Draftkings Florida

DraftKings daily fantasy football puts you closer to the game than ever before. Draft a lineup of NFL players while staying within the salary cap. Then watch as they rack up points for. Draftkings is not licensed in Florida to take bets. A number of other websites licensed outside the state do take bets from Florida residents however. DraftKings Headquarters A Florida bettor who placed a highly publicized $3 million parlay wager is considering legal action against DraftKings after the company froze the customer’s New Jersey mobile sports betting account late last month, Sports Handle has learned. DraftKings Could Have a 31% Upside, New Analyst Coverage Says. New York, and Florida) have been fully legalized' and predicts legalization there by 2022 or 2023 at the latest. Other companies.

1. Florida Draftkings Sportsbook
2. Draftkings Florida Ban
3. Draftkings In Florida

DraftKings (NASDAQ:DKNG) is in the right place at the right time. And let me tell you, investors seem to have noticed. DraftKings stock has tripled from its March lows and obtained a massive $12 billion market value. That figure could climb even higher as DraftKings finishes converting warrants and tidying up its capital structure following its April initial public offering.

As a result, DraftKings and FanDuel do not operate in all 50 states. DraftKings CEO Jason Robins Here’s a list of where every state currently stands on the legality of daily fantasy sports.

As such, based on near-term earnings projections, this lavish valuation may be a bit excessive. But longer term, DraftKings is a tremendous opportunity, as it’s on the ground floor of an emerging gold mine.

Online sports betting was already booming before the COVID-19 pandemic hit. Now in the wake of this epidemic, the online sports betting boom could kick into hyper-growth mode.

In-Person Gaming Faces Continuing Coronavirus Headwinds

First, even the most avid of sports bettors may be slow to return to in-person casinos due to lingering fears about the virus. Just look at the most recent case counts. The coronavirus has spread quickly in many regions that have reopened their economies.

In Las Vegas, for example, hospitality workers unions are suing the casino companies for exposing their employees to unnecessary danger. Guests weren’t forced to wear masks, and — unions allege — the casinos failed to notify employees when coworkers turned up sick. One worker has died already, and Nevada’s overall Covid-19 fatality count topped 500 last week.

Florida Draftkings Sportsbook

Against that backdrop, it’s hardly surprising that recent data show online gambling is gaining market share from in-casino wagering. Gaming is a form of entertainment and escape, after all, and the current headlines are a huge negative for traditional casinos.

States Must Legalize Online Gaming to Offset Deficits

While in-person gaming is struggling, online betting is receiving a huge boost. The deal is that cash-strapped states are starting to rush pro-gambling legislation into law.

Gallery: 9 Florida Stocks to Avoid as Coronavirus Rates Spike (InvestorPlace)

States are facing a problem on both sides of the ledger. Their revenues are dropping sharply, particularly in states that rely on high sales taxes. Brick-and-mortar retail sales have plummeted and taken states’ finances along for the ride. On top of that, many states are spending heavily to try offset the effects of the COVID-19 pandemic. With states spending more and bringing in fewer tax dollars, they are facing deep budgetary holes that must urgently be filled.

With that in mind, legalized gambling is low-hanging fruit. And states are turning to it as a quick solution to their mounting financial problems.

Online Gaming: A Rapidly Growing Market

So where do things stand now? The Associated Press reported: “So far, 18 U.S. states plus the District of Columbia offer sports betting, and four offer internet gambling, which can include online casino games, slots and poker. In addition, Virginia and Tennessee have approved sports betting but have yet to launch.”

Also, a few states allow gaming through tribal organizations. And other states including Louisiana, Massachusetts, and Ohio could legalize online gaming in coming months. In all, around half of states should offer online gaming in one form or another within the next year.

DraftKings Stock Is Ahead of the Competition

DraftKings is well-positioned to pick up a large percentage of this business. It is already taking advantage of the rising interest in online gaming. It recently launched its standalone casino application for users in the state of New Jersey.

The app features DraftKings’ exclusive games along with casino favorites such as roulette and blackjack. These casino features were available within DraftKings’ sports-betting app previously; however, the standalone app should attract many gamers who have no interest in live sports.

Of course, the company faces daunting competition in this rough-and-tumble sector. Companies like GameAccount Network (NASDAQ:GAN), International Game Technology (NYSE:IGT), and Scientific Games (NASDAQ:SGMS) are all vying for a piece of the same pie that DraftKings is going after.

Then there’s Penn National Gaming (NASDAQ:PENN). The traditional casino operator is making a play for the online gaming space as well. With its acquisition of Barstool Sports and its spokesperson Dave Portnoy, it could siphon off a lot of customers as well. However, at the rate the overall market is expanding, DraftKings has an excellent shot at success despite the rivals.

DKNG Stock Verdict

DraftKings stock still has a fight ahead of it. The competition I outlined above will all win portions of the business. This is a vast new market, and the turf war for market share will be intense. High marketing and customer acquisition costs could hit profits in the near-term. That’s to be expected in a newly emerging industry with an outstanding growth rate.

That said, DraftKings already has excellent name recognition within the sports betting market. It won the first big branding battle against FanDuel, and it remains at the top of consumers’ minds now. This should give DraftKings stock a leg up on the competition. With the return of live professional sports just weeks away now, it will be DraftKings’ time to shine.

Eric Fry is an award-winning stock picker with numerous “10-bagger” calls — in good markets AND bad. How? By finding potent global megatrends… before they take off. And when it comes to bear markets, you’ll want to have his “blueprint” in hand before stocks go south. Eric does not own the aforementioned securities.

Draftkings Florida Ban

According to recent news, two Florida-based daily fantasy sports players are filing a lawsuit against the two largest DFS platforms currently in operation. Both DraftKings and FanDuel will be sending lawyers as representatives to address the controversial gambling case. The lawsuit was originally authored by Ervin Gonzalez, who is a well-known Florida attorney, and will be representing the two plaintiffs in the case.

The legal complaint is 132 pages long and describes how both Antonio Gomez and John Gerecs are seeking damages from money lost in what the prosecution call “deceptive and illegal gambling.” The lawsuit aims at not only DraftKings and FanDuel but there several business partners as well. Among the defendants include investors, financial operators, media contracts, and more.

The Defendants

The list contains precisely 50 defendants who hold legal contracts with either FanDuel or DraftKings. The largest targets include:

● The National Basketball Association, Major League Baseball Ventures, National Hockey League Ventures and Major League Soccer
● The Kraft Group (owned by New England Patriots owner Robert Kraft), Legends Hospitality (co-owned by Dallas Cowboys owner Jerry Jones and the New York Yankees), and MSG Sports and Entertainment (owned by New York Knicks owner James Dolan)
● Turner Sports, Time Warner, NBC Sports Comcast Ventures, 21st Century Fox and Fox Sports Interactive Media
● Visa, MasterCard and American Express
● J.P. Morgan, Capital One Bank, Google Capital, Piton Capital and Scottish Investment Bank
● PayPal, Paysafe and Vantiv (payment processors)
● DraftKings, FanDuel and Jason Robins

Draftkings In Florida

The Prosecution

Mr. Gonzalez, along with the two Florida plaintiffs, is asserting through their case that daily fantasy sports should be considered “racketeering” by both state and federal law. The lawsuit questions the legality of daily fantasy sports in not only the state of Florida but among the rest of the states within the Union. As of now, the daily fantasy sports businesses are running legally as a game of skill. However, the amount of rising legal claims will undoubtedly call for a reassessment through both state and federal gaming commissions.

The case outlines that the co-defendants displayed negligence, while DraftKings and FanDuel operated illicitly, “while taking a slice too,” noted Gonzalez. The prosecuting attorney explained that his clients were not only “deceived and lured” into playing daily fantasy sports, but they were always competing against players that held “insider information.” As for daily fantasy secrets, the lawyer could be referring to a recent investigation covering a DFS platform employee cashing in on insider information. However, employees who work with impacting information, such as ownership percentages, are no longer allowed to place wagers in light of the investigation.

Notably, the legal case does not target the National Football League (NFL), focusing on the National Basketball Association and Major League Baseball. Gonzalez spoke on how he feels the NBA has truly displayed hypocrisy through its recent partnership with FanDuel.

the NBA recently held itself out as an entity that staunchly rejects betting on its games when former NBA official Tim Donaghy resigned from his job, but now has gone so far to legitimize FanDuel by having one of its employees, the NBA President of Global Operations, Mr. Sal LaRocca, serve on FanDuel’s Board of Directors and by becoming an official partner of FanDuel, launching the first “Official One-Day Fantasy Basketball game of the NBA.

The Defense

The Florida attorney goes on to attack the MLB as well, exposing contrarian statements made by the MLB Commissioner and sports ethics followed in the past. With such claims, the lawsuit reads as if daily fantasy sports are and should be treated the same as traditional sports betting. However, due to federal law, the game is still considered legal.

FanDuel, DraftKings, and their business partners will fall back on the defense that their operations are and have been always within the law’s boundaries. Although, a good handful of states have changed their state gambling statutes outlawing the online gambling option. Among those who have chosen against daily fantasy sports is the state of New York. Currently, the state’s Attorney General, Eric Schneiderman, is in an ongoing debate with FanDuel and DraftKings’ attorneys on whether the game is primarily chance or skill. The two parties met today to begin an ongoing case that is “just getting started,” according to lawyers. Even with a significant amount of skill, the finding of a large deal of chance would be enough to amend state law and push daily fantasy sports out of the Empire State.

Conclusion

As of now, several cases are still currently open, involving DraftKings and FanDuel as the defendants. However, none of them have proved that the sites are operating illegally as a game of chance. The states that do consider DFS betting as illegal gambling do so using the “any chance” test, which outlaws any game that is uncontrollable and relies even slightly on chance.

In 2006, fantasy sports betting was exempted from the Unlawful Internet Gambling Enforcement Act that resulted in US Congress shutting down nearly every form of online gambling. Daily fantasy sports, along with other skill games, remain the only legal and legitimate ways to wager real cash online. The reasons that Congress allowed the game to operate in the US was due to skill components that dramatically impact the game. Although 70 percent of DFS contestants end on the losing side of the table, the 30 percent who do win reach success through research and effort.