HOLLYWOOD, Calif., May 3, 2016 /PRNewswire-USNewswire/ -- The strange and worthless bill pictured is a dire warning. That's the future of the U.S. dollar and the U.S. economy if we do not reveal the truth regarding daily fantasy sports ("DFS"), sports gambling in general and their impact on our society and country. Sports gambling is destroying lives and families in America right now and, left unchecked, it will wipe out what's left of the middle class and the country itself. That's the cold hard truth.
Mixing sports and money and then advertising it as a get-rich-quick scheme will definitely get some attention… enter DFS. First came the gamblers and unicorn valuations (> $1 billion) and then an avalanche of over 80 lawsuits with 10 state Attorneys General declaring DFS gambling under state law.
There are more sports fans in our country than men, women, Hispanics, African-Americans, young people, college-educated people… etc. As the single largest demographic, that means it's the biggest constituency of any elected official. It probably comes as a surprise, but public office is, first and foremost, a responsibility to represent the sports fans. Think about it.
Most sports fans don't care about daily fantasy sports. The ones who do participate do so only because they were misled by the DFS gambling owners, operators and paid proponents. This dangerous cabal is completely fixated on spreading the deadly incurable cancer of nationwide legalized sports gambling.
We are excited that the Subcommittee on Commerce, Manufacturing and Trade is planning a congressional hearing on DFS on May 11, but there is a problem… a big one. The DFS industry is not telling, nor seeking the truth. Their real position is: "Here is a new way to gamble on sports and let's legalize it." We vehemently disagree with this suggestion (if it were honestly revealed). Instead, DFS preyed on our citizens, fleeced fans, signed as many investors as possible, crammed deceptive ads down our throats 24 hours a day and hoped to become too big to fail.
We understand that $400 billion+ per year is at stake and that creates the natural desire to capture that market. What we can't do is sacrifice the integrity of sports, ethics and common sense for the instant gratification of a few dollars. Turning America into a sports book will end the American Dream forever. History will record that sports gambling ended the American experiment on your watch.
The New Sports Economy Institute (NSEI) is a 501(c)(3) educational non-profit with the mission of transforming society through sports. We are totally alarmed that the half-truths and outright lies being spread by the daily fantasy sports industry and other sports gambling proponents will steer America into a path of irrecoverable destruction. With the goal of starting an educated conversation and ensuring a robust and HONEST discussion on the matter, we are sending this personal letter to all 535 members of Congress, the California Assembly, all state Attorneys General, NFL, NBA, MLB, NHL, NCAA, major media and others. We will not stop until this message is heard.
Here is the truth about DFS and sports gambling:
- Involvement of skill does NOT mean it is not gambling
The Department of Justice already took the position that traditional sports betting involves skill.
- The U.S. Securities and Exchange Commission ("SEC") and/or the U.S. Commodity Futures Trading Commission ("CFTC") potentially have jurisdiction over DFS.
The SEC has already shut down one fantasy offering.
- The Unlawful Internet Gambling Enforcement Act of 2006 ("UIGEA") never made daily fantasy sports legal, nor did it change federal or state laws
At best, DFS operators misled investors, the leagues, and the public for their own benefit. At worst, they lied.
- DFS and traditional sports betting are pure entertainment vehicles that do not serve the public interest
Sports gambling destroys lives and families. If unchecked, it will destroy America.
- DFS and traditional sports betting are a significant threat to the integrity of sports
Sports gambling is worse than casino gambling… much worse. They incentivize people to cheat and destroy the integrity of sports.
Our new website www.TheNewSportsEconomy.ORG contains very time-sensitive valuable additional detailed information. In the Government section, for example, you will find the amicus brief we submitted to the New York Supreme Court in support of the New York Attorney General and against daily fantasy sports (awaiting court ruling) among other things.
Our nation is truly at a crossroads. The biggest demographic in our country, sports fans, deserve your full attention to this matter. Thank you very much for your time.
Managing Director of The New Sports Economy & The Sports Vote
Contact Jason Henry – Media Relations
iPhone (705) 772-7066 or Email
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/an-open-letter-to-congress-state-governments-and-the-media-on-daily-fantasy-sports-from-the-new-sports-economy-institute-300262083.html
SOURCE The New Sports Economy Institute