The Central Bank is set to give spread betting firm Marketspreads the green light to return cash to its clients.
The Central Bank, which regulates spread betting firms in the Republic, ordered Marketspreads to suspend operations last Thursday, citing capital adequacy and audit issues.
The move prevented the firm returning funds to clients, but following a report confirming that clients’ cash is safe, the Central Bank has confirmed it intends to give the go-ahead to the company to return the money to its customers.
“Following an independent third-party review of client assets, the Central Bank is amending the direction on Marketspreads to allow for the repayment of client assets,” the regulator said in a statement yesterday.
Marketspreads did not comment. The company said last week that clients’ funds were “safe and 100 per cent intact”. The firm has not said how much in client funds it holds, as the information is commercially sensitive. However, the figure is believed to be between €5 million and €10 million.
The Central Bank statement said the company’s operations were still suspended until it addresses concerns. Company representatives are to discuss these with regulators today.
Marketspreads recently filed returns and accounts covering the nine months to December 21st December 2009, the period immediately before the current owners bought the business from its original parent, Worldspreads.
Auditors Ernst Young withheld their opinion on the financial statements after a number of issues uncovered by the new ownership prompted the company to write down assets by €7 million.
Marketspreads is working on finalising accounts for 2010, and it is understood that these are likely to have a clean audit.
Earlier this year, the Central Bank asked the company to come up with an extra €2.8 million in capital. Director and shareholder Ray Curran has agreed to convert €2.4 million in loans to preference shares and forego interest payments to deal with this problem.
April 12, 2012
Fortuna expands NMS affiliate deal to major markets
Central European retail and online betting operator Fortuna Entertainment Group has expanded its agreement with affiliate marketing software provider Network Media Services (NMS) to include its operations in the Czech Republic, Slovakia and Poland.
Last August NMS signed an agreement to provide its EGaming Affiliate System Software (EGASS) to Malta-licensed FortunaWin, a subsidiary of Fortuna.
Following several months of research, Fortuna has now decided to expand its agreement with NMS to implement the company’s EGASS affiliate management system for its core operations in the Czech Republic, Slovakia and Poland.
“Since we have proved that EGASS has a market leading product we are pleased to extend our partnership for Czech and other markets where Fortuna operates,” said Fortuna’s online marketing manager, Jaroslav Kulenda.
The agreement will now lead to the rollout of a major affiliate marketing drive across Fortuna’s territories.
“We are delighted to have expanded this agreement with one of the most exciting new companies in this industry,” said Ian Jewers, founder and CEO of NMS. “Fortuna Entertainment Group is operating across multiple market territories and their requirements for multi-language and multi-currency support, independent territory invoicing and an extremely powerful integrated social media marketing solution has been surpassed by the EGASS platform.
“The team at NMS has been developing products for this industry since 1997 so we have been able to draw on a huge amount of experience, not only as developers, but as super affiliates ourselves.”
Other operators currently utilising the EGASS affiliate system include the likes of Italy’s Microgame, Mahjong Logic, Oddsfutures.com, Havana Casino and the soon-to-be-launched Hippodrome Casino online offering.
Last August NMS signed an agreement to provide its EGaming Affiliate System Software (EGASS) to Malta-licensed FortunaWin, a subsidiary of Fortuna.
Following several months of research, Fortuna has now decided to expand its agreement with NMS to implement the company’s EGASS affiliate management system for its core operations in the Czech Republic, Slovakia and Poland.
“Since we have proved that EGASS has a market leading product we are pleased to extend our partnership for Czech and other markets where Fortuna operates,” said Fortuna’s online marketing manager, Jaroslav Kulenda.
The agreement will now lead to the rollout of a major affiliate marketing drive across Fortuna’s territories.
“We are delighted to have expanded this agreement with one of the most exciting new companies in this industry,” said Ian Jewers, founder and CEO of NMS. “Fortuna Entertainment Group is operating across multiple market territories and their requirements for multi-language and multi-currency support, independent territory invoicing and an extremely powerful integrated social media marketing solution has been surpassed by the EGASS platform.
“The team at NMS has been developing products for this industry since 1997 so we have been able to draw on a huge amount of experience, not only as developers, but as super affiliates ourselves.”
Other operators currently utilising the EGASS affiliate system include the likes of Italy’s Microgame, Mahjong Logic, Oddsfutures.com, Havana Casino and the soon-to-be-launched Hippodrome Casino online offering.
April 06, 2012
Mega Millions Lottery Fever Shows the Hypocrisy over Gambling
With the Mega Millions lottery reaching over $600 million, the American public went lottery crazy. Citizens who rarely played the lottery waited in long lines and dreamed about a life changing win despite knowing full well they had a better chance of being hit by an asteroid than picking the winning Mega Millions numbers. And it wasn’t just ordinary citizens playing the lottery. Newscasts featured pictures of rich celebrities plunking down hundreds of dollars in hopes of winning more than even they could dream of earning. But the newscasts also showed pictures of politicians puffing out their chests and telling the public how fabulous the interest for the lottery is because the state proceeds from the lotteries has been earmarked for everything from children’s clinics to amateur sports to education. What the politicians didn’t say is that it’s for that exact reason that many states are currently opposing online gambling.
Tracing the history of the lottery in the United States it’s clear that the lottery was always viewed as a way to raise needed revenue. Prior to independence, lotteries were used as a means to finance colonization and when the country was created all 13 colonies had their own lotteries. In fact playing the lottery was actually seen as a civic responsibility. The country didn’t have income taxes so the lottery was a means to pay for infrastructure and to build institutions like universities and hospitals. The public enjoyed it and saw it as a win-win for themselves and the colony. More importantly the proceeds from the lotteries were clearly earmarked for set purposes. So in the colony of Massachusetts for example, the public understood that lottery proceeds would be used to build Harvard, Yale etc. Over time, the lottery lost favor in the U.S. as the puritans started having a larger influence but eventually it gained interest again, primarily in the old west. The interest in lotteries came and went and illegal lotteries like the Irish Sweepstakes gained popularity, but it was only in the mid 1960s that states started sponsoring lotteries. The public was weary of increasing taxes and state politicians viewed the lottery as a hidden tax without the risk of upsetting voters. The northeastern states were the first to offer lotteries but it later spread throughout the U.S. Today only 8 states do not have a lottery and Utah is the only state that has never expressed an interest in creating one, likely because it is forbidden under Mormon rules. Yet as mentioned earlier most of the money that is generated from lotteries is earmarked for preset purposes such as education, healthcare or amateur sports. Only a small portion in a few states is put aside for general revenue and that according to some is the real issue.
I spoke to a former legislator in New Jersey who asked that he not be named in this article but he was happy to express his views on why so many states are currently opposing online gambling and it all falls back to the lottery.
“States are currently starving for money,” the legislator told me, “and they don’t want to make the same mistakes they did with the lottery. When the lottery was introduced in the 1970s and 1980s the states didn’t believe the citizens would accept it unless they were told exactly how the revenues from the lottery would be used, so most states apportioned the majority of revenues for items that citizens would approve.
That was fine with the states because most were doing quite well and they never envisioned the financial mess most are in now. They also could never have imagined how much revenue the lottery was actually going to bring in. Also, many states allowed Indian nations to open casinos starving themselves of that revenue and now they are regretting that decision. But with online gambling they know exactly what it brings. Before the gambling law a few years back was passed (the UIGEA), U.S. citizens were betting upwards of $6 billion a year offshore and estimates are that legal regulated U.S. based online gambling would bring more than double that. So politicians want to make sure that the revenues go to them in the form of general revenues to pay down debt and use as they see fit, not earmarked for some purpose which they won’t be able to touch.”
The legislator specifically pointed to California where he believes an online poker network if implemented properly could almost wipe out their debt. But he was also clear that California won’t move forward unless the Governor and state treasurer are assured the money will go directly towards state debt and not to the tribes or special interests. And he was certain other states in the same boat are willing to wait it out until they have those assurances. Even in his own state of New Jersey he is confident that Governor Christie is waiting for a rule that clearly outlines how the state will get the majority of the revenue to use for debt and infrastructure before moving forward with online gambling and sports betting. The horse racing industry in New Jersey is terrified that online poker will cannibalize betting at the tracks and is prepared to sue the state should legalized state-sanctioned online poker overtake horse racing in popularity. And Atlantic City casinos want assurances that any online casino and poker products will be managed by them and they will get the revenues to supplement their dying land based product. But the legislator believes that Christie, Lesniak and others in New Jersey just want their share of the revenue and could care less who runs it.
“Whichever company or organization that can generate the most revenue will be given the license to run the online gambling in New Jersey,” the legislator said. “Obviously the state wants to ensure that the horse racing industry and casino owners are treated fairly and are given some of the revenue to offset any losses that occur as a result of online gambling but the vast majority of revenues must go to the state. And this revenue has to be undesignated.” As for sports betting if and when it is legalized in New Jersey, the legislator believes that will be tendered out and probably go to an offshore company like Ladbrokes or Betfair which has the experience and software already available. But in the end the state will want projections and the bid will go to the company that can guarantee the most revenue with the least risk.
As for the lottery, the legislator said that the long lineups all last week is proof that Americans are tired of living as they are and just want the chance at success and happiness. “It’s the American dream after all,” the legislator said.
“People in the U.S. love to gamble. It’s in our blood and everyone wants the chance to win it big. The country was founded on gambling and every time some politician has tried to stop it, the activity just went underground. Most states have now accepted that and simply want to ensure they can maximize their revenues from the activity plus they want to limit competition. It was illegal for Full Tilt Poker to advertise but land based poker rooms advertise all the time. State lotteries tell you to dream about living a life of luxury but the state justice department also tells you that you are abetting a crime if you get involved in a numbers racket. But Americans don’t care. If you tell them that they have a shot of winning a million dollars for a one dollar bet they’ll do it. Unfortunately, the lottery also encourages those who can’t afford the dollar to play because it’s their one chance to escape poverty but we can’t make laws and decisions because of how it will affect the very minority. Heck I’m fairly wealthy but I bought 100 tickets.”
The legislator also said that he has a real problem with the government’s stance of promoting land based casinos and lotteries but condemning offshore wagering.
“It’s very hypocritical. That’s why when I had some influence I urged the Governor to legalize all gambling and to also take bets from everywhere. Telling Americans that they’re doing a service to the state by betting at a local casino but also telling them that they are committing a crime by wagering at a website that is legal in another country is just selling them snake oil. And Americans aren’t buying it. Even with all the websites that were closed down, Americans have found other websites that are happy to take their action. Those websites are just more cunning on how they disguise payments. I always believed that instead we should have agreements with other countries that allow them to bet at American websites and Americans can bet at foreign websites. In the end I’m confident far more foreigners would play with American websites than the other way around and the U.S. would be far better off. People in Canada, Australia and even Hong Kong would almost certainly play at a Caesars or Trump online casino but I doubt many Americans would seek out G’day Mate poker if they can wager online with Caesars.”
The Mega Millions lottery was proof that Americans are gambling hungry and the fact that so many websites still take U.S. action is proof that the UIGEA is ineffective. If states and the federal government did as the legislator suggested and opened U.S. gambling websites with reciprocal agreements with jurisdictions like the EU and Australia, the U.S. would clearly come out ahead. Unfortunately that reality still seems to be lost on the majority of politicians, and states will continue to go further into debt until the Governors take their heads out of the sand.
Tracing the history of the lottery in the United States it’s clear that the lottery was always viewed as a way to raise needed revenue. Prior to independence, lotteries were used as a means to finance colonization and when the country was created all 13 colonies had their own lotteries. In fact playing the lottery was actually seen as a civic responsibility. The country didn’t have income taxes so the lottery was a means to pay for infrastructure and to build institutions like universities and hospitals. The public enjoyed it and saw it as a win-win for themselves and the colony. More importantly the proceeds from the lotteries were clearly earmarked for set purposes. So in the colony of Massachusetts for example, the public understood that lottery proceeds would be used to build Harvard, Yale etc. Over time, the lottery lost favor in the U.S. as the puritans started having a larger influence but eventually it gained interest again, primarily in the old west. The interest in lotteries came and went and illegal lotteries like the Irish Sweepstakes gained popularity, but it was only in the mid 1960s that states started sponsoring lotteries. The public was weary of increasing taxes and state politicians viewed the lottery as a hidden tax without the risk of upsetting voters. The northeastern states were the first to offer lotteries but it later spread throughout the U.S. Today only 8 states do not have a lottery and Utah is the only state that has never expressed an interest in creating one, likely because it is forbidden under Mormon rules. Yet as mentioned earlier most of the money that is generated from lotteries is earmarked for preset purposes such as education, healthcare or amateur sports. Only a small portion in a few states is put aside for general revenue and that according to some is the real issue.
I spoke to a former legislator in New Jersey who asked that he not be named in this article but he was happy to express his views on why so many states are currently opposing online gambling and it all falls back to the lottery.
“States are currently starving for money,” the legislator told me, “and they don’t want to make the same mistakes they did with the lottery. When the lottery was introduced in the 1970s and 1980s the states didn’t believe the citizens would accept it unless they were told exactly how the revenues from the lottery would be used, so most states apportioned the majority of revenues for items that citizens would approve.
That was fine with the states because most were doing quite well and they never envisioned the financial mess most are in now. They also could never have imagined how much revenue the lottery was actually going to bring in. Also, many states allowed Indian nations to open casinos starving themselves of that revenue and now they are regretting that decision. But with online gambling they know exactly what it brings. Before the gambling law a few years back was passed (the UIGEA), U.S. citizens were betting upwards of $6 billion a year offshore and estimates are that legal regulated U.S. based online gambling would bring more than double that. So politicians want to make sure that the revenues go to them in the form of general revenues to pay down debt and use as they see fit, not earmarked for some purpose which they won’t be able to touch.”
The legislator specifically pointed to California where he believes an online poker network if implemented properly could almost wipe out their debt. But he was also clear that California won’t move forward unless the Governor and state treasurer are assured the money will go directly towards state debt and not to the tribes or special interests. And he was certain other states in the same boat are willing to wait it out until they have those assurances. Even in his own state of New Jersey he is confident that Governor Christie is waiting for a rule that clearly outlines how the state will get the majority of the revenue to use for debt and infrastructure before moving forward with online gambling and sports betting. The horse racing industry in New Jersey is terrified that online poker will cannibalize betting at the tracks and is prepared to sue the state should legalized state-sanctioned online poker overtake horse racing in popularity. And Atlantic City casinos want assurances that any online casino and poker products will be managed by them and they will get the revenues to supplement their dying land based product. But the legislator believes that Christie, Lesniak and others in New Jersey just want their share of the revenue and could care less who runs it.
“Whichever company or organization that can generate the most revenue will be given the license to run the online gambling in New Jersey,” the legislator said. “Obviously the state wants to ensure that the horse racing industry and casino owners are treated fairly and are given some of the revenue to offset any losses that occur as a result of online gambling but the vast majority of revenues must go to the state. And this revenue has to be undesignated.” As for sports betting if and when it is legalized in New Jersey, the legislator believes that will be tendered out and probably go to an offshore company like Ladbrokes or Betfair which has the experience and software already available. But in the end the state will want projections and the bid will go to the company that can guarantee the most revenue with the least risk.
As for the lottery, the legislator said that the long lineups all last week is proof that Americans are tired of living as they are and just want the chance at success and happiness. “It’s the American dream after all,” the legislator said.
“People in the U.S. love to gamble. It’s in our blood and everyone wants the chance to win it big. The country was founded on gambling and every time some politician has tried to stop it, the activity just went underground. Most states have now accepted that and simply want to ensure they can maximize their revenues from the activity plus they want to limit competition. It was illegal for Full Tilt Poker to advertise but land based poker rooms advertise all the time. State lotteries tell you to dream about living a life of luxury but the state justice department also tells you that you are abetting a crime if you get involved in a numbers racket. But Americans don’t care. If you tell them that they have a shot of winning a million dollars for a one dollar bet they’ll do it. Unfortunately, the lottery also encourages those who can’t afford the dollar to play because it’s their one chance to escape poverty but we can’t make laws and decisions because of how it will affect the very minority. Heck I’m fairly wealthy but I bought 100 tickets.”
The legislator also said that he has a real problem with the government’s stance of promoting land based casinos and lotteries but condemning offshore wagering.
“It’s very hypocritical. That’s why when I had some influence I urged the Governor to legalize all gambling and to also take bets from everywhere. Telling Americans that they’re doing a service to the state by betting at a local casino but also telling them that they are committing a crime by wagering at a website that is legal in another country is just selling them snake oil. And Americans aren’t buying it. Even with all the websites that were closed down, Americans have found other websites that are happy to take their action. Those websites are just more cunning on how they disguise payments. I always believed that instead we should have agreements with other countries that allow them to bet at American websites and Americans can bet at foreign websites. In the end I’m confident far more foreigners would play with American websites than the other way around and the U.S. would be far better off. People in Canada, Australia and even Hong Kong would almost certainly play at a Caesars or Trump online casino but I doubt many Americans would seek out G’day Mate poker if they can wager online with Caesars.”
The Mega Millions lottery was proof that Americans are gambling hungry and the fact that so many websites still take U.S. action is proof that the UIGEA is ineffective. If states and the federal government did as the legislator suggested and opened U.S. gambling websites with reciprocal agreements with jurisdictions like the EU and Australia, the U.S. would clearly come out ahead. Unfortunately that reality still seems to be lost on the majority of politicians, and states will continue to go further into debt until the Governors take their heads out of the sand.
April 05, 2012
Bwin Comments on Full Tilt Poker Downfall
On the release of its full year results for 2011, the giant gambling entity, Bwin.Party Digital Entertainment made several comments regarding the online poker industry and the effect that the downfall of sites such as Full Tilt Poker had on Bwin Poker and the industry at large.
“The indictment of the founders of PokerStars, Full Tilt Poker and Absolute Poker/Ultimate Bet on 15 April 2011 represented the start of what we believe will prove to be a fundamental shift in the shape and structure of the global online poker market,” read the report.
“With the exception of PokerStars, all of these sites have now closed. PokerStars’ relative size meant that it was able to capture the lion’s share of Full Tilt’s non-US players, consolidating its position as market leader in most territories.”
The company said that all this made for a challenging operating environment for Bwin’s poker business, although it believes that it can remain one of the largest networks in the market. The report predicted that Bwin’s position will be further enhanced when the group pools its player liquidity across its poker brands in the dotcom and ring fenced markets in France and Italy in 2012.
While poker made up 27.8% of Bwin.Party’s overall revenue in 2010, this figure dropped to 25.7% in 2011.
The report also predicted that we will soon be seeing the convergence of real money gaming and social gaming. “This represents a major opportunity forBwin.Party and we have of initiatives already underway in these areas that we expect to drive value for shareholders in the medium to long term,” it read.
“The indictment of the founders of PokerStars, Full Tilt Poker and Absolute Poker/Ultimate Bet on 15 April 2011 represented the start of what we believe will prove to be a fundamental shift in the shape and structure of the global online poker market,” read the report.
“With the exception of PokerStars, all of these sites have now closed. PokerStars’ relative size meant that it was able to capture the lion’s share of Full Tilt’s non-US players, consolidating its position as market leader in most territories.”
The company said that all this made for a challenging operating environment for Bwin’s poker business, although it believes that it can remain one of the largest networks in the market. The report predicted that Bwin’s position will be further enhanced when the group pools its player liquidity across its poker brands in the dotcom and ring fenced markets in France and Italy in 2012.
While poker made up 27.8% of Bwin.Party’s overall revenue in 2010, this figure dropped to 25.7% in 2011.
The report also predicted that we will soon be seeing the convergence of real money gaming and social gaming. “This represents a major opportunity forBwin.Party and we have of initiatives already underway in these areas that we expect to drive value for shareholders in the medium to long term,” it read.
Mind-blowing Zynga and Wynn?
Social gaming and real-life betting is rapidly becoming a match-made in heaven. It’s recently been exposed that Zynga is in talks with Wynn Resorts about a potential online gambling link between the two. Although none have commented on the matter, it doesn’t stop the rumour mill from running.
At least 20 states are considering legalizing online gambling after the Justice Department reinterpreted a decades-old federal law in December and found it only banned sports betting and not other forms of online gambling. In light of this, Zynga CEO Mark Pincus has said that the firm’s possibilities are “mind-blowing.”
The nypost.com discovered that there could be a few problems that Zynga would encounter. Firstly, Wynn wouldn’t have to be the only partnership.
Among the problems: Most of the proposed state legislation would restrict online licenses to those who already are licensed to run a state gaming operation. Wynn only operates in Nevada.
New Jersey, for instance, has a bill that passed the state Senate and is now in the Assembly that would grant Internet licenses only to those with computer servers based in Atlantic City casinos. “Our goal is to help existing casino operators. We don’t know anything about Zynga,” state Assembly Regulatory Oversight and Gaming Committee Chair Ruben Ramos Jr. told The Post.
Zynga could be moving to the UK, facing fierce competition at the same time.
Indeed, Facebook, which does not want to host online gambling on its own site, has held conversations with UK online bookmakers William Hill and Ladbrokes about offering Facebook users access to their sites, a source said.
At least 20 states are considering legalizing online gambling after the Justice Department reinterpreted a decades-old federal law in December and found it only banned sports betting and not other forms of online gambling. In light of this, Zynga CEO Mark Pincus has said that the firm’s possibilities are “mind-blowing.”
The nypost.com discovered that there could be a few problems that Zynga would encounter. Firstly, Wynn wouldn’t have to be the only partnership.
Among the problems: Most of the proposed state legislation would restrict online licenses to those who already are licensed to run a state gaming operation. Wynn only operates in Nevada.
New Jersey, for instance, has a bill that passed the state Senate and is now in the Assembly that would grant Internet licenses only to those with computer servers based in Atlantic City casinos. “Our goal is to help existing casino operators. We don’t know anything about Zynga,” state Assembly Regulatory Oversight and Gaming Committee Chair Ruben Ramos Jr. told The Post.
Zynga could be moving to the UK, facing fierce competition at the same time.
Indeed, Facebook, which does not want to host online gambling on its own site, has held conversations with UK online bookmakers William Hill and Ladbrokes about offering Facebook users access to their sites, a source said.
Silicon Valley of Internet gaming
New Jersey has been given the green light in the gambling world. Well, nearly. It was reported that an internet bill is currently making its way through New Jersey legislature, allowing Atlantic City casinos to take bets from gamblers from other states. Providing its legal of course.
The measure was approved Tuesday by a state Senate committee.
“This is another step forward toward my goal of New Jersey becoming the Silicon Valley of Internet gaming, generating hundreds of millions in revenues for our casino industry, thousands of jobs for Atlantic City, and tens of millions of revenues for our Casino Revenue Fund to help seniors and the disabled,” said Sen. Raymond Lesniak, a northern New Jersey Democrat who has been the bill’s most vocal supporter.
There are still some obstacles to overcome however, such as legal challenges and demand by supporters of horse racing that the state’s tracks be allowed to offer Internet gambling as well.
The Associated Press reported that New Jersey has been racing to try to get Internet gambling up and running and stake a claim to leadership in a potential multi-billion-dollar industry. The bill, which now heads to the full Senate for a vote, would allow bets to be accepted from other states and nations if the state Division of Gaming Enforcement determines it doesn’t violate federal laws. Internet gambling revenue would be taxed at 10 percent, up from the 8 percent casinos pay on regular slot and table games revenue.
New Jersey was poised to become the first state in the nation last year to offer in-state Internet gambling, but Christie vetoed the bill. The Republican governor expressed doubts about its legality and worried about the possible proliferation of “Internet cafes” and back-room betting joints.
The measure was approved Tuesday by a state Senate committee.
“This is another step forward toward my goal of New Jersey becoming the Silicon Valley of Internet gaming, generating hundreds of millions in revenues for our casino industry, thousands of jobs for Atlantic City, and tens of millions of revenues for our Casino Revenue Fund to help seniors and the disabled,” said Sen. Raymond Lesniak, a northern New Jersey Democrat who has been the bill’s most vocal supporter.
There are still some obstacles to overcome however, such as legal challenges and demand by supporters of horse racing that the state’s tracks be allowed to offer Internet gambling as well.
The Associated Press reported that New Jersey has been racing to try to get Internet gambling up and running and stake a claim to leadership in a potential multi-billion-dollar industry. The bill, which now heads to the full Senate for a vote, would allow bets to be accepted from other states and nations if the state Division of Gaming Enforcement determines it doesn’t violate federal laws. Internet gambling revenue would be taxed at 10 percent, up from the 8 percent casinos pay on regular slot and table games revenue.
New Jersey was poised to become the first state in the nation last year to offer in-state Internet gambling, but Christie vetoed the bill. The Republican governor expressed doubts about its legality and worried about the possible proliferation of “Internet cafes” and back-room betting joints.
Cashing in on Caesars online sector
Rock Gaming is reportedly buying into an undisclosed percentage of Caesars online sector, Caesars Interactive. The price tag attached to this is an alleged $60.8 million. The reports first surfaced in Newsnet5.com and stated that an SEC filing by Rock shows that it has the option to up its shares in the company by roughly 25 percent down the road for $19.2 million as well.
“Rock Gaming is pleased to expand our relationship with the Caesars organization through an investment in Caesars Interactive Entertainment,” the company said in a prepared statement.
“Through our existing joint venture to develop full-service urban casinos in Cleveland & Cincinnati… we believe that an investment in CIE is a natural next step to align our interests & talents with Caesars.”
The latest news indicates that there is money to be made in social gaming. In Newsnet5’s opinion: “The potential is evident by looking at companies like Zynga, which offers Texas Hold™em Poker & many others on Facebook,” the station notes, pointing out that when Facebook went public earlier this year it was revealed that Zynga made up about 12 percent of the social networking giant’s revenue.
It also added that the laws governing online gambling in the U.S. are in a state of change following last year’s interpretation of the Wire Act by the Justice Department that altered its long-held view that all online wagering was illegal. The new position implies that the act applies to only sports betting.
“Rock Gaming is pleased to expand our relationship with the Caesars organization through an investment in Caesars Interactive Entertainment,” the company said in a prepared statement.
“Through our existing joint venture to develop full-service urban casinos in Cleveland & Cincinnati… we believe that an investment in CIE is a natural next step to align our interests & talents with Caesars.”
The latest news indicates that there is money to be made in social gaming. In Newsnet5’s opinion: “The potential is evident by looking at companies like Zynga, which offers Texas Hold™em Poker & many others on Facebook,” the station notes, pointing out that when Facebook went public earlier this year it was revealed that Zynga made up about 12 percent of the social networking giant’s revenue.
It also added that the laws governing online gambling in the U.S. are in a state of change following last year’s interpretation of the Wire Act by the Justice Department that altered its long-held view that all online wagering was illegal. The new position implies that the act applies to only sports betting.
Trump card on 888
Donald Trump is reportedly eyeing up the online gambling market in America. It’s been speculated that he is on the verge of playing the trump card in the US and is in talks with London gaming company 888. The reports first surfaced within The Times newspaper. As soon as regulation is introduced, Trump hopes to get his foot in the door, or at least that it is what the gambling world is watching unfold. Of course, this is all speculation at the moment so we will endeavor to bring you more as it unfolds.
New Jersey, where Trump’s Atlantic City headquarters is based, is tipped to be among the first states to pass legislation,’ reports the Times.
New Jersey, where Trump’s Atlantic City headquarters is based, is tipped to be among the first states to pass legislation,’ reports the Times.
Betclic exits Portuguese market
Court proceedings could have a devastating impact on football sponsorships provided by online gambling companies. In the latest news within the Portuguese market, Betclic has confirmed to the newspaper Publico that it is about to exit the Portuguese market. If this proceeds, it will end its sponsorship program and impact some 28 regional soccer clubs, sports observers have noted.
It’s also been reported that the litigious actions of Portuguese gambling monopoly Santa Casa de Misericordia de Lisboa, which has launched successful civil actions against Betclic, Bwin & other European internet gambling groups, may have a possible negative impact on football in that country. Various online companies have strongly supported them through sponsorships.
It’s also been reported that the litigious actions of Portuguese gambling monopoly Santa Casa de Misericordia de Lisboa, which has launched successful civil actions against Betclic, Bwin & other European internet gambling groups, may have a possible negative impact on football in that country. Various online companies have strongly supported them through sponsorships.
Man at centre of illegal gambling allegations shot dead in Sofia
A 40-year-old Blagoevgrad man who had been at the centre of illegal gambling allegations died on the way to hospital after being shot six times in Sofia's Kiril i Metodii Street.
The Interior Ministry said on April 4 2012 that the man, named in media reports as Yordan Dinov, had been found at about 10am prone on the pavement at a spot between the corners with Bacho Kiro and Budapeshta streets.
Dinov had been the subject of allegations related to illegal gambling online and match-fixing, reports said.
Dinov did not receive threats, said his lawyer Ilko Stoyanov. He added he had had a telephone conversation with the victim in the morning and made an appointment. According to him Yordan Dinov sounded quite normal and calm and did not ever tell he had received threats.
The lawyer said there are about 30-40 lawsuits against his client. The proceedings were initiated by the National Revenue Agency and Gambling Commission.
The Interior Ministry said on April 4 2012 that the man, named in media reports as Yordan Dinov, had been found at about 10am prone on the pavement at a spot between the corners with Bacho Kiro and Budapeshta streets.
Dinov had been the subject of allegations related to illegal gambling online and match-fixing, reports said.
Dinov did not receive threats, said his lawyer Ilko Stoyanov. He added he had had a telephone conversation with the victim in the morning and made an appointment. According to him Yordan Dinov sounded quite normal and calm and did not ever tell he had received threats.
The lawyer said there are about 30-40 lawsuits against his client. The proceedings were initiated by the National Revenue Agency and Gambling Commission.
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