HOLLYWOOD, Calif., Sept. 20, 2017 /PRNewswire/ -- The New Sports Economy Institute (NSEI) filed an amicus brief in the "Christie II" gambling case on September 5, 2017. The state of New Jersey and the New Jersey Thoroughbred Horsemen's Association square off against the four professional sports leagues and the NCAA for the future of the $400 billion a year sports gambling industry. If the highest court in the land strikes down the Professional and Amateur Sports Protection Act (PASPA), states like New Jersey will likely take steps to spread state-sponsored sports gambling which is precisely why Congress passed PASPA in 1992, to prevent that result. Academic and legal circles are already buzzing about NSEI's novel argument, the long-awaited legal definition of "gambling" and its chances at tipping the scales in the case.
In its long fight against daily fantasy and sports gambling, NSEI tirelessly championed this simple truth to the masses: Daily fantasy sports (DFS) and traditional sports betting are markets and not games. This critical insight powers NSEI's amicus brief defining gambling in clear terms, which is something that has arguably long eluded lawmakers, scholars and other key stakeholders and distinguishes it from gaming.
"Look… the sports gambling supporters keep saying that sports gambling should be a matter for the states to decide," said Chris Rabalais, managing director of NSEI and co-founder of AllSportsMarket. "But, their reasoning is a flimsy house of cards. It rests entirely on the false equivalence of gambling and gaming. In our brief, we systematically separate the two and show that they are not the same. Roulette is a gambling game. Sports betting and DFS are gambling markets and they serve no useful purpose whatsoever and, in fact, are harmful to everyone but the operators. States are free to experiment but cannot do so in financial markets as sports bets and DFS are nothing but unregulated securities or commodity contracts and states cannot have any say in them because Congress preempts. "
Currently, NSEI operates AllSportsMarket (ASM), a learning and test market where sports fans trade stock-like instruments based on sports performance. Zack Ward, Hollywood veteran and entrepreneur, was recently appointed as the CEO of Global Sports Financial Exchange, Inc. (GSFE), a California-based licensee utilizing the ASM platform (https://www.cbssports.com/nhl/news/scut-farkus-from-a-christmas-story-named-ceo-of-new-nhl-stock-like-exchange/). GSFE intends to become the premier company in sports finance worldwide.
"I am extremely excited about this opportunity to promote sports investing and stop the scourge of daily fantasy and sports betting," said Mr. Ward. "Sports investing, just like any other investing, is serious business. That does not mean you cannot be entertained at the same time. We understand watching the games while invested can be exciting. ASM is a market and we are tirelessly working to get regulated like any other financial market because we want our investors and the world markets to take us seriously."
Mr. Ward also reflected on the Sports Integrity Protection Amendment (SIPA) Constitutional Amendment Initiative in California he spearheaded in 2015 which called for responsible, regulated, non-gambling sports markets (https://www.youtube.com/watch?v=oXILE1waAOc). "We proudly call California our home and we will continue to engage with the legislators and other key stakeholders to determine the right framework so we can offer ASM at full scale," he said. "But I want to be clear. Our ultimate goal is, and always has been, federal regulation. We feel the best of both worlds is making California the center of sports investing under the purview of federal capital markets regulation."
"It comes down to this," concludes Rabalais. "The right solution is neither turning our nation into a sportsbook nor banning speculation, a fundamental human desire. The solution is making sure that speculation happens with a purpose and under federal supervision. Capital markets are at the core of the American economy and adding sports will create vast new opportunities for the middle class by generating new jobs and fostering financial education."
A short summary, link to the U.S. Supreme Court docket and the full text are here: https://www.thenewsportseconomy.com/2017/09/09/nos-16-476-477-in-the-supreme-court-of-the-united-states/
The New Sports Economy Institute, ASM's parent company, is a 501(c)(3) non-profit with the mission of transforming society through sports. The objective is to end sports gambling, create a strong economy with strong ethics and bring financial literacy to the masses via sports trading instruments. ASM operates under a royalty-free license from Crystal World Holdings, Inc.
For more information, please contact:
Jason Henry – AllSportsMarket Media Relations
Phone (705) 772-7066 or firstname.lastname@example.org
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