Here you will find all the latest gambling news from around the world with a special focus on the global online gambling market.

April 18, 2008

Neteller Turnaround Gains Momentum:  Finland Online Poker Players Lose Millions

A recovery for online gaming payments firm Neteller appeared to be on track after it posted a 5% rise in quarterly revenues.

The firm, which transfers funds for the online gaming industry, has been concentrating on building business in Europe and Asia after being locked out of the US market by the country's 2006 internet gambling ban.

Isle of Man-based Neteller said revenues during the first quarter of this year were 17 million US dollars (£8.5 million), up 5% on the previous three months.

.......Finnish internet poker players are losing some 50 million euros per year to foreign game sites, estimates Ilkka Juva, communications manager for Veikkaus, the state's lottery and betting monopoly, in the Friday edition of papers belonging to the Suomen Lehtiyhtymä group.

A Finnish web poker site could bring in several million euros for domestic use. "We could gather the majority of the revenue flowing out. Certainly not all of it, but two thirds of 50 million euros could be attainable," Mr Juva said.

The Finnish gambling legislation would enable setting up a web poker site. In Finland's monopoly system poker has been the domain of the state controlled Slot Machine Association (RAY), which has so far been averse to internet gaming.

A working group on gambling is to present Parliament with its proposal for reforming the gambling act in December. The proposal will also deal with the division of responsibilities between Veikkaus and RAY.
 

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April 17, 2008

Poland to Regulate Online Gambling

Perhaps sensing that all of its people are emigrating to Ireland, Poland wants to stimulate its economy.  The European Union member has announced it will begin regulating online gambling this year in a move that seems to be following a positive trend for the industry.  France, which employed a hardened stance regarding online gambling just a few months ago, is said to be contemplating the same.

Poland’s Deputy Finance Minister yesterday said the best way to control online betting and gambling is to tax and regulate the sector, according to a report filed by eGaming Review

Poland's decision follows the favorable ruling for online poker and online gambling in the Placanica case by the European Court of Justice (ECoJ) in March (click here to read related PokerPages article).

The courts ruled that Italy cannot use criminal law to ban gaming companies licensed in another EU nation from taking bets in Italy.

Just last week, Eric Woerth, budget Minister for France, told French newspapers that he will recommend to President Nicolas Sarkozy that the country begin a ‘controlled opening’ of their online gambling market.

France has been probably the highest profile country to feel the wrath of the European Commission over its protectionist gambling laws, shielding its state-run betting monopolies from foreign operators.

Reports in the media suggest that the French government will release a full outline of their plans before the summer.

Rebecca Liquero Back at Casino City

Welcome back Rebecca!

Having drifted off to the dark side for a few months, everyone's favorite online gambling affiliate representative has returned to her roots at Casino City.  Boston's Rebecca Liquoro had left to join the Everest Poker Affiliate Group but was lured back to Casino City.  She's also now a Yankees fans.

Among the features that will once more be implemented: "Rebecca's Recommendations", which take a deep look into her various adventures within the online gaming world.  Ahhh but we missed her report from Amsterdam since she wasn't technically back with Casino City.

"We love Becky and I'm so glad that she is returning," declared Gambling911.com's own Jenny Woo.

You might recall Rebecca interviewing a shy young virgin boy for a writing gig at Casino City.  The young man blurted out that he always Googles his interviewers.  Rebecca was then shocked to discover that when she Googled her name, links to the Gambling911.com website appeared that featured her with a protruding lizard tongue frothing over a Brad Pitt lookalike and discussing her boozy jaunts through Costa Rica.  She also provided insight into how sex and online gambling do not mix.  While the young man was at first mortified, he ultimately accepted the job.

But Rebecca is always the professional when dealing with prospective clients.

"She doesn't sleep with them to get ad contracts," said Ms. Woo.  Gambling911 enjoys a similar protocol.  But when the deal making process gets a little tough, Rebecca will not hesitate to slip on her tight fitting slinky pink dress. 

Rebecca has admitted to having a secret crush after getting over Brad Pitt two years ago.

"Will Sparky Collins be in Amsterdam?  Is Sparky going to be at your party?  Sparky, Sparky Sparky."

Yes, Rebecca can't seem to stop talking about Gambling911.com's own lovable pent up Cuban transgender reporter, Sparky Collins who regularly hooks up with Playboy Playmates.  Perhaps we can set up a date between Sparky and the Boston vixen.  Neither has a caaaaaaaaaaaaaaah though so it might be hard.

Casino City is among the most highly regarded information resources for the online gambling sector. 

April 16, 2008

Costa Rica Cracks Down on Casinos

The Costa Rica government, without any warning, has reportedly cut down casino operating hours from 24 to 8 (6 pm to 2 am).   The Central American nation, which is home to more online gambling businesses than any other in the world, has always worried operators over the Government's perceived "wishy washy" position as it applies to gambling.  In years past, the Costa Rican government has considered everything from taxation to outright bans.  Whether recent actions have a trickle down effect for the online gambling sector remains to be seen.

Torstyn Cole, casino player developer and a manager at Casino Paradiso in the Clarion Hotel, told AM Costa Rica he thought many aspects of the decrees were ridiculous. The decrees were too harsh he said. Cutting casino hours from 24 hours to 6 or 8 hours a day was plain crazy he said.

The decrees have the force of law and some simply restate laws that are not being enforced.

Read More Here

MGM Job Cuts Signal Economic Recession

The gaming industry is widely considered "recession proof".  Don't tell that to the folks at MGM.

MGM Mirage claims they cut approximately 400 management jobs based on a plan devised last August in the wake of a slowing economy.  The job cuts were implemented only this week.

The layoffs, expected to save the company $75.0 million annually, were concentrated in Las Vegas at middle-level corporate managers. No further jobs cuts are planned unless economic conditions get significantly worse, the company said.

Shares of the Las Vegas-based gaming company shed $2.12, or 4.1%, to $49.70, Tuesday afternoon.

"Economic conditions in the U.S., including the downturn in the housing market and credit concerns, during the latter half of 2007 and into 2008 have had, and could continue to have, a negative impact on our operating results," the company said in late February.

.....Ladbrokes Plc (LAD LN) added 12 pence, or 3.8 percent, to 325.25. Europe's biggest publicly traded bookmaker said its Spanish joint venture with Cirsa Corp. obtained a sports-betting license for Madrid.

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April 15, 2008

Bankers cheer Frank-Paul approach to Web gambling

By Jessica Holzer
Posted: 04/14/08 06:30 PM [ET]

The banking industry is cheering a fresh assault on the 2006 federal crackdown on Internet gambling by an unlikely duo: House Financial Services panel Chairman Barney Frank (D-Mass.) and Rep. Ron Paul (R-Texas).


Frank has teamed up with the libertarian-minded Paul, who crusaded against big government during his recent White House bid, on legislation to block that law by forbidding federal officials from writing rules to implement it.



The pair introduced their bill on Friday, less than two weeks after federal officials testified to Frank’s committee that they were struggling to craft rules barring payments to illegal online gambling sites and banking industry representatives blasted the proposed rules as too onerous.


“I don’t know what can be done or will be done legislatively, but we certainly appreciate the interest,” said the top lobbyist for the American Bankers Association , Floyd Stoner, of the Frank-Paul legislation.


The bill could supplant legislation introduced by Frank last year to legalize and regulate online gambling. Though it has attracted 48 co-sponsors, that legislation has failed to gain steam in the House, which overwhelmingly supported the 2006 law to ban payments for online wagers deemed illegal under state laws.


Frank’s new legislation takes a different approach, however, by attacking the practical hurdles of the federal law, known as the Unlawful Internet Gambling Enforcement Act, rather than its legitimacy.


“While I do disagree with the underlying objective of the act, I believe that even those who agree with it ought to be concerned about the regulations’ impact,” Frank said in a statement.


He argued that the regulations proposed by the Federal Reserve and the Treasury were “impossible to implement without placing a significant burden on the payments system and financial institutions.”


Supporters of banning online gambling vowed to beat back the new effort to undo the law, just as they did Frank’s bill to legalize online gambling.


“Our office will vigorously oppose any efforts to repeal or water down any parts of the [federal law],” said Ryan Patmintra, a spokesman for Senate Minority Whip Jon Kyl (R-Ariz.), who was a chief sponsor of legislation to ban online gambling in the Senate.


“It’s another attempt to take apart a bill that was passed overwhelmingly by the House,” said Tom McClusky, the vice president for government affairs at the Family Research Council , which had pushed hard for the federal crackdown. He noted that 48 state attorneys general had pushed for the federal law to enforce their state bans.


Meanwhile, the National Football League and other professional and amateur sports organizations would “vigorously oppose” the Frank-Paul legislation, said Martin Gold, a lawyer at Covington & Burling and a longtime lobbyist for the NFL.


Federal law is murky on what constitutes illegal gambling online. Congress stopped short of defining it clearly in the 2006 law, directing the federal government instead to enforce state laws restricting such activities. It also excluded online horserace betting from the crackdown.


Now, writing rules to implement the law is bedeviling regulators. “The challenge we have is interpreting … federal laws that Congress itself isn’t sure what they mean,” Louise Roseman, a Fed official, testified on April 2 before Frank’s committee.


The banking industry has flooded the Treasury and the Fed with complaints about their proposed rules, arguing that it is too difficult for banks to sort out payments for legal wagers — such as on horse races — and those that are illegal.


“The banking system is just not set up to sort out whether one payment is a legal payment and one payment is not,” said the director of congressional affairs for the Independent Community Bankers of America , Steve Verdier. “We think the [Frank-Paul] bill would give everyone the chance to take a breath.”


Charles Rothfeld, a lawyer at Mayer Brown who has argued several cases before the U.S. Supreme Court, said that the Frank-Paul legislation is not likely to pose any constitutional problems. “Congress gets to say the way in which its legislation is implemented. If it wants to issue legislation to preclude the promulgation of regulation, it can do that,” he argued.


Aside from the banking industry, the Frank-Paul bill also has support from gambling aficionados and firms that stand to gain from regulated online gambling.


Michael Waxman, a representative from the Safe and Secure Internet Gambling Initiative, which represents firms poised to gain from regulation of online betting, applauded the bill.

“Our goal is to get regulation of the industry. But we do believe that this legislation that has been introduced is a step in the process to getting us there,” he said.


The American Gaming Association , which says its members do not include online gambling operators, has not taken a stance on the bill. It also remained neutral on the 2006 law.


However, the group supports a bill sponsored by Rep. Shelley Berkley (D-Nev.) to authorize a one-year study of online gambling by a third party.

 

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