The California online poker legislative push is back from the dead, and so is State Assemblyman Reggie Jones-Saywer (D-59th District) and his bill. Jones-Sawyer’s attempts to unite warring factions in the state’s gaming industry died in 2014 and 2015, along with his poker bills of those same years, but give the man credit: he doesn’t give up easily.
California State Assemblyman Reggie-Jones Sawyer returns with a new online poker bill, but will he succeed where others, including himself, have failed? Don’t hold your breath.
Undeterred, Jones-Sawyer has presented a new bill, AB 1677, aka the Internet Poker Consumer Protection Act, which offers little that’s new, although it does provide a platform to at least reignite the debate.
At the heart of that debate will be the question of suitability. Because online poker will see operators taxed, a bill to regulate it would need two-thirds majority vote to pass in the legislature. This is impossible unless all future stakeholders, mainly tribal casinos with political capital and lobbyists, are in agreement.
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But blocking that outcome are two diametrically opposed groups of tribal operators, who are determined not to agree on the suitability question.
In one corner, the group that has loosely become known as the Morongo Coalition wants PokerStars to be included in a future market, because it has a commercial deal with the internet giant. In opposi (altro…)
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Fantasy Aces’ situation generally seems to be alarming for its customers who are unable to withdraw their funds. Then the states that have regulated DFS have a duty to prosecute if the stricken company has co-mingled customers’ funds with operating costs.
Daily fantasy sports (DFS) operator Fantasy Aces filed for bankruptcy this week after a last-ditch rescue attempt by competitor Fantasy Draft fell through.
Alarmingly for players, it appears from the bankruptcy filing that the ongoing company is not able to pay a lot more than $1 million of players’ funds, and so it has co-mingled customer money with its running expenses.
‘The Fantasy Aces team truly regrets to announce that people are unable to sustain our site and business operations effective January 31st 2017, filing for protection under Chapter 7 bankruptcy law,’ the company told its customers on Wednesday.
‘After spending over a year attempting to secure long-term money, including recent negotiations with two notable companies which subsequently failed to close, we have been left by having an unresolvable burden that is financial. We have actually unfortunately exhausted every feasible option that is financial no success,’ the California-headquartered DFS company concluded.
Will Regulated Jurisdictions Prosecute?
Consumer protections as well as the significance of operators to segregate player funds was a major driving force behind states using actions to regul (altro…)
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