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Texas House approves the bill defining fantasy sports as legal game of skill

Niji Narayan

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Texas House approves the bill defining fantasy sports as legal game of skill
Photo Source: bigtex.com
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The Texas House has approved the bill that would classify fantasy sports as games of skill, not of chance, that are, therefore, legal. House Bill 2303 passed the chamber on a 116–27 vote. It still needs another vote from the House before it can be sent to the Senate for consideration.

Fantasy sports allows fans to draft real players from various sporting leagues to create a fictional team. The players’ real-time statistics are then compiled, and the team with the highest overall ranking wins. Fans can track their teams through websites or apps.

“House Bill 2303 simply seeks to clarify state law and confirm that skill-based fantasy sports are legal and therefore not an act of gambling. It’s very similar to what 19 other states in the country have done in recent years, and the United States Congress made this change in 2006.” State Rep. Moody said.

Fantasy Sports

Scout Gaming presents preliminary Q1 revenues and the initial COVID-19 impact

George Miller

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Scout Gaming presents preliminary Q1 revenues and the initial COVID-19 impact
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Scout Gaming is monitoring the development of COVID-19 closely and act accordingly. In light of the extraordinary conditions caused by COVID-19, Scout Gaming is providing an update on preliminary Q1 revenue. Even though the current situation is unpredictable, the Group currently expects sports to resume successively during the summer.

Trading update

Scout Gaming has had a good start to the year with total revenue for the first quarter of 2020 estimated to be in the range of SEK 8.2-8.7 million (Q1 2019: SEK 3.5 million), which means a growth of 134-149% compared with corresponding quarter previous year. The revenue was positively impacted by strong underlying client activity up to the disturbance of sports in the middle of March 2020.

The impact of cancelled sports events was essentially effective from mid-March 2020, which resulted in lower turnover, expected to have affected the revenues between SEK 1.0-1.5 million. Operator Trading Index for Q1 was 1004, compared to 549 for Q1 2019, which means a growth of 83%.

Scout Gaming operates with several different revenue streams including a portion of fixed fees set in all long-term agreements.

Operational update

Scout Gaming has taken measures to protect employees and to ensure stability of operations by adjusting ways of working so that employees and critical external contractors, as far as possible, work from home. Benefitting from a new built technology and being a young company, this has been achieved with no whatsoever disruption to the business.

Scout Gaming is working hard to continue to provide an attractive sport offering to their clients. Due to the flexible nature of the business Scout Gaming has been able to provide DFS tournaments as well as Matchup duels and Player Performance Odds on local leagues that were not a part offering before the COVID-19 outbreak. In connection to the outbreak Scout Gaming also launched a full set of Esports related markets.

“Even though it is impossible to foresee the future development of this ongoing pandemic, we currently only expect temporary negative impact on our business from the ongoing Corona outbreak. Our best guess at the moment is that sports will be resuming successively during the summer. In order to maintain financial stability, we have adapted our cost base through overseeing and hence reducing mainly levels of marketing related costs, but also personnel costs as well as operating costs in general.

The current situation is by no doubt very challenging, but I’m extremely impressed in how our full organization put their maximum effort and creativity to handle this in an optimal way. I’m very positive on the outlook of Scout Gaming as we continue to agree significant deals with market leading operators.

As the market leading fantasy sports supplier, we will continue to benefit from a wide geographical landgrab and a growing product portfolio. I also see that the market for Fantasy Sports and player related content is in a favorable global position where operators seek more relevant sports content”, comments Scout Gaming’s CEO, Andreas Ternstrom.

Presentation of quarterly results

Scout Gaming intends to present the full results and report for the first quarter of 2020 on Wednesday, 20th of May.

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Haryana Court Imposes Damages on Dream11

Niji Narayan

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Haryana Court Imposes Damages on Dream11
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The District Consumer Disputes Redressal Forum of Kaithal, Haryana, has imposed damages of 200,000 rupees (US$2800) on online fantasy sports website Dream11 for failing to make proper payment to a contest winner.

Balinder Rapria, a resident of Balu village in Kaithal city, won a fantasy league contest and was supposed to receive an all-expense-paid trip to watch the ICC Women’s World T20 final in Antigua and Barbuda in November 2018 for himself and a companion of his choice.

Dream11 representatives attempted to defend itself with the claim that the problem related to problems of gaining a visa for the winner, but this argument was rejected by the court.

The ruling was that the failure to provide the trip offered amounted to malpractice under Section 2 of the Consumer Protection Act of 1986 and that the plaintiff was awarded 200,000 rupees plus interest and legal fees.

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Daily Fantasy Sports

XFL LA Wildcats And Monkey Knife Fight Announce Marketing Partnership

George Miller

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XFL LA Wildcats And Monkey Knife Fight Announce Marketing Partnership
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Just in time for their home opener, the XFL’s Los Angeles Wildcats announced a partnership with Monkey Knife Fight (MKF), one of the fastest-growing sports gaming platforms in North America. MKF’s sponsorship will be activated through in-stadium promotions, weekly XFL fantasy games and an MKF decal that will appear on the Wildcats’ helmets during select games.

“The XFL created a league of great teams and we truly feel this partnership is a natural fit,” stated Bill Asher, Founder of Monkey Knife Fight. “We’re excited to introduce XFL fans to Monkey Knife Fight, particularly in the Los Angeles market.”

“We’re proud to be partnering with the fastest-growing sports gaming platform in North America, Monkey Knife Fight,” said LA Wildcats President Heather Brooks Karatz. “As the Official Daily Fantasy Sports Partner of the LA Wildcats, Monkey Knife Fight will boost our fan experience to a completely new level.”

The announcement comes on the heels of multiple accolades for Monkey Knife Fight, which includes being named the 2020 Fantasy Sports & Gaming Association Rookie of The Year and Disruptor of the Year and also received two 2019 EGR Operator Awards nominations.

About Monkey Knife Fight: Monkey Knife Fight (MKF) is the fastest-growing sports gaming platform in North America, while being the third-largest Daily Fantasy Sports (DFS) platform.  MKF is a new style of legal mobile gaming – a democratized platform with a level playing field where you play against the house, not professionals.  MKF launched in the Fall of 2018 with a dynamic slate of new daily sports contests for all NFL, MLB, NHL, NBA, WNBA, PGA, soccer, and NASCAR events.

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