Thursday, September 20, 2018

Maverick Casinos Announces Sale/Merger Agreement with Nevada Gold

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Maverick Casinos Announces Sale/Merger Agreement with Nevada Gold

Under the terms of the merger agreement, Maverick will acquire all of the outstanding shares of UWN’s common stock for $2.50 per share in cash, subject to certain minor adjustments

US State and Local Governments Rake in $40.8 Billion in Gambling Taxes

Casino News Daily
US State and Local Governments Rake in $40.8 Billion in Gambling Taxes

US governments on all levels, federal, state and local, received $40.8 billion in tax revenues from the rapidly growing gambling industry in 2017. The sector contributed $261 billion to the United States economy and employed more than 1.8 million people, a new study by Oxford Economics reveals.

The research, published this week by the American Gaming Association, uncovers the key role of the gambling industry in the nation’s economy. The latest data shows the striking impact of casinos on other sectors such as hospitality, finance, insurance, and real estate. The gambling business has also become a large employer, while tax revenue from it alone provides funds, which would allow for the hiring of 692,000 new teachers, says Sara Slane, senior vice president of public affairs for the American Gaming Association, in an official statement.

According to the American Gaming Association (AGA), casino gaming has expanded to multiple new markets in the past few years, supporting the development and funding of various community projects in education, healthcare, etc. In 2017, the total economic impact of the gaming industry was $261.4 billion. This figure refers to the business sales or the output, which includes much more than just casino revenues.

Instead, researchers at Oxford Economics took various aspects of the gambling industry into account. Native American casinos, for example, generated $33.7 billion in total revenue, while commercial casinos earned $55.7 billion, for a total casino revenue of $89.4 billion. Nearly $73 billion of it represents the gross gaming revenue, while the rest of the money was generated by lodging, food and beverage, and entertainment.

Another figure included in the 2017 statistics is the gaming manufacturers’ revenue, which totaled $6.3 billion. In addition, ancillary spending added another $13.3 billion – these are the purchases of casino patrons that are made outside the gambling facilities but are completely dependent on casinos. Overall, the total direct spending generated by the gambling industry last year was $109 billion. The commercial casino industry brought $40.8 billion in total tax revenues, $10.7 billion of which came directly from gambling.

However, the economic impact of the gambling sales far extends this figure and shows the sector’s actual potential for supporting employment and boosting revenues in many other industries.

Huge Economic Impact

As mentioned above, local, state and federal governments received $40.8 billion in tax revenues from the casino and gambling industry last year. As city and state coffers were boosted by billions of dollars, a wide range of projects and services were funded such as hospitals, schools, public safety, infrastructure projects, educational programs, etc. Interestingly, the total tax impact per household was estimated – it was $343 per US household. In other words, every household in the country received a share of the taxes collected from the gaming sector in 2017.

One of the most important roles of the gambling industry is its influence on employment in the United States, according to researchers. The Oxford Economics study shows that commercial casinos employed 361,000 people, while tribal casinos employed another 198,000 individuals in 2017. The income generated from this labor was $26.5 billion, estimates reveal. An additional 17,100 employees worked for gaming manufacturers, earning $1.1 billion.

Patrons’ ancillary spending, as explained above, directly generated 151,000 jobs in other sectors, with $5.7 billion in labor income. The gambling business supported a total of 727,000 direct jobs that accounted for $33.3 billion of wages, salaries, and tips, the report reveals. That is not all, however, and researchers explain that the business activity of the gaming industry has, in fact, caused a chain effect that ultimately generated indirect labor income of $18.3 billion.

Last, but not least, casino workers, as well as employees in businesses directly or indirectly influenced by the gaming industry spend on services and goods from completely different sectors. As a result, the induced labor income last year totaled $22.3 billion. Overall, the gambling industry supported 1.8 billion jobs that generated $74.0 billion in salaries, benefits, and tips.

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Under-construction Grand Lisboa Palace unhurt by Typhoon Mangkhut

World Casino News
Under-construction Grand Lisboa Palace unhurt by Typhoon Mangkhut

In Macau, casino operator SJM Holdings Limited has reportedly announced that its under-construction Grand Lisboa Palace was not damaged as a result of Typhoon Mangkhut despite being hit by gusts of wind well in excess of 100 miles per hour. All casinos asked to close: According to a Monday report from GGRAsia, Typhoon Mangkhut was […]

Wednesday, September 19, 2018

Zitro Combines Spectacular Products And Flexible Business Formulas To Support Argentinian Operators

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Zitro Combines Spectacular Products And Flexible Business Formulas To Support Argentinian Operators

Last May, Zitro celebrated its first Zitro Experience event in Argentina, where, in addition to presenting its products, founder Johnny Viveiros Ortiz announced their commitment to the market and their closeness to the needs of the Argentinian operator. 

Timofey �Trueteller� Kuznetsov joins Team partypoker

BankrollMob News - Poker / Casino / Betting
Timofey �Trueteller� Kuznetsov joins Team partypoker
Russian born Kuznetsov is only 27, but brings a wealth of experience to the role from years spent playing online poker around the world, and will be helping partypoker with software development, ecology of the game, shaping schedules and evolving mixed games. Kuznetsov is the latest pro joining Ike Haxton, Jason Koon, Philipp Gruissem and Fedor Holz in Team partypoker. Known for many years just by his nickname 'Trueteller', Kuznetsov remained anonymous until 2015 when his 'true' [...]

Russian Authorities Arrest 100 People in Illegal Gambling Crackdown

Casino News Daily
Russian Authorities Arrest 100 People in Illegal Gambling Crackdown

The Russian police have revealed an underground casino network in Moscow during a joint operation of several investigative offices. Following a long investigation and more than 80 searches of businesses and homes, authorities have detained 100 people, including the leader of the criminal organization, A. Bazhanov.

The news of the massive operation that uncovered one of the largest criminal syndicates in the Russian capital was announced Wednesday by the press service of ICR, an abbreviation for the Investigative Committee of Russia, which is the country’s anti-corruption agency. The investigation, however, was conducted in cooperation with the Ministry of Internal Affairs and the FSB, the Federal Security Service, which is the main successor agency to the former KGB.

With this large-scale operation, authorities revealed that the criminal organization has created a sophisticated network of 15 illegal casinos and gaming clubs in Moscow. They operated under the guise of legal bookmaker Panorama LLC since May 2016 and provided illegal gambling outside Panorama’s official premises. The betting company is working under several brand names, including GreenBet, UnionBet, and WinLine. Members of the criminal organization managed to conduct unsanctioned gambling operations using specialized equipment.

Investigators have cracked down on the activities of 15 Moscow casinos and detained 100 individuals after a huge number of offices and apartments were searched, ICR’s Yulia Ivanova said. Initially, 47 of them will be charged with different crimes, she added. According to her office, investigators have united a total of 12 criminal cases. This is certainly one of the largest operations against illegal gambling businesses in Russia in the past few years.

Underground Casinos Earned Millions of Rubles Every Month

The criminal syndicate that organized the illegal gambling and betting operations probably started as a much smaller activity of A. Bazhanov. Over a period of 2 years, the network expanded to around 15 gaming clubs and casinos, which generated revenues worth hundreds of millions of rubles every month. The leaders of the group had a lavish lifestyle, according to investigators. They purchased a top-tier real state, as well as expensive cars and other luxury items.

The structure of the network was neatly set up, so the different levels of the operation functioned separately. Many of the individuals did not know their fellow syndicate members but it was the leaders of the organization who were surrounded by the ultimate secrecy. Various technological innovations were used such as IP phones and messaging apps, there was a strict hierarchy, and accomplices’ tasks were clearly distributed.

This is not the first investigation against illegal gambling groups in Russia, with various underground betting shops and gaming clubs being uncovered across the country. According to the data revealed by authorities, however, this large-scale operation has eliminated one of the largest networks of illegal casinos in Moscow. The organization led by Bazhanov is also one of the biggest criminal groups uncovered in the capital.

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DraftKings Sportsbook Sets The Bar High With One Million Bets In One Month

DraftKings Sportsbook Sets The Bar High With One Million Bets In One Month
high bar

DraftKings Sportsbook, the first online NJ sports betting platform to go live in New Jersey, hit one million bets but how did it do it?

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Tuesday, September 18, 2018

Formula One Inks Historic Sponsorship Deal to Launch Live Betting

Casino News Daily
Formula One Inks Historic Sponsorship Deal to Launch Live Betting

Formula One, the highest and most prestigious class of auto racing sports in the world, has surprisingly changed its years-long attitude towards sponsorship by bookies on Tuesday. The brand’s owner, Liberty Media, announced it has signed a sponsorship and data rights deal with Interregional Sports Group and Sportsradar.

As part of the groundbreaking partnership, the first ever F1 betting offering will be created, allowing fans to place live bets on the competition. According to an official press statement, released Tuesday, the deal enables the development of in-play betting markets. For the first time in the history of Formula One, millions of people around the world will be able to wager easily on Grand Prix.

This is the first strategic partnership for Formula One and according to media reports in The Edge, the contract between Liberty Media and the two companies costs US$8 billion. The Financial Times estimates that the deal will be worth at least $100 million over the next five years. Interregional Sports Group (ISG), which is a London-based marketing agency, will grant betting partnership rights to various betting brands in regulated markets. This will include on-screen graphics, trackside signage, as well as digital integration with the social platforms of Formula One, the statement reveals.

Although the details of the deal are still unclear, ISG would make an upfront payment to Formula One and then, it would sell the access rights to gambling companies. The other company in the partnership is Sportsradar, a sports betting and data analyzing firm, headquartered in Switzerland. According to the press release, the company and its Fraud Detection System will provide assistance with the safety and integrity policies. It already works with various rights holders and helps them prevent and fight match-fixing. Some of these leagues are NBA, NHL, FIFA, World Rugby, ITF, UEFA, AFC, and more.

F1’s First Betting Sponsorship Deal in 40 Years

During Bernie Ecclestone’s era, which continued for 40 years, the endorsement from betting companies was not allowed. Ecclestone who ran Formula One since the 1970’s did not want the brand to be associated with gambling in order to preserve its glamorous image. Most sports, leagues, and teams, on the other hand, have signed multi-million sponsorship deals with sports betting and gambling companies over the years. Such partnerships have increased in value in recent years, earning fortunes to some of the most successful teams in the world.

The deal with ISG and Sportsradar will not only allow fans to place live bets but it will also enable advertisements to be displayed on electronic billboards track-side. Gambling brands will be flashed on the track and on-screen during televised races. After this partnership takes into effect, Formula One will become a lot like English football, for example. This season, 17 of all 24 Championship clubs and 9 of all 20 Premier League clubs are sponsored by sportsbooks, which names are clearly displayed on footballers’ shirts.

The move is an important shift in the business strategy from what was practiced over decades under the previous owner. But it also comes in a time of controversy regarding the influence of gambling giants on sports groups and major sporting leagues. For this season, Formula One has 21 races which take place worldwide. Some of the countries where they are held, however, prohibit or restrict gambling ads during live broadcasts.

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American Gaming Association Releases New Research On Economic Impact Of Gaming Industry

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American Gaming Association Releases New Research On Economic Impact Of Gaming Industry

Today, the American Gaming Association (AGA) released a new study examining the striking impact the gaming industry has on the U.S. economy – providing stable jobs to nearly two million Americans and generating billions of dollars in tax revenue.

Relax Gaming announces new Erik the Red slot game

World Casino News
Relax Gaming announces new Erik the Red slot game

Online slot gaming fans must prepare to go on a seafaring adventure with an exciting new release by Relax Gaming. The top-rated platform supplier and casino games creator has announced their latest video slots title featuring a fire-bearded Viking, Erik the Red. The new 5×4 video slot game involves Erik and Helga, his wife, as […]

AGA Letter Warns Of Impact That Federal Intervention Will Have On Sports Betting

AGA Letter Warns Of Impact That Federal Intervention Will Have On Sports Betting
warning sign

In a letter to Sen. Chuck Schumer, the AGA states that illegal sportsbooks were the result of PASPA and no new federal sports betting law is needed.

The post AGA Letter Warns Of Impact That Federal Intervention Will Have On Sports Betting appeared first on .

Ali Imsirovic wins Purple Jacket at 2018 Poker Masters

BankrollMob News - Poker / Casino / Betting
Ali Imsirovic wins Purple Jacket at 2018 Poker Masters
A 23-year-old highstakes newcomer makes three cashes and takes down two titles for more than $1.2 million at the 2018 Poker Masters, and thanks to these accomplishments, he also gets the coveted Purple Jacket in the end! The 2018 Poker Masters was scheduled on September 6 to 15. According to the website, The Poker Masters revolutionizes the high roller landscape with a week of tournament poker at the highest stakes. The series pits the best players in the world against one another in a series[...]

Monday, September 17, 2018

Zitro Unveils A New Revolution In Games In Torremolinos

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Zitro Unveils A New Revolution In Games In Torremolinos

ZITRO is preparing to present their latest Video Bingo and Video Slot products at the Andalusian Game Congress Expo in Torremolinos on 19-20 September 2018. 

Atlantic City Casinos Close Out Summer With Another Stellar Month In Revenue

Atlantic City Casinos Close Out Summer With Another Stellar Month In Revenue
atlantic city

Atlantic City casinos in August tallied nearly $300M in revenue, according to state regulators. With NJ sports betting on the march, things are looking up.

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Greece’s €8 Billion Casino Sees Huge Investor Interest Despite New Taxes for Online Operators

Casino News Daily
Greece’s €8 Billion Casino Sees Huge Investor Interest Despite New Taxes for Online Operators

Several international gaming giants are apparently eying the ambitious €8 billion Hellinikon casino project, intended to become the first integrated casino resort in Europe. The gambling sector is expected to grow as online operators will be required to pay €5 million to receive a gambling license, according to the newly proposed regulations, published last week.

The international tender for a casino license will be opened in October but several companies have already expressed their interest in the project. These include the United States-based giant Caesars Entertainment, the French Groupe Lucien Barriere, as well as two influential Native American brands, namely the Mohegan Sun and Hard Rock. Local Greek newspaper Ekathimerini has now reported that another two firms are now considering bidding.

According to the news outlet, which cites an unnamed source, one of them is Miura Holdings, a company based in Las Vegas. The other potential operator is Clairevest Group, private equity management firm from Toronto, Canada. It manages approximately $1.7 billion of equity capital, including in companies in the gambling and entertainment sector.

There might be a cooperation between two or more of these companies. Sources say Mohegan Sun is in “close relations” with Miura Holdings, so the two firms may apply together or even plan to work together in the future casino project. There will not be an announcement for the tender until early October but potential casino operators are already taking the local regulations and taxes into consideration.

This would certainly include the options for online presence where authorities are preparing to introduce new regulation. Earlier this month, it became clear that the gambling business in the country is becoming quite expensive as only for casino licenses, operators will have to pay €5 million.

More Restrictions for Online Gambling Operators

Online gambling operators in Greece will now be facing more restrictions and will need to meet more requirements. On September 11, the Greek Ministry of Finance published new regulations regarding taxation of gambling businesses and Internet-based operators, to be precise. According to the newly proposed rules, operators of online sports betting platforms will need to pay €4 million in order to obtain a sports betting license.

If they plan to offer casino games and other types of online gambling services, however, they will need to get an additional license, which will cost €1 million. These permits will be valid for 5 years and licensees will be required to renew them at least a year before the expiration date. In addition, operators will also need to have a license from at least one other European country. If a company’s permit has been suspended in Greece in the past 12 months, it will not be able to receive a new one.

Although firms will be required to have a license in another country and will need to prove they possess a certain amount of money, they will have to deposit €500,000 as part of their application. The Ministry does not specify whether it plans to change the original 35% tax on operator revenue. However, its new document includes a tax on online gambler’s winnings. Winnings under €100 will not be subject to a tax, while winnings between €100 and €500 will be charged a 15% tax. The tax for winnings above €500 will be 20%.

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