Business & Financial
Law Firms, Lobbyists Score Big Payoffs With New Jersey Online Gambling
The New Jersey Division of Gaming Enforcement has disclosed that lawyers, lobbyists and other professional organizations have generated a $50.3 million payoff since mid-2009 pushing for legalized online gambling in the Garden State.
Cantor Gaming to Pay Largest Fine in Nevada State History
LAS VEGAS (Associated Press) - CG Technology, formerly Cantor Gaming, has agreed to pay Nevada gambling regulators $5.5 million to settle a complaint regarding illegal sports betting.
The settlement announced Monday will be the largest in state history.
NJ's Atlantic Club Casino Hotel Now Closed
ATLANTIC CITY, N.J. -- (Associated Press) - The embattled Atlantic Club Casino Hotel closed early Monday, a victim of the casino saturation taking place in the Northeast.
About 1,600 people lost their jobs at 12:01 a.m. as the 33-year-old casino shut its doors. Tearful employees embraced one another and exchanged goodbyes.
Former Boxer Mike Tyson Becomes the Face of Online Casino 7Red.com
The former boxer Mike Tyson has just been named “Brand Ambassador” for the online casino company 7Red.com.
Mike Tyson has personally signed 7Red boxing gloves, 7Red caps and 7Red T-shirts that can be won via 7Red.com daily raffles.
7Red.com, one of Europe’s biggest online casinos, utilizes the BetSoft platform and is owned by RedCorp SA.
Nevada Casinos Lose $1.3 Billion in 2013
CARSON CITY, Nev. (Associated Press) — Nevada’s largest casinos suffered a combined net loss of $1.35 billion in 2013, marking the fifth year of losses since the onset of the Great Recession.
The annual “Gaming Abstract” released Friday by the state Gaming Control Board looks at the total revenues of casinos that gross more than $1 million in gambling revenue.
While total revenues of $23 billion were up slightly from 2012, so were the losses.
Total revenue is the money spent by patrons on gambling, rooms, food, beverage and entertainment.
Devils, Sixers Boss Not Worried Over Online Poker Sponsorship
NEWARK, N.J. — (Associated Press) - The chief executive of the NHL's New Jersey Devils and NBA's Philadelphia 76ers doesn't believe the teams will be cast in a bad light by agreeing to a multiyear sponsorship deal with one of the world's leading online poker companies.
Scott O'Neil, who runs the teams and the Prudential Center for groups led by leverage buyout specialist Josh Harris, and Norbert Teufelberger, the chief executive of bwin.party digital entertainment that operates partypoker, announced the historic deal Thursday.
BetFred to Slash Employee Salaries in Half: Some Will Have to Sell Their Homes
At least they waited until after Christmas to play Scrooge but the powers-that-be at British bookmaker BetFred.com have announced employees will soon have to endure a 50 percent cut in their salaries.
Shares in William Hill, Ladbrokes Plunge Over Fixed-Odds Machine Vitriol
Shares in the UK’s two biggest betting firms, William Hill and Ladbrokes, dropped 7 percent and 9 percent, respectively, Thursday following Prime Minister David Cameron’s assertion that fixed-odds machines need to be curbed.
The machines have been dubbed the “crack cocaine of gambling” by campaigners.
Cameron said he "absolutely shares the concerns" raised over the “epidemic” of fixed-odds terminals.
Cantor Could Pay Over $2 Million in Damages Resulting From Colbert Indictment
Cantor Gaming, which changed its name to CG Technologies this week, has agreed to pay over $2 million under a tentative settlement reached over the weekend with the Nevada Gaming Control Board, according to the Wall Street Journal.
76ers, Devils Ink Online Gambling Sponsorship Deal
NEWARK, N.J. (Associated Press) — The Philadelphia 76ers of the NBA and the New Jersey Devils of the NHL have become the first major U.S.-based professional teams to sign a sponsorship deal with an online gambling company.
Gambling911.com World Exclusive: Americas Cardroom Now has Bitcoin Option
As first reported by Gambling911.com Monday, the biggest online poker room to date will begin offering bitcoin deposit and withdrawal options. Depositing via bitcoin will be available as of today (January 8, 2014). Withdrawal availability will follow shortly.
World Poker Tour Makes ‘Monster’ Mistake Says Caro: Fury Over Headphones
Legendary poker pro and strategy expert Mike Caro believes that the World Poker Tour may have just made a “Monster” mistake.
Maryland Live Casino Enjoys Huge Success in 2013
Maryland Live, the Old Line State’s largest casino, generated a whopping, according to the Maryland Lottery and Gaming Control Agency.
The casino began offering the table games last April.
Hedge Fund Billionaires Take Stake in Caesars Online Gambling: Take on Adelson
Three billionaires against one: George Soros, John Paulson and Leon Cooperman have reportedly taken a stake in Caesars Acquisition Co, the online gambling spinoff of the Vegas giant. ((Image credit: Steve Brodner)
Nevada Gaming Control Board Files 18-Page Complaint Against Cantor Gaming
The Nevada Gaming Control Board (NGC) has filed an 18-page complaint against Cantor Gaming following a lengthy investigation. A former director of the company was indicted by US law enforcement in late 2012 for his role in an illegal sports betting venture and pleaded guilty to one count of conspiracy this past summer. Read Complaint Here
Biggest Online Poker Room Yet to Begin Offering Bitcoin – G911 Exclusive
Gambling911.com has confirmed that one of the world’s largest online poker networks is set to begin offering the anonymous online currency bitcoin as early as this week.
This room will also convert bitcoins to cash on their end to minimize the risk factor for players, we have been advised. Until now, players have been relegated to online poker rooms that were either new to the seen or only offered bitcoin exclusively as a deposit or withdrawal method.
PartyPoker Borgata to Surpass Merge Poker Network by Mid January
Another sign of just how successful online poker in the state of New Jersey has become: PartyPoker Borgata is set to surpass Merge Gaming and the Chico Poker Network’s traffic in the US.
Both Merge and Chico operate offshore and accept customers from most US states. PartyPoker Borgata has a little ways to go before catching up to surging Winning Poker Network (home to Americas Cardroom) and top 10 traffic site Bodog Poker.
Paddy Power Takes Swipe at ‘Fat, Lazy Footballers’ in ‘Ball of Shame’ Ad (Video)
Ireland’s largest bookmaker, Paddy Power, debuted its latest ad during this past weekend’s Arsenal v Tottenham FA Cup game on ITV. The so-called “Ball of Shame” advertisement takes a swipe at “lazy, fat footballers”.
More specifically, the betting firm seems to take issue with aforementioned “lazy, fat footballers” also making millions of pounds (dollars).
Zynga Incorporates Digital Currency Bitcoin: Tops $1000
In recent days, social gaming company Zynga announced the adaptation of anonymous digital currency Bitcoin for some of its social games.
Online Poker Affiliate Programs in New Jersey Won’t Allow Rakeback Deals
Many of today’s online poker affiliate programs offer rake back as a means of building a site’s business but rakeback offers will be prohibited in the state of New Jersey.
Such deals on the Web today tend to allow for between 25 percent to 35 percent rakeback and are typically administered by a third party such as poker room affiliates or dedicated rakeback websites. Think of the rakeback system as similar to that of a casino comp program whereby gamblers are rewarded with comped rooms and food based on their volume of play.
Robocoin Bitcoin ATM Arrives in Hong Kong, Taiwan: 50 Machines Sold
Robocoin, the first ever shipping ATM, has arrived in Hong Kong and Taiwan, thus helping to make the alternative payment solution even more mainstream.
Gaming and Leisure Properties, Inc. Declares a Special Dividend of $11.85 Per Share
$1.05 Billion Represents Accumulated Earnings and Profits Allocated to GLPI In Connection With Spin-Off From Penn National Gaming, Inc.
Online Gambling Exceeds Expectations for Borgata in Atlantic City (Video)
Appearing on CNBC's "Squawk Box", Tom Ballance, Borgata Hotel Casino & Spa president and COO, discussed the early success of legalized online gambling in the state of New Jersey for his casino.
Borgata’s managing partner Boyd Gaming utilizes the PartyPoker platform. It was one of two companies to get an early start launching in the Garden State.
Glitches, Bugs Persist With New Jersey Online Gambling, Poker Sites
In just over one month, New Jersey’s launch of real money online gambling has proven a huge success with over 40,000 individuals having signed up to open accounts.
The process hasn’t always gone smoothly, however.
Case in point: One Gambling911.com reader wrote us to discuss his experience signing up with Caesars Online Poker, utilizing the popular 888.com platform.
Ralph P., a resident of Northern New Jersey, writes:
Live Ace Online Poker Room Shuts Down
The short-lived Live Ace online poker room has shut down after a disastrous run utilizing a business model it claimed was within the proper legal framework for operating from the US.
Macau Casinos Hit Jackpot With $45 Billion in Revenues for 2013
HONG KONG — (Associated Press) - The tiny Chinese city of Macau has again smashed its annual record for casino earnings as revenues last year hit a staggering $45 billion, further underlining its position as the world’s biggest gambling market.
PokerStars: Closure of Atlantic Club Casino was Avoidable
This was not the greatest year for the world’s largest online poker room, PokerStars.com.
While it’s true they continue to amass the largest chunk of the Web poker landscape, Stars insistence on operating in the US market post 2006 prohibition has apparently come back to bite them in their respective ass.
MGM Files Final Application to Build $800 Mil Massachusetts Gambling Complex
BOSTON — (Associated Press) - MGM Resorts International, which hopes to build an $800 million gambling and entertainment complex in Springfield, became the first company in Massachusetts to file a final resort casino application Monday with state regulators.
Wisconsin Lac du Flambeau Chippewa Tribe Looks to Enter Online Gambling Arena
After announcing it was in the process of entering the controversial payday loan business, Wisconsin’s Lac du Flambeau Chippewa tribe may be eyeing more lucrative business ventures, specifically online gambling.
Nevada Casino Revenues Up 12 Percent in November
LAS VEGAS (Associated Press) - State officials say Nevada gambling revenues went up nearly 12 percent this November compared with a year earlier.
The state Gaming Control Board released a report Monday showing casinos won $876 million in November.
Revenues jumped almost 23 percent year-over-year on the Las Vegas Strip, which brought in $529 million last month.
Downtown winnings fell 1 percent to $38 million.
Reno casino revenue climbed 17 percent to $43 million, while South Lake Tahoe winnings dropped 2 percent to $17 million.
