Online Casino News From Around the Globe

DraftKings And FanDuel To Cease Offering College Fantasy Games

We recently reported on the NCAA wanting gambling on college games to be banned for March Madness. Their argument is that the very integrity of the amateur games is at stake when adding the element of real money prizes from DFS operators like DraftKings and FanDuel. Well is seems that both DraftKings and FanDuel have decided to adopt a policy of cooperation and appeasement instead of trying to challenge every call to regulate their industry. It is pretty clear to all that the industry will be regulated in one way or another and that their honeymoon phase they have enjoyed the last few years is over. By adopting a pragmatic approach they hope to gain stability and legal clarity a soon as possible in order that the industry can operate without clouds of legal and other uncertainties hovering around it. Their latest decision to suspend all contest involving college sports is another sign of this new strategy. Both FanDuel and DraftKings have “voluntarily” decided to take this decision after months of discussions with the NCAA. NCAA president Mark Emmert said in a statement,” We appreciate and commend DraftKings and FanDuel’s action to stop offering contests involving college, high school and youth sport. This action culminates months of hard work between all parties to reach a place that is good for amateur sports and most importantly, the young people who participate. We will work diligently with our member schools over the coming year to ensure such amateur sports ‘carve outs’ are included in pending states’ legislation.” DraftKings went out of their way to be conciliatory towards the NCAA and said that they feel their suspending of contests on college sports is the “ best path forward for the industry at this time.” FanDuel were reading from the same hymn sheet of DraftKings and said,” It is clear that this is an issue that matters to a variety of constituencies and we feel that the best path forward is to suspend offering these contests pending resolution on the issue within state…

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Yahoo To Accept PayPal Only For DFS Deposits

The turmoil in the daily fantasy market is by no means showing any signs of letting up. Whether it be more legislation to regulate the industry or self-regulation by private companies like online payment processors deciding to wait for legal clarification. Another development which shows the uncertainty in the DFS industry is that of Yahoo who have announced they will no longer be accepting credit cards for deposit on their DFS platform with immediate effect. The exact reasons for the decision are not clear but it is safe to assume that the credit card companies themselves are wary of being sue by legislators who are looking to crackdown on what they perceive as real money gambling. In a statement released Yahoo said as of March 30 the only accepted method of deposits will be via PayPal. The full statement read,” Hello, Starting March 30, 2016, Yahoo Sports Daily Fantasy will no longer accept credit card deposits into Yahoo Sports Fantasy accounts. We will continue to accept deposits made using PayPal. We deeply value our relationship with you and are committed to providing you with the highest level of service. We will continue to evaluate all payment methods and will look to implement other methods if they become available. If you have any further questions please feel free to contact Yahoo Customer Care.” In turn PayPal gave their own statement and said they are continuously reviewing the “ongoing developments in relation to Daily Fantasy Sports, including the announcements by DraftKings and FanDuel of their temporary withdrawal from certain states and the passage of legislation and regulations in other states.” But PayPal insisted it “continues to process payments for these businesses in states where they offer their…

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Smaller DFS Operators Raise Concerns Over Proposed New York Regulations

Both DraftKings and FanDuel are pulling out of the real money DFS market in New York until their legal battles with Attorney General Eric Schneiderman run their course. Of course they were made an offer they could not refuse by Schneiderman who basically said that if they stop processing customers in New York immediately they will be off the hook for past revenues owed to the state. Schneiderman is leading an anti DFS crusade which equates it with real money gambling. The two main powerhouses in their industry DraftKings and FanDuel have adopted different strategies but of late they seem to be following that of appeasement and not confrontation. While they will almost certainly ride out the current legal storm in states like New York, the smaller DFS operators are raising concerns as to the new legislation being proposed there. Included in this is the $500k licensing fee that would be required to operate in New York. These smaller DFS members number around 35 and have formed a trade association called Small Business of Fantasy Sports. They make up the “mom and pop type businesses” who operate in New York. Their grievances include the 15 percent proposed tax on gross revenues which they would like to see at 5 percent. Managing partner for the Fantasy Football Players Championship, Alex Kagonovsky explained the contribution of the smaller operations to the overall sector. He said,” Small businesses have been the lifeblood of the fantasy industry for decades. “In fact, smaller daily fantasy sports and season fantasy sports businesses have been operating in New York for many years with thousands of New York customers who have been enjoying our products.” The new proposed legislation along with the $500k licensing fee has been included in the budget proposal for the upcoming fiscal year and is expected to…

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William Hill Issue Profit Warning For 2016

William Hill is facing some challenging times as most of their rivals are merging to create new rules in the UK gambling market. Wednesday saw their share price fall as much as 11% ahead of their announcement that they were expecting full-year operating profit to be lower than last year. One reason for the poor result is the fact that many online customers are taking self-imposed breaks from gambling. Added to that was the worst Cheltenham results in history with a lot of the favorites matching their pre-race billing. The mobile gambling trend is also having a serious impact on the William Hills shops and is resulting in lower revenues overall. It is estimated that UK bookies lost up to £60 million due to this alone. The time outs for online accounts which is aimed at avoiding gambling addiction had increased 50 percent from the same period last year. Punters are opting to play responsibly and self-exclude themselves. According to CEO James Henderson around 3k players have done so since the beginning of the year. To make things even worse William Hill say that if things do not pick up they expect FY 2016 profit to take a hit of £20m to £25m with operating profits expected to be around 15 percent less than 2015 to be around £260m to…

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Amaya CEO David Baazov Charged With Insider Trading

The acquisition of PokerStars’ parent company Rational Group by Amaya Gaming in 2014 was surrounded by rumors and speculation way before it was confirmed. We reported on these well placed rumors and anyone looking to make a small fortune should have bought stock prior to the formal confirmation of the acquisition. The time gap between the rumors and the acquisition was pretty big and left plenty of time according to conspiracy theorists for some major moves on the stock. The accusations of insider trading surfaced early on as shareholders made a small fortune as the Amaya’s stock price rocketed on the news of becoming PokerStars owners. No less than Amaya’s CEO David Baazov is facing charges of insider trading by the Quebec’s securities regulator. According to the regulator charges were laid against Baazov for “aiding with trades while in possession of privileged information, influencing or attempting to influence the market price of the securities of Amaya” and “communicating privileged information.” Needless to say the announcement had a massive effect on Amaya’s share price which dropped over 27% in early trading to reach $10.30. Baazov has recently put in a bid to buy out Amaya and the latest charges will not help that to say the least. In a statement Baazov remained adamant at his innocence.” These allegations are false and I intend to vigorously contest these accusations.” He added he was highly confident his innocence would be proved. Amaya themselves were seemingly conducting business as usual and said that they would cooperate with regulators and did not expect the charges to impact on their operations. They went on to say that their internal investigation onto the conduct of Baazov found nothing that would violate Canadian securities laws. Baazov is facing 23 charges along with two other Amaya staffers Benjamin Ahdoot and Yoel…

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