It seems Kansas will not be entering the state by state race to legalize online gambling anytime soon as Senators rejected a bill to allow residents to place bets online.
Senators rejected the bill by 26-11 on Tuesday 2nd April to allow for a new state owned casino to be built in the state and at the same time voting against online gambling in the state.
The vote on Tuesday which would revise a 2007 law authorizing state-owned casinos and slot machines at dog and horse tracks to extend was called down and included the provision for online gambling also.
The bill would require any prospective developer to invest at least $225 million in a southeast Kansas casino, and backers of such a project say the investment is too high. The bill proposed was to drop it to $50 million.
April 05, 2013
April 04, 2013
Betradar unveil new Live Sports Centre
Betradar, the world’s leading supplier of sports and betting related data, announces the release of its new sports content solution “Live Sports Centre”.
Providing bettors with the necessary information to analyse their bets, as well as tools that entertain and stimulate further betting activity, is a daily challenge for bookmakers. Establishing a strong relationship with the customers through offering a good mixture of information and entertainment is the key to a successful online sportsbook. Therefore, Betradar’s sports content solutions cater for exactly this need and provide customers with all the information they are looking for.
Betradar’s latest innovation, the new Live Sports Centre, makes sports betting websites even more interactive, providing in-depth and graphically enhanced live content on various sports. “With the new Live Sports Centre, we offer a fully customisable solution for multiple media platforms. We took a conscious decision to focus on high flexibility through three sizing variations and modular usage of content”, says Erik Lorenz, Managing Director Sales from Sportradar, “so bookmakers are able to pick and choose between the available components to perfectly suit their needs”.
Betradar’s new Live Sports Centre is currently available for Soccer and will be launched soon for Tennis and Formula 1. The soccer solution impresses with attack visualisation and positional data of all on-pitch action and covers more than 25 soccer leagues and tournaments. Furthermore, a new ball spotting feature will be launched soon, enabling bettors to follow the course of a match. Due, not least, to the increasing number of mobile users, Betradar has developed a web-based mobile solution as well as a native app, which is compatible with all iPhone/iPad devices and focuses on what is so important for the customer: functionality and ease of navigation.
“With the new Live Sports Centre, Betradar has launched a solution offering great new features and lots of improvements. To give our customers the opportunity to learn more about the key features of Betradar’s new Live Sports Centre, we have created a video-campaign, focusing on the benefits for online sportsbooks. The campaign is available on our new YouTube channel”, says Tobias Brunner, Associate Director Marketing from Sportradar.
Providing bettors with the necessary information to analyse their bets, as well as tools that entertain and stimulate further betting activity, is a daily challenge for bookmakers. Establishing a strong relationship with the customers through offering a good mixture of information and entertainment is the key to a successful online sportsbook. Therefore, Betradar’s sports content solutions cater for exactly this need and provide customers with all the information they are looking for.
Betradar’s latest innovation, the new Live Sports Centre, makes sports betting websites even more interactive, providing in-depth and graphically enhanced live content on various sports. “With the new Live Sports Centre, we offer a fully customisable solution for multiple media platforms. We took a conscious decision to focus on high flexibility through three sizing variations and modular usage of content”, says Erik Lorenz, Managing Director Sales from Sportradar, “so bookmakers are able to pick and choose between the available components to perfectly suit their needs”.
Betradar’s new Live Sports Centre is currently available for Soccer and will be launched soon for Tennis and Formula 1. The soccer solution impresses with attack visualisation and positional data of all on-pitch action and covers more than 25 soccer leagues and tournaments. Furthermore, a new ball spotting feature will be launched soon, enabling bettors to follow the course of a match. Due, not least, to the increasing number of mobile users, Betradar has developed a web-based mobile solution as well as a native app, which is compatible with all iPhone/iPad devices and focuses on what is so important for the customer: functionality and ease of navigation.
“With the new Live Sports Centre, Betradar has launched a solution offering great new features and lots of improvements. To give our customers the opportunity to learn more about the key features of Betradar’s new Live Sports Centre, we have created a video-campaign, focusing on the benefits for online sportsbooks. The campaign is available on our new YouTube channel”, says Tobias Brunner, Associate Director Marketing from Sportradar.
April 02, 2013
Betfair acquires Blue Square for £5 million
Betfair have confirmed that they have purchased online sports site Blue Square from the Rank Group for £5 million, the purchase includes all assets and the customer database.
The deal means that effectively Blue Square is now non operational and all customers will be directed to the Betfair platform to sing up and receive a welcome bonus to join Betfair.
The deal with Rank to purchase the Blue Square business has been known for some time but today it was confirmed by the betting exchange giant. The brand that has struggled against fierce competition over recent years is a move by Rank to now focus on their land based gaming and online casino brand.
Betfair said in a statement: “the acquisition is consistent with Betfair’s strategy of focusing on regulated markets and growing its sportsbook and gaming operations alongside the exchange.”
The deal means that effectively Blue Square is now non operational and all customers will be directed to the Betfair platform to sing up and receive a welcome bonus to join Betfair.
The deal with Rank to purchase the Blue Square business has been known for some time but today it was confirmed by the betting exchange giant. The brand that has struggled against fierce competition over recent years is a move by Rank to now focus on their land based gaming and online casino brand.
Betfair said in a statement: “the acquisition is consistent with Betfair’s strategy of focusing on regulated markets and growing its sportsbook and gaming operations alongside the exchange.”
Illinois to be fourth online gambling state?
Could Illinois be the fourth state to enter the online gambling business? Lawmankers in the state have sent another gambling expansion bill to Governor Pat Quinn for consideration and hopefully signing into law.
Previously the state Governor has had concerns over problem gambling safeguards, proper regulation and oversight of the gambling industry.
Senators have sent proposals to the Governor to expand gambling with five new casinos, including one in Chicago, increasing the number of slots machines in the state, which would include Chicago’s two airports. However the biggest of them could be the inclusion of online gambling in the state.
Illinois has a population of over 12 million residents, making the state by far the largest to enter the online gambling world, should the Governor sign the bill into law.
The possibility of this happening this time is more likely, the democratic Governor has previously kicked out two other attempts by lawmakers to expand gambling in the state because of his concerns, but in his March budget speech he said he was now open to the prospect of gambling expansion.
The bill includes some provisions this time to help the Governor put pen to paper with; a ban on political contributions from the gambling industry, appointing an inspector general to monitor gaming and giving the state gaming board more authority over a Chicago casino.
“The stars are probably lining up better than they’ve ever lined up,” said Sen. Terry Link, who’s a main sponsor of the legislation. “We’re doing a lot of the things that the governor wanted.”
It is well known that the Governor is skeptical over online gambling, but supporters say that online gambling could help the states serious financial problems. However Pat Quinn has said that the most important issue for the state is the $100 billion pension black hole, which could delay the progress of the gambling expansion bill, until this is sorted out.
“There hasn’t been much review on that at all,” Quinn told reporters last week. “Any time you have something brand new, it shouldn’t just be thrown into a bill at the last minute.”
But Senator Link, who has sponsored gambling legislation for the state for over ten years, says it only makes sense because people are doing it online illegally, and legalizing it would help bring profits to the state.
Part of the proposal calls for splitting profits, between treatment programs for problem gamblers and the pension problem. Supporters estimate the profits that would go toward the state’s public pension system could exceed $50 million.
“This is the only revenue-generating bill that’s been introduced,” Link said.
However, when asked last week by reporters, Quinn said he won’t consider gambling until lawmakers solve the pension problem. Quinn has made pensions his number one issue since 2011.
Previously the state Governor has had concerns over problem gambling safeguards, proper regulation and oversight of the gambling industry.
Senators have sent proposals to the Governor to expand gambling with five new casinos, including one in Chicago, increasing the number of slots machines in the state, which would include Chicago’s two airports. However the biggest of them could be the inclusion of online gambling in the state.
Illinois has a population of over 12 million residents, making the state by far the largest to enter the online gambling world, should the Governor sign the bill into law.
The possibility of this happening this time is more likely, the democratic Governor has previously kicked out two other attempts by lawmakers to expand gambling in the state because of his concerns, but in his March budget speech he said he was now open to the prospect of gambling expansion.
The bill includes some provisions this time to help the Governor put pen to paper with; a ban on political contributions from the gambling industry, appointing an inspector general to monitor gaming and giving the state gaming board more authority over a Chicago casino.
“The stars are probably lining up better than they’ve ever lined up,” said Sen. Terry Link, who’s a main sponsor of the legislation. “We’re doing a lot of the things that the governor wanted.”
It is well known that the Governor is skeptical over online gambling, but supporters say that online gambling could help the states serious financial problems. However Pat Quinn has said that the most important issue for the state is the $100 billion pension black hole, which could delay the progress of the gambling expansion bill, until this is sorted out.
“There hasn’t been much review on that at all,” Quinn told reporters last week. “Any time you have something brand new, it shouldn’t just be thrown into a bill at the last minute.”
But Senator Link, who has sponsored gambling legislation for the state for over ten years, says it only makes sense because people are doing it online illegally, and legalizing it would help bring profits to the state.
Part of the proposal calls for splitting profits, between treatment programs for problem gamblers and the pension problem. Supporters estimate the profits that would go toward the state’s public pension system could exceed $50 million.
“This is the only revenue-generating bill that’s been introduced,” Link said.
However, when asked last week by reporters, Quinn said he won’t consider gambling until lawmakers solve the pension problem. Quinn has made pensions his number one issue since 2011.
March 22, 2013
Illinois Lottery Fines Northstar Group $20m For Missing Revenue Target
New Jersey is currently contemplating privatizing the management of its state lottery, which posted a record $2.7b in sales in 2012 and is the state’s fourth largest revenue stream. Gov. Chris Christie has been accused of exercising unnecessary secrecy in his privatization plans, so on Monday a suspicious state Senate passed legislation requiring both houses of the state legislature to sign off on any contract Christie might strike with lottery operators.
It’s not clear whether Christie will be willing to sign the bill and thus surrender his autonomy, but perhaps it would be better than to have the contract ripped up after the fact, similar to what happened recently in neighboring Pennsylvania. State treasury officials insist Christie would have the power to cancel the 15-year, $120m contract at any time should the operator prove incapable of increasing lottery revenue for two years. (This is what we call foreshadowing.)
As in Pennsylvania, there has been just one bidder for the New Jersey lottery contract, a consortium of GTECH, Scientific Games (SGMS) and a Canadian pension fund called OMERS, all of which is grouped under the banner of Northstar New Jersey. Northstar is also the name of the joint venture GTECH and SGMS entered into to operate the Illinois Lottery. Illinois was the first state to privatize management of its lottery in 2011, but the venture has yet to live up to its advance billing.
True, the Illinois Lottery increased sales from $2.27b to $2.68b and earned record revenue of $757m in 2012, the first full year of the 10-year Northstar contract, but that was $94m short of its promised $851.2m revenue target. Northstar quibbled about the revenue target figure, eventually convincing the state to reduce it to $822.8m, but that still left Northstar down nearly $66m. Northstar is also arguing that its total revenue tally was closer to $781m, but even that would leave it nearly $42m shy of its goal. (Nice try, guys, but unless you’re willing to claw back the odd jackpot or two, the two ends of this rope ain’t ever gonna meet.) As such, the Illinois Lottery Department is preparing to withhold monthly payments to Northstar until it has recouped a $20m penalty as stipulated under the terms of the management contract. Northstar earned $85m in management fees last year.
It’s not clear whether Christie will be willing to sign the bill and thus surrender his autonomy, but perhaps it would be better than to have the contract ripped up after the fact, similar to what happened recently in neighboring Pennsylvania. State treasury officials insist Christie would have the power to cancel the 15-year, $120m contract at any time should the operator prove incapable of increasing lottery revenue for two years. (This is what we call foreshadowing.)
As in Pennsylvania, there has been just one bidder for the New Jersey lottery contract, a consortium of GTECH, Scientific Games (SGMS) and a Canadian pension fund called OMERS, all of which is grouped under the banner of Northstar New Jersey. Northstar is also the name of the joint venture GTECH and SGMS entered into to operate the Illinois Lottery. Illinois was the first state to privatize management of its lottery in 2011, but the venture has yet to live up to its advance billing.
True, the Illinois Lottery increased sales from $2.27b to $2.68b and earned record revenue of $757m in 2012, the first full year of the 10-year Northstar contract, but that was $94m short of its promised $851.2m revenue target. Northstar quibbled about the revenue target figure, eventually convincing the state to reduce it to $822.8m, but that still left Northstar down nearly $66m. Northstar is also arguing that its total revenue tally was closer to $781m, but even that would leave it nearly $42m shy of its goal. (Nice try, guys, but unless you’re willing to claw back the odd jackpot or two, the two ends of this rope ain’t ever gonna meet.) As such, the Illinois Lottery Department is preparing to withhold monthly payments to Northstar until it has recouped a $20m penalty as stipulated under the terms of the management contract. Northstar earned $85m in management fees last year.
March 18, 2013
Playtech to offer financial spread betting platform
Playtech have confirmed in their companies annual report that they are working on a new financial betting platform. As early as the beginning of 2012 rumours were abound that the software provider company was working on a new platform for financial spread betting however were not confirmed at that time by Playtech.
But late last week Chief executive officer Mor Weizer said that extensive research into the possibilities for a new financial betting platform had shown that such a binary option service would be popular in the market, constituting a viable & revenue generating standalone service for Playtech licensees.
The financial spread betting sector already has many offerings for operators and has seen one or two of those platforms collapse because of competition, however, Weizer pointed out that these were focused on different demographics, creating an opportunity for his company & its licensees.
“The conversion rates between such a sports betting audience & financial betting present a great opportunity for operators, not only to maximise the returns from players, but to approach a larger audience.” Weizer said.
But late last week Chief executive officer Mor Weizer said that extensive research into the possibilities for a new financial betting platform had shown that such a binary option service would be popular in the market, constituting a viable & revenue generating standalone service for Playtech licensees.
The financial spread betting sector already has many offerings for operators and has seen one or two of those platforms collapse because of competition, however, Weizer pointed out that these were focused on different demographics, creating an opportunity for his company & its licensees.
“The conversion rates between such a sports betting audience & financial betting present a great opportunity for operators, not only to maximise the returns from players, but to approach a larger audience.” Weizer said.
March 14, 2013
Cyprus could have casinos within two years
Land-based casinos could soon be on their way to the southern European island of Cyprus, declared the Commerce Minister in Parliament on Monday. The new Cypriot government, elected last month, has a new ideology on casino gaming that could quickly develop a new market.
Newly appointed Minister of Commerce, Industry and Tourism, Giorgos Lakkotrypis explained that he has appointed the Cyprus Tourism Organisation (CTO) to update a 2007 study looking at the introduction of casino gaming in the country. Asked if Cyprus could expect casinos within two years, the minister avowed, “Yes, this is what we hope.”
This was the first time Lakkotrypis has expressed his views on the matter with MPs since assuming his duties, and he stressed the urgency of casinos. Parliamentarians and the Minister agreed to continue their cooperation and a progress report will be submitted every two months. Establishing a plan to roll out casinos would only be done once the all the relevant information has been presented, the Minister affirmed.
Since the Republic of Cyprus was granted independence from Britain in 1960, all forms of gambling other than sports betting have remained strictly outlawed in the island nation. Gaming operators caught on to a flaw in the anachronous legislation, which did not provide any stature online gaming and between 2002-2010, Cyprus witnessed a gradual development of gambling shops advertised as casino kiosks.
New gambling legislation was unanimously passed by the government in 2012 to clarify the law. It gave OPAP a monopoly over sports betting and placed an official ban on online casinos, poker, slots, exchange betting and gambling advertising. The administration had stubbornly refused to even look at the possibility of opening a casino sector as part of the legislation, giving the EU incentive to explore the issue.
Demetris Christofias, President of Cyprus at the time, said that casinos are an “expression of corruption and can create a crisis to the system. My party has struggled for years against any establishment of casinos, and there will be none while Christofias is President.” However, it is widely reported that Cypriots are already spending millions gambling on illegal online games and casinos in the north.
The CTO study conducted 6 years ago, estimated that over €6m per year is also being spent on gambling by Greek Cypriots in the country’s Turkish-controlled north. It projected that the creation of casinos could generate millions in revenues and a significant boost in employment opportunities.
Newly appointed Minister of Commerce, Industry and Tourism, Giorgos Lakkotrypis explained that he has appointed the Cyprus Tourism Organisation (CTO) to update a 2007 study looking at the introduction of casino gaming in the country. Asked if Cyprus could expect casinos within two years, the minister avowed, “Yes, this is what we hope.”
This was the first time Lakkotrypis has expressed his views on the matter with MPs since assuming his duties, and he stressed the urgency of casinos. Parliamentarians and the Minister agreed to continue their cooperation and a progress report will be submitted every two months. Establishing a plan to roll out casinos would only be done once the all the relevant information has been presented, the Minister affirmed.
Since the Republic of Cyprus was granted independence from Britain in 1960, all forms of gambling other than sports betting have remained strictly outlawed in the island nation. Gaming operators caught on to a flaw in the anachronous legislation, which did not provide any stature online gaming and between 2002-2010, Cyprus witnessed a gradual development of gambling shops advertised as casino kiosks.
New gambling legislation was unanimously passed by the government in 2012 to clarify the law. It gave OPAP a monopoly over sports betting and placed an official ban on online casinos, poker, slots, exchange betting and gambling advertising. The administration had stubbornly refused to even look at the possibility of opening a casino sector as part of the legislation, giving the EU incentive to explore the issue.
Demetris Christofias, President of Cyprus at the time, said that casinos are an “expression of corruption and can create a crisis to the system. My party has struggled for years against any establishment of casinos, and there will be none while Christofias is President.” However, it is widely reported that Cypriots are already spending millions gambling on illegal online games and casinos in the north.
The CTO study conducted 6 years ago, estimated that over €6m per year is also being spent on gambling by Greek Cypriots in the country’s Turkish-controlled north. It projected that the creation of casinos could generate millions in revenues and a significant boost in employment opportunities.
March 13, 2013
Spread Betting Used to Act on Inside Information – Trader Prosecuted By FSA
The Financial Services Authority has brought charges in the UK against an individual for acting upon inside information and generating a net profit of £591,117 from trading between September 2007 and July 2008.
43 year old Richard Joseph has been found guilty of 6 counts of conspiracy to deal as an insider. He has been sentenced to four years on each count, which will be served concurrently.
Joseph, a former futures trader, was provided with confidential and price-sensitive information from two investment banks concerning proposed or forthcoming takeover bids. The confidential and price-sensitive information was provided to Richard Joseph by Ersin Mustafa, a print room manager at JP Morgan Cazenove. During the time that he was trading Richard Joseph transferred a substantial amount of money to Ersin Mustafa.
Attempts were made to disguise the receipt of this information including the use of numerous Pay As You Go mobile telephones – one of which was purchased using a false name and address – and webmail “drop boxes” where confidential documents containing price-sensitive information were placed for Joseph to access. Having received this information, Joseph then placed spread bets in the expectation that when the information became public knowledge the share price would rise and he would make a profit.
Ersin Mustafa, who is believed to be in north Cyprus, was also a source of inside information in the prosecution of Ali Mustafa, Pardip Saini, Paresh Shah, Neten Shah, Bijal Shah and Truptesh Patel who were convicted and sentenced in July 2012. The link between these two cases could not be published before now.
The Financial Services Authority has brought charges in the UK against an individual for acting upon inside information and generating a net profit of £591,117 from trading between September 2007 and July 2008.
43 year old Richard Joseph has been found guilty of 6 counts of conspiracy to deal as an insider. He has been sentenced to four years on each count, which will be served concurrently.
Joseph, a former futures trader, was provided with confidential and price-sensitive information from two investment banks concerning proposed or forthcoming takeover bids. The confidential and price-sensitive information was provided to Richard Joseph by Ersin Mustafa, a print room manager at JP Morgan Cazenove. During the time that he was trading Richard Joseph transferred a substantial amount of money to Ersin Mustafa.
Attempts were made to disguise the receipt of this information including the use of numerous Pay As You Go mobile telephones – one of which was purchased using a false name and address – and webmail “drop boxes” where confidential documents containing price-sensitive information were placed for Joseph to access. Having received this information, Joseph then placed spread bets in the expectation that when the information became public knowledge the share price would rise and he would make a profit.
Ersin Mustafa, who is believed to be in north Cyprus, was also a source of inside information in the prosecution of Ali Mustafa, Pardip Saini, Paresh Shah, Neten Shah, Bijal Shah and Truptesh Patel who were convicted and sentenced in July 2012. The link between these two cases could not be published before now.
43 year old Richard Joseph has been found guilty of 6 counts of conspiracy to deal as an insider. He has been sentenced to four years on each count, which will be served concurrently.
Joseph, a former futures trader, was provided with confidential and price-sensitive information from two investment banks concerning proposed or forthcoming takeover bids. The confidential and price-sensitive information was provided to Richard Joseph by Ersin Mustafa, a print room manager at JP Morgan Cazenove. During the time that he was trading Richard Joseph transferred a substantial amount of money to Ersin Mustafa.
Attempts were made to disguise the receipt of this information including the use of numerous Pay As You Go mobile telephones – one of which was purchased using a false name and address – and webmail “drop boxes” where confidential documents containing price-sensitive information were placed for Joseph to access. Having received this information, Joseph then placed spread bets in the expectation that when the information became public knowledge the share price would rise and he would make a profit.
Ersin Mustafa, who is believed to be in north Cyprus, was also a source of inside information in the prosecution of Ali Mustafa, Pardip Saini, Paresh Shah, Neten Shah, Bijal Shah and Truptesh Patel who were convicted and sentenced in July 2012. The link between these two cases could not be published before now.
The Financial Services Authority has brought charges in the UK against an individual for acting upon inside information and generating a net profit of £591,117 from trading between September 2007 and July 2008.
43 year old Richard Joseph has been found guilty of 6 counts of conspiracy to deal as an insider. He has been sentenced to four years on each count, which will be served concurrently.
Joseph, a former futures trader, was provided with confidential and price-sensitive information from two investment banks concerning proposed or forthcoming takeover bids. The confidential and price-sensitive information was provided to Richard Joseph by Ersin Mustafa, a print room manager at JP Morgan Cazenove. During the time that he was trading Richard Joseph transferred a substantial amount of money to Ersin Mustafa.
Attempts were made to disguise the receipt of this information including the use of numerous Pay As You Go mobile telephones – one of which was purchased using a false name and address – and webmail “drop boxes” where confidential documents containing price-sensitive information were placed for Joseph to access. Having received this information, Joseph then placed spread bets in the expectation that when the information became public knowledge the share price would rise and he would make a profit.
Ersin Mustafa, who is believed to be in north Cyprus, was also a source of inside information in the prosecution of Ali Mustafa, Pardip Saini, Paresh Shah, Neten Shah, Bijal Shah and Truptesh Patel who were convicted and sentenced in July 2012. The link between these two cases could not be published before now.
Council with 130 betting shops within eight square miles probes link between gambling and crime
The largest licensing authority in the country is launching a special task force to investigate the effects of betting shops in a further sign of a backlash against bookmakers by local authorities.
Westminster City Council has 130 betting shops in its eight square miles of Central London as well as several casinos.
The council is trying to establish if there is a link between crime and gambling and whether the public is being sufficiently protected.
Its licensing sub-committee recently turned down applications by several bookmakers to extend opening hours.
Its chairman, councillor Audrey Lewis, said: ‘There is something about the Gambling Act that makes it very difficult to turn applications down and it needs redrafting.
'We are not looking to make a moral judgment, but there is obviously money being spent here that would otherwise be spend on other goods and services.
‘We are concerned whether all the crimes associated with betting shops are being fully reported.’
Last month, Newham Council in East London became the first authority to reject a new betting shop – saying it would make more money from machines than traditional betting – and is calling for the laws to be changed.
Westminster City Council has 130 betting shops in its eight square miles of Central London as well as several casinos.
The council is trying to establish if there is a link between crime and gambling and whether the public is being sufficiently protected.
Its licensing sub-committee recently turned down applications by several bookmakers to extend opening hours.
Its chairman, councillor Audrey Lewis, said: ‘There is something about the Gambling Act that makes it very difficult to turn applications down and it needs redrafting.
'We are not looking to make a moral judgment, but there is obviously money being spent here that would otherwise be spend on other goods and services.
‘We are concerned whether all the crimes associated with betting shops are being fully reported.’
Last month, Newham Council in East London became the first authority to reject a new betting shop – saying it would make more money from machines than traditional betting – and is calling for the laws to be changed.
March 11, 2013
888 in U.S. joint venture with Avenue Capital
888 Holdings, the online gaming operator, has signed a joint venture in the US in preparation for the country’s expanding legalisation of internet gambling.
The UK operator of online poker, sport, casino and bingo games on Monday said that it had signed a deal with Avenue Capital Group, the investment firm, to form a new company called the All American Poker Network.
888 already has joint ventures with Caesars, the owner of four Atlantic City casinos, as well as a strategic deal with WMS, a gaming machine manufacturer, while rival Bwin.party has a partnership with MGM and Boyd Gaming.
888 said that the All American Poker Network would launch 888’s brands into the US market when Federal or state-based regulation is finalised and after licences are obtained.
Avenue Capital will provide the financial backing for the deal, although 888 declined to confirm the amount.
“This is the perfect deal for 888, providing the ideal platform through which to launch our business-to-customer brands into the US market, once regulated,” said Brian Mattingley, who added that the move “completed our online strategy”.
“The agreement sees a leading US financial institution backing one of the largest gaming platform operators in the world, joining forces to tackle a potentially huge market.”
Last month, New Jersey legislators passed a long-awaited bill legalising online gambling, following the lead of Delaware and Nevada.
The New Jersey bill, due to come into effect later this year, permits land-based casinos in the state to apply for licences to offer casino and poker games.
“Today’s news is a clear positive, although returns are reliant on final implementation of state online gaming,” said James Hollins, an analyst at Investec, who reiterated his “buy” recommendation on the stock.
888 on Monday also announced that it was poised to launch an online poker operation in Nevada after agreeing a deal with Treasure Island, a Las Vegas gaming group.
The UK operator of online poker, sport, casino and bingo games on Monday said that it had signed a deal with Avenue Capital Group, the investment firm, to form a new company called the All American Poker Network.
888 already has joint ventures with Caesars, the owner of four Atlantic City casinos, as well as a strategic deal with WMS, a gaming machine manufacturer, while rival Bwin.party has a partnership with MGM and Boyd Gaming.
888 said that the All American Poker Network would launch 888’s brands into the US market when Federal or state-based regulation is finalised and after licences are obtained.
Avenue Capital will provide the financial backing for the deal, although 888 declined to confirm the amount.
“This is the perfect deal for 888, providing the ideal platform through which to launch our business-to-customer brands into the US market, once regulated,” said Brian Mattingley, who added that the move “completed our online strategy”.
“The agreement sees a leading US financial institution backing one of the largest gaming platform operators in the world, joining forces to tackle a potentially huge market.”
Last month, New Jersey legislators passed a long-awaited bill legalising online gambling, following the lead of Delaware and Nevada.
The New Jersey bill, due to come into effect later this year, permits land-based casinos in the state to apply for licences to offer casino and poker games.
“Today’s news is a clear positive, although returns are reliant on final implementation of state online gaming,” said James Hollins, an analyst at Investec, who reiterated his “buy” recommendation on the stock.
888 on Monday also announced that it was poised to launch an online poker operation in Nevada after agreeing a deal with Treasure Island, a Las Vegas gaming group.
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