Mark Cuban is purchasing a company that caters to your daily fantasy recreations market, good 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 their fortune when you are in front of the tech curve, now Cuban’s focusing his attention on another burgeoning industry: day-to-day fantasy sports (DFS).
Fantasy laboratories, 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 investment that is undisclosed the company.
‘We attracted a significant quantity of interest 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 their excitement in joining the ongoing company as well. ‘The explosive growth of fantasy activities, and new categories to its involvement of competition like eSports, advances the significance of 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 considering the coast-to-coast legal battles daily fantasy operators are currently engaged 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.
Ny Attorney General Eric Schneiderman recently ordered DraftKings and FanDuel to cease accepting wagers from hawaii’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 nyc cases receive the complete penalty.
That would likely lead both DFS platforms into bankruptcy.
Fantasy Labs is attractive to investors, them a way to enter the market without actually offering daily fantasy contests as it gives.
Fantasy laboratories is a third-party tool that gives users added research and leverage in picking their rosters on DFS websites.
Regardless, Cuban thinks Schneiderman and one other handful of states attempting to punish the budding market need certainly 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 into the courts shortly.’
During an interview this week with Fortune magazine, Cuban said he believes gambling will become legalized around the world in the coming years and that online gambling might lead the means.
‘It’s inevitable. It’ll take some time for the courts to overcome the grandstanding by a district that is few, but when that happens I do believe we will see a slow but certain availability of gambling throughout the nation,’ Cuban stated, jabbing Schneiderman right where it hurts.
Cuban has been snagging up gaming and entertainment organizations recently. He is a part-owner of Virtuix Omni and Magic Leap, two organizations progress that is making the virtual and blended reality areas, as well as Unikrn, a platform similar to DFS, but geared towards eSports.
Like most smart capitalist, Cuban invests just in companies and markets he believes are positioned for growth. Despite the ongoing legal saga surrounding DFS, Cuban’s interest is undoubtedly a good indicator for the industry that is controversial.
Vegas Casino Revenues Up for Fifth Year in a Row
The crowds are back in Las Vegas because the town records its fifth 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 very own. The city that has been once dubbed ‘ground zero associated with world crisis that is economic’ due to the fact 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 year that is consecutive increases in total casino revenue.
The state’s major casinos reported a 2.9 percent escalation in profits over 2014, at $24.6 billion, even though this continues to be 2.6 percent lower than the 2007 pre-recession all-time record high.
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.
Only 12 percent associated with the 41 million Vegas visitors in 2014 came primarily to gamble, in line with the extensive research, although 71 percent put at the very 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, it appears, is indeed century that is last.
‘It’s a sign of the changing market,’ 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 save money on entertainment and food than gambling. This is exactly what the visitors seem to want.’
And when most of the accounting ended up being done, Nevada’s casinos still showed a loss that is net of $661.8 million for the 12 months, although 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 stuff that is money-making now lures site visitors to Sin City, as opposed to 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 down of assets included in its bankruptcy proceedings.
Caesars’ predicament aside, the feeling is good. The industry’s losses have actually been narrowing every year, and analysts are optimistic that video gaming may well find itself in the black once again by the end of 2016, a 12 months that is expected to break visitor records once again.
Meanwhile, the casinos that are off-Strip going from strength to strength. Downtown was hit specially difficult by the downturn that is economic.
As the big Strip hotels slashed their prices being a a reaction to the recession, downtown casinos were forced to go even reduced in order to fill rooms at any cost.
But now, in a happier financial environment, the Strip rates are up and the gambling enterprises of Fremont Street have actually reasserted themselves since the budget alternative Las Vegas experience.
Dutch Online Gambling Reforms Get Sudden Tax Migraine
Dutch Parliament in The Hague, where amendments were recommended to your 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 video gaming markets, have actually been slow-moving, to state minimal.
Drawn up in 2013 to overhaul the country’s 50-year-old existing laws, they were initially likely to be rubber-stamped in late 2014, but the Dutch Remote Gambling Act continues to be being debated by committee in the Lower House, with no end in sight.
It’s a shame, because foreign operators are lining around be element of what is actually a huge online gambling revolution, or at least they 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 % price for both on the web and land-based operators.
Online Gaming Searching Grim
It was enough to produce 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 discovered their lessons in other jurisdictions and we think fascination with industry will seriously decrease if and 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 casino-online-australia.net better protect consumers.
Since the country currently doesn’t have licensed online gambling sites whatsoever, it will be fair to say that 100 % of Dutch on the web gamblers engage with these areas, which can add up to a predicted 1.5 million adults.
The aim for the bill was to achieve a ‘channelization rate’ of 80 % away from the market that is offshore toward the new licensed operators.
European Commission Supports Differentiation
A taxation rate of 20 percent was deemed to be a realistic way of attaining these ambitions. Overtaxing operators prevents them from competing effortlessly with their unlicensed counterparts, which means the players only will go where this product is more inviting.
It seems that the politicians may be bowing to pressure from litigation launched last year by land-based gaming association 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 officially takes 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 situation up against the licensing regime that is danish.
At worst, the new proposal will help to determine another failed European gambling market that is online. At best, it will down be shot, and will delay the method 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) each year.