mrduckworthb

November 10th, 2015 at 6:32 PM ^

Awesome.

 

I say this not because I agree with them, but because of how awesome New York's entire government is.

 

From banning large soda's to daily fantasy gambling.

They really have their priorities in check.

The world needs to follow suit.

Joined: 05/13/2010

MGoPoints: 328

acnumber1

November 10th, 2015 at 6:37 PM ^

So...I made a deposit in early Sept on Draftkings and have increased it 170%*. Is it time to cash out for fear of losing it?

 

I lost cash** when the poker sites went dark.

 

 

 

 

* $10 deposit --> currently $27 in account

** about $1.17

/s (not the numbers, but the idea of cashing out in fear of losing it)

Joined: 10/19/2009

MGoPoints: 18807

Wolverheel

November 10th, 2015 at 6:36 PM ^

And and by the way, OP, colossal idiocy of you to suggest that no one is Getting hurt. It's gambling, and I personally know people who spent more than they could afford and fell into pretty deep debt.

Joined: 03/30/2013

MGoPoints: 1657

Wolverine fan …

November 10th, 2015 at 8:48 PM ^

We have a winner. These sites are run by people who answer to virtually no one. Just wait and see how much money people lost to the power players that run the show and have all of the information at these sites. The lawsuits are coming soon. There is no SEC or equivalent, so it's hard to say what will actually happen when the shit hits the fan, but I'm looking forward to the crooks involved getting what's coming to them.

Joined: 06/23/2015

MGoPoints: 1157

HollywoodHokeHogan

November 10th, 2015 at 7:31 PM ^

That's true, but at least in theory investment markets allocate capital to firms that can best make use of it. Day trading might belie this notion, but many people still make longterm stock investments in particular companies/industries. These investments aren't zero sum the way that pure bets are-- the value of Walmart stock might increase along with the values of competitors' stocks if, say, reduced unemployment increases consumer spending. Likewise, dividends might increase for one company without any corresponding loss for another company.



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Joined: 02/12/2011

MGoPoints: 20444

Formerwalkon

November 10th, 2015 at 6:36 PM ^

I respectively disagree that there is no justification.  Each state has the right to regulate commerce within its borders, just like the federal government has the right to regulate across state borders.  New York has laws on their books that either regulate or outlaw gambling.  The Attorney General believes what they are doing is a form gambling.  FanDuel and DraftKings can go to court to prove him wrong but I have a stong feelign that they will lose. 

Joined: 09/02/2012

MGoPoints: 248

Stu Daco

November 10th, 2015 at 6:37 PM ^

"there's just no justification whatsoever for stopping it."

Except the fact that it's a violation of New York law.

Joined: 08/23/2015

MGoPoints: 8748

Mpfnfu Ford

November 10th, 2015 at 10:17 PM ^

So consumers don't have to worry about being cheated.

 

You can't just legalize gambling without creating some sort of regulatory board that protects consumers. Nevada's gaming control board is no joke.

What these cowboy tech bros did was find a loophole that allowed them to start a gambling website without the country making gambling legal, thus they get to operate without regulation or oversight. It's a neat scam but obviously it's not going to last because it's really, really obvious that they're gambling sites AND that they don't give a shit about their consumers.

When this is all said and done, it's going to make all that weird Ashley Madison fraud look like a church pancake social.

Joined: 05/19/2012

MGoPoints: 6469

MC5-95

November 10th, 2015 at 6:43 PM ^

While I will agree that there's a lot of politics involved in this decision, the daily fantasy companies' longtime insistence that they are not gambling sites has always been a bunch of bullshit. I played online poker, and if that entire enterprise can get shut down as gambling, then daily fantasy can get shut down too. To me there's no difference. 

Joined: 02/26/2014

MGoPoints: 4985

Walter Sobchak

November 10th, 2015 at 6:51 PM ^

Banned by NY legislature because there is no opportunity for graft. Don't worry, the government will now "regulate" the industry so they and their cronies can get theirs. Then it will be legal again. Mark it.

Joined: 03/12/2010

MGoPoints: 10663

jmdblue

November 10th, 2015 at 7:04 PM ^

If it were true I'd be able to place a bet legally on a college or pro team this weekend (thru your graft-rich gov't regulated system).  I can't.  My theory(s)?  We have state-run lotteries because the return on investment is at least a little hard to hide (tough to pay a guy $1.50 on a $1.00 bet on a game).  

I also suspect that while while drugs, prostitution, and loans have moved to small operators or large ones run by new immigrants, sports betting is still in the hands of very traditional organized crime and there are those who take donations that don't want the gov't to interfere with that.

Joined: 12/01/2010

MGoPoints: 8655

Rmilkman

November 10th, 2015 at 6:55 PM ^

Totally in favor of it solely because of their commercials. Any businesses that grows as quickly as these are bound to attract unwanted attention. Good riddance.

Joined: 08/13/2010

MGoPoints: 1052