The Future of Daily Fantasy

[efactor]

And in both of those cases, you send in your money, cross your fingers, and things go one of 2 ways, up or down.

Now you're just being stupid

 

[hikeNbike]

I find it funny the NY AG claims in his findings that this is purely a gambeling and not a game of skill... Yet cites that the top 1% of the players win the vast majority of the money.... Hmmmm.... How is that possible if this is simply gambling and skill is not involved.

Sounds like he's talking out of his ass and has no understanding of what the Fock he is talking about....

Oh, and those saying the g'ment is not getting theirs are wrong. They are getting taxes from DFS just like other forms of legal wagering.... The sites have to issue 1099's to any player who profits more than $600 in a calendar league and you are required to claim it as income. If your not... I hope you don't get audited.

Pisses me off, I'll be paying taxes to botb FD and DK this year to a damn government that is now trying to shut Jt down...

Here is my thinking...

The government may collect taxes from the player but make no mistake the sites aren't currently paying near the taxes the casinos encounter. Think the states will want a piece of them just as much if not more than the federal government. Casinos have to seek state gaming licenses. Casinos are regulated and taxed heavily. Dfs not taxed nearly as much nor subject to costly licenses and out of pocket costs for oversight.

The regulation on the casinos employs government workers to oversee. Is government going to sit idly when it has the chance to force regulation increase revenue and as a bonus the ability to add a bunch of jobs at taxpayer expense. Probably not.

Sent from my SCH-I545 using Tapatalk

 

[hikeNbike]

To reiterate I hope dfs doesn't get shut down. Would be hypocritical of me to hope it gets shut while still playing each week. Just trying to look at this situation independently and assess what I think will happen. Not what I want to happen.

Those arguing the other side. I'm interested in your take on why this is different from online poker. Isn't poker also also a game of skill? Can't you make the argument with probability thrown into the equation that poker is more skill based than daily fantasy?

Knowing the government shut down online poker how is daily fantasy sports going to dodge this same outcome?



Sent from my SCH-I545 using Tapatalk

 

[MongerKhan]

So much easier to make bets with Frankie the Fish on my secluded, dark street corner. AND Frankie doesn't want taxes

 

[Miller]

Regulation is the answer... Not illegality.

Florida is looking at this now, regulating it and charging the sites a large license fee ($500k first yr, $100k renewal was the proposal I heard about).

Let the states get there's....may force out the little sites, but I can live with that over the alternative.

 

[ExperiencedRookie]

Now you're just being stupid

Why?? Why is that so different?
Pick a stock, insert cash. You either win or lose.

Hell, if you play heavy DFS the exact same strategies come into play. You can diversify and play safer. You can be more aggressive and keep your portfolio small.

 

[maverick824]

Why?? Why is that so different?
Pick a stock, insert cash. You either win or lose.

Hell, if you play heavy DFS the exact same strategies come into play. You can diversify and play safer. You can be more aggressive and keep your portfolio small.

I'll make you a deal. You take your entire life savings and put it into DFS. You can have no 401k, no IRA, no investments of any kind.

I will invest the same amount of money in stocks, mutual funds, and these other "gambles."

Let's get together in 30 years and see who's ahead.

 

[ExperiencedRookie]

I'll make you a deal. You take your entire life savings and put it into DFS. You can have no 401k, no IRA, no investments of any kind.

I will invest the same amount of money in stocks, mutual funds, and these other "gambles."

Let's get together in 30 years and see who's ahead.

No ones arguing that there's less variance. The concept is the same though.

Plus, you cherry picked the lowest variance brands of investing. I'm talking about the practice of day trading here.

 

[maverick824]

No ones arguing that there's less variance. The concept is the same though.

Plus, you cherry picked the lowest variance brands of investing. I'm talking about the practice of day trading here.

I don't day trade. Neither do any of the multimillionaires and 1%'ers who made their fortunes on the stock market. Approximately 1-3% of day traders make any sort of profit from it, and it's usually not sustainable. You can't say "putting your money into the stock market is just as risky," then when I show you it's not, change it to "I meant the riskiest form of the stock market," and expect the argument to hold. Successful investors don't day trade, so the argument isn't plausible.

 

[ExperiencedRookie]

I don't day trade. Neither do any of the multimillionaires and 1%'ers who made their fortunes on the stock market. Approximately 1-3% of day traders make any sort of profit from it, and it's usually not sustainable. You can't say "putting your money into the stock market is just as risky," then when I show you it's not, change it to "I meant the riskiest form of the stock market," and expect the argument to hold. Successful investors don't day trade, so the argument isn't plausible.

Ok, you're right there. I cherry picked.

Does it matter though? Day trading is legal and not called gambling. DFS is pretty much the same thing and it's being run out of town.

 

[maverick824]

When you day trade, even if it's for a few hours, you own a piece of something. It's a physical purchase of a company. You can choose to hold it forever, sell it, etc etc, but the fact remains, you OWN a piece of that company. I buy a share of Apple, I own that fraction of the company as an investor, even for a few hours/days. Furthermore, a day trader can choose to hold the stock for longer if the stock dropped that day, but he/she feels that it is still profitable. When you pay into a tournament, you don't "own" a share of the player. You are choosing how he will perform in a sporting contest, a result which is entirely left to chance. Once the entry fee is paid, you are at the mercy of chance.

Yes, I understand your broad point, that chance exists in each field, but this isn't apples and oranges in terms of a comparison. The stock market seems like a gamble, but it is a proven commodity. I support people's right to spend their money how they choose 100%, be it online poker, DFS, or any other measure, but I draw the line at calling DFS "not gambling." Fantasy sports, to a degree, has always been gambling, whether it is short term or long term. The problem isn't what it is being called, the problem is that not enough important people are making money off of it. And that's bad. I say this from the perspective of a former online poker player who has already been through that battle.

 

[Miller]

This isn't a DFS vs stock market argument... Lets get back on topic.

IMO, it's not even a gambling vs not gambling discussion.... Many forms of gambling are freaking legal, so it's not like the government and states don't already pick and choose what is acceptable and not in that area....

The online gambling bill made an exception for fantasy.... This is fantasy, easily fits the definition of the definition in that Bill and intended or not, is and should be legal.

No one is harmed by playing this game.... Regulate it, get your cut and move the Fock on and let us PLAY!

 

[German CTL]

Well there goes another one... Illinois has become the latest state to outlaw DFS. I seriously doubt I'll be able to enjoy playing DFS next NFL season and that focking sux.

 

[German CTL]

Sent emails to my state reps in regards to my feelings toward daily fantasy... I'm sure they'll seriously take them into account... SMH

 

[hikeNbike]

Got an email to email the attorney general in Texas so looks like Texas may be following suit too unfortunately.

Sent from my SCH-I545 using Tapatalk

 

[hikeNbike]

Here is the article. Really think all the advertising by fanduel and draft kings got them the attention from the government a lot quicker. Think they will be shut down unfortunately.

FanDuel, DraftKings Push Paxton Petition

Sent from my SCH-I545 using Tapatalk

 

[mudloggerone]

I agree with you there Hike. They blanketed the airwaves with their silly commercials.