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Daniel Barbarisi’s brand new book, Dueling with Kings, chronicles the rise for the DFS industry and also the governmental and legal battles it had to fight in ny before regulation could occur.

Tuesday, March 10th, 2020

Daniel Barbarisi’s brand new book, Dueling with Kings, chronicles the rise for the DFS industry and also the governmental and legal battles it had to fight in ny before regulation could occur.

New York State is the second biggest DFS market into the world, after California, whoever legislative effort to regulate failed in 2016.

Taxes were collected on a lot more than $18.6 million in gross revenue from ny’s licensees, at a levy of 15 %, plus one more smaller tax that will not exceed $50,000 annually per operator.

The vast bulk of that haul comes from market leaders DraftKings and FanDuel, although, in most, ten companies obtained temporary licenses to work shorty after New York Governor Andrew Cuomo finalized the state’s DFS bill into legislation in August year that is last.

Fantasy Aces Scandal

Along with DraftKings and FanDuel, Yahoo, Fantasy Draft, Draft, DraftDay, Synkt Games, Fanamana and DataForce are authorized to run.

The tenth, Fantasy Aces, was plunged into bankruptcy in very early February, and later admitted to failing to segregate its players’ money from its operating funds, in violation of its licensing.

The brand new York Gaming Commission had time that is little audit the company, since its DFS licensing regime was so new, but it is known to be investigating. We can just hope that, if such incidents occur in the foreseeable future, they’re caught swiftly by the regulator’s checks and balances.

Regulation, after all, must swing both ways, and with tax dollars (more…)