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FantasyDraft Bails Out Fantasy Aces, Will Spend Player Balances

FantasyDraft Bails Out Fantasy Aces, Will Spend Player Balances

FantasyDraft will rescue the consumer balances of the stricken and Fantasy that is bankrupt Aces, its CEO announced on Monday on the RotoGrinders DFS forum.

FantasyDraft CEO Steve Krombolz stated their company is stepping in so that they can save the ‘lifeblood of this industry.’ The majority that is vast of Aces customers will be paid in cash, while larger balances will be topped up with FantasyCash.

FantasyDraft was regarding the verge of acquiring the website month that is last it pulled out of the deal citing ‘issues identified during our research.’ It in fact was a move that quickly propelled Fantasy Aces towards chapter 5 bankruptcy.

Bankruptcy filings soon unveiled the truth that is messy Fantasy Aces’ situation: the company had unsuccessful to segregate player funds from the operational costs and owed its customers $1.3 million.

An account placed in the filings as ‘Players Account’ contained just $2,419. Although the ongoing business listed assets of $1.8 million, that will be liquidated to pay creditors, in addition stated it had liabilities of $2.96 million.

In short, Fantasy Aces could not pay its customers.

99.6 Percent to Receive Money

‘As members of this DFS community devoted to doing things in the correct manner, we feel you, the players,’ wrote Steve Krombolz, CEO and Co-Founder of FantasyDraft that we need to do our part to protect the lifeblood of the industry.

‘So, we’ve decided to have involv Continue Reading →

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Major League Baseball to Take Another Move at Sports Betting

Major League Baseball to Take Another Move at Sports Betting

Major League Baseball (MLB) is planning to review its stance on sports gambling, as Commissioner Rob Manfred continues his conversation on gambling.

Significant League Baseball Commissioner Rob Manfred will stay reviewing sports gambling, but the baseball boss generally seems to be going closer to supporting widespread legalization.

Appearing this week during the Yahoo Finance All areas Summit in New York City, Manfred said during a discussion entitled ‘The Business of Sports’ that his league is reviewing the advantages and disadvantages of sports betting.

‘Sports betting occurs. Whether it’s legalized here or otherwise not, it’s happening out there,’ Manfred explained. ‘Are we better off in a world where we have a nice, strong, uniform federal regulation of gambling that protects the integrity of sports? Or are we better off closing our eyes to that and letting it go on as illegal gambling?’

Manfred hasn’t wholly come out in support of legalizing sports gambling, though his opinions come close.

Super Opportunity

The sports betting debate that is legal been on the leading pages as a result of last weekend’s extremely successful Super Bowl. Also President Trump joined the conversation, saying that he might ‘sit down aided by the commissioners . . . to get their input.’

The big game that saw the New England Patriots top the Atlanta Falcons in dramatic fashion generated accurate documentation handle at Nevada sportsbo Continue Reading →

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Philippines to Plug Cash Laundering Holes in Casino Sector

Philippines to Plug Cash Laundering Holes in Casino Sector

The Philippines is pushing ahead with plans to tighten anti-money laundering (AML) controls in its casino sector.

The nation’s casinos, that are lightly regulated by state-run operator-regulator PAGCOR, are exempt from the rules of its Anti-Money Laundering Act of 2001.

Representative Ben Evardone has endorsed legislation to include Philippine casinos under the powers of the country’s Anti-Money-Laundering Act. All that remains is always to determine the transaction threshold that is reporting.

But the cyber heist on the Federal Reserve Bank of February year that is last drew the relaxed nature associated with Philippine system towards the world’s attention and severely embarrassed the country, leading to urgent calls for modification not only from lawmakers inside the Philippines but in addition from the planet Bank.

On 5th, hackers flooded the Fed Bank with requests for transfers totaling almost $1 billion from an account owned by the Bangladesh Bank and used by the government of Bangladesh february.

Around $101 million ended up being successfully withdrawn before suspicions were raised. Some $20 million of this sum was quickly traced to Sri Lanka and recovered. The rest was transferred to Philippine bank RCBC and, from there, $46 million found its way, via a remittance company, in to the Philippine casino industry.

Time for Change

Representative Ben Evardone, chairman of this committee on banks and intermediaries th Continue Reading →

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Pennsylvania Sports Betting Bill Introduced, Penn State Football Popular at Sportsbooks

Pennsylvania Sports Betting Bill Introduced, Penn State Football Popular at Sportsbooks

A Pennsylvania sports betting bill has been introduced by State Rep. Rob Matzie (D-District 16) that seeks to allow residents in the Keystone State to place financial wagers on sporting outcomes should a federal law be repealed.

James Franklin’s Penn State football team provided large payouts for fans who backed the Nittany Lions last fall, and a Pennsylvania sports betting bill has been introduced to keep those monies inside the Commonwealth.

House Bill 519 would allow the business of accepting wagers on sporting events or on the individual performance of athletes. Traditional Vegas sports betting formats including straight bets, moneylines, parlays, exchange wagering, and pools would all be authorized. However, Matzie’s bill wouldn’t legalize daily fantasy sports.

‘Sports betting is a $400 billion business in the United States,’ Matzie said in a statement. ‘Most of that betting takes place illegally, through bookies and offshore wagering companies. This bill would position Pennsylvania’s casinos to be among the leaders in sports betting as soon as the legal hurdles are removed.’

Those legal hurdles are complex, as sports betting is currently outlawed in all but Nevada. For that to change, a federal statute passed in 1992, the Professional and Amateur Sports Protection Act (PASPA), would need to be repealed by Congress.

Pennsylvania is currently considering a massive gambling expansion packa Continue Reading →

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