The UK government will follow through on its plans to introduce new online gambling legislation in the current session of Parliament, possibly as early as next week. On Wednesday, the Gambling (Licensing and Advertising) Bill was one of 15 pieces of legislation mentioned in the Queen’s Speech, the blueprint for the government’s immediate legislative intentions that accompanies the opening of every new parliamentary session.
The Gambling Bill’s main features are the effective scuttling of the so-called White List, which allowed online gambling firms to advertise their wares in the UK under licenses issued by Alderney, Antigua and the Isle of Man. Under the new scheme, white-listed operators – as well as those licensed in Gibraltar or other European Union territories – will be required to hold a license issued by the UK Gambling Commission if they wish to promote their product in the UK. Operators doing business in the UK will also be required to alert the Commission if they detect suspicious betting patterns.
The Gambling Bill also proposes a point of consumption (POC) tax, the specific rate of which has yet to be formalized, although 15% appears to be the Treasury’s target. A week ago, the Culture, Media and Sport Committee published a report on the Bill warning the government not to make the tax so steep that operators cannot offer a product that’s competitive with unlicensed operators. UK bookies William Hill, whose online operations are based in Gibraltar, stated last year that even a 10% POC tax would drive 27% of cost-conscious punters into the arms of unlicensed operators. Most operators have proposed a tax more in the range of 5%-8%.
While estimates have put the UK government’s potential annual tax windfall as high as £386m, the Bill’s authors insist that boosting tax collections is a consequence of the legislation, not the primary aim. But then they have to say that, as legislation that made tax collection its primary aim wouldn’t pass muster with EU watchdogs. Critics of the legislation point to the fact that the government’s own representatives admit that 95% of all online wagering conducted in the UK is done with regulators with which the UK gov’t had no complaint to make, suggesting claims of consumer protection were a smokescreen designed to camouflage a naked tax grab.
The Gambling Commission has released the results of its latest gambling participation survey (read it here), which show gambling habits remarkably stable. The percentage of Britons who’d engaged in any form of gambling (including the National Lottery) in the year to March 2013 was 58%, virtually unmoved from 57% the previous year. Online gambling participation was equally predictable, unchanged at 8% (once you strip out those whose only online action is the National Lottery). Online gamblers are more likely to be male (18%) than female (12%) and 41% of all online gamblers are between 25-44 years old.
Online sports betting and casino games were the most popular form of online-only wagering at 46% participation, followed by ‘betting on other events’ at 41%, horseracing (30%), football pools (22%), National Lottery draws (16%), other lotteries (11%) and bingo (11%). Online betting exchanges accounted for 11% of horserace wagering, 10% of sports betting and 5% of non-sports betting.
Sports bettors were evenly split between land-based and online, with 46% claiming to exclusively patronize one form or the other. A mere 8% reported splitting their wagers between betting shops and online betting sites. Casino games were similarly divided, with just 9% claiming to split their time between brick-and-mortar and online casinos. Horserace betting remains a predominantly in-person phenomenon, with 58% opting to place their bets at a wicket, and just 12% splitting their time with online shops.
May 09, 2013
May 08, 2013
Holland Casino struggles with increasing losses
Holland Casino the State owned gambling group announced a loss of €652,000 for 2012 and seems to be under more pressure with results looking worse for the first three months of 2013.
It is reported that the state run company is seeing lower visitor figures than ever before and is also unable to meet agreed payments on loans to supporting banks
Visitor numbers fell 2% to 5.6 million last year while average spending per client fell by €2 to €96. The company said in November it would make redundancies of 400 of some 3,000 jobs but now that figure is believed to be increasing to be able to sustain their falling revenues.
‘Our focus is on further reducing costs and making the organisation more efficient and effective,’ chairman Dick Flink is quoted as saying.
It is reported that the state run company is seeing lower visitor figures than ever before and is also unable to meet agreed payments on loans to supporting banks
Visitor numbers fell 2% to 5.6 million last year while average spending per client fell by €2 to €96. The company said in November it would make redundancies of 400 of some 3,000 jobs but now that figure is believed to be increasing to be able to sustain their falling revenues.
‘Our focus is on further reducing costs and making the organisation more efficient and effective,’ chairman Dick Flink is quoted as saying.
Phil Ivey sues Crockfords
Phil Ivey is taking legal action against Crockfords Casino in Mayfair for allegedly withholding money he won playing punto banco last August. The American poker ace is believed to be the world’s sixth-highest earner from punto banco tournaments, amassing winnings of $14.6m (£9m).
Ivey said he was “deeply saddened” to file a writ at the High Court but he had been left with no alternative. He continued: “Over the years, I have won and lost substantial sums at Crockfords and I have always honoured my commitments.
“At the time, I was given a receipt for my winnings but Crockfords subsequently withheld payment. I therefore feel I have no alternative but to take legal action.”
Ivey who is 35, was with a female companion last August when he started a winning run at the table and over two days of gaming, he is thought to have ended his first night £2.3m ahead, rising to £7.3m by the end of the second night. But bosses as the casino which is owned by gaming giant Genting, allegedly withheld his winnings and opened an investigation.
The Independent understands that investigators have flown to London from Kuala Lumpur to interview staff – including a croupier working on the nights Mr Ivey played – and to review surveillance video footage and examine the cards used.
Mr Ivey’s lawyer, Matthew Dowd of Archerfield Partners, said: “It is with great regret that Phil has been forced to issue court proceedings against Crockfords to secure payment of his winnings.”
Ivey said he was “deeply saddened” to file a writ at the High Court but he had been left with no alternative. He continued: “Over the years, I have won and lost substantial sums at Crockfords and I have always honoured my commitments.
“At the time, I was given a receipt for my winnings but Crockfords subsequently withheld payment. I therefore feel I have no alternative but to take legal action.”
Ivey who is 35, was with a female companion last August when he started a winning run at the table and over two days of gaming, he is thought to have ended his first night £2.3m ahead, rising to £7.3m by the end of the second night. But bosses as the casino which is owned by gaming giant Genting, allegedly withheld his winnings and opened an investigation.
The Independent understands that investigators have flown to London from Kuala Lumpur to interview staff – including a croupier working on the nights Mr Ivey played – and to review surveillance video footage and examine the cards used.
Mr Ivey’s lawyer, Matthew Dowd of Archerfield Partners, said: “It is with great regret that Phil has been forced to issue court proceedings against Crockfords to secure payment of his winnings.”
April 30, 2013
Ultimate Poker Launches First Licensed US Online Poker Room
Ultimate Poker made online poker history minutes ago by launching the first real money online poker room ever to be licensed in the United States.
As of Tuesday, April 30th, 2013, the Ultimate Poker client can be downloaded, accounts can be created and money deposited. As of 1:50am PT, no actual games are currently being run. Real money games are expected to be introduced later this morning, reportedly at 9:00am PT.
Ultimate Poker is only available to players that are physically within the borders of Nevada at the time of play. Geo blocking technology is used to recognize login attempts outside Nevada. While other players cannot use Ultimate Poker for real money, the client is available to download and view from anywhere in the world.
Ultimate Poker is operated by a subsidiary of Station Casinos known as Fertitta Interactive. Station Casinos owns a 57.3% stake in the company. Tom Breitling was recently approved to be a 14.3% owner of the interactive division. The remainder of the company is owned by minority partners.
As of Tuesday, April 30th, 2013, the Ultimate Poker client can be downloaded, accounts can be created and money deposited. As of 1:50am PT, no actual games are currently being run. Real money games are expected to be introduced later this morning, reportedly at 9:00am PT.
Ultimate Poker is only available to players that are physically within the borders of Nevada at the time of play. Geo blocking technology is used to recognize login attempts outside Nevada. While other players cannot use Ultimate Poker for real money, the client is available to download and view from anywhere in the world.
Ultimate Poker is operated by a subsidiary of Station Casinos known as Fertitta Interactive. Station Casinos owns a 57.3% stake in the company. Tom Breitling was recently approved to be a 14.3% owner of the interactive division. The remainder of the company is owned by minority partners.
April 25, 2013
Greece gives OPAP suitor more time to raise bid
Greece's privatization agency has given Greek-Czech fund Emma Delta more time to improve its bid for a controlling stake in gaming firm OPAP, two officials directly involved in the sale talks told Reuters on Thursday.
"They asked for and were given a postponement until Wednesday, May 1,» said one official at Greece's privatization agency, who declined to be named, after a first deadline expired. An official at Emma Delta confirmed the move.
Emma Delta, controlled by Czech investor Jiri Smejc and Greek shipowner George Melisanidis on Monday offered 622 million euros ($808 million) for 33 percent of Greek gambling monopoly OPAP and management rights at the company.
Emma Delta submitted the only valid bid in the sale, Greece's first big privatization under its international bailout program.
But privatization agency HRADF asked the fund to raise its offer to at least 650 million euros, the stake's minimum value as estimated by an external assessor.
Deutsche Bank and National Bank, Greece's main sale advisers, had put the stake's value at 610 million.
OPAP shares were up 0.3 percent to 6.9 euros in early trading in Athens, giving a 33 percent stake in the company a stock market value of 726 million euros.
"They asked for and were given a postponement until Wednesday, May 1,» said one official at Greece's privatization agency, who declined to be named, after a first deadline expired. An official at Emma Delta confirmed the move.
Emma Delta, controlled by Czech investor Jiri Smejc and Greek shipowner George Melisanidis on Monday offered 622 million euros ($808 million) for 33 percent of Greek gambling monopoly OPAP and management rights at the company.
Emma Delta submitted the only valid bid in the sale, Greece's first big privatization under its international bailout program.
But privatization agency HRADF asked the fund to raise its offer to at least 650 million euros, the stake's minimum value as estimated by an external assessor.
Deutsche Bank and National Bank, Greece's main sale advisers, had put the stake's value at 610 million.
OPAP shares were up 0.3 percent to 6.9 euros in early trading in Athens, giving a 33 percent stake in the company a stock market value of 726 million euros.
April 24, 2013
Bwin.party look to withdraw from 18 countries.
Bwin.party have announced they are blocking players from 18 countries within the EU and also South America. Those countries involved are Greece, Poland, Romania, Cyprus, Finland, Serbia, Armenia, Belarus, Croatia, Hungary, Latvia, Lithuania, Macedonia, Slovenia, Ukraine, Argentina, Brazil and finally Colombia.
The move was announced to affiliates by the company on an email on Friday 19th April.
On the email it said that from the 30th April no new singups will be accepted from those countries and also there was a request that all marketing material aimed at those countries be removed. However all existing accounts will remain open, and affiliate commission to those accounts will continue to be paid.
It is thought the move is connected with those countries mentioned looking to reduce or prohibit online gambling within their borders in the future along with the commercial aspect that those mentioned are small in operating value and allows bwin.party to focus their efforts on more lucrative markets such as the US and more recognised and profitable regions such as the UK and Spain.
The move was announced to affiliates by the company on an email on Friday 19th April.
On the email it said that from the 30th April no new singups will be accepted from those countries and also there was a request that all marketing material aimed at those countries be removed. However all existing accounts will remain open, and affiliate commission to those accounts will continue to be paid.
It is thought the move is connected with those countries mentioned looking to reduce or prohibit online gambling within their borders in the future along with the commercial aspect that those mentioned are small in operating value and allows bwin.party to focus their efforts on more lucrative markets such as the US and more recognised and profitable regions such as the UK and Spain.
April 23, 2013
Betfair says “No” to £910 million takeover
Betfair have rejected the takeover offer from CVC Capital Partners of some £910 million, saying it believes in its “unique” business and prospects.
The bid from CVC Capital Partners who are behind Formula 1, was rejected by Betfair on valuation grounds.
CVC announced last week that it has held talks with other investors, including Betfair shareholder and Richard Koch, about a possible joint approach for the online betting exchange.
The proposal from CVC valued the company’s shares at £8.80, compared with the £13.00 seen on its stock market debut in 2010.
Betfair says it is going through one of the “most exciting phases in its development”, thanks to a new strategy revealed in December and the appointment of a new management team led by chief executive Breon Corcoran.
Chairman Gerald Corbett said: “We have a unique business with a market position, profitability, cash flow and prospects that this proposal fails to recognise.”
CVC owns luggage firm Samsonite and also has stakes in Brit Insurance and theme park giant Merlin Entertainments.
The bid from CVC Capital Partners who are behind Formula 1, was rejected by Betfair on valuation grounds.
CVC announced last week that it has held talks with other investors, including Betfair shareholder and Richard Koch, about a possible joint approach for the online betting exchange.
The proposal from CVC valued the company’s shares at £8.80, compared with the £13.00 seen on its stock market debut in 2010.
Betfair says it is going through one of the “most exciting phases in its development”, thanks to a new strategy revealed in December and the appointment of a new management team led by chief executive Breon Corcoran.
Chairman Gerald Corbett said: “We have a unique business with a market position, profitability, cash flow and prospects that this proposal fails to recognise.”
CVC owns luggage firm Samsonite and also has stakes in Brit Insurance and theme park giant Merlin Entertainments.
Japan to open casinos in two years
Reports in Japan say that a pro-casino group of Japanese lawmakers are pushing for plans to be submitted this year for legislation aimed at opening the world’s third-largest economy to land based casino gambling.
Currently gambling in casinos is illegal in Japan, but a large portion of the population do gamble on a pinball-like game called pachinko, which generates an estimated $200 billion in revenue each year.
Japan having a large and wealthy population along with the geographical location to Shanghai and Beijing means that Japan could become a serious gambling location in competition to Macau and newly opened Singapore.
It is estimated that Japan’s gaming market could be worth some $10 billion if two large-scale integrated resorts are approved – more than Singapore’s $5.9 billion and Las Vegas’ $6.2 billion in 2012.
The cross-party casino group aims to submit a promotional bill to parliament in the autumn, which could be followed by concrete laws within two years, Takeshi Iwaya, the deputy head of the lobby of more than 100 lawmakers said to reporters.
Currently gambling in casinos is illegal in Japan, but a large portion of the population do gamble on a pinball-like game called pachinko, which generates an estimated $200 billion in revenue each year.
Japan having a large and wealthy population along with the geographical location to Shanghai and Beijing means that Japan could become a serious gambling location in competition to Macau and newly opened Singapore.
It is estimated that Japan’s gaming market could be worth some $10 billion if two large-scale integrated resorts are approved – more than Singapore’s $5.9 billion and Las Vegas’ $6.2 billion in 2012.
The cross-party casino group aims to submit a promotional bill to parliament in the autumn, which could be followed by concrete laws within two years, Takeshi Iwaya, the deputy head of the lobby of more than 100 lawmakers said to reporters.
South Koreans gamble $66 billion illegally each year
According to government reports this week in South Korea illegal gambling in the country has surpassed $66 billion for the first time ever, which the government say desperately needs regulation to avoid money laundering by criminal gangs.
The report by the National Gambling Control Commission under the Prime Minister’s Office, say that the illegal gambling market was estimated at 75.15 trillion won ($66.45 billion) in 2012, up from 53.70 trillion won tallied in a similar report in 2008.
The latest figures given are so huge that is accounted for about 20% of the country’s annual budget.
One of the main reasons for the large increase is online gambling and sports betting now accessible to residents in the country, which is estimated at a total of 17.10 trillion won.
The report by the National Gambling Control Commission under the Prime Minister’s Office, say that the illegal gambling market was estimated at 75.15 trillion won ($66.45 billion) in 2012, up from 53.70 trillion won tallied in a similar report in 2008.
The latest figures given are so huge that is accounted for about 20% of the country’s annual budget.
One of the main reasons for the large increase is online gambling and sports betting now accessible to residents in the country, which is estimated at a total of 17.10 trillion won.
April 17, 2013
The FBI Busted A Russian Gambling Ring That Catered To Wall Streeters, Oligarchs, And Hollywood Stars
More than thirty people were charged by federal authorities in a massive illegal gambling, money laundering, and extortion scheme tied to Russian organized crime, according to an indictment in the U.S. District Court Southern District of New York.
The operation allegedly involved two criminal organizations, Nahmad-Trincher (based in Los Angeles and NYC), which catered to millionaires, billionaires and poker pros, and Taiwanchik-Trincher (based in Kiev, NYC, and Moscow), which serviced oligarchs from Russia and the former Soviet Union.
According the indictment, these groups had operations spanning across continents with defendants located in Los Angeles, Russia, New York and the former Soviet Union, bank accounts in Switzerland, holding companies in Cyprus and the United States, and a gambling website in Taiwan.
The characters in the drama include the son of a billionaire art dealer, a Bronx plumber, a JPMorgan branch manager, a real estate firm in New York, a car repair shop in Brooklyn, and a Russian man charged with allegedly bid-rigging the Salt Lake City 2002 Olympic Games, etc.
Basically, this goes deep.
The Taiwanchik-Trincher Organization, which the indictment identifies as an "international organized crime group with leadership based in New York City, Kiev, and Moscow," was allegedly led by Alimzhan Tokhtakhounov (a.k.a. "Alik"), Vadim Trincher (a.k.a. "Dima"), and Anatoly Golubchick (a.k.a. "Tony"), the indictment said. They are all named as defendants.
You might recognize the name Tokhatkhounov. He was the guy charged with allegedly bribing officials at the 2002 Winter Olympic Games in Salt Lake City, according to the indictment.
Based in Russia, Tokhatkhounov was allegedly referred to as "Vor," which is defined as a Russian term meaning "Thief-in-Law."
It's basically like a version of the "Godfather," and is a moniker bestowed on the highest-level criminal figures from the former Soviet Union. According to the indictment, a "Vor" gets tribute from other criminals, offers protection, and uses "their authority to resolve disputes among criminals."
Tokhatkhounov's group allegedly ran an illegal gambling business, money laundering, extortion, and other criminal operations. The crux of their business, however, was a series of high-stakes poker games and gambling activities frequented by oligarchs.
Nahmad-Trincher, based in Los Angeles and NYC, was structured in much the same way, but catered to Wall Streeters, pro athletes, and Hollywood stars, The New York Times reported.
No famous figures were named specifically in the indictment.
Names or not, we're talking big money here — like $50 million running through Cypriot and American shell companies, or $499,800 sent to a bank account in Taiwan owned by an illegal gambling website operating in the United States, or $850,000 moving from a Swiss bank account to a U.S. bank account under the control of Norman "The Oracle" Seigel.
To hide all these transactions, says the complaint, the Trincher groups relied on a sophisticated money laundering operation. Not only did they run money through a Brooklyn car garage, a real estate company, and an online used car dealership, but they also used a JP Morgan branch manager in NYC named Ronald Uy.
Uy, who was named as a defendant, allegedly assisted "in structuring several transactions at the Bank designed in part to avoid generating currency transaction reports," according to the indictment.
Of course, gambling doesn't work out for everyone all the time. When one client wins, another one must lose. Losers playing in the Trincher group's high stakes games could, according to the Feds, expect violence or at least threats of it.
In one case," Nahmad-Trincher allegedly took control of 50% of "Client-3's" Bronx-based plumbing business when he racked up $2 million in gambling debt.
There were several arrests made today in New York, Los Angeles, Miami and other places, according to the New York Post.
Earlier this morning, the FBI raided Helly Nahmad Art Gallery at the swanky Carlyle Hotel in Manhattan's Upper East Side. The Feds were looking for Helly Nahmad, the son of billionaire art baron David Nahmad.
The operation allegedly involved two criminal organizations, Nahmad-Trincher (based in Los Angeles and NYC), which catered to millionaires, billionaires and poker pros, and Taiwanchik-Trincher (based in Kiev, NYC, and Moscow), which serviced oligarchs from Russia and the former Soviet Union.
According the indictment, these groups had operations spanning across continents with defendants located in Los Angeles, Russia, New York and the former Soviet Union, bank accounts in Switzerland, holding companies in Cyprus and the United States, and a gambling website in Taiwan.
The characters in the drama include the son of a billionaire art dealer, a Bronx plumber, a JPMorgan branch manager, a real estate firm in New York, a car repair shop in Brooklyn, and a Russian man charged with allegedly bid-rigging the Salt Lake City 2002 Olympic Games, etc.
Basically, this goes deep.
The Taiwanchik-Trincher Organization, which the indictment identifies as an "international organized crime group with leadership based in New York City, Kiev, and Moscow," was allegedly led by Alimzhan Tokhtakhounov (a.k.a. "Alik"), Vadim Trincher (a.k.a. "Dima"), and Anatoly Golubchick (a.k.a. "Tony"), the indictment said. They are all named as defendants.
You might recognize the name Tokhatkhounov. He was the guy charged with allegedly bribing officials at the 2002 Winter Olympic Games in Salt Lake City, according to the indictment.
Based in Russia, Tokhatkhounov was allegedly referred to as "Vor," which is defined as a Russian term meaning "Thief-in-Law."
It's basically like a version of the "Godfather," and is a moniker bestowed on the highest-level criminal figures from the former Soviet Union. According to the indictment, a "Vor" gets tribute from other criminals, offers protection, and uses "their authority to resolve disputes among criminals."
Tokhatkhounov's group allegedly ran an illegal gambling business, money laundering, extortion, and other criminal operations. The crux of their business, however, was a series of high-stakes poker games and gambling activities frequented by oligarchs.
Nahmad-Trincher, based in Los Angeles and NYC, was structured in much the same way, but catered to Wall Streeters, pro athletes, and Hollywood stars, The New York Times reported.
No famous figures were named specifically in the indictment.
Names or not, we're talking big money here — like $50 million running through Cypriot and American shell companies, or $499,800 sent to a bank account in Taiwan owned by an illegal gambling website operating in the United States, or $850,000 moving from a Swiss bank account to a U.S. bank account under the control of Norman "The Oracle" Seigel.
To hide all these transactions, says the complaint, the Trincher groups relied on a sophisticated money laundering operation. Not only did they run money through a Brooklyn car garage, a real estate company, and an online used car dealership, but they also used a JP Morgan branch manager in NYC named Ronald Uy.
Uy, who was named as a defendant, allegedly assisted "in structuring several transactions at the Bank designed in part to avoid generating currency transaction reports," according to the indictment.
Of course, gambling doesn't work out for everyone all the time. When one client wins, another one must lose. Losers playing in the Trincher group's high stakes games could, according to the Feds, expect violence or at least threats of it.
In one case," Nahmad-Trincher allegedly took control of 50% of "Client-3's" Bronx-based plumbing business when he racked up $2 million in gambling debt.
There were several arrests made today in New York, Los Angeles, Miami and other places, according to the New York Post.
Earlier this morning, the FBI raided Helly Nahmad Art Gallery at the swanky Carlyle Hotel in Manhattan's Upper East Side. The Feds were looking for Helly Nahmad, the son of billionaire art baron David Nahmad.
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