In a move to address the escalating property tax concerns of older constituents, Utah Representative Kera Birkeland is championing a proposed constitutional amendment that would legalize the state’s first-ever lottery. 

Rep. Birkeland’s Lottery Proposal Could Boost Utah’s Finances by $200M

Rep. Birkeland contends that legalizing the lottery could inject up to $200 million into Utah’s coffers, money currently flowing across state lines as residents travel to neighboring states like Idaho, Wyoming, and Arizona to purchase lottery tickets. The proposal aims to redirect these funds to alleviate the financial strain on seniors facing rising property taxes, reported KSL.

The lawmaker’s initiative sparks a broader conversation about the intersection of gambling practices, fiscal policies, and the unique challenges posed by Utah’s comprehensive ban on all forms of gambling. Utah and Hawaii are the only states where any game of chance is strictly prohibited.

Birkeland argues that the prohibition on gambling has deprived the state of a significant revenue stream. She emphasizes the real-world impact on seniors, sharing stories of constituents forced to sell their homes due to soaring property tax bills.

While the full details of the bill are yet to be unveiled, Birkeland is considering including a stipulation that mandates tax revenue from lottery sales be dedicated to offsetting the tax burden on older adults with fixed incomes. 

The proposal faces a significant hurdle, as a constitutional amendment requires the support of two-thirds of lawmakers in both chambers and approval by a majority of voters in the upcoming general election.

Gov. Cox Challenges Lotteries, Deems Them Harmful

Gov. Spencer Cox, despite not possessing the authority to veto constitutional amendments, conveyed his opposition in a recent news conference, asserting that he believes lotteries and gambling, in general, function as taxes on individuals who struggle with mathematics, causing more harm than good.

Despite the challenges and opposition, Birkeland is determined to push the bill forward, emphasizing the need to address the primary concern of her constituents regarding property taxes. 

Birkeland recognizes the challenging nature of the endeavor but maintains her determination, asserting that she has introduced several bills attempting to limit property taxes and decrease government spending, yet none of them has gained traction.

The proposal reignites the ongoing debate on gambling laws in Utah, with past endeavors facing significant resistance. Birkeland’s initiative signals a potential shift in the state’s stance on gambling, setting the stage for a contentious legislative session.

The post Utah Lawmaker Proposes State Lottery to Tackle Senior Property Tax Woes appeared first on Keno Wizard.

DraftKings’ substantial investments into the NFT space have drawn their share of controversy as prices plummet and user interest wanes. The operator also faces a class action lawsuit for allegedly marketing its NFTs as securities without proper registration. DraftKings continues to press on with NFT-based promotions and partnerships and will likely continue to do so as long as its marketplace remains active.

The Plaintiff Mistakenly Believed Profits Were Guaranteed

The leading US operator entered the NFT space in 2021, hoping to capitalize on the latest trend and bolster player engagement. DraftKings has since steadily developed its ecosystem, partnering with various leagues and expanding its offerings. However, the sharp drop in interest and plummeting NFT prices have dampened the operator’s ambitions in the sector and even led to potential legal issues.

A new class action lawsuit alleges that DraftKings sold its NFTs as unregistered securities, misguiding buyers about their investments’ long-term value. Illinois resident Justin Dufoe claims to have lost over $14,000 as his purchased NFTs drastically declined in value. The plaintiff allegedly expected surefire profits when trading his NFTs due to their marketing as securities.

Defendants had actual knowledge of facts indicating that the NFTs they promoted and sold were ‘securities’ under federal and state securities laws and… failed to register their NFTs as securities.

Justin Dufoe v. DraftKings, Inc.

Dufoe argued that the value of his purchases depended on DraftKings’ management efforts at the moment of the purchase and regarding their closed secondary market. The proposed lawsuit includes all investors who purchased DraftKings NFTs after 11 August 2021. Regardless of the court’s final verdict, such cases erode trust in NFTs, threatening to depreciate their value even more.

DraftKings’ NFT Marketplace Is Here to Stay

FTX’s dramatic implosion did not leave NFTs unscathed, sending their price nosediving. The waning hype regarding the technology and several high-profile scandals where hackers stole celebrity-owned NFTs did not improve the situation. Despite such negative pressures, the market appears to have reached an equilibrium, with the number of transactions steadily rising in the first months of 2023.

NFTs’ status as novelty items and a platform for speculation mean that the average user is unlikely to make any real profits. However, their accessibility helps onboard new crypto users and keep them engaged for as long as possible. The real winners are companies like DraftKings with established secondary markets, reaping the benefits of resale fees and commissions.

The post DraftKings Faces Legal Woes as the NFT Market Tanks appeared first on Keno Wizard.

In 2022, the gambling operator 888 struck a deal with Caesars Entertainment to acquire all of William Hill’s non-US assets. However, this deal might prove to be disastrous for the former company. Not only were 888’s revenues undermined by the acquisition, but the company now how to face the result of William Hill’s regulation breaches.

This news comes as the United Kingdom’s Gambling Commission prepares to slap the British betting brand with a fine that may surpass $18 million, reports claim. Some of the most pessimistic estimates put the maximum fine at almost $24 million.

The fine comes amid a probe into William Hill’s business. The company allegedly violated the anti-money laundering (AML) and social responsibility protocols required by the UKGC. This wouldn’t be the first time William Hill has breached the rules either, as the company has been previously handed fines for various failings.

William Hill’s failings almost cost it its license in 2022, forcing 888 and Caesars to introduce quick amendments to their deal. A few months later, the British operator faced another $100,000 fine following a regulatory complaint.

888 Faces Many Troubles

The UKGC is not famous for its leniency when it comes to handing out fines. For example, in 2022, the regulator presented Entain with a fine exceeding $20 million. This is by far the biggest fine any UKGC licensee has received. However, 888 should be wary as its William Hill subsidiary might just surpass that record.

According to sources, 888 is already preparing to cover the fine. The parent company itself also isn’t exactly guiltless. It was recently found guilty of breaching various AML and know-your-customer rules in Gibraltar. Despite that, 888 managed to retain its license, as it was highly cooperative with the investigation and committed to transparency.

888 acquired William Hill last year after its shareholders voted in favor of the $2.37 billion deal. Although the holding expected to be set back by the acquisition, it was likely not prepared for the fallout it now has to deal with.

888’s business has been steadily declining for the past few months. Adding up to its woes, the operator was recently found guilty of illegally offering its betting products in Austria. Now, local customers are seeking their money back from the operator. The ongoing situation might cause 888 and Flutter, which has also been found guilty of the same thing, to lose millions of dollars.

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