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Thread: DraftKings Hit by Lawsuit Alleging ‘Unjust Enrichment’ in SBTech Deal, Paul Phua potentially involved

  1. #1

    DraftKings Hit by Lawsuit Alleging ‘Unjust Enrichment’ in SBTech Deal, Paul Phua potentially involved

    These stupid motherfuckers man

    This is in relation to DraftKing’s controversial three-way reverse merger with Bulgaria-based software provider SBTech and special purpose acquisition company (SPAC) Diamond Eagle Acquisition Corp (DEAC).

    Among those named are the Draftkings founders, CEO Jason Robins, CRO Matt Kalish, and COO Paul Liberman. Another defendant is Shalom McKenzie, the founder and majority shareholder of SBTech. He is now the biggest shareholder in the combined company with around 11 percent.

    Black Market Ops
    Yu alleges SBTech has “a long and ongoing record of operating in black markets,” particularly in Asia, which it attempted to conceal prior to the merger by creating a “front” company, BTi CoreTech.

    BTi continued the black-market operations, while “ostensibly shielding SBTech and DraftKings from scrutiny,” the lawsuit alleges.

    The complaint echoes allegations contained in a report published in June by short-selling activist Hindenburg Research, which estimated that roughly 50 percent of SBTech’s revenues come from jurisdictions where gambling is illegal.

    It also repeats Hindeburg’s claim that one of the tech firm’s clients was 12Bet, whose ownership has been linked to high-stakes poker player Paul Phua. The FBI claims Phua is a “high-ranking member of the 14K triads.”
    https://casinonewsblogger.com/draftk...n-sbtech-deal/
    http://www.miraclecovers.com

    "Donk down, that’s what you say to someone after they have lost 28K straight?" - Phil Hellmuth, online

  2. #2
    Gold JeffDime's Avatar
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    Has anyone dodged more shit in their life than Paul Phua? JFC.

  3. #3
    Platinum ftpjesus's Avatar
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    Quote Originally Posted by JeffDime View Post
    Has anyone dodged more shit in their life than Paul Phua? JFC.
    Say Triad and it explains everything. Dwan knows all about Phua.

  4. #4
    Owner Dan Druff's Avatar
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    Draft Kings has engaged in so much shady behavior over the years, it's amazing how they're now a major player in the US legalized sportsbetting market.

  5. #5
    Quote Originally Posted by Dan Druff View Post
    Draft Kings has engaged in so much shady behavior over the years, it's amazing how they're now a major player in the US legalized sportsbetting market.
    You well know my position on legalized wagering. Hands out by the states and near zero value added.

    There is this persistent rumor DK is eyeing a Vegas casino purchase. I think the names mentioned are wrong but I believe they are looking.

  6. #6
    Serial Blogger BeerAndPoker's Avatar
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    I live in a state where Draftkings is legal for casino and sports betting they offer promos daily more than any other casino it's small stuff but adds up over time such as Bet $10 and get $5 usually in computerized blackjack or a slot where typically you might not want to play these games but it's +EV to do so. Some are weird ones like Bet $1 in casino blackjack to get $5 casino and $5 free sports bet.They've ran other ones where you bet a lot and get a lot although those promos are more rare but you get the idea.

    This all sounds good and it is but Draftkings is notorious for not crediting people immediately for these promos. They are suppose to be instant but that isn't the case I'd say at least 40 to 50% of the time you aren't credited and have to email or fill out the form on their website to get the owed free credits.

    Most of the time you will get the credits quickly but the issue here is it happens so often that it seems like they are inducing action with promos and for those who don't contact them for credits they don't provide what they offered. It seems like too many things going wrong and they've been around long enough where these can't be all technical issues.

    Draftkings has always been borderline shady. It's surprising they were able to break into state sports betting and casino games for all the questionable tactics to get around legalities with daily fantasy but they are the biggest site in that space.

    You would think Draftkings would want to be insanely careful not to risk losing any licensing from gaming commissions but they still seem to be flirting with not giving a fuck.

     
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