Category Archives: Gambling

The 2022 Kentucky Derby saw the biggest upset in over a century. Rich Strike came from the back to overtake the two favorites in the final stretch, winning the race. Rich Strike wasnt even supposed to be a part of the race, but a last-minute scratch brought the horse into the lineup. Rich Strike had 80-to-1 odds to win.

The 2022 Kentucky Derby was the most heavily bet race to date. espn reported that $179 million in bets were placed, an increase of 17 percent over last year. Ironically, the least amount of money bet was on Rich Strike.

Since the early 20th century, most gambling has been confined to casinos, back alleys and shady bookies. Yet over the past four years, gambling has become a much greater part of mainstream America. It is quickly becoming one of the most lucrative businesses in the country. Gambling is becoming the new American pastime.

Americans spent a record $53 billion on gambling in 2021. Between casinos and gaming apps, revenue increased 21 percent from the previous record set in 2019. The Las Vegas Strip is still king of gambling in America, wrote Forbes. The city brought in more than $7 billion in gross gaming revenue last year, according to the report. Atlantic City ranks number two with $2.6 billion in gross gaming revenue and the Chicagoland area comes in third with just over $2 billion. To put this into perspective, that is more than double the revenue of all major professional sports leagues in North America and Europe.

In-person gambling is still the most popular form of gambling. Forbes explained: Combined slot, table and physical sportsbook revenue hit $45.62 billion, or 85 percent of the total gambling revenue. The legalization of gambling on sports has transformed this pastime.

In 2018, the Supreme Court cut down a 1992 law that limited sports betting to Nevada. Now over 30 states have made betting on sports legal. If you have watched any sports lately, you are fully aware of how easy it is to place a bet via your smartphone: Online sports betting advertising is on every commercial during games and on every billboard at stadiums. Will Leitch wrote at the Atlantic: The nfl, nba, mlb, wnba and nhl (not to mention some college programs) have all signed lucrative deals with sportsbooks such as mgm, Ballys, PointsBet and DraftKings. The Supreme Court struck down a federal ban on sports betting in 2018; last year it was a $26 billion industry. Instead of flying to Las Vegas or finding a bookie in some shady alley, now all you need to do is open your smartphone and put money down on the game of your choice. In 2021, Americans put down $57.2 billion on sports bets. That is more than the cumulative revenue of books, music and movies.

Many of these online betting services are enticing Americans to engage in gambling when they may have never considered it before. Before the legalization of online gambling, the great majority of Americans would go their entire life without being tempted to seek out a bookie or fly to the handful of jurisdictions in which in-person sports betting was permitted, wrote Matthew Walther at the Atlantic. Many of the commercials I see while watching football promote what are called risk-free bets, a phrase that should probably fall afoul of various truth-in-advertising statutes. What they mean is that if you bet $300 and win, you will be able to withdraw your winnings ; if you lose, your forfeited wagers become credits that can be used for future bets. Risk-free bets serve one purpose: ensuring that you continue to make use of the platform. A record number of Americans are putting their hard-earned money into these no-risk platforms.

The pandemic also transformed gambling, in general, by moving it onto online casinos. Not only can you bet on sports from your smartphone, you can also play casino games virtually. The revenue from these online casinos is quickly dwarfing the earnings of sports betting. In 2020, online gambling revenue globally was $66.7 billion. By 2030, the market is expected to reach $153.6 billion in revenue. It is estimated that 124 million adults in the United States engage in gambling each year, be it at casinos, online, or on sports. But it is not just America; over 19 million Canadians gamble each year, which is half of the country.

These statistics do not include those who participate in lotteries, which is another monstrous source of profit. In 2017, state lotteries sales topped $71 billion. cnbc reported: Consumers each spend an average of about $86 a month on lottery tickets, including everything from scratch-off cards that come out of vending machines to entries for the Powerball and Mega Millions competitions. The average American spends $1,038 per year on lotteries. Americans earning less than $30,000 per year spend 13 percent of their income on lottery tickets. Forty-nine percent of American adults have admitted to buying lottery tickets annually, which is about the same number of people who gamble annually.

Who does gambling actually benefit? Casinos, gambling platforms and lottery ticket providers are the real winners. Impoverished people trying to win the jackpot and find an easy way out of poverty suffer the greatest. People are tempted to try to make some fast cash by attractive advertisements and the ease of access. But these gambling platforms are designed to create addiction so that there is a steady stream of revenue. Especially in a time when many are facing economic hardship, gambling is an appealing or desperate way to find relief.

The widespread legalization of sports gambling will undoubtedly create hundreds of thousands or even millions of gambling addicts, many of whom lose their homes, vehicles, families and dignity, wrote Forbes. Currently 1 percent of Americans, 3.6 million people, have a severe gambling addiction; thats 9 percent of U.S. adults. Gambling addiction is very similar to alcohol and drug dependency, and it often leads to other addictions and issues.

Gambling is yet another example of a behavior once looked upon as a vice and a crime becoming legalized and mainstream. Despite the reasonable expectation of widespread gambling addiction, many believe the money raised in taxes outweighs the societal costs. Gambling also leads, indirectly, to increases in violent crime, suicide, divorce and bankruptcy, wrote Stephen Marche at the Atlantic. Problem gambling is a significant social cost; the pain of the lives that are ruined spreads to whole families. The rough social cost of a single problem gambler is about $10,000 a year. Widespread gambling is associated with societal breakdown. Marche explained:

Betting tends to surge during periods of social breakdown. Russia saw a gambling orgy from 1905 until the outbreak of the Russian Revolution. The Communists believed it was a ploy by reactionaries, associated with the revolutionary movement in the country and even referred to as government measures aimed at distracting the society from political rallies and meetings. A similar wave of gambling roiled the French Revolution. By the revolution of 1789, the four-story, quadrangular Palais Royal in Paris had become the most glittering tourist center of Europe, with 180 shops and cafes in its ground floor arcades, according to a report in the Journal of Gambling Studies.

Widespread gambling is one of many troubling signs of Americas collapse. Bible prophecy warns that, in the end time, America will suffer from debilitating curses: This know also, that in the last days perilous times shall come. For men shall be lovers of their own selves, covetous, boasters, proud, blasphemers, disobedient to parents, unthankful, unholy, Without natural affection, trucebreakers, false accusers, incontinent, fierce, despisers of those that are good, Traitors, heady, highminded, lovers of pleasures more than lovers of God (2 Timothy 3:1-4). People are coveting wealth by exploiting people through gambling, and people are coveting money by trying to win the jackpot. Gambling is a direct violation of Gods law, and the Bible says breaking Gods law is the cause of all these curses on our society.

To understand more about why gambling and other curses are engulfing the English-speaking nations and to understand more about what the Bible teaches on gambling, please read Herbert W. Armstrongs book The United States and Britain in Prophecy and our article Americas Gambling Addiction.

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Gambling Is a Plague on America | theTrumpet.com - theTrumpet.com

It all started with a bit of altcoin called Litecoin. A year ago, it was worth $3.33. But since its a cryptocurrency (and now we know what cryptocurrency is) and because it is tied to the Bitcoin network, it has become extremely popular with gamblers worldwide. If youre looking to cash in on some of that newfound popularity, you probably shouldnt participate in any form of gambling with litecoins. However, suppose you are a gambler who enjoys playing the slots or betting with virtual currency. In that case, there are plenty of different types of digital coins that are worth considering instead. So which one should you give your money to? Lets take a look at some factors that might help decide that.

If youre looking to gamble with Litecoin, then its essential that you know if it is legal in your jurisdiction. To be more specific, nine countries have expressly banned crypto-currency in gambling. These include Curacao, Cyprus, Estonia, France, Italy, Latvia, Malta, and Poland. However, several other countries have either not yet decided whether or not to allow players to use crypto-currency in their casinos or just havent set up any laws for its use yet. Some of these include Canada and South Korea. So if you decide to play with Litecoins in any of these jurisdictions (or somewhere else), you run the risk of getting arrested or fined by the authorities for breaking the law.

Using Litecoin as a currency is that its faster and cheaper to move around. It has been designed to be used in a peer-to-peer network, which means that it can move about instantly, cutting down on transaction costs. As a result, you can make more transactions per second than you would if you were moving money around with traditional currencies like the US dollar or the British pound. Some players were interviewed regarding the potential of Litecoin as a gambling currency. They said that the speed you can move money around would give it an edge over other currencies.

Litecoin can be an excellent choice for gambling, especially if youre looking to participate in many different activities. Its faster than other currencies, and it can be used for various types of gambling. Litecoin is fast and cheap to use means that its ideal for roulette, online slots, and poker games. If you want to play with Litecoin, here are some of its advantages.

Since youre not using a traditional currency that has a central bank, theres no way that you can be traced. If you want to play with Litecoin anonymously, you can do so without any problem. Litecoin makes sure that the players data doesnt get recorded, so theres no way that you can be tracked down.

Litecoin is one of the fastest currencies in the world, which means that it will be able to move around more quickly than other currencies. If you want to participate in many different types of gambling, you need to use a currency that can move around quickly, and Litecoin is perfect. Unlike bank transfers, Litecoin transactions can be completed in seconds, which means that youll be able to take part in as many activities as possible within a short time frame.

Litecoin can be an excellent choice for gambling, especially if youre looking to participate in many different activities. Its faster than other currencies, and it can be used for various types of gambling. Litecoin is fast and cheap to use means that its ideal for roulette, online slots, and poker games. If you want to play with Litecoin, here are some of its advantages.

If you want to take part in many different types of gambling, youre going to need to use fast, secure, and cheap currency. If you choose Litecoin, youll be able to use it for all kinds of gambling activities, and there will be no problems with bonuses. Its easy to see why Litecoin was chosen for this purpose, as it can provide all of these things simultaneously.

If you want to invest in Litecoin, you should do so when betting. It might not be the best time to invest, but its a good choice for those who like to gamble, and its perfect for those who want to gamble with Litecoin. Also, the best litecoin casinos consider the currency when it comes to bonuses, and this is a great way to get your investment even higher.

Litecoin was created in 2011 by Charles Lee, and its one of the first cryptocurrencies created. Its one of the most popular currencies globally, and it has a reputation for being one of the best crypto coins. It is very flexible, and you can use it for various purposes. Its an excellent choice for those who want to gamble with Litecoin, as its considered one of the worlds most secure currencies. Also, its very flexible, and you can use it on a lot of different types of websites.

Litecoin has become an excellent choice for those who want to gamble with it, but this is not the only purpose it can be used for. Its being used in various industries and used as a currency, so you should expect to see more and more of it in the future. Litecoin is fast and cheap, making it perfect for gambling, especially roulette, slots games, poker games, and online casino games. Litecoin might not have the same market cap or user base as Bitcoin, but Litecoin has become a popular cryptocurrency. The USD value of Litecoin is now worth around $4 billion, and this means that there are now over 100 million coins in circulation. This makes Litecoin one of the most popular cryptocurrencies today, and its also becoming increasingly popular among investors. The current value of Litecoin means that there are now over 100 million coins available at any time, which means that people are more likely to use it for other purposes.

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Become a Hollywood Player: Factors of Litecoin Gambling That You Need to Know - Film Threat

When Dave Portnoy says, F**k that guy, people are going to listen.

Theyre especially going to listen when the person he says it to is well-respected within the sports betting industry.

Sticks and stones, what have you, said James Salinas, the Colorado-based sports bettor, VSiN host, director of recreation for the city of Denver, and most recently the recipient of Portnoys foul-mouthed complaint. But he doesnt know me, I dont know him. I guess Im a little more old school. If I have a problem with somebody, its not something Im going to put out there publicly.

Thats how I grew up in the neighborhood I grew up in. You had a problem with somebody, you met in person and you settled it one-on-one. But its a whole new world of social media and not something Im going to engage in.

Some background is needed, clearly. If you already know the story, skip ahead. But its a doozy.

Salinas appeared on VSiN on April 23, where he was asked by Brady Kannon about the NFL Draft markets, specifically that of edge rusher Kayvon Thibodeuax. Salinas then launched into a story about what happened to him when he attempted to get money down on Thibodeaux a week earlier at the Barstool Sportsbook at the Ameristar Black Hawk Casino.

To nutshell it: Salinas walked up to the counter, asked about limits, and was told he could bet whatever he wanted. So he bet $3,000 on Thibodeaux at +100 to be selected within the first five picks, and an additional $1,000 on Thibodeaux to be picked No. 2 overall at +350. Salinas said they took his money, printed the ticket, and then asked for his ID.

They never handed him the ticket.

A few minutes later, the counter person told Salinas the $3,000 bet had been limited to $800 and the $1,000 bet was dropped to $500. It gets worse: The +100 line was moved to -129, and the +350 line was moved to +250.

Suffice it to say, Salinas left without placing a bet. Days later, Thibodeaux wound up being selected fifth in the draft by the New York Giants.

A week later, ESPNs David Purdum reported that the Colorado Division of Gaming was investigating the incident and tweeted out the applicable rules and regulations surrounding the issue.

Notable is the if a ticket is issued by an operator language. The ticket was printed, but never wound up in Salinas hands. Time will tell how that language is parsed.

And that was about that, until

F**k that guy, Portnoy said in reference to the Salinas incident on The Dave Portnoy Show With Eddie and Co. on May 11.

Its the draft. Theres all sorts of inside information. Listen: Thats what a casino is in it to make money. This wasnt a game that was just a normal line. He was literally just driving around different casinos trying to get as much action on what he thought was, like, inside, or information, on the draft. So they take his license, they see that hes probably a sharp, and they want to limit him.

That happened to me not that Im a sharp when I was at one of their casinos. I tried to bet on NASCAR and they changed the odds and limited. Hes crying like a baby, but that happens everywhere.

Well, it doesnt really, outside of a few spinny wheel instances. Sure, there are limits, and yep, sometimes they are ridiculous. But moving the line without taking at least some of the bet? Almost unheard of.

Regardless, Salinas told me he didnt have the time or inclination to deal with it.

I sat on it, Salinas said. I moved on. Then Brady brought up the draft, and I thought about then and figured the floor was mine, might as well talk about what happened. Then I moved on from it again, but VSiN took it, put a snippet out. I never thought it was going to go nearly as crazy as it has on Twitter. Im not a big player on Twitter. There was no underlying covert action on my end.

Salinas said Purdum reached out, asked if it was OK if he investigated the matter further, and while Salinas had no problem with that, he also was ready to once again put the matter behind him.

I dont have the time, energy, or capacity to take all this on, he said. To go deal with [the Colorado Division of Gaming], you have to go through this whole process, and I was like, Man, I dont have time for this stuff. I didnt get the bet in, big deal, moving on.

I dont know anything about Dave Portnoy. This had nothing to do with him. I dont know in what capacity he works for the sportsbook; now Im learning more. I had no clue who he was. But then it became personal. This is different now. This was me against the sportsbook, now its me against some guy.

Portnoy, for the record, is the founder and head of the Barstool Sports media site, which is partly owned by Penn National Gaming. Penn National adopted the popular, if controversial, Barstool brand in launching its Barstool Sportsbook and uses Portnoy to promote it, but he has no official position running sportsbook operations.

Salinas, meanwhile, has now officially filed an official complaint with the Colorado Division of Gaming after learning of Portnoys comments.

I think thats where it was like, Really? Were going to go personal on this? You dont know me, you dont know anything about me. Why are you making these personal attacks? Salinas said. I didnt attack him, by any means. I was talking about the book. Yeah, I had some problems with the sportsbook. My biggest point of contention was not with the limits, but the fact they changed the price on me. That was my biggest contention from the get.

My feeling is you cant have it both ways, said Robert Walker, the longtime bookmaker now with USBookmaking. If you believe its an event where insiders have a huge advantage and I believe that is the case you only have two options. One, dont offer it. Or two, offer it with very low limits.

And, in fact, Portnoy himself said much the same thing later in the discussion on his podcast.

How much does this annoy you knowing that you dont have any direct control over it? his co-host, Eddie Farrer, asked.

I dont know that I wouldve handled that any differently if I was the casino, Portnoy responded.

Yeah but if it was your sportsbook, I feel like you wouldve taken whatever action. Just knowing you, and knowing gambling, Farrer countered.

Portnoy looked pained before answering

I mean, this guy wasnt betting much, so maybe, but the NFL draft. Yeah, they said they would take a certain amount of limit, but its not like chance. Theres information. Maybe they shouldve had smaller limits to begin with.

And as for what actually happened, Walker probably speaks for the entirety of the sports betting community.

What you cant do is offer it at high limits and then get upset when sharp players do what they do, Walker said. Which is put you in your place.

Also somewhat notable here: It was the newfangled online sportsbooks that were most aggressive in the NFL Draft prop market. Walker didnt offer it, Circa came in with about 72 hours to go with a limited menu, and the SuperBook kept its options small.

Im surprised anyone offers it at all, honestly, Walker said.

And while this incident is, admittedly, a little inside baseball within the gambling community, its obviously not Portnoys first misstep. Penn National Gaming bought the whole farm when it partnered with Barstool Sports, and has shown no remorse, even after dual Business Insider pieces that portrayed Portnoy as, at best, a sexual predator.

We look forward to being owner of Barstool 100 percent. They have been a great partner for us, Penn National CEO Jay Snowden said on a quarterly earnings call in February. Further, he told The Wall Street Journal in March that Portnoy will remain involved in what Penn does in sports betting,

For better or worse, the public at large sees Portnoy as Barstool Sportsbook, and with that comes this super-aggressive, shoot-from-the-hip, damn-the-torpedoes mentality.

Its not always pretty.

From where I stand, Im not going to talk about anyone personally, Salinas said. This was about a multi-billion dollar conglomerate business whose business it is to take bets. Im not yelling at ticket writers. They had nothing to do with this. There was nothing personal about this with me.

It just bothers me, I guess, he continued. I dont know its the day and age we live in. Whether you have a radio show or a television show or Twitter or anything with a keyboard, just being critical and criticizing folks without knowing who they are. He doesnt know me, I dont know him. If I have a problem with somebody, Im going to bring it up personally in a one-on-one setting. Im not going to disparage anyone out there publicly, thats not my style.

Im not familiar with Portnoy, Im not familiar with his podcast. If he can make a living doing what he does and be successful, great. But if part of it is to disparage other people and that gets people interested Im not going there. Thats not how I operate.

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Dave Portnoy Says, 'F*ck That Guy,' Gambling Twitter Seriously Objects - Sports Handle

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Online betting operators have been issued with more than $100,000 in fines over the past week as Liquor & Gaming NSW continues to take a zero-tolerance approach to the publication of illegal gambling inducements.

Most recently, online betting provider BetDeluxe has been fined $70,000 for publishing illegal gambling inducements after being prosecuted by Liquor & Gaming NSW.

This follows the successful prosecution of PointsBet, which was fined a total of $35,000 for publishing illegal gambling inducements last week, after receiving a $20,000 fine for the same offences in 2019.

Hospitality and Racing CEO, Anthony Keon said Liquor & Gaming NSW was continuing to pro-actively monitor online betting providers and it was completely unacceptable that seven bookmakers have been prosecuted on multiple occasions since 2018.

Liquor & Gaming NSW will continue to actively pursue operators for illegal advertisements and advocate for the courts to issue higher penalties, Mr Keon said.

In 2018 the NSW Government introduced new laws to significantly increase penalties for wagering operators who are found guilty of promoting inducements to gamble, with maximum fines now set at $110,000 per offence for a corporation.

Clearly some of these operators think gambling inducements are just the cost of doing business, but they are wrong, and they are pushing their luck. We will continue to bring these matters before the courts and seek higher penalties that reflect community expectations.

In Downing Centre Local Court yesterday (18/5), BetDeluxe pleaded guilty to five offences that included 21 Facebook promotions for bonus bets on sports games and enhanced odds on horse racing.

In addition to the $70,000 in fines, BetDeluxe has also been ordered to pay $8,500 in legal costs. This is the first time the company has been prosecuted for this type of offence.

PointsBet pleaded guilty to two advertisements that included an Instagram promotion to get $50 back in bonus bets, similar to those it offered in 2019 on the Apple App Store, promising $100 cash back on certain bets.

Prohibitions on gambling inducements are an important harm minimisation measure and the increase in maximum penalties, along with our continued prosecution action, should send a clear message to wagering operators about how seriously we view these matters, Mr Keon said.

Reoffenders run the risk of the higher range penalties, and more scrutiny, so let me be clear that patterns of poor compliance are not worth the trouble.

We hope this is the first and last time we see BetDeluxe in court for gambling inducements.

Since 2015, Liquor & Gaming NSW has successfully prosecuted 37 matters for prohibited gambling advertising, resulting in over $642,500 in fines, with nine betting providers currently before the courts.

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REGULATOR WARNS HIGHER FINES ON THE CARDS FOR ILLEGAL GAMBLING ADS - European Gaming Industry News

BELOIT (WKOW) -- The Ho-Chunk Nation is building a $405 million casino in Beloit, Wisconsin near the Illinois border, after decades of planning.

"It's been a long time," said Ryan Greendeer, public relations officer for the Legislative branch of the Ho-Chunk Nation.

This new casino -- Ho-Chunk Gaming Beloit -- has been in the works since the late 1990s. Tribal leaders say they're finally close to breaking ground, with vertical construction likely to start in the next year.

The casino will feature 2,200 slot machines and 50 table games. There will also be a 300-room hotel, convention center, and an indoor water park.

"This casino and resort development is expected to create approximately 1,300 jobs for the greater Beloit community, said Sarah Lock, Director of Strategic Communications for the City of Beloit.

It could mean a huge economic boost for Beloit.

"The city and the county will be able to split 2% of the net wins from the Ho-Chunk Nation. We anticipate that that could be in the millions per year but that will remain to be seen as the casino is constructed and fully operational," said Lock.

This casino is expected to bring in big revenue and lots of jobs for the city but not everyone's excited.

The gaming facility will be just 20 miles north of the Hard Rock Casino in Rockford, Illinois, which opponents caution may be one casino too many.

"We have 25 casinos here in Wisconsin already. It's an oversaturated market," said Lorri Pickens with Citizens Against Expanded Gambling.

Pickens also said the proximity of these casinos pits them against each other. Tribal members disagree.

"We think that there'll be complementary to each other. We're looking at different demographics," said Greendeer.

"I really highly doubt that they build the $405 million structure," said Pickens.

Pickens doesn't believe this development will be lucrative for Beloit because she expects this casino will be scaled back.

"You'll see more of a boutique type of casino, I doubt there's a convention center with that or any of those other luxury items that they have proposed," said Pickens.

"We don't have any plans to scale those back, perhaps we'll see a different way of like furnishing them," said Greendeer.

The Bureau of Indian Affairs is working to put the land the casino will be built on into a trust. After that process, tribal officials said they can start working with the city for a groundbreaking date.

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Opposition to major Ho-Chunk Nation casino project in Beloit - WKOW

Millions of South Africans may now enjoy their new favourite form of entertainment thanks to the permissive gaming rules that now regulate the online gambling business.

Because the number of games available is, continuously growing, new players are frequently unsure where to begin, which is why weve put together this quick introduction to the most popular online casino games in South Africa.

As choices for online betting sites in South Africa continue to grow, it can be confusing to pick where you would play your favourite online games. Luckily, knowing what are the most preferred games can help you trim down your choices, at least.

Slot machines are a sort of amusement that consists of spinning reels with various symbols. Players place bets on symbol alignment, spin the reels, and win if the outcome matches their stake. Computer software controls the gameplay and the whole operation behind the reels, including the winning numbers and symbols. Todays greatest real-money online slots include a huge number of reels and pay lines, bonus games, and unique 3D visuals, as opposed to older versions with restricted symbols.

Players enjoy slots because they are simple to operate, and many of them have intriguing stories with fictitious or historical themes. Furthermore, consumers enjoy the progressive jackpot feature, which lets them have a game against other players and potentially earn huge prizes even with tiny amounts.

One of the most current preferences among South African gamers is playing live casino games. It allows players to play against a live dealer in real time, and they can also speak with the dealer throughout the game thanks to sophisticated live-streaming technologies. Mobile devices may now play live games as well.

The players may just press the live mode button, and the dealer will appear to help them with the remainder. This style of gambling is the most similar to the thrills experienced in traditional casinos. They may play a variety of table games and pretend to be at a table at one of the fantastic genuine casinos.

Realtime Gaming, or RTG, is a software business that is responsible for some of South Africas most popular casino games. It was the first firm to create multiplayer poker and progressive jackpots, and it now has over 400 titles in its repertoire, including both modern video and classic slot machines.

Most games also provide extra rounds, free spins, and other incentives, as well as a greater possibility of winning large. Furthermore, South Africans like RTG games since the firm enables the use of their native money, the Rand, which is quite handy.

Blackjack is without a doubt one of the most popular card games in South Africa among players who like the excitement of battling against the dealer. Each card in blackjack is worth a particular number of points, and the winner is the player who has a hand that comes closest to 21 without going broke.

Another reason why online gamblers enjoy blackjack is the games modest house edge, which may reach 0.5 percent every hand. Blackjack is also offered in a variety of versions, each with its own set of betting options and rules.

Roulette is a popular game in casinos all over the world, especially in South Africa, because of its exquisite appearance and high level of excitement. It is strictly a game of chance in which participants place bets on certain numbers in the wheels squares to predict the outcome of a center spinning wheel. The squares are available in two basic colors: black and red, and when the wheel starts spinning, everyone hopes it will stop exactly where theyve placed their wager.

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GAMING IN SOUTH AFRICA: Why People Love Gambling | - Red Pepper

Horse racing. Photo via Pixabay

One of the measures Californians will likely get to vote on this fall does more than just allow betting on sports: Critics are concerned it will effectively block smaller gaming companies and startups from operating in the state.

Those arehigh stakesfor an industry that could rake in over $3.5 billion each year from California bettors and for a state that prefers to see itself as the startup capital of the world.

Of the four sports betting initiatives competing to make Novembers ballot, one,paid forby online sports betting giants FanDuel, DraftKings and BetMGM,would allowgaming companies and Native American tribes to provide sports betting online across the state.

But embedded in the initiative are requirements that would be very difficult if not impossible for the companies smaller competitors to meet, experts say.

If the initiative passes, gaming companies would have to pay a $100 million licensing fee to do business in the state, as well as already be licensed in 10 states, or be operating in five states and running 12 casinos.

I think its absolute nonsense, said John Holden, a professor at Oklahoma State University who studies sports gambling policy. I think whats effectively happening is, basically, the 5 to 10 frontrunners in the market have decided Alright, lets ensure that theres no one else who can compete by agreeing to pay these exorbitant license fees.

The $100 million fee, Holden said, essentially ensures no startups will be able to operate in California.

The fee is one way the measure generates significant revenue to fund homelessness housing and mental health treatment and provide financial support for California Tribal nations, Nathan Click, a spokesperson for the initiatives campaign, wrote in a statement.

California is best served by creating a safe and tightly regulated sports betting market, one where customers can know they are working with experienced platforms with a proven track record of safe and responsible operation in other markets, Click wrote.

FanDuel and BetMGM did not respond to CalMatters request for an interview. DraftKings directed CalMatters interview request to Click, the campaign spokesperson.

Theinitiativebacked by sports betting companies would:

The states Legislative Analysts Office wrote in itsassessment of the measurethat its uncertain how much money the new taxes and fees would generate for the state, but it could reach the mid-hundreds of millions per year.

The measure hasnt qualified for the ballot yet its still gathering signatures. But Click, the spokesperson for the campaign, said the measure is well ahead of where it needs to be to qualify.

Other measures that legalize sports betting could make the ballot or are already eligible. One, backed by a coalition of tribes, wouldallow sports betting at tribal casinosand four horse race tracks only, while another, backed by a separate coalition of tribes,would allow tribes to offer online and in-personsports betting exclusively. Native American tribes have long had the exclusive right to offercertain forms of gamblingin California. Many tribesare campaigningagainst the gaming companies initiativearguing, among other things, that it would threaten tribes sovereignty and self-reliance.

If one of the initiatives passes, California would become one ofover 30 statesto legalize betting on sports. The industry could generate $3.57 billion per year in net revenue for entities offering sports betting to people in California if online and in-person betting is legalized and many companies are able to operate, according to projections from Eilers & Krejcik Gaming LLC, a research firm. Thats larger than the firms projections for Texas, New York, or Florida.

The $100 million licensing fee is much higher than what any other state has on the books, said Becca Giden, director of policy for Eilers & Krejcik. Now, New Yorks $25 million licensing fee is the highest, she said. Most states that have legalized sports betting have licensing fees in the low single-digit millions or hundreds of thousands and no other state requires companies to already be licensed in other states, according to Giden.

The requirement that a company already be licensed in 10 states would cut off smaller companies and startups that are only licensed in a few states, Giden said. That, combined with the fee, would meaningfully limit the ability of small companies and startups to participate in the market, she said.

Early-stage startups that get money from venture capitalists generally raise around $5 million to $20 million in their first round,said Olav Sorenson, a sociologist at UCLAs Anderson School of Management who studies entrepreneurship. But only about 1 out of every 100 startups get any venture capital money, Sorenson said. When you include startups that rely on credit card loans and other sources of funds, the amount of money new companies have at their disposal shrinks.

Very, very few startups would be able to afford that kind of fee, Sorenson said. I think its going to dramatically limit competition.

A few companies already dominate online sports betting. FanDuel commands 31% of the U.S. market, followed by DraftKings with 26%, BetMGM with 16% and Caesars with 12%, according to research from Eilers & Krejcik.

The goal of this seems to be to create an oligopoly market for sports betting, said Marc Edelman, a law professor at Baruch College who specializes in sports, gaming, and antitrust law. It would, he said, benefit a limited number of companies to the detriment of smaller companies and consumers.

MaximBet, a sports betting company launched in 2021, is so far licensed in one state: Colorado. The company tries to set itself apart by offering bettors in-person experiences glitzy masquerade parties, meet-and-greets with pro players, or the opportunity to drive a Ferrari around a race track, said Doug Terfher, vice president of marketing for the company.

MaximBet is working on getting licensed in 10 states and in Ontario, Canada, but the process is slow. If the company is able to get licensed in five states this year, itll be an amazing year, said Terfher.

Most states are restricting the number of companies that can offer sports betting, said Daniel Wallach, a Florida-based gaming lawyer who has testified in front of state legislatures considering legalization. States do this with other forms of gambling too. Its commonplace, he said, for gaming not to be a free for all, where any company can participate. There have to be some baseline standards, he said, that ensure that a companys integrity, experience, and track record are closely scrutinized.

Historically, organized crime groups have been involved in the gambling industry, Wallach said, so state legislatures and gaming agencies are very careful to limit who can operate in this heavily regulated industry.

If smaller companies cant do business in California, that means fewer options for would-be bettors and potentially less innovation.

Youd basically end up with a lot less choice, said Holden.

One up-and-coming product Holden cited is exchange-based wagering, where bettors can trade wagers with each other throughout a game, similar to how day traders buy and sell stocks.

Sporttrade, a Philadelphia-based startup that offers stock-market-like sports betting, is working on getting licensed in New Jersey, Colorado, Indiana, and Louisiana. Could it cough up $100 million and get licensed in 10 states in order to come to California?

No chance, said Alex Kane, the companys CEO. Hes all for regulations that protect consumers, he said, but thinks a $100 million licensing fee doesnt have anything to do with that. Instead, Kane said he thinks the bigger companies writing the initiative dont want to face competition. Theyre looking at What would we be willing to pay to get rid of competition altogether? Kane said. You can see that its worth a lot of money to them.

And if its difficult for new companies to reach customers in California, that could wind up shaping not just what services are offered, but who offers them. Such a high financial barrier to entry makes it nearly impossible for minority-owned businesses or new businesses or entrepreneurial ventures to even attempt to compete, said Edelman, the law professor at Baruch College. If theres not a lot of competition between sports betting vendors, that might also lead to worse prices for customers, he said.

If the initiative backed by the gaming companies passes, California wouldnt be the most restrictive state not even close. Delaware has essentially limited sports betting to three casinos. Washington D.C. enabled one app, run by the DC Lottery, to offer online sports betting city-wide, while other companies are limited to the geographic areas surrounding sports arenas theyve cut deals with. Somes states have set limits on the number of licenses theyll offer. Washington state made sports betting theexclusive domain of Native American tribes, and Maine seemspoised to make a similar decision.

Regulators can make rules that protect consumers and ensure gaming companies act responsibly without limiting the number of companies that can operate. The fact that many states have limited the number of licenses theyll give out isnt necessarily because thats the optimal set up for consumers. Its because theyve been lobbied by casinos, racetracks, and other groups that already have a stake in gambling, said Giden.

If the goal is to ensure that companies operate ethically, then regulators should be reviewing companies past business practices across all lines of business, said Edelman, the gaming and antitrust law professor.

To presume that a company that could spend a lot of money is ethical and a company that could spend a small amount of money is not ethical is very dubious logic, he said.

CalMattersis a public interest journalism venture committed to explaining how Californias state Capitol works and why it matters.

Continued here:

California Sports Betting Initiative Backed by Gambling Giants Would Block Startups - Times of San Diego

Christina Cook had never heard of gambling addiction. But she was already on her way to being hooked eventually losing nearly half a million dollars and, almost, her own life.

In 2007, at 28, the Tulsa, Okla., native was separated from her first husband, grieving the death of her beloved grandmother and living at home with her mother.

Then her mom, with whom she is very close, had a heart attack.

After rushing her to the hospital, I went home to get her pajamas and stuff to make her comfy recalled Cook, now 43. On her way back, feeling emotionally taxed, Cook took a detour to Osage Nation Casino in Sand Springs, outside Tulsa. The flashing lights, friendly faces and anticipation of a jackpot gave her a jolt of relief from stress.

I sat down at a slot machine and won a $1,201 jackpot, Cook recalled. My sister was calling me saying, Wheres Moms stuff? But it was such a high.

Feeling shame mingled with euphoria, Cook returned to the hospital with her mothers things. They were all mad, asking me, Where have you been? she recalled.

That is when it all started to be a secret.

Gambling would become Cooks escape from her struggles with cervical cancer, a hysterectomy and grief that came from knowing she would never be a biological mother.

My friends all had babies, she remembered. I didnt want to listen to talk about showers and feedings, so I started going gambling Friday nights.

During years of intensifying addiction from 2008 to 2015, Cook, a lifelong people pleaser, became romantically involved with her boss, whom she describes as a narcissist.

He would tell me we were going out and then ghost me, she recalled. He always wanted to meet late at night. He was all about control, and he kept me feeling low, like I couldnt look good enough or get anything right.

She remembers being at a work auction where they were selling slices of strawberry cake, her favorite kind. It happened to be her birthday and she told her boyfriend she was going to get a piece.

He said, You dont need that, she remembered. But I got a slice anyway. Her boyfriend looked at her with disgust, refusing to sit with her for the rest of the night.

He did everything in his power to isolate me which, looking back, made it easier for the addiction to do the same, Cook said. Those machines had no expectations of me. I just had to feed them to feel good.

Her gambling addiction worsened in the years she was with her toxic lover, who refused to meet her family.

In the early years of her gambling addiction, Cook would often sit down at a slot machine (her game of choice) and hit.

She would bet a significant portion of her paycheck, about $300, on paydays.

At first, she had luck. Some nights it seemed like I was absolutely on fire, she recalled. Every machine I sat at, I won. People were screaming, Youre so lucky! and I started thinking, Maybe I am.

But she wound up pouring her winnings and then some back into the slots. The last few years it didnt matter what I won, I wouldnt leave with it.

The most she ever lost in one day was about $17,000.

I had started out with $300, she said. At one point, she had won $16,000 and $5,000 jackpots. I remember a casino worker saying, Youre going home with this, right?

She played it back in.

I walked out with $4,000 of the $21,000 I had won. I took the $4,000 back the next day and lost it plus $2,000 of my own money.

In all, from 2008 to 2021, Cook estimates that she lost half a million dollars gambling.

She borrowed from her mother and her sister in those years money she has yet to fully repay.

Her relationship with her twin, Michelle, became strained because Michelle co-signed a car loan for her and Cook fell behind on the payments. We had always helped each other and then I did that, she said. She couldnt trust me. Though she never once made me feel like she wouldnt be there for me.

The last tally of what I borrowed from my mom was $8,000 and from Michelle, $5,000, she said. The real numbers are probably higher. I would say, My cars broken down for the fifth time or Someone stole my wallet. Once, my mom said, You should win an Oscar because these lies are getting more outrageous.

She also owed $35,000 in back taxes, $15,000 in credit card debt, $7,000 in medical debt, and $3,000 in miscellaneous debt.

Her mother tried to persuade her to get help. She told me she wanted to be there for me when I hit rock bottom, Cook recalled.

But Cook was in denial, characterizing her gambling addiction as financial problems.

She ended her toxic relationship and met a nice easygoing guy on PlentyofFish.com in 2015. He got along with her friends and family. They got married. His acceptance, and kindness, were especially attractive qualities after her previous relationship; however, she was still an addict leading a double life.

He didnt question why we never hung out on Friday nights, she said.

In January 2021, crippled by debt and anxiety, Cook quit gambling cold turkey.

She didnt hit bottom, however, until March 6.

I had a bad day at work, she said. I blew my whole paycheck, my husbands paycheck, and everything we had saved in the bank. I placed my last bet just after midnight.

After I left the casino the morning of March 6, I couldnt see a way out and I was thinking of ways I could end my life so I wouldnt be such a burden to the people in my life, said Cook. Theres a big bridge that goes from the casino to my home. I was thinking, Can I drive off it?

I didnt really want to end my life, I wanted to end the addiction that had become my life.

I felt, Ill never be cured, Ill keep ruining my life, my familys life, she said.

She went to see her mother the next day, handing her the 1099s shed received from the casino for $5,000 she had won, then lost. (In the U.S., gamblers receive a 1099 for any winnings over $1200 even if they subsequently lose it).

My mother was happy because she thought I was there to pay her back, Cook remembered. I broke down when I saw the disappointed look on her face.

At her mothers suggestion, she contacted Gamblers Anonymous (GA). One of the volunteers took time to give me hope, she said.

She placed [her] last bet on March 6, 2021 and regularly been attending GA meetings, as well as weekly therapy sessions, and joined support groups on social media. Finding few resources for women with gambling addiction, she decided to recover out loud by sharing [her] journey and other womens stories on her podcast, The Broke Girl Society and starting a Broke Girl Society support group.

Cook also broadcasts a YouTube show with fellow recovered addict Brian Hatch, The Bet Free Life. She has come clean to her husband.

In her search for resources to help others, she reached out to Gamban.com, a company providing software to block online gambling sites. Its a resource she recommends as a good tool for people struggling with online gambling addiction, which is on the rise.

She wants compulsive gamblers, including women, to know that help and recovery are available.

Once youre honest, theres no guarantee people wont abandon you, but there is help, she said. Its about building a life you dont need to escape from.

Resources for help with gambling addiction: National Council on Problem Gambling hotline (1-800-522-4700);Gamblers In Recovery;RecoveryRoadOnline.com;GamblersAnonymous.organd, for online gamblers,Gamban.com.

See the original post here:

How this casino addict came back from the brink after nearly losing it all - New York Post

Caesars Entertainment (CZR)'s CEO is banking on online sports gaming to boost company profits.

According to chief executive Tom Reeg's predictions, the company will see positive profit in its digital gaming by the end of fiscal year 2023.

Obviously, the couple of quarters before football season in '23 tend to be lower volume sports quarters, so lower loss anyway, Reeg told analysts on an investors call Tuesday night. So is it possible? It sneaks a little bit earlier? I'd say that's possible. But I'd be banking on inflection in the fourth quarter (of 2023) as we sit here today.

Caesars combines iGaming and mobile sports gambling in its digital portion of the business which reported an adjusted EBITDA loss of $554 million in the first quarter of 2022. Reeg noted on Tuesday nights earnings call that cutting back on marketing as well as contributions from the iGaming sector will be key factors toward driving profitability in the digital business by the end of 2023.

The company cut its marketing spend on mobile sports gaming by more than $250 million in the first quarter, he said on the call, striking a clear tone that Caesars will be shifting that strategy moving forward.

The Caesars Palace Hotel is shown behind some of the fountains of the Bellagio Hotel (not shown) in Las Vegas, Nevada.

Caesars spent significantly in Q1, offering up to a $2,000 deposit match for new mobile sports gamblers in New York.

That spending appears to have paid off the betting platform reported a $110.69 million gross gaming revenue in New York from the first week of January through the week ending April 24, which accounted for roughly 27% of market share of the countrys largest sports gambling market. FanDuel (PDYPY) currently leads the state with 40% of the markets overall gross gaming revenue while DraftKings (DKNG) comes in slightly behind Caesars at 24%.

"We're going to target our promotional spending at our profitable customers, which is going to be a much smaller subset of that larger group," Reeg said. "And that's going to have two significant changes, two significant impacts, you're going to build loyalty among that that group that is targeted, and you're going to increase profitability as you increase share of wallet, you're still going to have activity from those that are not targeted to the same degree, but your profitability on those customers is going to change dramatically, because they're not getting the marketing offers."

Story continues

As each company scales back its promotional spending, all eyes will be on the numbers (Caesars is no longer offering that $2,000 match). And while sports gambling will be on an increasing number of ballots during the 2022 midterm elections, Reeg doesnt foresee a plethora of customer acquisition spending in the near future which would help the company drive profits.

We have got an Ohio launch in front of us, that would be the only launch that I can think of that would have significant costs surrounding it, Reeg said. And so how we come out of the box in Ohio will be a governing factor in terms of where we would be, but that's the rights weve got.

Here's how Caesars Entertainment performed compared to Wall Street estimates for the first quarter:

Josh is a producer for Yahoo Finance.

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Caesars CEO predicts when online sports gambling will be profitable - Yahoo Finance

Some of Britains betting giants are revealed to have quietly lobbied Treasury officials against a proposed industry crackdown, claiming it will cost millions of pounds in lost tax receipts.

Executives representing Bet365, Paddy Power and Ladbrokes met officials from the Treasury and Revenue and Customs, warning a radical overhaul of the industry could drive gamblers to the black market. The meeting was with tax officials rather than ministers and was therefore not required to be automatically disclosed.

The betting industry claims there is a very real risk that the taxes of about 3.2bn a year it hands to the Treasury could be hit by tougher rules for the sector. A government white paper on gambling reforms is due to be published shortly.

Matt Zarb-Cousin, director of campaign group Clean Up Gambling, said: The industry is trying to water down the proposed reforms in the gambling review by lobbying tax officials under the radar. This is massive propaganda from an industry that has engaged in tax avoidance for years. I hope the Treasury isnt buying it. There needs to be full transparency over this lobbying campaign.

The Department for Digital, Culture, Media and Sport announced a review of the gambling laws in December 2020 amid concerns that too many people are suffering significant harm. An NHS survey in 2018 showed there were about 245,000 problem gamblers in England. A Public Health England study last year estimated there are 409 suicides a year associated with problem gambling.

Campaigners want a new levy on the industry to fund research and treatment for problem gamblers. They also want to see stricter checks on what gamblers can afford to pay, new stake limits on online slot games, a ban on gambling advertising in sport and a ban on VIP schemes.

Documents released under freedom of information laws reveal that executives from Bet365, Flutter, which operates the Paddy Power and Betfair brands, and Entain, which operates the Ladbrokes, Coral and PartyCasino brands, held an online meeting with the Treasury and Revenue and Custom tax specialists on 7 October last year and warned against what they feared may be excessive proposed regulations in the review.

The betting firms submitted a report by PricewaterhouseCoopers, commissioned by the industry, which found an increase in unlicensed online gambling in the UK. The betting firms warned the black market could be fuelled by a wide-ranging overhaul of gambling laws.

A two-page document presented to officials warned: It is vital that the government takes a holistic view of tax and regulatory changes over the coming months or there is the very real risk that the UKs remote gambling sector is hit in a way that not only reduces its economic and fiscal contribution, but also increases levels of gambling-related harm by incentivising a shift to unlicensed gambling operators that pay no UK tax.

It added that executives would be keen to engage in further dialogue with tax officials to discuss developments as DCMS prepares its white paper for publication. The betting industry opposes proposals for a statutory levy and what it claims would be overzealous checks on what customers can afford to bet.

The details of the lobbying by the industry have angered relatives of those who have lost their lives while in the grip of gambling addiction. The charity Gambling with Lives, a community of families bereaved by gambling-related suicides, has spearheaded the campaign for reform. Judith Bruney, 62, from Sheffield, whose 25-year-old son Chris killed himself in April 2017 after he gambled 119,395 in five days without spending checks, said: The industry wants to get away with the minimum change that they can. Surely they must know what damage it causes.

Charles Ritchie, co-founder with his wife Liz of Gambling with Lives, said there needed to be a package of new reforms, including redesigning the most addictive games, and tougher sanctions against the industry when it failed to implement player safeguards. He said: You have a highly profitable industry and the fines can be viewed as a cost of business. There needs to be a more effective punishment regime.

Matt Gaskell, clinical lead of the NHS Northern Gambling Service, supports a statutory levy for the industry to fund research and treatment.

He said: Many of the operators havent fulfilled their obligations under the voluntary system. A statutory levy would ensure a system of stable and sustained funding.

The Betting and Gaming Council, which represents the gambling industry, says it supports the gambling review, but that it also needs to strike the right balance between protecting vulnerable people and not spoiling the enjoyment of those who bet safely. It says the industry is taking a package of measures to protect gamblers who may be at risk of harm, and that Gambling Commission figures show the number of problem gamblers is falling.

Betting firms have faced criticism over the years for basing their operations overseas including in Gibraltar and Malta which can reduce their tax bills. Bet365 has its headquarters in Britain and says it is one of the countrys biggest taxpayers.

A spokesperson said: It is absolutely normal and appropriate for the government generally to engage with us and others in our industry in the context of its ongoing review of the Gambling Act, as would be the case across all sectors undergoing potentially significant regulatory changes.

An Entain spokesperson said: Entain is proud to be among the top 20 corporate taxpayers to the UK Treasury. As such, and in common with thousands of other UK companies, we are of course in regular contact with HMT and HMRC officials.

A Flutter spokesperson said: Flutter paid 1.6bn in tax globally last year, including more than 600m in the UK where we are one of the largest corporate taxpayers. We engage with a range of stakeholders, including HMT, and we are proud of the significant contribution we make to the UK economy.

Treasury officials said they regularly meet stakeholders from across industry to hear their views.

See more here:

Revealed: betting giants lobbied UK government over proposed crackdown - The Guardian