THE FOLLOWING IS A STATEMENT FROM ALLSPORTSMARKET:
DraftKings and FanDuel signed deals with the NHL and NBA, respectively. Adam Silver, the NBA commissioner, wrote in The New York Times in support of legalization of sports betting. Mark Cuban, the Dallas Mavericks owner, supported it and said a federal law change is the way. Recently, Adam Silver made another move and offered Chris Christie, the Governor of New Jersey and potential 2016 presidential candidate, to join him in lobbying Congress to re-write the federal laws on sports betting.
All these roads lead to the same destination: DISASTER FOR OUR NATION.
Legalized sports betting will erode middle class wealth further, destroy our values, and totally jeopardize the integrity of the game. Gary Bettman, the NHL commissioner, summed it up perfectly: "Do you want people rooting for the spread or rooting for their favorite team?"
NHL Legend, Bernie Nicholls says: "The thought of risking the purity of a game, in any sport, I think is the breaking point for me. When I heard Mark Cuban's remarks on legalizing betting, I really couldn't believe he would want to put America at risk like that. The big problem, outside of the middle class betting away their lives, is the integrity of the game, which can be questioned for any reason when a team loses. I know NBA Commissioner Adam Silver is on the same side as Mr. Cuban, which to me isn't right. As an athlete, I worked my tail off night in and night out and if fans, family, friends, whoever had of ever questioned if I took a night off I would have been extremely insulted and hurt. Why would athletes want to open themselves up to this?"
While Silver's sports betting proposal still has formidable opposition, sitting on the sidelines is a huge mistake. Any one league may join Adam Silver, tilting the balance toward sport betting, or a potential downturn in the economy may make the states more desperate for gambling revenues. 2015 is THE critical year where our nation will be forced to make a choice to allow sports betting or opt for a much better path: AllSportsMarket (ASM).
The Appetite for Sports Trading
There is a pervasive myth, believed by many, including Adam Silver: that there is an obvious appetite among sports fans to wager on sporting events. Sports fans are passionate and they will consume whatever opportunities exist. Most only know sports betting, but daily fantasy, which is legal, already captured a lot of interest in a few years. The logical next step is a stock market environment with similar benefits: raising capital for leagues/teams through revenue sharing, a secondary market that creates a price for each sports team, and an alternative asset that will have a place in any investor's portfolio.
Integrity & Fan Experience
In AllSportsMarket, the buy-sell decisions mirror how a fan consumes sports: you can root for your team, or against other teams. There are no spreads, over-under or any other artificial parameters. Game-fixing is not an issue because it doesn't make sense to fix games for pennies. AllSportsMarket lets fans be fans without creating perverse incentives.
Revenues, Growth and the New Sports Economy
Legalization of sports betting is partially appealing because of increased revenues to the leagues, or tax revenues to the states. AllSportsMarket's revenue sharing will have a direct bottom line impact to the leagues, and the increase in total tax revenues is far greater. And that is just the start.
The marriage of sports and finance will create millions of jobs by allowing fans to monetize their passion and light the flame of hope that our nation desperately needs. The New Sports Economy will be a new way of life and the overall benefits will be enormous.
No Law Change
AllSportsMarket is not an alternative gambling model that needs to be legalized. It's a financial product that happens to be sports-related, for which our laws already provide the right framework.
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