Nevada gambling regulators approve new fantasy sports model

DraftKings and FanDuel ceased operations in states such as Illinois, New York and Nevada.

In the US Fantasy system, users will bet against each other on individual player stats, with a pot of prize money that can change depending on how many people are wagering and how much they bet.

In traditional fantasy sports, users generally pick a group of players to create a team, and if they win, they know they are getting an established payout. But an industry leader predicts it won’t have a major effect on fantasy sports overall because it may only work in Nevada, where sports betting is already legal.

The hallmarks of fantasy sports are analyzing professional sports players’ stats and camaraderie among contestants in a league, he said. In the football example, Brady’s performance would help rack up points along with the rest of the players of the imaginary team.

DraftKings operates in dozens of states, according to company spokeswoman Femi Wasserman. Her work can be found at http://bigstory.ap.org/journalist/sally-ho.

Like DraftKings and FanDuel, it will allow people to bet on their picks of the top professional sports players and win money based on the athletes’ performance. Using football as an example, someone can bet that Tom Brady will throw the most yards that week.

Follow Sally Ho at twitter.com/_sallyho. New York-based FanDuel didn’t respond to a request for comment.

“It doesn’t feel like fantasy if you’re not putting up your knowledge against someone else,” Schoenke said.

Several states over the past year have challenged the fantasy sports industry, which first drew widespread scrutiny last year amid a flurry of advertising that promised the savviest sports fans millions of dollars in payouts. But they differ in how they pay out winners and whether they believe their business model constitutes gambling.

US Fantasy owner Vic Salerno said it could easily be reframed to fit states that have approved guidelines allowing fantasy sports to operate. So far, Virginia, Indiana, Tennessee, Missouri, Mississippi and Colorado legislators have done so, while New York’s governor has yet to sign off on the state’s version.

LAS VEGAS (AP) — A new gambling platform approved by Nevada regulators Thursday will further blur the lines between traditional sports betting and fantasy sports contests, an industry that insists its games are not gambling in the face of legal challenges across the country.

“It’s so transparent and open,” commission chairman Tony Alamo said of US Fantasy, which will offer 11,000 sports events for betting annually and open later this year.

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In Nevada, regulators had urged fantasy sports sites to apply for gambling licenses, a move the industry opposes as too costly and time consuming.

The Nevada Gaming Commission gave a gambling license to Henderson-based US Fantasy, calling it a fair model as daily fantasy sports businesses such as DraftKings and FanDuel stand accused in several states of operating as illegal, unregulated betting systems.. Neither is required with Salerno’s hybrid platform, though “fantasy sports” is a loose term that does not have a uniform definition, he said.

“Is it truly a fantasy game or some sort of contest or instrument that is a regular gambling product? The industry is curious what exactly it is,” Schoenke said.

Peter Schoenke, chairman of the Fantasy Sports Trade Association representing 300 operators, said he has not seen US Fantasy’s system.

The industry has lobbied states to approve laws that would allow them to operate without legal ambiguity. She declined to comment on the US Fantasy proposal but said its payout system is not the same as the Boston-based company’s model

Online Gambling’s Good for U.S.

As an international network, the Internet provides an instant detour around domestic prohibition.

Second, consumer demand for online gambling and the government’s demand for tax revenues will create enormous pressure for legalization in any jurisdiction, such as the U.S., that currently operates a domestic ban.

Gambling is one of the great successes of online commerce. As other jurisdictions identify the demand for online gambling, they have supplied this service to consumers.

. First, online technology renders prohibition futile. In addition, the technological and human capital required to locate offenders is substantial, as are the costs of prosecution and incarceration. If the domestic marketplace demands online gambling, which it clearly does, it will be supplied with or without government consent. The ill-advised indictments handed down against Calvin Ayre and his Bodog colleagues cannot alter that fact. The principal benefit of regulation to online players is the personal and legal security of funds, whereas currently players in unregulated environments have no legal recourse over matters such as suspected cheating and frozen assets.

In recent years, it’s become clear to a growing number of policymakers, including Senate Majority Leader Harry Reid, that the ban on online gambling is a failure. The necessity of maintaining a strong customer base would motivate legal American service providers to offer legitimate, reputable gambling sites.

Banning online gambling in the domestic American market simply results in the establishment of Internet gaming sites overseas. Stopping American online gambling is truly mission impossible, with a vast number of insurmountable challenges facing governments that endeavor to criminalize online gambling.

A great degree of surveillance is required to detect online illegality, and there are significant difficulties in locating, investigating, and prosecuting online offenders.

Federal prosecutors just dealt consumer freedom a terrible hand, shutting down the gambling website Bodog.com and indicting four company executives, including founder Calvin Ayre, for alleged illegal gambling that actually generated $100 million in customer winnings. Not only will this increased competition result in a wider range of gambling activities, it will reduce cost to consumers. As such, the Internet offers potential consumers convenient and inexpensive access to their favorite gambling sites, introducing competition into an industry once dominated by highly restrictive licensing practices.

Patrick Basham is a Cato Institute adjunct scholar. Many of these sites were established in small nations with little or no regulatory oversight.

The Internet has revealed the potential of technology not only to dramatically increase existing gambling opportunities but also to introduce new ones. The online gambling industry is merely another form of commerce where prohibition is the wrong option.

Prohibitionists appear to ignore the fact that most gambling sites, like any reputable business, rely on customer loyalty to remain profitable. Increased competition results in a more efficient allocation of resources, as gambling providers attempt to maintain and attract new customers.

For example, in 2009 there were 2,381 sites run by 493 companies licensed in 50 jurisdictions worldwide. Along with the inefficient use of resources caused by prohibition, there’s the danger of unintentionally increasing the criminal element.

In 2008, the global online gambling market was valued at $20 billion annually, with 50 percent of that demand coming from the U.S.. Including unlicensed sites, the total rose to 6,000. He coauthored (with John Luik) the Democracy Institute book, Gambling: A Healthy Bet.

The current prohibitionist law is really a protectionist measure designed to support specific domestic operators, such as the websites run by the horse betting industry. Many federal and state-level politicians want to legalize online gambling, which Congress made illegal in 2006.

This form of gambling also encourages private sector businesses to develop network capacity and commerce. Ironically the anti-Bodog crackdown comes as the push for sensible regulation of the online gambling industry is gathering serious political momentum.

Online gambling can be regulated effectively and without excessive cost, to standards that will provide strong protections for consumers and vulnerable players. With legal online gambling, competition among operators would increase to such an extent that they will be forced by the marketplace, rather than by governments, to offer a reduced house advantage.

Another major benefit of allowing online gambling is that competition will be introduced into a highly regulated marketplace dominated by licensed providers who monopolize the gaming market. This is especially true given service providers’ unrestrained access to overseas Internet sites in jurisdictions without online gambling restrictions.

Two additional factors contribute to the inevitable failure of prohibition

Persuasive Speech Topics for College Students

And to help you take that step, here are some suggestions from our side.. Not everyone is comfortable and confident about giving a speech in front of a crowd, regardless of its size. However, as part of your college/class curriculum, you may be expected to give a variety of different speeches. So, at the time of giving a persuasive speech, there are a few pointers you should remember.

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Along with facts, your opinions on the subject is also an integral part of your argument.

Avoid using vague terminologies or use the bandwagon persuasion technique.

Give real-life examples of incidents that can be related to the topic at hand.

Have a thesis statement ready along with a hook for the audience.

Don’t think that just because you’re favoring one side of an argument, your audience will unanimously agree with you.

Once you have considered these points, you can easily find topics that will catch your interest