutch online video gaming market would fail.
‘Operators have discovered their lessons in other jurisdictions and I think desire for the market will seriously decrease if and when these motions pass parliament,’ he said.
Because probably the one overriding goal associated with the gaming that is remote would be to channel Holland’s many enthusiastic online gamblers away from the offshore markets in order to higher protect consumers.
Since the nation currently doesn’t have licensed gambling that is online whatsoever, it might be fair to express that 100 % of Dutch online gamblers engage with these areas, which can add up to a predicted 1.5 million adults.
The goal of the bill ended up being 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 income tax rate of 20 percent was deemed to be a realistic means of achieving these ambitions. Overtaxing operators prevents them from competing efficiently with their counterparts that are unlicensed which means the players only will go where the product is more desirable.
It would appear that the politicians might be 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 businesses in Holland violated EU legislation.
Except it does not. The EC officially takes that differentiation as appropriate, 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 up against the Danish licensing regime.
At worst, the new proposal may help to determine another failed European gambling market that is online. At most useful, it will down be shot, and can wait the process yet further.
Research by Holland Casino recently suggested that previous projections may have underestimated the scale regarding the Dutch online gambling market and it could be worth over €1b ($1.1 billion) each year.