Business & Financial
NJ Bill Would Require Online Gambling Processors to Get 'Stricter' License
ATLANTIC CITY, New Jersey — (Associated Press) - New Jersey wants to subject companies that handle Internet gambling deposits and payments to stricter licensing requirements, in the hope it will make banks more willing to allow the use of credit cards to fund online betting accounts.
The reluctance of banks to allow credit card use to fund accounts is one of the main things holding back the growth of New Jersey's new Internet gambling industry.
New Jersey Attorney General Denies Access to Online Gambling Affiliates
Online gambling affiliates, some of whom had already obtained their vendor licenses in the state of New Jersey, were dealt a serious blow by that state’s Attorney General last week. But it is actually the casinos themselves that will feel the most pain.
New Jersey Assistant Attorney General George N. Rover informed those affiliates of state licensed online casinos that they would be restricted from directly targeting NJ residents or visitors unless they removed all links and banners from offshore gambling sites still conducting business in the state.
Borgata Faces New Lawsuit in Counterfeit Poker Chip Scandal
Six poker players filed suit against Atlantic City’s Borgata Casino this week over prize money not paid when a tournament was cancelled due to the discovery of counterfeit chips.
Bwin.Party Board Shakeup Begins as Bodner Exits: Shares Plummet 4 Percent
Non-executive directors of Bwin.party Manfred Bodner and Helmut Kern will be stepping down at the conclusion of the forthcoming annual general meeting on Thursday of next week, thus signaling the start of what is likely to be a major board shakeup.
75 Percent of Visa Credit Cards Not Working for NJ Online Gambling Sites
New Jersey online gambling companies are seeing around a 75% decline in credit cards, according to Matthew Katz of CEO of CAMS.
He recently spoke to Rebecca Liggero of CalvinAyre.com regarding the current climate in New Jersey when it comes to payment processing.
“I think the biggest challenge is just education, getting the bankers to understand how significant the technology and the processes all the regulators have in place to be compliant,” Katz said.
Deutsche Bank Sells Cosmopolitan Vegas Casino for $1.73 Billion
(Associated Press) - Deutsche Bank AG is cutting itself free of The Cosmopolitan of Las Vegas resort and casino, saying it’s selling the swanky but unprofitable high-rise complex on the Strip to Blackstone Real Estate Partners VII for $1.73 billion.
The German investment bank said in a statement Thursday that the cash deal remains subject to regulatory approvals. The bank had intended to sell the property from before it even opened in 2010 and had placed The Cosmopolitan in a separate bank division devoted to winding down or selling unwanted investments.
Buck & Butler Debut New Online Casino
Buck & Butler’s grand ambition is to be the industry’s most unique and innovative casino, and the people behind the new casino take pride in working hard every day to provide the market with a casino experience totally out of the ordinary.
PayNoRake.com to Now Guarantee 24 Hour Payouts
The management of the Chico Poker Network are thrilled to announce that, following on their success with the fast payouts and impeccable records achieved on TigerGaming.com – they can now extend the same 24 hour guaranteed payout service to PayNoRake.com - via Skrill, Neteller and EcoPayz!
CNBC’s Cramer Says to Get Your Money Out of IGT
In Wednesday’s lightning round, CNBC’s popular stock analyst Jim Cramer offered his advise on slot maker International Game Technology:
“Online gambling isn't taking off and there aren't a lot of new casinos being built,” said Cramer. “Therefore, I think there are better places to put money.”
New Jersey Internet Gambling Sees Decline in April
ATLANTIC CITY, N.J. (Associated Press) — New Jersey's fledgling Internet gambling industry saw its first monthly decline, falling slightly to $11.4 million in April.
In March, which had one more day of gambling than April had, Internet gambling brought in $11.9 million. Figures released Wednesday by the state Division of Gaming Enforcement show the average online take per day was $380,958 in April, down from $383,173 in March.
UltimatePoker CEO Tom Breitling: Size Does Matter
UltimatePoker CEO Tom Breiting sat down to discuss the size of the online gambling market in a very small regulated portion of the United States.
“With the creation of a new industry, there are a lot of unknowns,” Breitling says. “And our company was pushed off balanced just a little bit (with emphasis) for revenue projections.”
Those projections for the Nevada market, where UltimateBet leads and is only one of two sites online, was for $80 million. In New Jersey, estimates were in the $250 million to $1.2 billion range.
Americas Cardroom Stops Serving New Jersey, Delaware and Nevada Markets
Americas Cardroom today announced a move to serve players only in markets without state-licensed poker sites. The online poker site today announced that, effective immediately, players in New Jersey, Delaware, and Nevada will no longer be eligible to play real money online poker at Americas Cardroom.
Paddy Power CEO to Step Down Amidst Two Worst Weekends Ever in Football
Paddy Power, the United Kingdom’s third largest bookmaker, suffered two of its worst weekends in football on record this year. The company’s stock has dropped 4% and CEO Patrick Kennedy has announced his departure in 2015. Kennedy has been CEO of Paddy Power since 2006 with the betting firm enjoying huge success throughout much of his tenure.
URINE-SANE!!! Paddy Power Handing Out Pure Urine Samples to Giro d' Italia Riders
Perhaps sensing they were being outdone by Stan James and that bookmaker’s infamous defacing of a medieval wall, the king of online gambling marketing, Paddy Power, has announced they will be handing out clean urine samples to riders during the final stage of Giro d' Italia in Ireland.
Casino High Roller Being Sued Over $14.1 Million Debt
Melbourne’s Crown Casino is suing a gambler over $14.1 million they lent out to finance his gambling spree that reportedly left it nearly $8 million in the red.
High-roller Zhao Li is now being sued by the casino after Crown claims he has either refused or otherwise forgot to pay them back.
Donald Sterling Lessons - PR in the Age of No Privacy: Odds on Next Clippers Owner
Ronn Torossian comments on Donald Sterling (founder of 5WPR.com):
Ever since the recording of Clippers owner Donald Sterling making racist remarks was broadcast, anyone who has ever said anything, in public or private is having second thoughts. Clearly, the dialogue surrounding privacy in America - particularly for people of influence – has changed.
Caesars Could Close All Four of Its Atlantic City Properties: Harrah’s, Bally’s
In a conference call last week, Caesar’s Entertainment Corp. CEO Gary Loveman said his firm could not rule out closing some or all four of its Atlantic City casino properties as a means to cut costs.
Two Billionaires Place Bets on Japan Casino Sector
OSAKA/TOKYO (Reuters) - Two US billionaires are betting on rival cities, Tokyo and Osaka, to be the first in Japan to open casino resorts - once the government gives the go-ahead to legalize gambling.
Japan is one of the world's last untapped gaming markets and could become the third largest gambling destination after Macau and the United States, with annual revenue of over $40 billion, according to broker CLSA.
Australian Casino Magnate James Packer Receives A$500 Fine for Brawl
Crown Resorts Ltd. Chairman James Packer has been fined A$500 for a May 4 street brawl near Sydney’s Bondi Beach. The other man involved in the altercation, Nine Entertainment’s CEO David Gyngell has also been fined the same amount.
Bookmaker Stan James Could be Charged With Crime Over Defacing of Heritage Site
The popular British bookmaker Stan James was reported to authorities for stenciled graffiti advertising the betting firm was found on the Roman walls of Chester, a Heritage site that has existed since 40 AD.
The company added the graffiti ahead of this weekend’s Chester Horse Racing Festival. The Chester council has accused Stan James of a “Heritage Crime”.
Ronn Torossian & 5WPR Continue Winning Awards
Longtime Friends of Gambling911,Ronn Torossian & his New-York based firm 5WPR continue to win awards.
The announcement came today that 5WPR was named a Finalist in The 2014 American Business Awards for four categories, including PR Agency of the Year and PR Executive of the Year for 5W CEO and Founder, Ronn Torossian, and will ultimately be a Gold, Silver, or Bronze Stevie® Award winner in the program. 5WPR was agency of record for 2013 – and Torossian won a silver for 2013 PR exec of the year.
CashBet is Coming to New Jersey: In Talks With Several Atlantic City Casinos
CashBet, a California-based and Alderney-licensed software platform provider and turnkey operator enabling online gambling for social and mobile games, revealed it will be offering its platform in the coveted US market by year’s end, specifically the state of New Jersey.
The company launched its real money online gambling platform in the UK on Thursday (May 8, 2014) with the casino game Casino Island Adventure from leading developer Gamzio, Inc.
New $4 Billion Resort to Begin Development in Las Vegas Later This Year
(Reuters) - Genting Bhd, Southeast Asia's biggest gaming group, will begin construction of a $4 billion gaming resort on the Las Vegas strip in the second half of this year, it said in a statement on Thursday.
Caesars Posts Larger Than Anticipated Loss in 1st Quarter
(Associated Press) - Caesars Entertainment on Wednesday reported a wider first-quarter loss as gambling revenue fell and the company's casinos outside of Las Vegas faced stiffer competition and bad weather.
The Las Vegas-based company, which runs the Caesars, Harrah's, and Horseshoe brands, has struggled since the recession, and has not posted a profit since 2009. It's hobbled by its lack of a presence in the Chinese gambling enclave of Macau, which has been the center of the gambling world for years.
Pennsylvania to Look at Legalizing Online Gambling: Adelson Can’t be Happy
Consultants told Pennsylvania lawmakers Wednesday that legalizing online gambling in the state would lead to more total gambling revenue, approximately $307 million a year to be more precise. Neighboring New Jersey has already legalized Web casinos and poker though, to date, early income figures appear way off the mark.
James Thackston on 'Years Long Revenge Trip to Damage Online Gambling Co’s’
iGaming.org columnist Haley Hintze calls him “a jilted would-be software entrepreneur on a years-long revenge trip to damage companies that wouldn’t purchase his software products or theories.”
She’s referring to one James Thackston, for whom Hintze details the release of public emails exposing his apparent agenda.
Sands Bethlehem Not for Sale After All: Adelson to Invest More in Property
Despite much speculation in recent months, the Allentown Morning Call reported on Tuesday that the Sands Bethlehem Casino is not for sale and that Sands chairman Sheldon Adelson has announced further investment in the property.
Reefer Madness: Nevada Warns Casinos Over Pot Investments
LAS VEGAS (Associated Press) — Nevada gambling regulators issued a notice Tuesday advising casino operators against investing in the state’s nascent medical marijuana industry.
Gaming Control Board member Terry Johnson sent a memo reminding licensees that the state has legalized dispensaries but federal law still prohibits manufacturing and distributing marijuana.
AceSportsbook.com Announces Revamped Affiliate Program: Review
"AceSportsbook.com has announced a revamped affiliate program, with commission percentages up to 25%. They handle everything, just send them players, and they send you money.
Adelson to UNLV Students: ‘I Don’t Want a Casino Put on Every Kitchen Table’
LAS VEGAS — (Associated Press) - Casino mogul Sheldon Adelson urged students to challenge the status quo, made a moral case against online gambling and extolled Republican virtues during a talk about leadership Monday at the University of Nevada, Las Vegas.
Adelson, the CEO of Las Vegas Sands and the ninth richest man in the world according to Forbes magazine, was part of the school's "Conversations on Being Successful" series. The company's president and chief operating officer, Michael Leven, also spoke.
