The situation of the Trump Taj Mahal seems hopeless after Atlantic City officials refused to reduce taxes in order to save the casino.

In May 1984, when Trump Plaza opened its doors to customers, it became Atlantic City’s 10th casino. The venue’s financial problems became evident this year, and by the middle of September owners were left with no other option but to close it.

The entire city is dealing with a huge budget deficit and several casinos have gone out of business this year, as the gambling Mecca is falling under the pressure of competition from neighboring states. In order to recover from the financial disaster, workers will be laid off and taxes on homes and businesses will be raised, as local authorities are planning to cut $40 million from the city’s budget over the next four years.

Out of the state’s 12 casinos, four have already closed. The Trump Taj Mahal Casino and Resort would be the fifth one, with Trump Entertainment threatening to shut it down mid-November. So far, all plans to save the venue have failed.

ABC News: AP: Mayor Nixes Tax Break to Save Taj Mahal Casino

According to the latest gambling news, Atlantic City Mayor Don Guardian has rejected a proposal to revive the Trump Taj Mahal Casino Resort. The city cannot afford to meet the owners’ demands for reduced taxes, the mayor explained in an interview with the Associated Press.

In the proposal, the venue’s owners asked local authorities to reduce the tax assessments of Trump Plaza from $248 million to $40 million. The hotel and casino complex closed at the middle of September. In addition, the company asked for another reduction – from $1 billion to $300 million – for the Taj Mahal.

“Given the difficult economic situation in Atlantic City, we are not in a position to accept these requests,” Mayor Don Guardian told reporters. “We cannot afford those demands.”

With these plans being rejected, the city will most likely say “no” to another offer proposed by billionaire businessman Carl Icahn, leaving the struggling venue with no other options. The entrepreneur has promised to bail the casino out with a $100 million investment, but the project comes with strings attached.

Now it looks like Trump Entertainment could close the Taj Mahal at the middle of November.

CTV News: Billionaire may invest $100M save Trump’s Taj Mahal Casino

Billionaire businessman Carl Icahn is considering spending $100 million to save the now-bankrupt Trump Taj Mahal Casino Resort, but his offer comes with considerable strings attached. The investor said he will bail the venue out “if and only if” he gets givebacks from the workers’ union, $25 million in funds from an agency in New Jersey, and tax breaks regardless of the state’s current taxation and gambling laws.

At a recent appearance in bankruptcy court, Trump Entertainment Resorts presented a letter from the businessman’s lawyer, detailing his conditions for saving the casino and asking that the debt he owns in it be converted to equity that would give him ownership.

“Notwithstanding the fact that putting more money into the Taj is a questionable business decision, we share the company’s desire to see the Taj Mahal remain open and preserve the jobs of the company’s employees,” the attorney wrote, adding that failing to get the concessions “would make it impossible to operate a viable company at this time.”

The court filing paints a dismal picture of the casino’s current financial situation and argues there is no hope for survival without Icahn’s investment. Trump Entertainment said it was going to close the venue in November, leaving 2,041 full-time and 825 part-time employees without work.

Union president Bob McDevitt warned that the businessman is “seeking to take advantage of the Atlantic City crisis to do away with the health care thousands of south Jersey casino workers and their families have fought for and relied upon for over 30 years,” and added that his proposal aims to cut total compensation for workers.

Wall Street Journal: Trump Eyes Possible Return to Atlantic City

Billionaire Donald Trump is considering buying back two casinos in Atlantic City, both of them bearing his name, but still wants his name removed from the properties. The businessman hasn’t been involved in the management of either the Trump Taj Mahal, or the Trump Plaza for seven years now. Moreover, he told the Wall Street Journal that he disagrees with the way the venues are being run.

“We have a very high standard” in the licensing contract, he told reporters, “and they don’t operate it to our standards.”

“I’d fix them and bring them back to a very high standard,” Trump said. While acknowledging that Atlantic is in a “very difficult place”, he added: “I think a smaller Atlantic City maybe has a chance.”

Trump’s lawyers argued in court that the licensing contract requires operators to maintain “the highest levels of quality, luxury, prestige, and success,” which the plaintiff believes were not met. Inspectors of Trump AC have found a “serious deficiency in quality” and demanded that they be fixed. The casinos responded, claiming they had a plan to address the “deplorable conditions” at the Plaza, but further notices culminated in a lawsuit where Trump asked for his name to be removed from the business.

The casinos were originally developed by Trump and have come close to bankruptcy before. The real-estate mogul is no longer involved in the management of these casinos, but still owns 5% of Trump Entertainment.

The situation of the Trump Taj Mahal seems hopeless after Atlantic City officials refused to reduce taxes in order to save the casino.

In May 1984, when Trump Plaza opened its doors to customers, it became Atlantic City’s 10th casino. The venue’s financial problems became evident this year, and by the middle of September owners were left with no other option but to close it.

The entire city is dealing with a huge budget deficit and several casinos have gone out of business this year, as the gambling Mecca is falling under the pressure of competition from neighboring states. In order to recover from the financial disaster, workers will be laid off and taxes on homes and businesses will be raised, as local authorities are planning to cut $40 million from the city’s budget over the next four years.

Out of the state’s 12 casinos, four have already closed. The Trump Taj Mahal Casino and Resort would be the fifth one, with Trump Entertainment threatening to shut it down mid-November. So far, all plans to save the venue have failed.

ABC News: AP: Mayor Nixes Tax Break to Save Taj Mahal Casino

According to the latest gambling news, Atlantic City Mayor Don Guardian has rejected a proposal to revive the Trump Taj Mahal Casino Resort. The city cannot afford to meet the owners’ demands for reduced taxes, the mayor explained in an interview with the Associated Press.

In the proposal, the venue’s owners asked local authorities to reduce the tax assessments of Trump Plaza from $248 million to $40 million. The hotel and casino complex closed at the middle of September. In addition, the company asked for another reduction – from $1 billion to $300 million – for the Taj Mahal.

“Given the difficult economic situation in Atlantic City, we are not in a position to accept these requests,” Mayor Don Guardian told reporters. “We cannot afford those demands.”

With these plans being rejected, the city will most likely say “no” to another offer proposed by billionaire businessman Carl Icahn, leaving the struggling venue with no other options. The entrepreneur has promised to bail the casino out with a $100 million investment, but the project comes with strings attached.

Now it looks like Trump Entertainment could close the Taj Mahal at the middle of November.

CTV News: Billionaire may invest $100M save Trump’s Taj Mahal Casino

Billionaire businessman Carl Icahn is considering spending $100 million to save the now-bankrupt Trump Taj Mahal Casino Resort, but his offer comes with considerable strings attached. The investor said he will bail the venue out “if and only if” he gets givebacks from the workers’ union, $25 million in funds from an agency in New Jersey, and tax breaks regardless of the state’s current taxation and gambling laws.

At a recent appearance in bankruptcy court, Trump Entertainment Resorts presented a letter from the businessman’s lawyer, detailing his conditions for saving the casino and asking that the debt he owns in it be converted to equity that would give him ownership.

“Notwithstanding the fact that putting more money into the Taj is a questionable business decision, we share the company’s desire to see the Taj Mahal remain open and preserve the jobs of the company’s employees,” the attorney wrote, adding that failing to get the concessions “would make it impossible to operate a viable company at this time.”

The court filing paints a dismal picture of the casino’s current financial situation and argues there is no hope for survival without Icahn’s investment. Trump Entertainment said it was going to close the venue in November, leaving 2,041 full-time and 825 part-time employees without work.

Union president Bob McDevitt warned that the businessman is “seeking to take advantage of the Atlantic City crisis to do away with the health care thousands of south Jersey casino workers and their families have fought for and relied upon for over 30 years,” and added that his proposal aims to cut total compensation for workers.

Wall Street Journal: Trump Eyes Possible Return to Atlantic City

Billionaire Donald Trump is considering buying back two casinos in Atlantic City, both of them bearing his name, but still wants his name removed from the properties. The businessman hasn’t been involved in the management of either the Trump Taj Mahal, or the Trump Plaza for seven years now. Moreover, he told the Wall Street Journal that he disagrees with the way the venues are being run.

“We have a very high standard” in the licensing contract, he told reporters, “and they don’t operate it to our standards.”

“I’d fix them and bring them back to a very high standard,” Trump said. While acknowledging that Atlantic is in a “very difficult place”, he added: “I think a smaller Atlantic City maybe has a chance.”

Trump’s lawyers argued in court that the licensing contract requires operators to maintain “the highest levels of quality, luxury, prestige, and success,” which the plaintiff believes were not met. Inspectors of Trump AC have found a “serious deficiency in quality” and demanded that they be fixed. The casinos responded, claiming they had a plan to address the “deplorable conditions” at the Plaza, but further notices culminated in a lawsuit where Trump asked for his name to be removed from the business.

The casinos were originally developed by Trump and have come close to bankruptcy before. The real-estate mogul is no longer involved in the management of these casinos, but still owns 5% of Trump Entertainment.

Japan is getting closer and closer to that critical point where casino developers will lose their patience and turn their backs on any investment opportunity in the country.

Since experts estimated that Japan has the potential to become Asia’s second largest casino market, Prime Minister Shinzo Abe’s administration has been pushing for a change in Japanese gambling laws to open the door to major casino developers before the 2020 Olympics in Tokyo. With the way things are going, it looks like the big dream is not going to happen anytime soon.

For Japan, it’s not a matter of “sooner or later”. If investors don’t have sufficient time to make their plans, obtain approval and start building, the effort will not be worth it. Having a favorable regulatory system as soon as possible was crucial for the success of the country’s gambling market. It’s becoming increasingly unlikely that everything will be ready in time for the Olympics.

Reuters: Costs, politics erode chances for a Tokyo casino by 2020

Japanese casino supporters are starting to panic as plans to change the country’s gambling legislation don’t seem to be coming together. As time passes and authorities are still undecided whether to approve the new casino bill, plans to open the first casino in Tokyo before the 2020 Olympics are becoming increasingly unlikely.

Even though Prime Minister Shinzo Abe has repeatedly stated that legalizing casino games is one of his main objectives, recent gambling news say building costs are skyrocketing, and the city government is not treating casino development as an economic priority anymore.

For months, casino companies have courted the governments of Tokyo and Osaka, hoping that they will convince them to open the market. Analysts have touted Japan as one of the world’s biggest untapped markets for gambling, but authorities are still undecided.

Major casino operators like Las Vegas Sands, Genting Singapore, MGM Resorts and Melco Crown Entertainment have proposed billion-dollar plans for the area, in order to position themselves as potential candidates for a license, should the casino bill be approved.

The parliament just began its autumn session, and the casino bill should be debated. Supporters of the idea are hoping that politicians will make a decision, giving the administration enough time to approve the bill and start making plans by 2015. But costs have become an issue and the Tokyo government is considering scaling back its plans for the Olympics.

Satoshi Okabe, a senior manager at a project being developed by Dentsu, said: “The reality is that preparations for the Olympics are going to be pretty challenging. Casinos are secondary. Building costs are going to spike and foreign casino operators are going to find investment returns inefficient.”

Meanwhile, Osaka is making progress with its plans for a casino and Caesars Entertainment is still interested. “We are actively in talks with potential Japanese partners about an Osaka project,” said Steve Tight, president for international development for Caesars.

Forbes: Japan Forms Casino Task Force To Boost Flagging Momentum

At the end of August, Prime Minister Shinzo Abe’s government announced that it was going to create a task force help speed up preparations for casinos in Japan. Decision-makers have postponed the issue for a while now, but the Abe administration is hoping the task force will revive momentum for the resorts to be open in time for the 2020 Olympic Summer Games in Tokyo.

Some major gaming companies said they were willing to spend as much as $5 billion or more to build integrated resorts in the country’s largest cities, but financial experts doubt that the Japanese market is worth that level of investment.

The casino legalization bill was introduced in December 2013, but the Diet didn’t include it in its June voting session. The issue was brought up for debate just a few days before the session closed, so there is still hope that it might come up again during the special session held in autumn.

A report released by Morgan Stanley says Japan is facing many issues in its ambitions to build integrated casino resorts. Analysts Praveen Choudhary, Thomas Allen and Alex Poon have concluded that the country’s gambling market may not be as profitable as casino developers are hoping.

GamingZion: Major Casino Developers Eager to Join the $40 Billion Japanese Casino Market

Experts agree that a casino industry in Japan could potentially generate a yearly profit of $40 billion. The news has convinced the world’s largest casino developers that they must have a share of that juicy revenue, so developers like Melco Crown Entertainment, Las Vegas Sands, MGM Resorts, Wynn Resorts and Caesar’s Entertainment Group have all pledged to invest billions of dollars.

Melco CEO Lawrence Ho said the company was willing to spend as much as $5 billion on a new investment in Japan, should the new law pass. The developer sees it as the perfect opportunity to expand outside of Macau.

Las Vegas Sands, Wynn and MGM are also interested in the Japanese casino market, and Caesars Entertainment has already presented its plans for a $5 billion resort, as Chief Executive Officer Gary Loveman said the company “will have no trouble raising the finance for a world-class facility in Tokyo.”

Japan is getting closer and closer to that critical point where casino developers will lose their patience and turn their backs on any investment opportunity in the country.

Since experts estimated that Japan has the potential to become Asia’s second largest casino market, Prime Minister Shinzo Abe’s administration has been pushing for a change in Japanese gambling laws to open the door to major casino developers before the 2020 Olympics in Tokyo. With the way things are going, it looks like the big dream is not going to happen anytime soon.

For Japan, it’s not a matter of “sooner or later”. If investors don’t have sufficient time to make their plans, obtain approval and start building, the effort will not be worth it. Having a favorable regulatory system as soon as possible was crucial for the success of the country’s gambling market. It’s becoming increasingly unlikely that everything will be ready in time for the Olympics.

Reuters: Costs, politics erode chances for a Tokyo casino by 2020

Japanese casino supporters are starting to panic as plans to change the country’s gambling legislation don’t seem to be coming together. As time passes and authorities are still undecided whether to approve the new casino bill, plans to open the first casino in Tokyo before the 2020 Olympics are becoming increasingly unlikely.

Even though Prime Minister Shinzo Abe has repeatedly stated that legalizing casino games is one of his main objectives, recent gambling news say building costs are skyrocketing, and the city government is not treating casino development as an economic priority anymore.

For months, casino companies have courted the governments of Tokyo and Osaka, hoping that they will convince them to open the market. Analysts have touted Japan as one of the world’s biggest untapped markets for gambling, but authorities are still undecided.

Major casino operators like Las Vegas Sands, Genting Singapore, MGM Resorts and Melco Crown Entertainment have proposed billion-dollar plans for the area, in order to position themselves as potential candidates for a license, should the casino bill be approved.

The parliament just began its autumn session, and the casino bill should be debated. Supporters of the idea are hoping that politicians will make a decision, giving the administration enough time to approve the bill and start making plans by 2015. But costs have become an issue and the Tokyo government is considering scaling back its plans for the Olympics.

Satoshi Okabe, a senior manager at a project being developed by Dentsu, said: “The reality is that preparations for the Olympics are going to be pretty challenging. Casinos are secondary. Building costs are going to spike and foreign casino operators are going to find investment returns inefficient.”

Meanwhile, Osaka is making progress with its plans for a casino and Caesars Entertainment is still interested. “We are actively in talks with potential Japanese partners about an Osaka project,” said Steve Tight, president for international development for Caesars.

Forbes: Japan Forms Casino Task Force To Boost Flagging Momentum

At the end of August, Prime Minister Shinzo Abe’s government announced that it was going to create a task force help speed up preparations for casinos in Japan. Decision-makers have postponed the issue for a while now, but the Abe administration is hoping the task force will revive momentum for the resorts to be open in time for the 2020 Olympic Summer Games in Tokyo.

Some major gaming companies said they were willing to spend as much as $5 billion or more to build integrated resorts in the country’s largest cities, but financial experts doubt that the Japanese market is worth that level of investment.

The casino legalization bill was introduced in December 2013, but the Diet didn’t include it in its June voting session. The issue was brought up for debate just a few days before the session closed, so there is still hope that it might come up again during the special session held in autumn.

A report released by Morgan Stanley says Japan is facing many issues in its ambitions to build integrated casino resorts. Analysts Praveen Choudhary, Thomas Allen and Alex Poon have concluded that the country’s gambling market may not be as profitable as casino developers are hoping.

GamingZion: Major Casino Developers Eager to Join the $40 Billion Japanese Casino Market

Experts agree that a casino industry in Japan could potentially generate a yearly profit of $40 billion. The news has convinced the world’s largest casino developers that they must have a share of that juicy revenue, so developers like Melco Crown Entertainment, Las Vegas Sands, MGM Resorts, Wynn Resorts and Caesar’s Entertainment Group have all pledged to invest billions of dollars.

Melco CEO Lawrence Ho said the company was willing to spend as much as $5 billion on a new investment in Japan, should the new law pass. The developer sees it as the perfect opportunity to expand outside of Macau.

Las Vegas Sands, Wynn and MGM are also interested in the Japanese casino market, and Caesars Entertainment has already presented its plans for a $5 billion resort, as Chief Executive Officer Gary Loveman said the company “will have no trouble raising the finance for a world-class facility in Tokyo.”

Officials say GBP69 million have been returned to the Olympic lottery distribution fund.

Last year Hugh Robertson, the former minister for sport and tourism, promised to pay lottery distributors part of their money back by July 2014. The Government official promised to return between GBP100 million and GBP150 million of unspent funds and proceeds from the sale of the Olympic athletes village.

Now Helen Grant, who has taken over his position, announced that money has been placed in the Olympic Lottery Distribution Fund. The news came through a letter sent to the Directory of Social Change (DSC).

According to gambling news, the previous government raised GBP675 million from lottery distributors to help pay for the 2012 London Olympics, with the biggest part of it coming from the Big Lottery Fund. After the end of the Olympic Games, National Lottery minister John Penrose said contributors would most likely be paid back by 2030 or 2031.

Third Sector: Government says £69m of Olympic money is set to be returned to lottery distributors

Earlier in July, the Government paid back an initial GBP79 million of the promised GBP150 million. Back then, the Department for Culture, Media and Sport said the rest of the money would come “later in the year”.

This month Helen Grant, minister for sport and tourism, sent a letter to the DSC saying that the GBP69.2 million sale of the Olympic Village was completed on August 6. The money resulting from these proceeds has been placed in the Olympic Lottery Distribution Fund, Grant said.

“The process for the final closure of the OLDF is now under way, and the balance will be moved to the National Lottery Distribution Fund for allocation in the usual proportions to good causes,” she wrote in the letter.

Under the country’s gambling laws, the National Lottery distributes good-cause money to lottery distributors such as the Big Lottery Fund, the Heritage Lottery Fund and Sport England.

DSC policy and research director Jay Kennedy said: “It is a good thing that now we know the village deal has concluded, the GBP69 million refund is happening and it isn’t going to drag on further into the end of the year.”

“But the government had originally said that this money from the athletes village sale would be coming back in July along with the GBP69 million in unspent OLDF funds.”

UK FundRaising: Big Lottery Refund campaign secures £148m refund

Led by the Director of Social Change, the Big Lottery Refund campaign to persuade the Government to return GBP425 million of Olympic money to the lottery fund was supported by 3,600 charitable organizations. The first signs that the campaign was making an impact came at the end of July, when authorities made an initial payment of GBP79 million out of the amount owed.

Considering that former sports minister Hugh Robertson promised to pay GBP150 million by July 2014, the partial refund was paid only at the very last minute. Out of the GBP79 million returned, GBP60 million is going to the Big Lottery Fund, and the rest to other lottery distributors.

“This is a brilliant victory for our supporters – their hundreds of letters to MPs and Ministers, statements to the press, and awareness-raising have held Government to account,” Jay Kennedy, Director of Policy and Research at DSC said in a statement.

“I want to thank them for their efforts. Without their support and pressure, I honestly believe Government might have just siphoned this cash off somewhere else. Now that it has been returned to the Lottery it can benefit charitable good causes across the country.”

The Telegraph: We want our share of the £528million Olympic surplus now, say charities

After the UK Government used money from lottery funds to organize the 2012 London Olympics, charities are asking for the money back. Last July, some organizations have accused ministers of pocketing hundreds of millions of pounds instead of returning what they borrowed.

This happened soon after sports minister Hugh Robertson disclosed that GBP528 million had been saved from the Olympics’ and Paralympics’ budget. The Government was planning on giving the money to the Treasury, but charities have criticized the decision claiming that part of the money should be returned to the Big Lottery Fund, after officials raised GBP425 million from lottery causes to help fund the Olympics and Paralympics Games.

Jay Kennedy, director of Policy and Research at the DSC told reporters: “Now that this money has gone unspent there really is no morally defensible reason why charities should not be paid back. There is a concern that the Government is playing politics with this money and using it to bring down the headline deficit figure.”

In its defense, the Big Lottery Refund argued that, despite having nothing to do with elite sports, it became the biggest Olympic lottery contributor. The amount it raised could have funded more than 10,000 charities, the organization said.

Officials say GBP69 million have been returned to the Olympic lottery distribution fund.

Last year Hugh Robertson, the former minister for sport and tourism, promised to pay lottery distributors part of their money back by July 2014. The Government official promised to return between GBP100 million and GBP150 million of unspent funds and proceeds from the sale of the Olympic athletes village.

Now Helen Grant, who has taken over his position, announced that money has been placed in the Olympic Lottery Distribution Fund. The news came through a letter sent to the Directory of Social Change (DSC).

According to gambling news, the previous government raised GBP675 million from lottery distributors to help pay for the 2012 London Olympics, with the biggest part of it coming from the Big Lottery Fund. After the end of the Olympic Games, National Lottery minister John Penrose said contributors would most likely be paid back by 2030 or 2031.

Third Sector: Government says £69m of Olympic money is set to be returned to lottery distributors

Earlier in July, the Government paid back an initial GBP79 million of the promised GBP150 million. Back then, the Department for Culture, Media and Sport said the rest of the money would come “later in the year”.

This month Helen Grant, minister for sport and tourism, sent a letter to the DSC saying that the GBP69.2 million sale of the Olympic Village was completed on August 6. The money resulting from these proceeds has been placed in the Olympic Lottery Distribution Fund, Grant said.

“The process for the final closure of the OLDF is now under way, and the balance will be moved to the National Lottery Distribution Fund for allocation in the usual proportions to good causes,” she wrote in the letter.

Under the country’s gambling laws, the National Lottery distributes good-cause money to lottery distributors such as the Big Lottery Fund, the Heritage Lottery Fund and Sport England.

DSC policy and research director Jay Kennedy said: “It is a good thing that now we know the village deal has concluded, the GBP69 million refund is happening and it isn’t going to drag on further into the end of the year.”

“But the government had originally said that this money from the athletes village sale would be coming back in July along with the GBP69 million in unspent OLDF funds.”

UK FundRaising: Big Lottery Refund campaign secures £148m refund

Led by the Director of Social Change, the Big Lottery Refund campaign to persuade the Government to return GBP425 million of Olympic money to the lottery fund was supported by 3,600 charitable organizations. The first signs that the campaign was making an impact came at the end of July, when authorities made an initial payment of GBP79 million out of the amount owed.

Considering that former sports minister Hugh Robertson promised to pay GBP150 million by July 2014, the partial refund was paid only at the very last minute. Out of the GBP79 million returned, GBP60 million is going to the Big Lottery Fund, and the rest to other lottery distributors.

“This is a brilliant victory for our supporters – their hundreds of letters to MPs and Ministers, statements to the press, and awareness-raising have held Government to account,” Jay Kennedy, Director of Policy and Research at DSC said in a statement.

“I want to thank them for their efforts. Without their support and pressure, I honestly believe Government might have just siphoned this cash off somewhere else. Now that it has been returned to the Lottery it can benefit charitable good causes across the country.”

The Telegraph: We want our share of the £528million Olympic surplus now, say charities

After the UK Government used money from lottery funds to organize the 2012 London Olympics, charities are asking for the money back. Last July, some organizations have accused ministers of pocketing hundreds of millions of pounds instead of returning what they borrowed.

This happened soon after sports minister Hugh Robertson disclosed that GBP528 million had been saved from the Olympics’ and Paralympics’ budget. The Government was planning on giving the money to the Treasury, but charities have criticized the decision claiming that part of the money should be returned to the Big Lottery Fund, after officials raised GBP425 million from lottery causes to help fund the Olympics and Paralympics Games.

Jay Kennedy, director of Policy and Research at the DSC told reporters: “Now that this money has gone unspent there really is no morally defensible reason why charities should not be paid back. There is a concern that the Government is playing politics with this money and using it to bring down the headline deficit figure.”

In its defense, the Big Lottery Refund argued that, despite having nothing to do with elite sports, it became the biggest Olympic lottery contributor. The amount it raised could have funded more than 10,000 charities, the organization said.

Although analysts estimated that business would pick up again in Macau, revenue hit a new low in August. Latest gambling news say this was the third consecutive month when the world’s largest gambling hub posted a decline in profits, after China’s anti-graft campaign kept VIP gamblers away. As a consequence, casino shares also dropped.The downward trend began in June, when the city’s casino revenue saw the first decrease. July brought more bad news, and that’s when analysts jumped in to say it was only because of the FIFA World Cup, which had supposedly kept gamblers away from the casino table. Industry experts said profits would most likely increase again in August, but recent figures reveal a new drop in profits.

The 3.7% revenue decrease reported in June was the first drop Macau saw in five years. The former Portuguese colony is the only place in China where gambling laws allow casinos.

Reuters:  Macau gambling revenue declines for third consecutive month

This August, gambling revenue in Macau fell 6.1% on a year-to-year basis. News reports say this was also the third consecutive month when profits declined. Many believe it has something to do with China’s campaign against corruption, which extends to the world’s largest gambling hub and keeps VIP gamblers away.

According to a financial report released by the local government on Monday, total gambling revenue fell to 28.9 billion patacas in August (the equivalent of $3.6 billion) from 30.7 billion patacas in the same month of 2013. Industry analysts were expecting a decline of 2 to 6%.

There are 35 casinos operating in Macau at present. The former Portuguese colony is part of Chinese territory, but it’s still a special administrative region, just like neighboring Hong Kong. Gambling is not allowed on the mainland, but casinos are legal in Macau and the area has developed a lot over the past decade, becoming the world’s largest gambling hub.

During the past two years profits have seen a major increase. Revenue reached a total of $45 billion in 2013, but the latest figures have plummeted to lows last seen in 2009.

Bloomberg:  Macau Casino Revenue Misses Estimates on China Probes

Macau’s Gaming Inspection and Coordination Bureau recently announced that August’s total gross gaming revenue has declined 6.1% to 28.9 billion patacas. The percentage is much higher than the median estimate of just 2% promoted by seven analysts surveyed by Bloomberg News.

Chinese President Xi Jinping has ordered authorities to look into corruption and lavish spending in Macau. Officials suspect mainland residents are trying to find ways around the law, in order to spend more money on casino games than they’re allowed to. They are not looking into methods some gamblers use to transfer money from China, which has caused VIPs take their money somewhere else.

Although the number of visitors hasn’t changed much in Macau, Hong Kong-based analyst Philip Tulk said: “China’s anti-corruption campaign seems to be keeping some high-rollers out of Macau, and that’s unlikely to change much in the fourth quarter.”

Meanwhile, this has caused Sands China’s shared to drop 3.2%, while Galaxy Entertainment Group has seen a 2.9% decrease in shares.

Japan Times:  Macau casino dealers take industrial action for first time

While company shares are dropping and high-rollers are looking for other places where they can spend their money, Macau dealers working for one of the most popular casinos in the region have started industrial action against their employers. The protest is a first in Chinese history.

More than 1,000 dealers from SJM Holdings are asking for better salaries and benefits spreads. Some of them have shown up late for their shifts, while others have stopped working overtime.

“SJM has mobilized additional manpower support to handle the situation and promised that today, if workers are willing to go to work, they will guarantee compensation three times the salary,” baccarat dealer Ieong Mang Teng told reporters. Teng is also the head of a labor group called “Forefront of Macau Gaming”.

Despite all of these problems, eight new resorts are expected to be built in Macau over the next three years.

Although analysts estimated that business would pick up again in Macau, revenue hit a new low in August. Latest gambling news say this was the third consecutive month when the world’s largest gambling hub posted a decline in profits, after China’s anti-graft campaign kept VIP gamblers away. As a consequence, casino shares also dropped.The downward trend began in June, when the city’s casino revenue saw the first decrease. July brought more bad news, and that’s when analysts jumped in to say it was only because of the FIFA World Cup, which had supposedly kept gamblers away from the casino table. Industry experts said profits would most likely increase again in August, but recent figures reveal a new drop in profits.

The 3.7% revenue decrease reported in June was the first drop Macau saw in five years. The former Portuguese colony is the only place in China where gambling laws allow casinos.

Reuters:  Macau gambling revenue declines for third consecutive month

This August, gambling revenue in Macau fell 6.1% on a year-to-year basis. News reports say this was also the third consecutive month when profits declined. Many believe it has something to do with China’s campaign against corruption, which extends to the world’s largest gambling hub and keeps VIP gamblers away.

According to a financial report released by the local government on Monday, total gambling revenue fell to 28.9 billion patacas in August (the equivalent of $3.6 billion) from 30.7 billion patacas in the same month of 2013. Industry analysts were expecting a decline of 2 to 6%.

There are 35 casinos operating in Macau at present. The former Portuguese colony is part of Chinese territory, but it’s still a special administrative region, just like neighboring Hong Kong. Gambling is not allowed on the mainland, but casinos are legal in Macau and the area has developed a lot over the past decade, becoming the world’s largest gambling hub.

During the past two years profits have seen a major increase. Revenue reached a total of $45 billion in 2013, but the latest figures have plummeted to lows last seen in 2009.

Bloomberg:  Macau Casino Revenue Misses Estimates on China Probes

Macau’s Gaming Inspection and Coordination Bureau recently announced that August’s total gross gaming revenue has declined 6.1% to 28.9 billion patacas. The percentage is much higher than the median estimate of just 2% promoted by seven analysts surveyed by Bloomberg News.

Chinese President Xi Jinping has ordered authorities to look into corruption and lavish spending in Macau. Officials suspect mainland residents are trying to find ways around the law, in order to spend more money on casino games than they’re allowed to. They are not looking into methods some gamblers use to transfer money from China, which has caused VIPs take their money somewhere else.

Although the number of visitors hasn’t changed much in Macau, Hong Kong-based analyst Philip Tulk said: “China’s anti-corruption campaign seems to be keeping some high-rollers out of Macau, and that’s unlikely to change much in the fourth quarter.”

Meanwhile, this has caused Sands China’s shared to drop 3.2%, while Galaxy Entertainment Group has seen a 2.9% decrease in shares.

Japan Times:  Macau casino dealers take industrial action for first time

While company shares are dropping and high-rollers are looking for other places where they can spend their money, Macau dealers working for one of the most popular casinos in the region have started industrial action against their employers. The protest is a first in Chinese history.

More than 1,000 dealers from SJM Holdings are asking for better salaries and benefits spreads. Some of them have shown up late for their shifts, while others have stopped working overtime.

“SJM has mobilized additional manpower support to handle the situation and promised that today, if workers are willing to go to work, they will guarantee compensation three times the salary,” baccarat dealer Ieong Mang Teng told reporters. Teng is also the head of a labor group called “Forefront of Macau Gaming”.

Despite all of these problems, eight new resorts are expected to be built in Macau over the next three years.

The highlight of this week’s online gambling news is the data breach that happened in 2010 and affected 649,000 Paddy Power customers. Their personal details were stolen by a Canadian who hacked into the betting company’s database. Now, four years later, Paddy Power is sending out emails to users who have been affected.

The hacker accessed personal information such as names, addresses, phone numbers, dates of birth, and even all the security questions used to verify accounts, along with the answers chosen by users. Luckily, he did not manage to get his hands on any financial information.

“We sincerely regret that this breach occurred and we apologize to people who have been inconvenienced as a result,” online division chief Peter O’Donovan said.

“We take our responsibilities regarding customer data extremely seriously and have conducted an extensive investigation into the breach and the recovered data. That investigation shows that there is no evidence that any customer accounts have been adversely impacted by this breach.”

Irish Mirror: Paddy Power say 650,000 customers affected by 2010 cyber attack

Paddy Power started to contact customers, after it was discovered that their personal information was leaked in a 2010 cyber attack. Almost 650,000 punters were affected by the data theft, and the Irish betting company said it was “pro-actively” getting in touch with those whose names, addresses, and phone numbers may have fallen into the wrong hands.

When checking their emails or the latest gambling results, some customers also came across a letter signed by Paddy Power’s managing director of online business, Peter O’Donovan, delivering the bad news that their personal details were stolen. The attack allegedly originated in Ontario, Canada.

The company said no financial information was taken from the 120,855 Irish customers, 461,154 UK users, and 67,052 international punters have been affected. It has been reported that Paddy Power became aware of the fraud in May, when it immediately launched an investigation, but it’s unclear why it took them so long to go public with it.

“We are communicating with all of the people whose details have been compromised to tell them what has happened,” O’Donovan added.

Comox Valley Echo: Irish betting company Paddy Power apologizes for 2010 data breach involving 649,055 customers

The Dublin-based online and mobile betting operator said it had known since 2010 that someone attempted to hack its customers’ online accounts. Paddy Power monitored the system for signs of fraud or theft, but said it had found no evidence of it actually happening

It was only in May that the company received a tipoff about a man in Toronto who had an archive of Paddy Power’s customers’ names, addresses, phone numbers, emails, birth dates, usernames, and security questions. All this information would come in handy to someone who tries to impersonate customers, to crack into their personal accounts on other websites.

Two Canadian court orders were secured in July, ordering the man to surrender his database. The police also obtained permits to look into his IT equipment and financial records. The man was questioned by officers, but is yet to be charged with any crime.

Paddy Power has started to send emails to the 649,055 customers affected. That number represented almost 30% of its online gamblers in 2010. Users were advised to change their security questions on all web accounts.

According to Maksym Schipka, an information security specialist working for British cyber-security firm Clearswift, the betting operator’s failure to identify the details of the data theft over the past four years is “a huge failure on Paddy Power’s behalf to maintain control and protection of its users’ critical information.”

Gloal Post: Ireland expresses concern over data breach in bookmaker Paddy Power

Soon after it came to light that a Canadian hacker had stolen personal information from Paddy Power’s data base, the Irish government publicly expressed concern over the data breach.

Dara Murphy, minister of state at the departments of the prime minister and foreign affairs with special responsibility for European affairs and data protection, told reporters: “I am very disappointed that it has taken until now for Paddy Power to inform its customers”

The breach occurred in October 2010, but Paddy Power did not inform the office of the Data Protection Commissioner until May 12, 2014. While gambling laws do not make it mandatory for operators to report such breaches, this is the recommended best practice.

The Irish betting operator waited almost four years to talk about what happened, and only went public after an investigation revealed details about the data theft.

“Paddy Power put in place increased security measures after the breach in 2010 and I have been in touch with the Office of the Data Protection Commissioner, which met with Paddy Power representatives this week,” Murphy added in a statement.

“My office and that of the Data Protection Commissioner will be working closely in relation to this matter. It is best practice to inform the commissioner as soon as these breaches occur, and although these were not breaches of password or financial information, the data security breach code of practice should be followed at all times in order to safeguard personal information and assure customers that their data is secure.”

The highlight of this week’s online gambling news is the data breach that happened in 2010 and affected 649,000 Paddy Power customers. Their personal details were stolen by a Canadian who hacked into the betting company’s database. Now, four years later, Paddy Power is sending out emails to users who have been affected.

The hacker accessed personal information such as names, addresses, phone numbers, dates of birth, and even all the security questions used to verify accounts, along with the answers chosen by users. Luckily, he did not manage to get his hands on any financial information.

“We sincerely regret that this breach occurred and we apologize to people who have been inconvenienced as a result,” online division chief Peter O’Donovan said.

“We take our responsibilities regarding customer data extremely seriously and have conducted an extensive investigation into the breach and the recovered data. That investigation shows that there is no evidence that any customer accounts have been adversely impacted by this breach.”

Irish Mirror: Paddy Power say 650,000 customers affected by 2010 cyber attack

Paddy Power started to contact customers, after it was discovered that their personal information was leaked in a 2010 cyber attack. Almost 650,000 punters were affected by the data theft, and the Irish betting company said it was “pro-actively” getting in touch with those whose names, addresses, and phone numbers may have fallen into the wrong hands.

When checking their emails or the latest gambling results, some customers also came across a letter signed by Paddy Power’s managing director of online business, Peter O’Donovan, delivering the bad news that their personal details were stolen. The attack allegedly originated in Ontario, Canada.

The company said no financial information was taken from the 120,855 Irish customers, 461,154 UK users, and 67,052 international punters have been affected. It has been reported that Paddy Power became aware of the fraud in May, when it immediately launched an investigation, but it’s unclear why it took them so long to go public with it.

“We are communicating with all of the people whose details have been compromised to tell them what has happened,” O’Donovan added.

Comox Valley Echo: Irish betting company Paddy Power apologizes for 2010 data breach involving 649,055 customers

The Dublin-based online and mobile betting operator said it had known since 2010 that someone attempted to hack its customers’ online accounts. Paddy Power monitored the system for signs of fraud or theft, but said it had found no evidence of it actually happening

It was only in May that the company received a tipoff about a man in Toronto who had an archive of Paddy Power’s customers’ names, addresses, phone numbers, emails, birth dates, usernames, and security questions. All this information would come in handy to someone who tries to impersonate customers, to crack into their personal accounts on other websites.

Two Canadian court orders were secured in July, ordering the man to surrender his database. The police also obtained permits to look into his IT equipment and financial records. The man was questioned by officers, but is yet to be charged with any crime.

Paddy Power has started to send emails to the 649,055 customers affected. That number represented almost 30% of its online gamblers in 2010. Users were advised to change their security questions on all web accounts.

According to Maksym Schipka, an information security specialist working for British cyber-security firm Clearswift, the betting operator’s failure to identify the details of the data theft over the past four years is “a huge failure on Paddy Power’s behalf to maintain control and protection of its users’ critical information.”

Gloal Post: Ireland expresses concern over data breach in bookmaker Paddy Power

Soon after it came to light that a Canadian hacker had stolen personal information from Paddy Power’s data base, the Irish government publicly expressed concern over the data breach.

Dara Murphy, minister of state at the departments of the prime minister and foreign affairs with special responsibility for European affairs and data protection, told reporters: “I am very disappointed that it has taken until now for Paddy Power to inform its customers”

The breach occurred in October 2010, but Paddy Power did not inform the office of the Data Protection Commissioner until May 12, 2014. While gambling laws do not make it mandatory for operators to report such breaches, this is the recommended best practice.

The Irish betting operator waited almost four years to talk about what happened, and only went public after an investigation revealed details about the data theft.

“Paddy Power put in place increased security measures after the breach in 2010 and I have been in touch with the Office of the Data Protection Commissioner, which met with Paddy Power representatives this week,” Murphy added in a statement.

“My office and that of the Data Protection Commissioner will be working closely in relation to this matter. It is best practice to inform the commissioner as soon as these breaches occur, and although these were not breaches of password or financial information, the data security breach code of practice should be followed at all times in order to safeguard personal information and assure customers that their data is secure.”

Las Vegas is America’s gambling mecca and one of the few places where casinos and sportsbooks can legally accept wagers on sporting events. Where many people see a saturated market, however, Malaysian businessman Paul Phua Wei-seng saw an opportunity.

Several news sources have reported that the 50-year old man, his 22-year old son and several others set up an illegal betting ring in three hotel rooms at the Caesar’s Palace in Las Vegas. On July 15th Phua and the others were caught and arrested, with the Malaysian’s bail set at a whopping $2 million.

What were they taking bets on? The World Cup 2014 in Brazil. And the series of arrests came just weeks after the authorities in Hong Kong broke up a multi-million World Cup betting ring based there. That ring was run by, guess who? None other than Paul Phua Wei-seng.

Associated Press: Malaysian Businessman Wei Seng Phua Released on $2 million Bond After Illegal Betting Arrest

Malaysian businessman and high-roller poker player Wei Seng Phua was released from jail in the US on July 28th after some fellow poker players posted his $2 million bond as well as the $500,000 set for his son. This is the latest gambling news in a month-long saga concerning the underworld figure.

Poker professionals Andrew Robl and 10-time World Series of Poker Champion Phil Ivey reportedly put together the $2.5 million to bail out the Phuas, which had been arrested (along with eight others) for running an illegal sportsbetting operation out of their Las Vegas hotel room.

U.S. Immigration and Customs Enforcement officials agreed to release him after bail was posted and they reviewed the case, finding that requirements had been met for release.

Daily Telegraph: 8 People Arrested by Federal Officials for Running Illegal Gambling Operation in Vega Hotel

Eight people from Malaysia, China and Hong Kong have been accused of running an illegal betting operation out of three Las Vegas hotel rooms. The group reportedly took millions of dollars in bets on World Cup matches.

The FBI and Nevada Gaming Control Board agents made arrests on July 13th after raiding three suites at the Caesar’s Palace in Las Vegas.

US attorney general Daniel Bogden told reporters that the Phua had opened up shop in Vegas after being arrested on June 18th for running an illegal gambling operation in Hong Kong. After posting bond there he flew to the US.

Casino employees alerted the authorities after growing suspicious about being asked to set up computer equipment in the three hotel rooms. If convicted, Phua and the others could each face up to two years in prison and fines of up to $250,000.

South China Morning Post: Malaysian Businessman Arrested in the US is an Alleged Member of Hong Kong Triads

Online gambling entrepreneur and reported member of the 14k Triads Paul Phua Wei-seng was arrested in Las Vegas on July 13th for running a World Cup betting ring out of a Las Vegas hotel room in violation of American gambling laws. The 50-year old Malaysian was one of eight people arrested, including three from Hong Kong.

Legal documents released by the FBI claimed that Phua is a high ranking member of the 14k Triads, one of Hong Kong’s oldest and most powerful criminal organizations.

He is also one of the key executives of IBCBet, which is arguably the world’s largest sportsbetting operator. A study by the International Centre for Sport Security in Qatar estimated that roughly 80 percent of wagers made on the 2014 World Cup in Brazil were done so illegally.

CBS Las Vegas: Phua Still Not Released from Jail Despite $2 million of Phil Ivey’s Money

Lawyers representing Malaysian businessman Phua Wei-seng demanded that he be released after his $2 million bail was posted by a group of professional poker players, including 100-time World Series of Poker Champion Phil Ivey.

As of July 28th Phua still sat in jail despite his bail being met; authorities had not yet released him due their ongoing review of the case details. Phua lawyer David Chesnoff told the Las Vegas Review-Journal:

Our clients have complied with every condition set by a federal judge for their release…We have repeatedly attempted to contact ICE authorities, who have not responded. We are going to take further legal steps.

Phua and his 22-year old son are among eight people arrested and held for allegedly running a million-dollar illegal betting ring out of Caesar’s Palace in Las Vegas, taking wagers on the 2014 World Cup in Brazil.

South China Morning Post: Arrested Illegal Betting Operator Phua Once Served as Ambassador to Montenegro

Macau gambling kingpin, big-money casino winner and alleged Hong Kong triad leader Paul Phua Wei-seng served as San Marino’s ambassador to Montenegro for three years before being arrested in Las Vegas on July 13th for allegedly running an illegal World Cup betting ring.

The businessman and high-stakes poker player was appointed the diplomatic representative of the tiny European microstate in 2011, obtaining a diplomatic passport which allowed him to move freely throughout most countries around the globe.

Upon his appointment San Marinese foreign minister Antonella Mularoni expressed the idea that Phua could use his connections in the entertainment industry to bring a luxury hotel development project to San Marino.

He is also reported to be a major shareholder in IBCBET, a world-leading online betting operator based in the Philippines. After his arrest authorities in San Marino revoked his status and asked him to return his diplomatic passport.

Las Vegas is America’s gambling mecca and one of the few places where casinos and sportsbooks can legally accept wagers on sporting events. Where many people see a saturated market, however, Malaysian businessman Paul Phua Wei-seng saw an opportunity.

Several news sources have reported that the 50-year old man, his 22-year old son and several others set up an illegal betting ring in three hotel rooms at the Caesar’s Palace in Las Vegas. On July 15th Phua and the others were caught and arrested, with the Malaysian’s bail set at a whopping $2 million.

What were they taking bets on? The World Cup 2014 in Brazil. And the series of arrests came just weeks after the authorities in Hong Kong broke up a multi-million World Cup betting ring based there. That ring was run by, guess who? None other than Paul Phua Wei-seng.

Associated Press: Malaysian Businessman Wei Seng Phua Released on $2 million Bond After Illegal Betting Arrest

Malaysian businessman and high-roller poker player Wei Seng Phua was released from jail in the US on July 28th after some fellow poker players posted his $2 million bond as well as the $500,000 set for his son. This is the latest gambling news in a month-long saga concerning the underworld figure.

Poker professionals Andrew Robl and 10-time World Series of Poker Champion Phil Ivey reportedly put together the $2.5 million to bail out the Phuas, which had been arrested (along with eight others) for running an illegal sportsbetting operation out of their Las Vegas hotel room.

U.S. Immigration and Customs Enforcement officials agreed to release him after bail was posted and they reviewed the case, finding that requirements had been met for release.

Daily Telegraph: 8 People Arrested by Federal Officials for Running Illegal Gambling Operation in Vega Hotel

Eight people from Malaysia, China and Hong Kong have been accused of running an illegal betting operation out of three Las Vegas hotel rooms. The group reportedly took millions of dollars in bets on World Cup matches.

The FBI and Nevada Gaming Control Board agents made arrests on July 13th after raiding three suites at the Caesar’s Palace in Las Vegas.

US attorney general Daniel Bogden told reporters that the Phua had opened up shop in Vegas after being arrested on June 18th for running an illegal gambling operation in Hong Kong. After posting bond there he flew to the US.

Casino employees alerted the authorities after growing suspicious about being asked to set up computer equipment in the three hotel rooms. If convicted, Phua and the others could each face up to two years in prison and fines of up to $250,000.

South China Morning Post: Malaysian Businessman Arrested in the US is an Alleged Member of Hong Kong Triads

Online gambling entrepreneur and reported member of the 14k Triads Paul Phua Wei-seng was arrested in Las Vegas on July 13th for running a World Cup betting ring out of a Las Vegas hotel room in violation of American gambling laws. The 50-year old Malaysian was one of eight people arrested, including three from Hong Kong.

Legal documents released by the FBI claimed that Phua is a high ranking member of the 14k Triads, one of Hong Kong’s oldest and most powerful criminal organizations.

He is also one of the key executives of IBCBet, which is arguably the world’s largest sportsbetting operator. A study by the International Centre for Sport Security in Qatar estimated that roughly 80 percent of wagers made on the 2014 World Cup in Brazil were done so illegally.

CBS Las Vegas: Phua Still Not Released from Jail Despite $2 million of Phil Ivey’s Money

Lawyers representing Malaysian businessman Phua Wei-seng demanded that he be released after his $2 million bail was posted by a group of professional poker players, including 100-time World Series of Poker Champion Phil Ivey.

As of July 28th Phua still sat in jail despite his bail being met; authorities had not yet released him due their ongoing review of the case details. Phua lawyer David Chesnoff told the Las Vegas Review-Journal:

Our clients have complied with every condition set by a federal judge for their release…We have repeatedly attempted to contact ICE authorities, who have not responded. We are going to take further legal steps.

Phua and his 22-year old son are among eight people arrested and held for allegedly running a million-dollar illegal betting ring out of Caesar’s Palace in Las Vegas, taking wagers on the 2014 World Cup in Brazil.

South China Morning Post: Arrested Illegal Betting Operator Phua Once Served as Ambassador to Montenegro

Macau gambling kingpin, big-money casino winner and alleged Hong Kong triad leader Paul Phua Wei-seng served as San Marino’s ambassador to Montenegro for three years before being arrested in Las Vegas on July 13th for allegedly running an illegal World Cup betting ring.

The businessman and high-stakes poker player was appointed the diplomatic representative of the tiny European microstate in 2011, obtaining a diplomatic passport which allowed him to move freely throughout most countries around the globe.

Upon his appointment San Marinese foreign minister Antonella Mularoni expressed the idea that Phua could use his connections in the entertainment industry to bring a luxury hotel development project to San Marino.

He is also reported to be a major shareholder in IBCBET, a world-leading online betting operator based in the Philippines. After his arrest authorities in San Marino revoked his status and asked him to return his diplomatic passport.

In efforts to re-enter the US poker market, PokerStars agrees sale to Canadian gaming supplier Amaya Gaming for $4.9 billion.

Amaya Gaming completes a deal to become the world biggest online poker firm after a $4.9 billion purchase of Pokerstars. Many observers see the acquisition as a way to re-enter the US market as they have previously had differences of opinion with certain government departments, namely with the US Department of Justice.

The DOJ claimed that PokerStars violated the codes of the Wire Act, which prohibits certain gambling activities. PokerStars eventually relocated its headquarters to the Isle of Man, off the coast of UK, but continued the legal battle with the DOJ.

The company enlisted the services of some insightful attorneys and law firms that challenged the decision by the DOJ. They claimed that PokerStars did not violate any US gambling laws.

Subsequently, PokerStars made its mark in the US by taking over the biggest online poker market in the world. Soon after President George W. Bush signed the Unlawful Internet Gambling Enforcement Act, which spelled the end for PartyGaming in the US. Nevertheless, PokerStars continued to operate in the US, while Full Tilt claimed the whole market.

Forbes: Amaya Gaming in Deal to Buy PokerStars for $4.9 Billion

In 2011, US federal prosecutors challenged PokerStars’ gambling operations in the country. US Attorney for the Southern District of New York, Preet Bharara, charged the founder of PokerStars along with 10 other relevant individuals.

The founder, Isai Scheinberg, was one of the people accused of money laundering, bank fraud and most importantly providing illegal betting services. PokerStars took in bets and staged online poker tournaments on a regular basis.

The US Attorney claimed that Scheinberg and others went against the Unlawful Internet Gambling Enforcement Act of 2006, which makes it illegal for companies to accept bets online where it is not deemed legal.

Following the indictment, PokerStars relented in their legal battle in 2012 and agreed to pay a settlement fine of $731 million to the Department of Justice. Despite paying the hefty fee, the poker firm did not admit any wrongdoing to the charges brought against them.

Bloomberg: PokerStars Sale a Jackpot for New Online Billionaire Scheinberg

Gambling news reports that since the onset of the legal charges Scheinberg has been living on the Isle of Man. His son Mark Scheinberg makes regular visits to the US to keep track of further business and legal developments.

The Department of Justice has labelled Isai Scheinberg as the main “founder, owner and principal decision-maker for Pokerstars.” They also consider the mobile gaming founder as being “at large.”

Amaya Gaming disagrees with the statements made by the DOJ. The company has made an official announcement after the sale, stating that poker site was started and run by the son, Mark Scheinberg, and not the father. Mark also expressed his version by commenting, “I am incredibly proud of the business Isai and I have built over the last 14 years.”

The Guardian: Family behind PokerStars and Full Tilt Poker to sell business for GBP 2.9bn

Amaya Gaming primarily deals with supplying betting equipment and hardware for other gaming firms, however the purchase of PokerStars will potentially see it become the greatest online poker provider. Currently, the industry is estimated to be worth a staggering $4 billion while Amaya seeks to hold a significant portion of that through PokerStars.

To help broker the deal Amaya has hired the financing services of several prominent banking institutions. Deutsche Bank AG (DBK), Barclays Plc (BARC), Macquaire Group Ltd. and Blackstone Group LP were all involved in providing their expertise.

In order to make the purchase, Amaya had to take out huge loans from the aforementioned banks. Billions have been borrowed, however considering the future potential for online poker in some states it appears to be simply a matter of time before they make a substantial return on their investment.

Amaya Chairman and chief exec, David Baazov, indicated the importance of acquiring PokerStars for the US market. “Having this brand and this company in the US is going to be very significant for states.”

Baazov has been credited with transforming the company into what it is today. He joined Amaya in 2006, two years after it was initially founded, and after successful acquisitions of smaller firms he saw Amaya’s growth rise exponentially.

Baazov commented on the company’s effective business model. “Everyone had a very fragmented approach. We built it all on a vision of convergence. It’s a very large industry and it’s going to continue to grow.”

Bloomberg Businessweek: Amaya Soars to record After $4.9 Billion PokerStars Deal

In efforts to re-enter the US poker market, PokerStars agrees sale to Canadian gaming supplier Amaya Gaming for $4.9 billion.

Amaya Gaming completes a deal to become the world biggest online poker firm after a $4.9 billion purchase of Pokerstars. Many observers see the acquisition as a way to re-enter the US market as they have previously had differences of opinion with certain government departments, namely with the US Department of Justice.

The DOJ claimed that PokerStars violated the codes of the Wire Act, which prohibits certain gambling activities. PokerStars eventually relocated its headquarters to the Isle of Man, off the coast of UK, but continued the legal battle with the DOJ.

The company enlisted the services of some insightful attorneys and law firms that challenged the decision by the DOJ. They claimed that PokerStars did not violate any US gambling laws.

Subsequently, PokerStars made its mark in the US by taking over the biggest online poker market in the world. Soon after President George W. Bush signed the Unlawful Internet Gambling Enforcement Act, which spelled the end for PartyGaming in the US. Nevertheless, PokerStars continued to operate in the US, while Full Tilt claimed the whole market.

Forbes: Amaya Gaming in Deal to Buy PokerStars for $4.9 Billion

In 2011, US federal prosecutors challenged PokerStars’ gambling operations in the country. US Attorney for the Southern District of New York, Preet Bharara, charged the founder of PokerStars along with 10 other relevant individuals.

The founder, Isai Scheinberg, was one of the people accused of money laundering, bank fraud and most importantly providing illegal betting services. PokerStars took in bets and staged online poker tournaments on a regular basis.

The US Attorney claimed that Scheinberg and others went against the Unlawful Internet Gambling Enforcement Act of 2006, which makes it illegal for companies to accept bets online where it is not deemed legal.

Following the indictment, PokerStars relented in their legal battle in 2012 and agreed to pay a settlement fine of $731 million to the Department of Justice. Despite paying the hefty fee, the poker firm did not admit any wrongdoing to the charges brought against them.

Bloomberg: PokerStars Sale a Jackpot for New Online Billionaire Scheinberg

Gambling news reports that since the onset of the legal charges Scheinberg has been living on the Isle of Man. His son Mark Scheinberg makes regular visits to the US to keep track of further business and legal developments.

The Department of Justice has labelled Isai Scheinberg as the main “founder, owner and principal decision-maker for Pokerstars.” They also consider the mobile gaming founder as being “at large.”

Amaya Gaming disagrees with the statements made by the DOJ. The company has made an official announcement after the sale, stating that poker site was started and run by the son, Mark Scheinberg, and not the father. Mark also expressed his version by commenting, “I am incredibly proud of the business Isai and I have built over the last 14 years.”

The Guardian: Family behind PokerStars and Full Tilt Poker to sell business for GBP 2.9bn

Amaya Gaming primarily deals with supplying betting equipment and hardware for other gaming firms, however the purchase of PokerStars will potentially see it become the greatest online poker provider. Currently, the industry is estimated to be worth a staggering $4 billion while Amaya seeks to hold a significant portion of that through PokerStars.

To help broker the deal Amaya has hired the financing services of several prominent banking institutions. Deutsche Bank AG (DBK), Barclays Plc (BARC), Macquaire Group Ltd. and Blackstone Group LP were all involved in providing their expertise.

In order to make the purchase, Amaya had to take out huge loans from the aforementioned banks. Billions have been borrowed, however considering the future potential for online poker in some states it appears to be simply a matter of time before they make a substantial return on their investment.

Amaya Chairman and chief exec, David Baazov, indicated the importance of acquiring PokerStars for the US market. “Having this brand and this company in the US is going to be very significant for states.”

Baazov has been credited with transforming the company into what it is today. He joined Amaya in 2006, two years after it was initially founded, and after successful acquisitions of smaller firms he saw Amaya’s growth rise exponentially.

Baazov commented on the company’s effective business model. “Everyone had a very fragmented approach. We built it all on a vision of convergence. It’s a very large industry and it’s going to continue to grow.”

Bloomberg Businessweek: Amaya Soars to record After $4.9 Billion PokerStars Deal

From the first of the year, Estonians can gamble online. For now, only locally-hosted sites are allowed to operate. Any online gambling website in Estonia that does not meet new regulations will be blocked. In 2011, the country will open its online gambling industry to foreign operators.

The Baltic Times: Estonia Legalizes Online Gambling

Estonia recently legalized internet gambling in order to generate revenue through taxation.

The country is hoping to adopt the Euro next year and is frantically looking for further sources of income after suffering one of the hardest-hitting recessions in the EU.

This move to legalize online gambling was influenced in part by recent and very successful poker tournament held in the country. The tournament was sponsored by PokerStars, one of the largest online gambling sites in the world.

According to the Estonian Free Press, players will be able to use Estonian online gaming sites starting immediately. In 2011, Estonia’s internet gambling market will open to foreign operators.

“We are truly glad of this opportunity to start our partnership with Olympic as the leading casino entertainment provider in Central and Eastern Europe,” says Mor Weizer, Executive Manager of Playtech, who has been granted one of the first foreign licenses.

Estonian poker legend Imre Leibold believes development may be detrimental to Estonian players. “The possibility that online poker gaming could be restricted is not good news for us,” he said. “I believe and hope that the whole affair is resolved and that there will be several reasonable gaming locations on the market. However, if things get tough, one may have to consider moving residence or start working abroad like Estonian builders in Finland.”

Estonian Free Press: Estonia Legalizes Online Gambling

Following the success of the Baltic Poker Festival, held in Estonia organized by online poker site PokerStars, Estonia prepares to its doors to the global internet gambling market that.

Starting immediately, the Government will allow Estonian players to gamble online. The liberalization of online gambling is expected to help the nation financially through taxes imposed on gaming operators.

With the Estonian economy down by close to 36%, these changes will bring even more revenue in 2011 when the gambling market will open to international gaming operators that are able to satisfy the regulation requirements.

Until then, Estonians will be able to play only at locally-run sites, like the one set up by the Olympic Casino group that is running on Playtech software.

Now that online gambling in Estonia is as legal as it is in land-based casinos, here is hoping that no one will have to report about stories about things such as the Arvo Viool scandal – the ex-manager of the Fund for Furthering Culture who was arrested and imprisoned for stealing 500,000 Euros from the State to satisfy his gambling addiction.

Baltic Repots: Online Gambling Regulation Begins

Online gambling in Estonia has gone unregulated for many years, but now that is all changing since the government now requires online casinos to be physically hosted in Estonia.

Before January 1 2010, gambling sites could not be hosted Estonian servers, and players could freely use foreign hosted sites. The new Gambling Act reverses this; now, online gambling sites must be hosted on Estonian servers, and those not will be blocked.

For a company set up an online gambling site in Estonia, they must receive a license and agree to pay a 5% sales tax (excluding player winnings).

“As such, online gambling taxation in Europe is nothing new, it has been applied in most of the countries,” says Annika Vilu, spokeswoman of the Ministry of Finance. “Estonia’s tax rate is still one of the lowest in Europe.”

According to Tõnis Rüütel, executive director of Estonian Association of Gambling Operators, “There are countries with smaller tax rate, such as Malta and Gibraltar with 3 percent but we don’t want to have a reputation of a tax paradise. Also the situation so far has been absurd as the gambling addiction emerged in Estonia, but all of the income went elsewhere.”

If an online gambling site in Estonia does not meet these new requirements, its website will be blocked and its bank accounts will be frozen.

“We’ll see how the law comes into force, and if it will be possible to block the gambling sites not fit for the requirements, but some other countries have not been able to do it so far including the U.S.,” Rüütel said.

From the first of the year, Estonians can gamble online. For now, only locally-hosted sites are allowed to operate. Any online gambling website in Estonia that does not meet new regulations will be blocked. In 2011, the country will open its online gambling industry to foreign operators.

The Baltic Times: Estonia Legalizes Online Gambling

Estonia recently legalized internet gambling in order to generate revenue through taxation.

The country is hoping to adopt the Euro next year and is frantically looking for further sources of income after suffering one of the hardest-hitting recessions in the EU.

This move to legalize online gambling was influenced in part by recent and very successful poker tournament held in the country. The tournament was sponsored by PokerStars, one of the largest online gambling sites in the world.

According to the Estonian Free Press, players will be able to use Estonian online gaming sites starting immediately. In 2011, Estonia’s internet gambling market will open to foreign operators.

“We are truly glad of this opportunity to start our partnership with Olympic as the leading casino entertainment provider in Central and Eastern Europe,” says Mor Weizer, Executive Manager of Playtech, who has been granted one of the first foreign licenses.

Estonian poker legend Imre Leibold believes development may be detrimental to Estonian players. “The possibility that online poker gaming could be restricted is not good news for us,” he said. “I believe and hope that the whole affair is resolved and that there will be several reasonable gaming locations on the market. However, if things get tough, one may have to consider moving residence or start working abroad like Estonian builders in Finland.”

Estonian Free Press: Estonia Legalizes Online Gambling

Following the success of the Baltic Poker Festival, held in Estonia organized by online poker site PokerStars, Estonia prepares to its doors to the global internet gambling market that.

Starting immediately, the Government will allow Estonian players to gamble online. The liberalization of online gambling is expected to help the nation financially through taxes imposed on gaming operators.

With the Estonian economy down by close to 36%, these changes will bring even more revenue in 2011 when the gambling market will open to international gaming operators that are able to satisfy the regulation requirements.

Until then, Estonians will be able to play only at locally-run sites, like the one set up by the Olympic Casino group that is running on Playtech software.

Now that online gambling in Estonia is as legal as it is in land-based casinos, here is hoping that no one will have to report about stories about things such as the Arvo Viool scandal – the ex-manager of the Fund for Furthering Culture who was arrested and imprisoned for stealing 500,000 Euros from the State to satisfy his gambling addiction.

Baltic Repots: Online Gambling Regulation Begins

Online gambling in Estonia has gone unregulated for many years, but now that is all changing since the government now requires online casinos to be physically hosted in Estonia.

Before January 1 2010, gambling sites could not be hosted Estonian servers, and players could freely use foreign hosted sites. The new Gambling Act reverses this; now, online gambling sites must be hosted on Estonian servers, and those not will be blocked.

For a company set up an online gambling site in Estonia, they must receive a license and agree to pay a 5% sales tax (excluding player winnings).

“As such, online gambling taxation in Europe is nothing new, it has been applied in most of the countries,” says Annika Vilu, spokeswoman of the Ministry of Finance. “Estonia’s tax rate is still one of the lowest in Europe.”

According to Tõnis Rüütel, executive director of Estonian Association of Gambling Operators, “There are countries with smaller tax rate, such as Malta and Gibraltar with 3 percent but we don’t want to have a reputation of a tax paradise. Also the situation so far has been absurd as the gambling addiction emerged in Estonia, but all of the income went elsewhere.”

If an online gambling site in Estonia does not meet these new requirements, its website will be blocked and its bank accounts will be frozen.

“We’ll see how the law comes into force, and if it will be possible to block the gambling sites not fit for the requirements, but some other countries have not been able to do it so far including the U.S.,” Rüütel said.

A total of 169 individuals were arrested during a police raid on an illegal gambling on cockfighting competition in Texas including children as young as seven.

They will receive varying charges according to their activities on site. Children were released to relatives and 118 fighting cocks will be exterminated due to the ruling of a judge on the matter.

Illegal gambling and illegal cockfights

Police raided an illegal gambling cockfight in a small town near Fort Worth, TX, and arrested 169 viewers (among whom 15 children as young as 7 were present) and cock owners, and seized over 100 roosters condemned to fight to the death.Cockfighting is illegal in 39 states including Texas, and an illegal gambling misdemeanor in the remaining 11, but it continues to flourish.

Steroids , illegal gambling and other supplements are often given to the birds to heighten aggression. Sometimes metal knives are strapped to their legs to ensure that fights end in the death. Law enforcement authorities say that cockfighting rings are often tied up in drug smuggling and money laundering rackets.

Illegal gambling cockfights often have up to $30,000 purses riding on them. Owners pay about $300 to enter a bird for an event, and spectators pay a further $30 to enter. Last month saw several raids on fights around the US.

Authorities in Texas said 169 people were arrested and 114 roosters were seized during a raid on a local cockfight. Saturday afternoon’s raid occurred after authorities kept the site under surveillance for two weeks.

County Sheriff Larry Fowler said charges will vary among those arrested in the area barn but illegal gambling will be one of them. “The people who were arrested for illegal gambling will go before a judge and be charged with a gambling offense,” Fowler said. “We will look into charging some who were arrested with federal charges. A charge of engaging in organized crime is a possibility for some.”

The Star-Telegram said authorities found a number of dead and injured roosters at the cockfighting site, along with an unspecified amount of drugs and money.

Over 100 Arrested in Cockfighting Bust

Over 100 people were arrested as of Saturday night after police raided an illegal gambling rooster fight.  The Parker County Sheriff’s department found over 100 birds, injured and dead, along with drugs and children abandoned by fleeing parents as officers raided the scene.  The kids were taken into the custody of Child Protective Services while dozens of adults were sent to jail.

Cockfighting is a crime Sheriff Fowler says he’s never seen in Parker County.  Those arrested will face gambling charges and possibly felony charges for their involvement in the cockfighting operation.

Texans illegal gambling on a illegal cockfight that was raided Saturday leading to the arrest of 169 people were arrested, amongst them children as young as 7.

A total of 169 individuals were arrested during a police raid on an illegal gambling on cockfighting competition in Texas including children as young as seven.

They will receive varying charges according to their activities on site. Children were released to relatives and 118 fighting cocks will be exterminated due to the ruling of a judge on the matter.

Illegal gambling and illegal cockfights

Police raided an illegal gambling cockfight in a small town near Fort Worth, TX, and arrested 169 viewers (among whom 15 children as young as 7 were present) and cock owners, and seized over 100 roosters condemned to fight to the death.Cockfighting is illegal in 39 states including Texas, and an illegal gambling misdemeanor in the remaining 11, but it continues to flourish.

Steroids , illegal gambling and other supplements are often given to the birds to heighten aggression. Sometimes metal knives are strapped to their legs to ensure that fights end in the death. Law enforcement authorities say that cockfighting rings are often tied up in drug smuggling and money laundering rackets.

Illegal gambling cockfights often have up to $30,000 purses riding on them. Owners pay about $300 to enter a bird for an event, and spectators pay a further $30 to enter. Last month saw several raids on fights around the US.

Authorities in Texas said 169 people were arrested and 114 roosters were seized during a raid on a local cockfight. Saturday afternoon’s raid occurred after authorities kept the site under surveillance for two weeks.

County Sheriff Larry Fowler said charges will vary among those arrested in the area barn but illegal gambling will be one of them. “The people who were arrested for illegal gambling will go before a judge and be charged with a gambling offense,” Fowler said. “We will look into charging some who were arrested with federal charges. A charge of engaging in organized crime is a possibility for some.”

The Star-Telegram said authorities found a number of dead and injured roosters at the cockfighting site, along with an unspecified amount of drugs and money.

Over 100 Arrested in Cockfighting Bust

Over 100 people were arrested as of Saturday night after police raided an illegal gambling rooster fight.  The Parker County Sheriff’s department found over 100 birds, injured and dead, along with drugs and children abandoned by fleeing parents as officers raided the scene.  The kids were taken into the custody of Child Protective Services while dozens of adults were sent to jail.

Cockfighting is a crime Sheriff Fowler says he’s never seen in Parker County.  Those arrested will face gambling charges and possibly felony charges for their involvement in the cockfighting operation.

Texans illegal gambling on a illegal cockfight that was raided Saturday leading to the arrest of 169 people were arrested, amongst them children as young as 7.

When do you lose $500,000 yet still come out a winner? When your freedom is an issue in a court case in Australia, it seems.

In last week’s top gambling news story from Down Under, Wollstonecraft citizen Zheng Tan was facing trial for money laundering in an Australian district court. The specific incident involved a stolen check for AU $500,000 (about US $472,000) which Tan said was the repayment of an informal loan he’d made to a fellow high-roller in the Crown Casino’s VIP room.

Tan first lent the man AU $120,000, to which the thankful loanee offered his $300,000 Philippe Patek watch. When Tan later topped up his new friend with another AU $350,000, the man offered an IOU based on real estate in China.

A short time later, Tan’s friend made good on his promise and wrote Tan a check for the AU $500,000 – about AU $29,000 (US $27,400) more than what had been leant; the outstanding amount was argued by prosecuting attorneys to have been a fee for laundering the money. He then cashed the check and took the money to play with in Canberra – unfortunately, that money was reportedly stolen from his car.

Tan argued in court that he didn’t know the check was stolen and that he’d gambled away some $10 million at the Crown Casino alone. “$29,000 is nothing to me,” he said.

Tan was exonerated of the charges.

When do you lose $500,000 yet still come out a winner? When your freedom is an issue in a court case in Australia, it seems.

In last week’s top gambling news story from Down Under, Wollstonecraft citizen Zheng Tan was facing trial for money laundering in an Australian district court. The specific incident involved a stolen check for AU $500,000 (about US $472,000) which Tan said was the repayment of an informal loan he’d made to a fellow high-roller in the Crown Casino’s VIP room.

Tan first lent the man AU $120,000, to which the thankful loanee offered his $300,000 Philippe Patek watch. When Tan later topped up his new friend with another AU $350,000, the man offered an IOU based on real estate in China.

A short time later, Tan’s friend made good on his promise and wrote Tan a check for the AU $500,000 – about AU $29,000 (US $27,400) more than what had been leant; the outstanding amount was argued by prosecuting attorneys to have been a fee for laundering the money. He then cashed the check and took the money to play with in Canberra – unfortunately, that money was reportedly stolen from his car.

Tan argued in court that he didn’t know the check was stolen and that he’d gambled away some $10 million at the Crown Casino alone. “$29,000 is nothing to me,” he said.

Tan was exonerated of the charges.

Typically on the pages of Gambling Results, you’ll see six-figure winners in slots and state lotteries all the time – but winning $775,338 in a *raffle*? That’s newsworthy!

The lucky winner of this surely record-breaking raffle in Michigan, so far identified publicly only as “Santo,” was the beneficiary of a simple local promotion that essentially “went viral” to run through 49 weeks and sell a crazy 238,000 tickets in seven days alone.

The holder of quite possibly the world’s biggest raffle pool ever was the Carleton Rotary Club of Carleton, Michigan. Beginning nearly one year ago, all the club sought to do was raise a little money by holding a “Jack of Spades raffle.” The idea was that one winning ticket was drawn each week and the ticket-holder rewarded with a prize; the winner could then draw from a deck of 52 cards plus jokers to increase the prize. The jack of spades was designated as the jackpot card – a card it took 49 weeks to draw. (Talk about your progressive jackpots…

By the time the 49th and final draw was made on Friday night, lines formed at the Grafton Inn Sports Bar & Grill – where the raffle had been held weekly – to buy tickets hours before the establishment opened.

Typically on the pages of Gambling Results, you’ll see six-figure winners in slots and state lotteries all the time – but winning $775,338 in a *raffle*? That’s newsworthy!

The lucky winner of this surely record-breaking raffle in Michigan, so far identified publicly only as “Santo,” was the beneficiary of a simple local promotion that essentially “went viral” to run through 49 weeks and sell a crazy 238,000 tickets in seven days alone.

The holder of quite possibly the world’s biggest raffle pool ever was the Carleton Rotary Club of Carleton, Michigan. Beginning nearly one year ago, all the club sought to do was raise a little money by holding a “Jack of Spades raffle.” The idea was that one winning ticket was drawn each week and the ticket-holder rewarded with a prize; the winner could then draw from a deck of 52 cards plus jokers to increase the prize. The jack of spades was designated as the jackpot card – a card it took 49 weeks to draw. (Talk about your progressive jackpots…

By the time the 49th and final draw was made on Friday night, lines formed at the Grafton Inn Sports Bar & Grill – where the raffle had been held weekly – to buy tickets hours before the establishment opened.

A couple of twenty-something Canadians hit a massive progressive slot jackpot while playing at Casino Regina in Saskatchewan, Canada over the weekend. The pair started the evening at the roulette tables, and they were having a rough time. After losing more money than they would have liked, the young men returned later in the evening, resolute to do better.

A slot machine caught their eye – it was called Monte Carlo, and it had been occupied most of the night. They saw their chance and dropped some coins on the game. Their luck changed. A $40 gamble helped them hit the $913,940 jackpot, changing their lives forever.

“I was extremely shocked,” said one of the lucky winners. “I didn’t say too much for the entire night. I was up until about 5 a.m. just sitting there.”

The last time Monte Carlo hit was back in 2008, but this weekend’s win set a record for the biggest amount won in the 14 years the casino has been open. It is also the largest slot payout ever in Canada.

Slot fans hoping to net their own massive jackpot should try their hands on Mega Moolah, an online slot machine with a jackpot that is sitting at almost $4 million, growing bigger by the minute.

A couple of twenty-something Canadians hit a massive progressive slot jackpot while playing at Casino Regina in Saskatchewan, Canada over the weekend. The pair started the evening at the roulette tables, and they were having a rough time. After losing more money than they would have liked, the young men returned later in the evening, resolute to do better.

A slot machine caught their eye – it was called Monte Carlo, and it had been occupied most of the night. They saw their chance and dropped some coins on the game. Their luck changed. A $40 gamble helped them hit the $913,940 jackpot, changing their lives forever.

“I was extremely shocked,” said one of the lucky winners. “I didn’t say too much for the entire night. I was up until about 5 a.m. just sitting there.”

The last time Monte Carlo hit was back in 2008, but this weekend’s win set a record for the biggest amount won in the 14 years the casino has been open. It is also the largest slot payout ever in Canada.

Slot fans hoping to net their own massive jackpot should try their hands on Mega Moolah, an online slot machine with a jackpot that is sitting at almost $4 million, growing bigger by the minute.

Imagine you just won a £7.7 million ($11.7 million) in a national lottery. What would be the first thing you did? Surely a minority would answer, “Immediately get back to work,” but that’s precisely what Ivan Westbury did after receiving the life-changing news last Sunday.

Westbury’s wife of 21 years, Susan, was at a local Tesco checking on her lottery ticket. Susan attracted a bit of attention as she had the ticket scanned by a cashier, who informed her they’d have to call the lottery commission for more information. The information imparted was that, yes, the Westburys had won £7,706,631 in the U.K. lottery – at which, Susan said, “I nearly passed out.”

Susan called her husband, who joined her at the store after leaving his lightning-protection business. The two whooped it up for a bit, but within the hour Ivan was back at work. In explaining his actions, the self-professed workaholic was quoted as saying, “I’ve got a passion about work […] and I just love what I do. I suppose you could call it sad but I haven’t had a day off for four years.”

The Westburys will now take that vacation, though it was planned before the couple bought the lottery ticket: They’ll be taking a day trip to Cornwall.

In hoping to celebrate their win that evening, the Westburys ironically found that they couldn’t afford to pay for some pub drinks in cash.

The couple has stated that they’ll be doing “normal lottery things” by making a few major purchases in addition to giving their children and grandchildren some money – and they’ll be leaving the business open.

Imagine you just won a £7.7 million ($11.7 million) in a national lottery. What would be the first thing you did? Surely a minority would answer, “Immediately get back to work,” but that’s precisely what Ivan Westbury did after receiving the life-changing news last Sunday.

Westbury’s wife of 21 years, Susan, was at a local Tesco checking on her lottery ticket. Susan attracted a bit of attention as she had the ticket scanned by a cashier, who informed her they’d have to call the lottery commission for more information. The information imparted was that, yes, the Westburys had won £7,706,631 in the U.K. lottery – at which, Susan said, “I nearly passed out.”

Susan called her husband, who joined her at the store after leaving his lightning-protection business. The two whooped it up for a bit, but within the hour Ivan was back at work. In explaining his actions, the self-professed workaholic was quoted as saying, “I’ve got a passion about work […] and I just love what I do. I suppose you could call it sad but I haven’t had a day off for four years.”

The Westburys will now take that vacation, though it was planned before the couple bought the lottery ticket: They’ll be taking a day trip to Cornwall.

In hoping to celebrate their win that evening, the Westburys ironically found that they couldn’t afford to pay for some pub drinks in cash.

The couple has stated that they’ll be doing “normal lottery things” by making a few major purchases in addition to giving their children and grandchildren some money – and they’ll be leaving the business open.

An interesting study printed in 2009 and recently put online at the Journal of Consumer Research website is a report entitled “Blackjack in the Kitchen: Understanding Online versus Casino Gambling.” Written by June Cotte and Kathryn A. Latour of the University of Western Ontario, the findings are the results of a psychological study of 30 gamblers.

Two major points are made in the study: Firstly, like most academics studying the subject ultimately conclude, Internet gambling should be regulated, but the second point was far more interesting and unexpected. Cotte and Latour immediately noted the dramatic diametrical opposition of standard casino and online casino players: Rarely did one type or the other cross over into the other gaming experience.

Both land-based and online casino visitors noted the social element of their preference, namely that visiting a real-life casino is a highly social experience and that Internet gambling is a solitary activity – and both groups cited this difference as the no. 1 reason for their choice.

“Casino gamblers perceive online gambling as bereft of social connections, which was pivotal to the enjoyment of gambling for them,” reads the study in part. “The online gamblers also perceive this lack of social connectedness in virtual gambling. But for them, this aspect is positive; it is one crucial reason the online gamblers gave for their choice to stay home and gamble. Many online gamblers chose the online environment because of the perception of the lack of social connections.”

The study also notes an interesting justification for those of modest budgets to enjoy playing in online gambling sites: “The perceived anonymity of the online environment equalizes gamblers, so that low rollers and high rollers are treated equally. In contrast, in a casino more experienced gamblers who bet larger amounts are treated specially, and some gamblers go to the casino seeking such ego gratification.”

“Blackjack in the Kitchen” is available by subscription only from Chicago Journals.

An interesting study printed in 2009 and recently put online at the Journal of Consumer Research website is a report entitled “Blackjack in the Kitchen: Understanding Online versus Casino Gambling.” Written by June Cotte and Kathryn A. Latour of the University of Western Ontario, the findings are the results of a psychological study of 30 gamblers.

Two major points are made in the study: Firstly, like most academics studying the subject ultimately conclude, Internet gambling should be regulated, but the second point was far more interesting and unexpected. Cotte and Latour immediately noted the dramatic diametrical opposition of standard casino and online casino players: Rarely did one type or the other cross over into the other gaming experience.

Both land-based and online casino visitors noted the social element of their preference, namely that visiting a real-life casino is a highly social experience and that Internet gambling is a solitary activity – and both groups cited this difference as the no. 1 reason for their choice.

“Casino gamblers perceive online gambling as bereft of social connections, which was pivotal to the enjoyment of gambling for them,” reads the study in part. “The online gamblers also perceive this lack of social connectedness in virtual gambling. But for them, this aspect is positive; it is one crucial reason the online gamblers gave for their choice to stay home and gamble. Many online gamblers chose the online environment because of the perception of the lack of social connections.”

The study also notes an interesting justification for those of modest budgets to enjoy playing in online gambling sites: “The perceived anonymity of the online environment equalizes gamblers, so that low rollers and high rollers are treated equally. In contrast, in a casino more experienced gamblers who bet larger amounts are treated specially, and some gamblers go to the casino seeking such ego gratification.”

“Blackjack in the Kitchen” is available by subscription only from Chicago Journals.

Not so long ago, Harrah’s Entertainment was one of the most vocal detractors of regulating online gambling sites. Today, however, they’re rapidly becoming a force for full legalization of Internet gaming in America. In fact, Harrah’s will be among the most visible pro-online gambling lobbyists in Washington beginning next month.

Harrah’s Entertainment is of course best known for the Las Vegas-based Harrah’s Hotel and Caesar’s Palace, while ever gaining in household name recognition thanks to its sponsorship of the World Series of Poker event. Back in 2006, Harrah’s was a chief player in getting the Unlawful Internet Gambling Enforcement Act, the law which imposes serious restrictions on playing online in the United States, passed as part of the Safe Port Act.

With the economy tanking in 2008 and 2009 while profits steadily eroded, Harrah’s has performed an about-face on their opposition to the gambling online. The first major step was in hiring former Party Gaming CEO Mitch Garber to head up its newly formed “interactive gaming division,” followed by the launching of its own website affiliated with the World Series of Poker – at which U.S. players are not allowed to play.

But last week saw the biggest indication yet that Harrah’s is exuding effort into overturning UIGEA and getting more rational laws regarding online gambling in the U.S. as the company hired the lobbying firm Capitol Counsel to plead the casino giant’s case on Capitol Hill. In 2010, Harrah’s has already spent nearly $1 million in lobbying efforts.

Speculation has it that Harrah’s expanded lobbying efforts are in advance of Congressional hearings scheduled for July on legislation proposed by Rep. Barney Frank that would overturn UIGEA. The Nevada Gaming Control Board is also reportedly investigating the relationship between gaming provider 888 and Harrah’s for possible violations of state and federal law.

Not so long ago, Harrah’s Entertainment was one of the most vocal detractors of regulating online gambling sites. Today, however, they’re rapidly becoming a force for full legalization of Internet gaming in America. In fact, Harrah’s will be among the most visible pro-online gambling lobbyists in Washington beginning next month.

Harrah’s Entertainment is of course best known for the Las Vegas-based Harrah’s Hotel and Caesar’s Palace, while ever gaining in household name recognition thanks to its sponsorship of the World Series of Poker event. Back in 2006, Harrah’s was a chief player in getting the Unlawful Internet Gambling Enforcement Act, the law which imposes serious restrictions on playing online in the United States, passed as part of the Safe Port Act.

With the economy tanking in 2008 and 2009 while profits steadily eroded, Harrah’s has performed an about-face on their opposition to the gambling online. The first major step was in hiring former Party Gaming CEO Mitch Garber to head up its newly formed “interactive gaming division,” followed by the launching of its own website affiliated with the World Series of Poker – at which U.S. players are not allowed to play.

But last week saw the biggest indication yet that Harrah’s is exuding effort into overturning UIGEA and getting more rational laws regarding online gambling in the U.S. as the company hired the lobbying firm Capitol Counsel to plead the casino giant’s case on Capitol Hill. In 2010, Harrah’s has already spent nearly $1 million in lobbying efforts.

Speculation has it that Harrah’s expanded lobbying efforts are in advance of Congressional hearings scheduled for July on legislation proposed by Rep. Barney Frank that would overturn UIGEA. The Nevada Gaming Control Board is also reportedly investigating the relationship between gaming provider 888 and Harrah’s for possible violations of state and federal law.

Two things seem certain and universal about Internet gambling: One, if people want to gamble online, they will in spite of vague threats from law enforcement; and two, somebody somewhere is making a lot of tax-free money.

Many European nations are currently modernizing their national laws to account for the rise in Internet gambling in the past 10 years. In countries such as France and Italy, a combination of pressure from the European Commission on fair competition laws plus the realization by state-run gaming monopolies that benefit would come from regulation and taxation will soon result in more freedom and safer gaming for those countries’ consumers.

Though the amount of online gambling being done is impossible to know, virtually every country without regulation in place has commissioned a study on how much money their government could stand to earn in revenue should online slots (estimated to represent 85-90% of all gambling monies collected) and reputable online casinos offering them be legalized.

While advisory firm KPMG has forecasted that the global online betting market will reach $32 billion by 2012, some specific representative numbers from around the world include the following.

• U.S. congressman Barney Frank, the chief advocate of creating regulatory law for online casinos in America, claims that online slots alone could generate $41.3 billion in tax revenue over the next 10 years. Taxing all gambling would make $62.7 billion for the government.

• Officials estimated that Thai citizens will spend $1 billion on World Cup gambling alone.

• Upon announcing that Greece could have online gambling made fully legal by 2011, state monopoly OPAP stated that the country’s market could be worth about €5 billion ($6.13 billion) in taxable revenue.

• An estimate from Denmark shows that citizens there spend €8.3 million per year at online casinos.

• Australia’s Productivity Commission estimated that nearly 750,000 Australians would *lose* $1 billion on unregulated online casinos in 2010.

The point: By allowing online casinos to go unregulated, the world’s governments are losing money hand over fist daily. One would think that in this global economy, such an opportunity would not be wasted. In the case of online casino slots, all that glitters could be gold – if only the politicians let it.

Two things seem certain and universal about Internet gambling: One, if people want to gamble online, they will in spite of vague threats from law enforcement; and two, somebody somewhere is making a lot of tax-free money.

Many European nations are currently modernizing their national laws to account for the rise in Internet gambling in the past 10 years. In countries such as France and Italy, a combination of pressure from the European Commission on fair competition laws plus the realization by state-run gaming monopolies that benefit would come from regulation and taxation will soon result in more freedom and safer gaming for those countries’ consumers.

Though the amount of online gambling being done is impossible to know, virtually every country without regulation in place has commissioned a study on how much money their government could stand to earn in revenue should online slots (estimated to represent 85-90% of all gambling monies collected) and reputable online casinos offering them be legalized.

While advisory firm KPMG has forecasted that the global online betting market will reach $32 billion by 2012, some specific representative numbers from around the world include the following.

• U.S. congressman Barney Frank, the chief advocate of creating regulatory law for online casinos in America, claims that online slots alone could generate $41.3 billion in tax revenue over the next 10 years. Taxing all gambling would make $62.7 billion for the government.

• Officials estimated that Thai citizens will spend $1 billion on World Cup gambling alone.

• Upon announcing that Greece could have online gambling made fully legal by 2011, state monopoly OPAP stated that the country’s market could be worth about €5 billion ($6.13 billion) in taxable revenue.

• An estimate from Denmark shows that citizens there spend €8.3 million per year at online casinos.

• Australia’s Productivity Commission estimated that nearly 750,000 Australians would *lose* $1 billion on unregulated online casinos in 2010.

The point: By allowing online casinos to go unregulated, the world’s governments are losing money hand over fist daily. One would think that in this global economy, such an opportunity would not be wasted. In the case of online casino slots, all that glitters could be gold – if only the politicians let it.

Internet gambling in the United States has received quite a lot of media attention lately. Earlier this month, an old bill from 2006 passed into law – it’s called the Unlawful Internet Gambling Enforcement Act (UIGEA), and its aim is to make it more difficult for Americans to gamble online. The new law does not make online gambling in the US illegal. In fact, there are dozens of online casinos accepting US players, along with a wide range of excellent poker rooms, bingo halls, and sportsbooks that let US players sign up and gamble.

The only place where US players might run into problems is banking. The UIGEA essentially goes after American banks, forcing them to block credit and debit card transactions that involve online gambling. This leaves fewer options open to American players, but fortunately, there are still plenty of ways to get money to and from online casinos and other gambling sites.

Most solutions involve alternative internet banking services called e-wallets. These online gambling payment methods act as liaisons between players and gambling sites, taking money via credit or debit card from players then transferring it on their behalf to an online casino account. There are several of these banking services that accept US players, including eWalletXpress and UseMyWallet. They are the fastest and easiest way for American players to make deposits and withdrawals with online casinos or similar sites.

The easiest way to go about things is to first find an online gambling site that accepts US players, then after creating a new account there, talk with the customer support staff (many sites offer live chat services) and ask them to point out which payment methods they offer work well for players in the United States. Often, customer service representatives will be able to walk players through the whole process to help them fund their account quickly and easily.

At the end of the day, the hardest step is deciding where to sign up. A good place to start is this online gambling directory where players can read reviews of online casinos or other sites that accept US players. Sites like these are backed by many years of experience, and have a good understanding of what players are looking for. Remember, the US government is working hard to figure out the best way to open up the country’s online gambling industry, so it’s only a matter of time until things get a lot easier. Until then, enjoy the many great sites that still accept US players – good luck, and we hope you win!

Internet gambling in the United States has received quite a lot of media attention lately. Earlier this month, an old bill from 2006 passed into law – it’s called the Unlawful Internet Gambling Enforcement Act (UIGEA), and its aim is to make it more difficult for Americans to gamble online. The new law does not make online gambling in the US illegal. In fact, there are dozens of online casinos accepting US players, along with a wide range of excellent poker rooms, bingo halls, and sportsbooks that let US players sign up and gamble.

The only place where US players might run into problems is banking. The UIGEA essentially goes after American banks, forcing them to block credit and debit card transactions that involve online gambling. This leaves fewer options open to American players, but fortunately, there are still plenty of ways to get money to and from online casinos and other gambling sites.

Most solutions involve alternative internet banking services called e-wallets. These online gambling payment methods act as liaisons between players and gambling sites, taking money via credit or debit card from players then transferring it on their behalf to an online casino account. There are several of these banking services that accept US players, including eWalletXpress and UseMyWallet. They are the fastest and easiest way for American players to make deposits and withdrawals with online casinos or similar sites.

The easiest way to go about things is to first find an online gambling site that accepts US players, then after creating a new account there, talk with the customer support staff (many sites offer live chat services) and ask them to point out which payment methods they offer work well for players in the United States. Often, customer service representatives will be able to walk players through the whole process to help them fund their account quickly and easily.

At the end of the day, the hardest step is deciding where to sign up. A good place to start is this online gambling directory where players can read reviews of online casinos or other sites that accept US players. Sites like these are backed by many years of experience, and have a good understanding of what players are looking for. Remember, the US government is working hard to figure out the best way to open up the country’s online gambling industry, so it’s only a matter of time until things get a lot easier. Until then, enjoy the many great sites that still accept US players – good luck, and we hope you win!

On June 01, 2010, American gambling laws changed. An old bill from 2006 called the Unlawful Internet Gambling Enforcement Act (UIGEA) went into full effect, forcing US banks and credit companies to stop processing transactions to and from online casinos and other internet gambling sites. The law represents an attempt to put a stop to online gambling in the US.

The reason for this round-about approach to the issue of internet gambling is simple: an all-out ban would be completely unenforceable. While American companies are absolutely not allowed to offer online gambling services, there are plenty of countries around the world that do offer gambling over the internet, and many of these foreign-based online casinos accepting US players. While the American government doesn’t like this, they can’t stop it directly, simply because these websites operate in other countries where American authorities have no jurisdiction.

The UIGEA is therefore a rather feeble attempt to slow down gamblers. It has been a long time coming, and everyone connected to the industry has been preparing for it since it was first announced in 2006. The initial announcement had a big effect, driving some online casino software providers out of the American market. A few stayed, however, leaving players with a decent selection of sites where they can sign up and gamble online.

The biggest issue now is banking. US players will find it difficult, if not impossible, to use their credit or debit cards to deposit money directly into an account at an online gambling site. Instead, they simply make indirect deposits – there are alternative banking methods that re-route funds, taking money from the player then passing it on to the gambling site (and vice versa when it comes time to collect winnings). US players have already been relying upon these alternative online gambling payment methods for several years.

At the end of the day, the UIGEA does little to prevent US players from gambling online. One thing it most certainly does not do is to ban internet gambling. Despite what the media says, online gambling in the United States is not illegal. While certain individual states do have laws against gambling in general, players enjoy some leeway with the system, since the internet creates questions about jurisdiction. US lawmakers seem to be moving slowly towards the regulation of internet gambling, but it could be a few years off – until then, Americans continue to enjoy online poker, internet casino games, even bingo and sports betting, all without breaking the law.

On June 01, 2010, American gambling laws changed. An old bill from 2006 called the Unlawful Internet Gambling Enforcement Act (UIGEA) went into full effect, forcing US banks and credit companies to stop processing transactions to and from online casinos and other internet gambling sites. The law represents an attempt to put a stop to online gambling in the US.

The reason for this round-about approach to the issue of internet gambling is simple: an all-out ban would be completely unenforceable. While American companies are absolutely not allowed to offer online gambling services, there are plenty of countries around the world that do offer gambling over the internet, and many of these foreign-based online casinos accepting US players. While the American government doesn’t like this, they can’t stop it directly, simply because these websites operate in other countries where American authorities have no jurisdiction.

The UIGEA is therefore a rather feeble attempt to slow down gamblers. It has been a long time coming, and everyone connected to the industry has been preparing for it since it was first announced in 2006. The initial announcement had a big effect, driving some online casino software providers out of the American market. A few stayed, however, leaving players with a decent selection of sites where they can sign up and gamble online.

The biggest issue now is banking. US players will find it difficult, if not impossible, to use their credit or debit cards to deposit money directly into an account at an online gambling site. Instead, they simply make indirect deposits – there are alternative banking methods that re-route funds, taking money from the player then passing it on to the gambling site (and vice versa when it comes time to collect winnings). US players have already been relying upon these alternative online gambling payment methods for several years.

At the end of the day, the UIGEA does little to prevent US players from gambling online. One thing it most certainly does not do is to ban internet gambling. Despite what the media says, online gambling in the United States is not illegal. While certain individual states do have laws against gambling in general, players enjoy some leeway with the system, since the internet creates questions about jurisdiction. US lawmakers seem to be moving slowly towards the regulation of internet gambling, but it could be a few years off – until then, Americans continue to enjoy online poker, internet casino games, even bingo and sports betting, all without breaking the law.

Though still affected by the slumping worldwide economy, Sportingbet representatives were recently quite happy to announce the sportsbook’s profitable third-quarter results for the fiscal year. Key markets of Spain and Greece were unimpressive for Sportingbet, but a large influx from Australia proved to be the financial difference. The next year may be a bit difficult for the bookmaker, though, as new gambling laws in France are forcing the company’s withdrawal from that market.

Interactive Investor: Australia drives Sportingbet Q3

For the third quarter of its fiscal year, Sportingbet reported net gaming revenue to be up 29.8 percent to £55.7 million. Total bets in the period ending in April increased 22 percent to £521 million (approximately $750 million) wagered.

“Given the widely reported economic difficulties in Spain and Greece, which are two of our biggest markets,” said Sportingbet CEO Andrew McIver, “it is pleasing to report an 18 percent increase in profits.” Sportingbet business in Greece increased 8 percent, while Spain was stagnant for the bookmaker.

Sportingbet shares, which earlier in the week had hit a nine-month low at 57.5p, had rebounded by 3.7 percent to 62.5p on the morning of the announcement of results, valuing the company at £307 million.

McIver cited the advantages of geographical diversification business, and added that the company’s fourth quarter would be focused on the World Cup, repeating his comments of May that “much of how the remainder of this quarter performs will depend on the outcome of (the World Cup).”

In addressing next year’s results, Sportingbet stated that it would no longer be accepting bets from French players in light of the new licensing regulations for offshore online casino owners there. Sportingbet will apply for licensing in France, but due to the time involved plus some permanent loss of revenue, fiscal year 2011 is expected to be down for Sportingbet.

Financial Times: Australian profits drive Sportingbet

Since the Australian market showed in 19 percent raise in gross amount wagered in the third quarter of the fiscal year, Sportingbet was able to report a 13 percent jump in pre-tax profits.

Australian wagering at Sportingbet increased from £153.2 million to £182.1 million. Reasons given for the profitable quarter in Australia included “horse racing results that favored the bookmaker” and liberalization of advertising regulations in the country.

Sportingbet also reported weak intake from Spain and Greece, two markets that make up about 33 percent of Sportingbet revenue. For comparison, the bookmaker draws about 5 percent of its business from the U.K.

Sportingbet representatives also reported that they anticipate a further increase in revenues in the fourth quarter because of World Cup betting. Betting on soccer makes up 61 percent of sportsbook activity at Sportingbet.

Stock Markets Review: Sportingbet report Strong Q3 for sports and casino

Sportingbet’s fiscal results for quarter three were reported as strong, with net gaming revenue increasing 30 percent year-on-year (or 27 percent with exchange rate fluctuation taken into account). In addition to the excellent results in Australia, sports and casino growth in Europe was also called “strong.”

For Sportingbet, European sportsbook activity increased 21 percent YoY to £29.1 million. Casino gaming was up 17 percent to £11.6 million, with particular good results for the Sportingbet flash casino. Poker gaming at Sportingbet was down 10 percent YoY to £4.5 million.

With regard to the French market, Sportingbet indicated that it expected to receive sports, horseracing and poker licenses in early 2011 and that the company had already entered into marketing partnerships to advertise in “Le Monde” and “L’Express” newspapers.

Though still affected by the slumping worldwide economy, Sportingbet representatives were recently quite happy to announce the sportsbook’s profitable third-quarter results for the fiscal year. Key markets of Spain and Greece were unimpressive for Sportingbet, but a large influx from Australia proved to be the financial difference. The next year may be a bit difficult for the bookmaker, though, as new gambling laws in France are forcing the company’s withdrawal from that market.

Interactive Investor: Australia drives Sportingbet Q3

For the third quarter of its fiscal year, Sportingbet reported net gaming revenue to be up 29.8 percent to £55.7 million. Total bets in the period ending in April increased 22 percent to £521 million (approximately $750 million) wagered.

“Given the widely reported economic difficulties in Spain and Greece, which are two of our biggest markets,” said Sportingbet CEO Andrew McIver, “it is pleasing to report an 18 percent increase in profits.” Sportingbet business in Greece increased 8 percent, while Spain was stagnant for the bookmaker.

Sportingbet shares, which earlier in the week had hit a nine-month low at 57.5p, had rebounded by 3.7 percent to 62.5p on the morning of the announcement of results, valuing the company at £307 million.

McIver cited the advantages of geographical diversification business, and added that the company’s fourth quarter would be focused on the World Cup, repeating his comments of May that “much of how the remainder of this quarter performs will depend on the outcome of (the World Cup).”

In addressing next year’s results, Sportingbet stated that it would no longer be accepting bets from French players in light of the new licensing regulations for offshore online casino owners there. Sportingbet will apply for licensing in France, but due to the time involved plus some permanent loss of revenue, fiscal year 2011 is expected to be down for Sportingbet.

Financial Times: Australian profits drive Sportingbet

Since the Australian market showed in 19 percent raise in gross amount wagered in the third quarter of the fiscal year, Sportingbet was able to report a 13 percent jump in pre-tax profits.

Australian wagering at Sportingbet increased from £153.2 million to £182.1 million. Reasons given for the profitable quarter in Australia included “horse racing results that favored the bookmaker” and liberalization of advertising regulations in the country.

Sportingbet also reported weak intake from Spain and Greece, two markets that make up about 33 percent of Sportingbet revenue. For comparison, the bookmaker draws about 5 percent of its business from the U.K.

Sportingbet representatives also reported that they anticipate a further increase in revenues in the fourth quarter because of World Cup betting. Betting on soccer makes up 61 percent of sportsbook activity at Sportingbet.

Stock Markets Review: Sportingbet report Strong Q3 for sports and casino

Sportingbet’s fiscal results for quarter three were reported as strong, with net gaming revenue increasing 30 percent year-on-year (or 27 percent with exchange rate fluctuation taken into account). In addition to the excellent results in Australia, sports and casino growth in Europe was also called “strong.”

For Sportingbet, European sportsbook activity increased 21 percent YoY to £29.1 million. Casino gaming was up 17 percent to £11.6 million, with particular good results for the Sportingbet flash casino. Poker gaming at Sportingbet was down 10 percent YoY to £4.5 million.

With regard to the French market, Sportingbet indicated that it expected to receive sports, horseracing and poker licenses in early 2011 and that the company had already entered into marketing partnerships to advertise in “Le Monde” and “L’Express” newspapers.

Nicodemo Scarfo, a man with alleged ties to the New York-based Lucchese crime family, was detained from his home Friday and taken into custody on charges of racketeering, money laundering, and gambling. Scarfo allegedly had ties with an illegal bookmaking ring that processed billions of dollars in bets through an online gambling site to a wire room in Costa Rica. His bail has been set, and his attorney expects he will be released soon.

The Philadelphia Inquirer: Scarfo’s bail set at $350,000 in betting operation

Nicodemo Scarfo says he is an unemployed research analyst who did legal consulting work for attorneys. New Jersey state prosecutors paint a different picture, saying he is an organized crime involved in a $2 billion illegal online sports betting operation.

Theses contrasting biographies were drafted during yesterday’s bail hearing in Morris County Superior Court before Judge Thomas Manahan, where bail was set at $350,000.

Scafro is a reputed member of the Lucchese crime family. He faces charges of racketeering, conspiracy, money-laundering and illegal gambling, all stemming from his alleged involvement in an online sports betting operation that funneled bets through a wire room in Costa Rica. Scarfo is just one of 34 reputed associates of the Lucchese family charged in the case.

Authorities watched the gambling ring for more than a year, in a probe they called “Operation Heat”.
During the probe, they collected hundreds of secretly recorded conversations on wiretaps and other electronic listening devices.

NBC: Reputed former crime boss from Ventnor indicted by grand jury

The New Jersey State Attorney General’s Office has announced that a grand jury indicted Nicodemo Scarfo Jr., 44, along with more than 30 other people with alleged ties to the New York-based Lucchese crime family.

Scarfo, said to be the head of the the New Jersey faction of the family, faces racketeering, conspiracy and gambling charges.

The indictment is the result of a long-term investigation called Operation Heat aimed at uncovering an international criminal gambling ring that dealt with several billion dollars in sports wagers over the internet.

According to records from the investigation, the gambling ring processed an estimated $2.2 billion in wagers in just over a year using a password-protected website that funneled bets to Costa Rica.

Attorney General Paula T. Dow said, “The Lucchese crime family allegedly employed sophisticated measures such as electronic record-keeping and offshore wire rooms designed to thwart detection of their illegal gambling activities by law enforcement.”

“I’m proud to say that their innovations did not stop our investigators from infiltrating their criminal enterprise and obtaining the evidence needed to indict their alleged top leaders in both New York and New Jersey.”

Press of Atlantic City: Bail on mob-related charges set for Nicodemo S. Scarfo

Nicodemo S. Scarfo, son of a former Atlantic City crime boss, may soon be released prison after his bail was set on Tuesday.

Superior Court Judge Thomas V. Manahan set his bail at $350,000 shortly after Scarfo was arrested last week on racketeering charges.

Scarfo, 44, was detained from his home on Friday after authorities announced his indictment relating to an illegal internet bookmaking operation.

Sarfo’s attorney James Leonard called the scenario a “trumped-up book-making case” and expects his client to be released on bail soon.

Nicodemo Scarfo, a man with alleged ties to the New York-based Lucchese crime family, was detained from his home Friday and taken into custody on charges of racketeering, money laundering, and gambling. Scarfo allegedly had ties with an illegal bookmaking ring that processed billions of dollars in bets through an online gambling site to a wire room in Costa Rica. His bail has been set, and his attorney expects he will be released soon.

The Philadelphia Inquirer: Scarfo’s bail set at $350,000 in betting operation

Nicodemo Scarfo says he is an unemployed research analyst who did legal consulting work for attorneys. New Jersey state prosecutors paint a different picture, saying he is an organized crime involved in a $2 billion illegal online sports betting operation.

Theses contrasting biographies were drafted during yesterday’s bail hearing in Morris County Superior Court before Judge Thomas Manahan, where bail was set at $350,000.

Scafro is a reputed member of the Lucchese crime family. He faces charges of racketeering, conspiracy, money-laundering and illegal gambling, all stemming from his alleged involvement in an online sports betting operation that funneled bets through a wire room in Costa Rica. Scarfo is just one of 34 reputed associates of the Lucchese family charged in the case.

Authorities watched the gambling ring for more than a year, in a probe they called “Operation Heat”.
During the probe, they collected hundreds of secretly recorded conversations on wiretaps and other electronic listening devices.

NBC: Reputed former crime boss from Ventnor indicted by grand jury

The New Jersey State Attorney General’s Office has announced that a grand jury indicted Nicodemo Scarfo Jr., 44, along with more than 30 other people with alleged ties to the New York-based Lucchese crime family.

Scarfo, said to be the head of the the New Jersey faction of the family, faces racketeering, conspiracy and gambling charges.

The indictment is the result of a long-term investigation called Operation Heat aimed at uncovering an international criminal gambling ring that dealt with several billion dollars in sports wagers over the internet.

According to records from the investigation, the gambling ring processed an estimated $2.2 billion in wagers in just over a year using a password-protected website that funneled bets to Costa Rica.

Attorney General Paula T. Dow said, “The Lucchese crime family allegedly employed sophisticated measures such as electronic record-keeping and offshore wire rooms designed to thwart detection of their illegal gambling activities by law enforcement.”

“I’m proud to say that their innovations did not stop our investigators from infiltrating their criminal enterprise and obtaining the evidence needed to indict their alleged top leaders in both New York and New Jersey.”

Press of Atlantic City: Bail on mob-related charges set for Nicodemo S. Scarfo

Nicodemo S. Scarfo, son of a former Atlantic City crime boss, may soon be released prison after his bail was set on Tuesday.

Superior Court Judge Thomas V. Manahan set his bail at $350,000 shortly after Scarfo was arrested last week on racketeering charges.

Scarfo, 44, was detained from his home on Friday after authorities announced his indictment relating to an illegal internet bookmaking operation.

Sarfo’s attorney James Leonard called the scenario a “trumped-up book-making case” and expects his client to be released on bail soon.