Nevada Takes First Step To Establish a National Consumer Protected Solution To Regulate Daily Fantasy Sports
LAS VEGAS, June 13, 2016 /PRNewswire/ -- In a unanimous vote, the Nevada Gaming Control Board approved the recommendation for licensure of Sanderina II, LLC d/b/a USFantasy to provide a menu of daily and weekly skilled fantasy sports contests launching with the NFL, MLB, NBA, NASCAR, PGA, National Hockey League, and other international sports. The events will be offered utilizing a pari-mutuel system. Pari-mutuel, derived from the French term Pari mutual, means "wagering amongst ourselves," as opposed to wagering against the House. The USFantasy contest platform provides a level of consumer protections unparalleled in daily fantasy sports (DFS). Pari-mutuel systems are the original skilled selection platform for contestants to compete against one another in a fair, regulated and transparent environment. In a pari-mutuel environment, the consumer has a constantly updated, real-time view of the entire contest market. The consumer has immediate access to how much money is in the entire pool as well as how these monies are dispersed among the individual athlete in each contest in the form of current odds. This turn-key DFS solution can easily adapt with existing pari-mutuel regulations in forty-three states.
In his presentation to the Nevada Gaming Control Board, USFantasy President, Vic Salerno, explained how his platform will be offered to Nevada casinos. The weekly and daily contests will be disseminated through a licensed Nevada totalizer service, enabling contestants to participate in the daily contests at casino race and sports books and their mobile apps. Similar to horse racing, contestants may make contest picks on Win, Place, Show, Exactas, and other exotic combinations. Athletes are grouped into competitive fields so that there are separate events for quarterbacks, running backs, wide receivers, tight ends, kickers and defenses in fantasy football competition. In addition, USFantasy plans to introduce a Pick 7 progressive jackpot that will be awarded to the contestant who correctly picks the winners in all seven events. Those familiar with horse racing know that the progressive jackpots for the Pick 6 is a significant draw and Salerno believes there is no reason that a Pick 7 progressive jackpot in pari-mutuel fantasy sports will be any different.
Salerno highlighted the benefits of a pari-mutuel system when compared to the two largest DFS operators, FanDuel and DraftKings. First, the value of the athletes will not be predetermined by the House, but rather, are established by the contestants, among themselves, using the pari-mutuel "auction." He stated that the selection process would be much simpler with smaller fields of entries in each category. Widely available performance statistics will be used, allowing for easy grading of the events.
Second, Salerno described how USFantasy addresses the Sharks vs. Minnows problem that exists in most DFS platforms. The pari-mutuel systems provide transparency and naturally mitigate disproportionate play on certain athletes. Contestants freely choose the contest events best suited for their skill level and sports acumen.
"Today the GCB licensed Vic Salerno, a long-time well-known sports book operator and licensee to do what I have indicated is legal all along: That is, create a form of daily fantasy sports wagering that can be conducted legally in a regulated fashion within Nevada," stated A.G. Burnett, Esq., Chairman of the Nevada Gaming Control Board.
The USFantasy platform provides a regulated taxable solution for the state of Nevada to oversee fantasy sports and ensure its integrity. The emerging millennial demographic has quickly adapted to fantasy sports games and will enjoy the new amenities offered by Nevada casinos. Casino operators will enjoy a guaranteed win, while increasing their marketing appeal to a new demographic segment which is currently under-represented in overall casino patronage.
"We thank the Nevada Gaming Control Board for this opportunity, and look forward to presenting our company to the Nevada Gaming Commission. USFantasy hopes to provide our fantasy sports platform to every regulated racing and gaming jurisdiction in the United States," stated Salerno.
Final gaming licensing approval of Sanderina II, LLC d/b/a USFantasy will be determined by the Nevada Gaming Commission at its meeting in Las Vegas on June 23, 2016.
For more information visit: www.usfantasy.com.
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SOURCE US Fantasy
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