Archive for the 'Casino' Category
Online gambling was launched in New Jersey last week. The Division of Gaming Enforcement reports that the rollout was stronger than initially forecast. Industry analysts believe that this will inspire other states to pass legislation to legalize online gambling in the near future.
Nevada and Delaware have also legalized online gambling, but most experts didn’t expect them to influence other states. The markets in Nevada and Delaware is miniscule compared to states with larger players bases, which means they don’t reflect the amount of revenue larger states could generate from legalizing interactive gambling. Most experts felt that the rollouts wouldn’t influence other states unless they went very poorly.
Steve Ruddock of Online Poker Report said that lawmakers throughout the country have been paying close attention to developments in New Jersey. They were surprised when over 30,000 players created online gaming accounts within a couple of days of the initial launch. This suggests that the New Jersey online gambling market may be even more lucrative than expected. Other states may be tempted to pass similar legislation.
Gaming providers in Delaware and Nevada are making profits from the sites they have launched. However, they are also somewhat discouraged because revenues are growing at a slow pace. They are advocating for compacts with other states to increase their player pools.
These partnerships could be particularly important in Nevada, because more sites will be launched in the near future. Several gaming providers have been granted extensions, but will eventually be forced to activate their gaming licenses. Nevada gaming operators and regulators hope that the developments in New Jersey will encourage other states to legalize online gambling and consider forming partnerships with them.
A number of gaming providers have launched online poker sites in the United States. These companies have invested hundreds of thousands of dollars acquiring licenses and launching their gaming sites. Some analysts wondered whether they would be able to break even. Recent reports from a couple large gaming providers show that their investments may pay off.
Caesars Entertainment and Station Casinos both stated that they have made a profit from offering online poker. It is still too early for analysts to estimate how much money gaming providers will make. They also can’t be sure whether earnings will be sustainable after other companies begin offering online poker. However, these initial reports show that online poker should be a profitable industry in the years to come.
Station Casinos launched Ultimate Poker in Nevada in April. Nevada residents have since played over a million hands of poker on the site. Station Casinos said that it has generated a considerable amount of money in Nevada. It plans to offer online gambling in New Jersey in the near future. The company’s executives are optimistic to participate in the New Jersey online gaming market, which has already been proven to be more profitable than New Jersey.
Online gambling may be a crucial lifeline for Caesars Entertainment. The company’s quarter-over-quarter revenue has declined by 0.7%. Caesars has launched four online gaming sites in New Jersey and is operating one of the two online poker rooms in Nevada. Caesars expects online gaming revenues will offset the recent decline in revenues.
Other gaming providers are paying close attention to trends in the online poker market. Other competitors may emerge if the industry becomes highly profitable. Gaming providers will find out whether or not these revenues will be sustainable as competition increases.
Mississippi State Representative Bobby Moak recently announced that he intends to introduce an online gaming bill in 2014. Moak tried to pass an online gaming bill twice before, but neither bill went to a vote in the House. Other lawmakers didn’t express enough interest in online gaming at the time, but Moak believes that they are starting to open up to the idea.
The last time Moak tried to introduce a bill was in February. As the Chairman of the House Gaming Committee, Moak hoped that he would be able to convince the other committee members to support his legislation. However, the bill died didn’t get enough traction to move forward.
Mississippi has clearly been reluctant to legalize online gaming in the past, but Moak feels that interest is starting to grow. Nevada, Delaware and New Jersey have launched online gambling since Moak tried to introduce his bill earlier this year. He believes that Mississippi is missing out on a potentially lucrative revenue source.
Moak and other lawmakers who support online gaming in Mississippi are paying close attention to the rollouts in New Jersey. They believe that other lawmakers will be more likely to support a bill if online gambling is successful in the Garden State.
Representative Richard Bennett also supports online gaming, but doubts that the state will pass any legislation this year. Nevertheless, Bennett feels that the state needs to be proactive about legalizing online gambling and introduce legislation as soon as possible. He supports Moak’s bill and wants to encourage other Republicans to back it as well. Bennett recently confirmed that the state has scheduled hearings on legalizing online gambling for the 2014 legislative session.
The PokerinVenice Network may be facing serious financial problems. Many players complained that the company was late paying a number of balances earlier this year. The concerns started to become particularly serious in May and have progressively become worse over the last few months. The Maltese gaming regulator announced that it has suspended PiV Games license and will not reinstate it until these problems are addressed.
The Maltese Lotteries and Gaming Authority (LGA) recently stated that back payments to players currently exceed € 1 million. The regulator tried to intervene to help PiV repay players, but the regulator has not been successful so far.
The gaming network cannot accept any new players or take new deposits until these problems are resolved and their license is in good standing again. The network has been ordered to settle all debts to its players, but many experts are skeptical that will happen anytime soon.
The LGA recently stated that players that are owed money should contact the regulator directly. They will need to verify their full name, date of birth, all relevant contact information, user names and account balances. They will need to send a screenshot of their current account balance and all attempts to withdraw money.
The LGA will do everything possible to help people get their money back as soon as possible. They hope that they can work with the site to overturn any problems that have arisen. Many players have started filing for refunds and have asked for a timeline for the remissions process, but they haven’t received any answers so far. Some experts fear the issues may be worse than the LGA is letting on.
The state of Nevada legalized online poker about a year ago. Two companies have launched online poker sites since Governor Sandoval signed the law. The new online poker market has been very popular in Nevada, but some experts warn that it could wreck Las Vegas.
Most experts believe that players will continue to visit the casinos. Some even believe that online poker will make the casinos more appealing. However, some experts are worried that the land-based casinos will suffer if online gaming becomes popular enough. A recent post from the Reno Gazette Journal states that many players may decide to play online instead of visiting the state’s casinos.
These industry experts argue that online gaming already transformed the casino industry before it was legal. They feel that the impact will be more significant when other states begin to legalize online poker. Approximately 10 million citizens were believed to have played online poker before the Department of Justice cracked down on it during Black Friday. Most experts agree that online poker will be even more popular now that it is legal.
These concerns haven’t come to fruition in Nevada yet and probably won’t anytime soon. Daily traffic to WSOP.com and Ultimate Poker is currently under 500 players. This pales in comparison to the tens of thousands of people who visit one of Las Vegas’s casinos every day. Other experts state that online poker is probably not going to ruin the state’s gaming industry, because many players visit these casinos to play a variety of other casino games. They feel that fully legalized online gaming is a much bigger concern in New Jersey and Delaware where all forms of online gambling except sports betting are available.
Politicians in the United Kingdom feel that the country’s online gaming laws need to be reformed. The House of Commons is currently reviewing a bill that will change the industry.
The new bill would bring a couple of changes to the online gaming industry. The most significant change is a provision that would require all online gaming providers to receive a gaming license before they could operate in the United Kingdom. The law would also require all companies to pay a 15% consumption tax on all revenue generated from players in the United Kingdom.
The House of Commons has passed the second draft of the new bill. However, they are not quite ready to send the bill to the House of Lords. They want to complete a study to determine the impact the law will have on the industry. The bill will proceed once the Public Bill Committee has reviewed it more thoroughly.
All proposed changes must be submitted in writing by November 19, because Parliament wants to review the bill as soon as possible. If the bill is passed then the new law will go into effect on May 1, 2014.
The bill has not received substantial opposition from the gaming industry. However, the Remote Gambling Association has raised concerns about the consumption tax rate.
They have lobbied to have the tax reduced to keep the industry competitive. The group warns that the tax could cause irreparable harm to the industry and hopes that it is reduced beforehand. It also said that many citizens could software to reroute their IP addresses to access gaming sites in other jurisdictions to avoid the tax. The House of Commons is reviewing their recommendations and will decide whether or not to incorporate them in the new bill.
Mental health experts believe that gambling addictions are becoming increasing prevalent in the United States. The American Psychiatric Association has recently classified compulsive gambling addiction as a mental illness. Many professionals are worried that online gambling will make matters worse.
They warn that younger Americans are already at a higher risk of developing gambling addictions. They said that many people go to the casinos for a good time on their 21st birthday. Many of them are captivated by the excitement of the casino and can’t resist the temptation to return. The mental health community has identified many risk factors and developed new treatments that can help people who are at risk of becoming problem gamblers.
While experts have made considerable progress treating compulsive gambling, they also concerned about new risks. They have found that tech-savvy young adults are at a higher risk of developing gambling addictions. They warned that regulated online gambling could increase that risk.
Jody Bechtold, Vice President of Patient Relations at Wellbridge Health, is a recognized authority on compulsive gambling. Bechtold said that online gaming has already caused many people to become addicted to gambling. She said that it is much easier for people to develop addictions when they never have to leave their home.
Donald Weinbaum, the Executive Director of the Council on Compulsive Gambling in New Jersey, said that over a third of a million people are believed to have gambling addictions in his state. Weinbaum and his colleagues state that one of the reasons gambling addictions have become so prevalent is that gambling is so sensational. The winners of the World Series of Poker are celebrities and many Americans strive to be one of them. He feels that certain safeguards will need to be put in place when New Jersey launches online gambling later this month.
Online poker is currently illegal in Norway. Many poker players are trying to convince their politicians that the ban should be overturned. Poker champion Ola Amundsgård (known by the handle Odd Oddsen) has made an interesting proposal that could help change their minds. Oddsen recently said that he is willing to play 10,000 hands against any politician who chooses to challenge him. Erland Wiborg, a deputy representative to Parliament, took him up on his offer.
Oddsen wants to convince Parliament and Prime Minister Erna Solberg that poker is a game of skill. He believes that beating Wiborg could be the proof that he needs. Whether or not that will be sufficient to convince them to legalize online poker is a different matter. The government announced last month that it is going to consider loosening online gaming laws, but observers are still unsure what the outcome will be.
Oddsen has wagered one million Kroner (the equivalent of 170,000 USD) against his challenger. Wiborg decided that was an opportunity that he couldn’t resist. The competition could take up to 150 hours to complete. They will need to leave the country to avoid violating Norway’s gaming laws.
Wiborg acknowledged that his chances of winning were slim. He said that Oddsen is one of the best players in the country and that he would probably be no match. However, he was more than willing to accept the challenge.
Wiborg has maintained that his party supports legalizing online poker. He appears to have accepted the challenge because he wants to help Oddsen prove his point. Wiborg said that they should meet to play some hands of poker and discuss regulation afterwards.
Virgin Islands lawmakers passed a law in 2001 that would legalize Internet gambling. However, many experts debated whether or not the law could be supported under both federal and territorial law. After nearly ten years of analysis, the Governor and Casino Control Commission announced that the law has been upheld.
Attorney General Vincent Frazer wrote a memo to Governor de Jong on October 18 which stated that online gambling didn’t violate any laws. The Casino Control Commissioner and Governor de Jong were relieved with the news and stated that the Virgin Islands is finally ready to begin offering online gambling. They said that online gambling will make the gaming industry more diversified and help casinos generate more revenue.
Governor de Jong said that the new law will draw some of the best online gaming companies to the Virgin Islands. He is confident that the new changes will stimulate the nation’s economy in the face of one of the worst recessions it has ever experienced.
The Virgin Islands economy contracted over 13% last year and nearly 7% in 2011. The government has realized that it needs to take serious measures to help it emerge from its recession. They believe that legalizing online gaming will help the economy rebound.
The Casino Control Commission has started mapping out its strategy to launch online gambling. They are reading Frazer’s analysis of the new law to make sure the new regulations will be in compliance. Frazer said that they will need to make sure that licensed casinos verify the identities of their players. They will only be allowed to offer online gaming services to adults living in territories that have regulated gambling.
The Delaware Lottery officially launched online gambling on Thursday. Lottery officials want to make sure that everything goes smoothly before the full launch on November 8.
Director Vernon Kirk said that the Lottery is implementing Internet gaming very slowly. They want to monitor the transactions and identify any technical problems before expanding online gambling offerings. They believe that any issues can be addressed before the full launch next Friday.
Ed Sutor, the CEO of Dover Downs, believes the beta run will well. The state offered free money gaming in August and the Lottery didn’t notice any serious issues. The Lottery used the free money games to choose players to participate for its beta testing.
However, Sutor has raised some long-term concerns that may need to be addressed. His biggest concern is the iGaming tax, which is currently set at 54%. He said that internet vendor expenses can exceed 30% of revenues, which could force participating casinos into insolvency if other expenses are higher than anticipated. Sutor believes that the tax should be reduced to 15%, which would make it much closer to the taxes in Nevada and New Jersey.
Sutor is also opposed to the part of the law that stipulates that the first $3.75 million must go to the state. He believes that revenues should be shared more equitably with the casinos.
A number of other recommendations will be made to the Department of Finance this coming week. Other gaming professionals believe that the regulations will need to be changed over time. However, they are happy that Delaware is taking the first step towards offering online gaming to its citizens.