ipl-logo

Why I Decided To Suspend Its Pay Processing Services To The Daily Fantasy Sports Industry?

688 Words3 Pages

In an announcement a week ago, Vantiv Entertainment Solutions decided to suspend its payment processing services to the daily fantasy sports industry by the end of February. This is a devastating move to the market since Vantiv has closely worked with many of the leaders in the industry. FanDuel and DraftKings are two of the company’s major clients and they will definitely feel the pinch.
The pressure is on
This move by Vantiv is no surprise after the recent setbacks experienced by the daily fantasy sports industry. The trouble all started when New York Attorney General Eric T. Schneiderman demanded that daily fantasy sports companies stop operating in the state because it could be considered as gambling and thus considered illegal. This was quickly followed by six other states declaring the same thing.
FanDuel and …show more content…

This ensures that a company would know whether it is doing something wrong. Without solid legal grounding and the current challenges against the industry, people are worried that what was once a moneymaker may suddenly become a liability.
Bitcoin and fantasy sports
With a major payment processor backing out, the daily fantasy sports market is looking at a major problem. Daily fantasy sports thrives on daily bets and ensuring those bets get processed and wins are released is a major endeavor. Although Vantiv is just one payment processor, the problem is if the others, PayPal and the major credit companies, follow suit. The industry could collapse overnight, and this is where Bitcoin comes in.
Bitcoin in this market is not a new idea. Bitcoin fantasy sports sites have been attempted before, but they closed shop quickly. This could be blamed on the fact that the daily fantasy sports industry is based mostly around the US and other payment options were more convenient. With the law cracking down on the industry, though, Bitcoin is fast becoming an attractive

Show More
Related

Delaware Sports Gambling Case Study

998 Words | 4 Pages

Subsequently, the leagues again sued the Governor of Delaware, but their contention was that the new types of wagers violated federal laws established in 1992. As a matter of fact, the sports leagues were right and Delaware is currently restricted to offering the same limited form of gambling that they featured in 1976. On the bright side for Delaware, their sports lottery has been profitable decision this time around as they’ve outsourced their operations to a Las Vegas sportsbook, Brandywine Bookmaking. The Delaware sports lottery is offered at the horse tracks and casinos in their state, in addition to some bars and restaurants. But Delaware will never generate revenues similar to those of Nevada because of the limited wagering.

Read More

Summary: The Patriots Vs Stubhub

993 Words | 4 Pages

Proper management of ticket scalping situations is vital to any and all teams and/or organizations. Someone working in the sports field to reduce risks should be aware of the regulations of ticket scalping in each and every state. Teams especially need to be on the lookout for people illegally scalping their tickets, as the Patriots did (a RARE circumstance where they can be commended for doing something right). If someone is making money off tickets, that’s money that should be going to the sport teams. Without maximizing profits, an organization in this economy could swiftly

Read More

Roger Goodell Nfl Corporate Structure

1775 Words | 8 Pages

The National Football League is an integral part of American culture, practically owning a day of the week. Though they do not release their annual financial data, they are valued upwards of $45 billion placing them tantamount with some of the world’s largest companies. However, the current corporate structure significantly limits its organizational effectiveness; recently, the organization’s culture and questionable practices have been largely scrutinized. Although the National Football League continues to generate high revenues due to favorable competitive forces, we recommend they provide a more sustainable product with a focus on public perception to address issues of misfit and centrality.

Read More

Gil's Sportsplex Analysis

550 Words | 3 Pages

In his essay “Gil’s Sportsplex”, Gil Fried states that Gil Giles is always obsessed with softball and thus, he tends to invest a sportsplex after he retired (1). Fried introduces Gil’s backgrounds that he is a former police officer without any experiences in running a sports facility (2). Elsewhere, Fried demonstrates various industry analyses about sportaplex, for example, the definition of sportsplex is a facility offering multiple indoor and outdoor sports (2), and the “Sportsplex Operators and Developers Association (SODA)” propose some guidelines for implementing a sportsplex, such as “developing a needs assessment, feasibility study and preliminary design”(2). In addition, Fried cites CT sportsplex information, which includes the location, population, the charging fees, sponsorship packages, and the competing component research, as a frame example for Gil’s sportsplex (3-4).

Read More

Phillip Clark Pros And Cons

1009 Words | 5 Pages

Consistent with this nationwide support, over the years, the Texas Legislature has protected sweepstakes businesses with unwavering support. On three separate occasions, the Texas Legislature introduced bills that would ban or label electronic sweepstakes as “gambling devices.” All of these bills failed to pass. Id. This deliberate rejection highlights the Legislature’s clear intent: computerized sweepstakes promotional devices and operations are legal.

Read More

Summary Of Game On By Tom Farrey

787 Words | 4 Pages

Players receive none of the revenue yet it is their skill and expertise that has been put to show. The irony would be laughable if it did not have such a huge impact on the future of their

Read More

Jerry Brewer's Washington Post Essay: The NFL Beat Trump

942 Words | 4 Pages

First, there has been a lot of talk about the situation Donald Trump has put himself in with the NFL organizations players. Jerry Brewer states a lot of events that have occurred with Donald Trump and professional sport leagues while being

Read More

Summary: College Athletes Should Be Paid

979 Words | 4 Pages

Meanwhile, the NCAA makes $11 billion from a contract with CBS. The benefits that these players are collecting “have led to a black market for compensating athletes” (Birkenes and

Read More

Case Study: College Varsity Athletes Should Be Paid

356 Words | 2 Pages

With the revenue quickly escalating, college athletes appear more as employees because of the money they are generating for their school program (Berry III,

Read More

Advancements In Major League Baseball Impact On Fan Engagement And Interaction

2700 Words | 11 Pages

Living in the new era of technology, advancements in data and analytics in MLB have carried over into fantasy baseball leagues. It brings fun into the game where the participants act as the owners of their drafted team. Similar to fantasy baseball, sports betting is where the competition is at. Sports betting is “competing” against the bookmakers to win money through a legal sports book, and from there, anyone over the age of 18 in most states can bet on any game to win or choose over or under a player’s projection. With the rise of the internet and technology, sports betting is becoming more popular.

Read More

Why Is Baseball Underpaid

700 Words | 3 Pages

Merchandise is being sold all over the place from gas stations to malls. The team obviously has their own team store and they don 't make all of that because the stores need to keep the money so when they buy them the things the teams are making small profits but they all add up. The awards and bonuses they get every year is making them worth more and they get their names out there and they are not getting what they

Read More

Why Athletes Go Broke Essay

1391 Words | 6 Pages

This downside is that professional athletes go broke faster than they are drafted into the leagues. Many professional athletes such as NBA and NFL players go broke due to career duration, overspending, family issues, and lack of finance knowledge. When trying to become a professional athlete, one must start playing sports as early as possible (Ferguson 34).Playing sports comes with many sacrifices. Athletes

Read More

College Athletes Get Paid

904 Words | 4 Pages

Most people always say, “How can you go broke if you’re making millions of dollars a year for playing a game?” What people don’t realize is that they don’t know how to control that type of money. “Athletes are no different than any other college grads in that they were not trained as undergrads in budgeting, the tax system, and long term financial planning”(Steinberg). Athletes go from making zero dollars to making millions after they sign their contract. This money just keeps flowing in and they keep spending it like it never going to end.

Read More

Why Has Utah Become A Mecca For Extreme Sports

910 Words | 4 Pages

“I wasn’t hurting for business even though a lot of other industries were impacted and people were losing jobs.” (Coon 2) As you can see this industry thrives no matter how hard times get and the thrill seeker fuels it. These industries profits grow steadily every year and have gained more recognition hand in hand as well. Thrill seekers have made this happen because of one very crucial detail the competition between themselves to push each other to new boundaries never thought possible. Most of these top athletes are seen as gods of their respective sports and others want to be like them.

Read More

Essay On Pro Athletes Overpaid

730 Words | 3 Pages

Professional athletes are extremely overpaid for the “jobs” that they do. They only entertain for a living and get paid millions of dollars per season. Each sport is different in how they pay their athletes, and the difference in salaries from one player to another can be in the tens of millions of dollars. These athletes are paid for jobs that they only do for a certain number of games and do not even play the games over the course of an entire year. In most professional sports, they play in games for only a few months and then have a few months off.

Read More

More about Why I Decided To Suspend Its Pay Processing Services To The Daily Fantasy Sports Industry?

Related Topics

Open Document