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Many a daily fantasy sports player has taken issue with Americas Cardroom CEO Phil Nagy’s recent critique about the dangers of the Daily Fantasy Sports (DFS) sector.PokerFuse.com interviewed Nagy recently, who warned that many of these new daily fantasy sports websites will likely go under by year’s end and players wrongfully believe that most are regulated. They are not.
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“I get it,” said Phil Nagy in regard to the skepticism coming his way, alluding to the early days of online poker, and even in recent years, where a number of underfunded, unregulated sites went under. “People see my criticism akin to the crack dealer warning about the dangers of Fen Phen.”
Fen Phen is a diet pill that ultimately caused heart valve problems.
“DFS Sites are just as unregulated as offshore online poker sites, but just because they’re legal, doesn’t mean they’re safe,” Nagy told pokerfuse. “I think it’s concerning that these companies have openly admitted that they are not profitable, and yet players don’t seemed to be concerned for the safety of their funds.”
When asked why players should have confidence that their funds are safe at Americas Cardroom, a site Gambling911.com has endorsed for years, Nagy replied, “I have worked hard to earn players’ trust. We have made good on every dime we owe since we opened in 2001.”
In the PokerFuse piece, Nagy notes that it was poker players who alerted the community to a poker cheating scandal at the now defunct website UB.com after being able to observe hand histories. That type of transparency is not yet available on daily fantasy sports sites.
Nagy is hardly against the daily fantasy sports if set in a more protective transparent environment. In fact, he plans to add a DFS platform to compliment Americas Cardroom in the coming months. Competing online poker site PokerStars has already announced its intention to launch a daily fantasy sports product this fall.
Nagy explained he is more concerned over these companies spending money they don't have and the potential black mark a failed site could have on the igaming industry.
Amen to that!
- Aaron Goldstein, Gambling911.com
