Nevada OK’s eSports Parimutuel Wagering

Posted by admin | Casino Affiliates | Thursday 19 October 2017 3:16 pm

Nevada Governor Brian Sandoval signed off on a bill this week that legalizes parimutuel wagering on esports. It’s a big move that both solidifies the state’s status as an esports betting hub, and frees regulators from some major headaches.

Bookmakers in Nevada were already pretty far ahead of the curb when it came to esports betting. Several local casinos have been actively courting the esports crowd. But accepting wagers on unregulated events like video game tournaments was not without its headaches.

In parimutuel wagering, punters are really wagering against each other and the odds of any wager are determined by the number of people betting on a certain outcome. The odds (and subsequent payouts) are not fixed and can vary wildly based on how people are betting.

Parimutuel wagering is a good tool for sportsbooks to help manage the uncertainty that comes with events that are generally classed as, “others.” This group includes, but is not limited to, wagering on the outcome of awards ceremonies or beauty contests.

The bill was the brainchild of students at the University of Nevada Las Vegas William S. Boyd School of Law. As part of their coursework, some students participate in crafting gaming legislation that’s sometimes submitted as an actual law. In this case, former UNLV law student and current Nevada State Senator Becky Harris sponsored the bill.

In an interview with eSportsBettingReport, Harris explained why she was on board with esports parimutuel wagering saying:

The hope is that this bill, along with other legislation, will encourage growth in the gaming, hospitality and events industry statewide. Esports events are events that we would like to encourage in Nevada as I believe that our state has the best combination of available event locations, technological infrastructure, lodging, and additional entertainment offerings for esports event operators and fans.

As of this writing, no Nevada sportsbooks have signed on to offer parimutuel esports wagering.

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Auditor’s Alarming Find: FanDuel Hemorrhaging Cash

Posted by admin | Casino Affiliates | Wednesday 18 October 2017 3:57 pm

Auditors looking at the financials of daily fantasy sports operator FanDuel are finding that the company is losing money at an alarming rate. Their findings are just the latest in a string of bad news reports that have dogged the once high flying sports operator.

According to published reports on insider.co.uk and CalvinAyre.com, auditors from Deloitte Touche found that FanDuel lost $ 186 million the two quarters leading up to December 2015. These losses are believed to be the result of exploding legal expenses that came on top of massive marketing expenses. (Americans may recall the heady fall of 2015 when FanDuel and DraftKings advertising blanketed the country across all forms of media.)

Unfortunately for FanDuel, and DraftKings, bringing daily fantasy sports to the world has been incredibly difficult and shockingly expensive. For example, during the period in question, FanDuel saw a gross profit around $ 49.8 million. That profit didn’t come close to covering the $ 336.3 million in administrative costs the company saw during that same period.

One of the biggest drains on FanDuel’s resources is paying lawyers who are battling on the company’s behalf across the country. Ever since an insider trading scandal rocked the company, and the daily fantasy sports world in the fall of 2015, the company has been fighting for its legal life in almost every US state. As of this writing, only 16 states have formally legalized daily fantasy sports.

Adding to FanDuel’s headaches is the fact that US trade regulators slammed the brakes on the company’s plans to merge with rival DFS operator DraftKings. That partnership would have made life easier for both companies, but now both are forced to go it alone. In FanDuel’s case, life on its own is something that’s proving easier said than done.

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