Online Casino News From Around the Globe

Sheldon Adelson’s Anti Online Gambling Agenda Shadows 2016 Election Race
Mar27

Sheldon Adelson’s Anti Online Gambling Agenda Shadows 2016 Election Race

The 2016 U.S. elections are already causing politicians to duck and dive any controversial issues in order to garnet the most votes. The race for the Republican presidential nomination is particularly interesting and could potentially have far reaching consequences for the online gambling industry in the U.S. Following the historic 2011 decision of the Justice Department that the Wire Act 0f 1961 only applied to sports betting and did not include online gambling, many states look to online gambling as a major revenue source. Surprisingly one of the main opponents to online gambling in the U.S. is casino mogul Sheldon Adelson. We have covered in detail his controversial lobbying group Coalition to Stop Internet Gambling which included him referring to internet gambling as a “fool’s gold”. The blatant influence Adelson has on the Republican agenda is worrying. Having contributed over $100 million to Mitt Romney in 2012 towards his Presidential campaign. Adelson is promising to spend even more for 2016. This week will see all the top Republican presidential candidates coming to Las Vegas to pay homage to their political Godfather. This of course has resulted in many asking the obvious question as to how such blatant interference in political agendas are allowed. It is hard to see how Adelson will welcome any opinion other than his own when it comes to online gambling. One of the main contenders for the Republicans is Gov. Chris Christie who will be among the candidates paying homage to their sponsor. One would love to be a fly on the wall when Adelson brings up internet gambling. Gov. Christie is one of the staunchest supporters of legalizing online gambling and it is thanks to his efforts that the Garden State is the leader in the U.S. online gambling Market. Christie is even part of the move to make New Jersey an international gambling hub by allowing global gambling companies to operate in New Jersey. Money talks and it will be hard for the candidates to take an opposing view to Adelson. The best they can do is to try and stay out of the debate as the consensus is that most Americans do not see online gambling as a major issue and could even alienate potential voters. It won’t take long to see how much Adelson has succeeded in getting his lackeys onboard. Industry experts however point out that even with all his millions Adelson will struggle to win over enough support to make a major move that would impact the online gambling...

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Morgan Stanley Lowers The Estimates Of U.S. Online Gambling By 30 Percent
Mar26

Morgan Stanley Lowers The Estimates Of U.S. Online Gambling By 30 Percent

The exact value of the online gambling market in the U.S. depends on who you ask. As we speak there are only three states offering legal internet gambling but there are at least ten other states actively looking into it. It is still way too early to foresee the true potential for the U.S internet gambling market. There are still plenty of technical glitches to work out ad there are active campaigns like that of Sheldon Adelson who seek to ban online gambling. Morgan Stanley has just lowered its previous estimate of the U.S. online gambling market from an estimated $5 billion by 2017 to $3.5 billion. The highly respected Wall Street firm explained their lower estimation was due to worse than expected technical issues. The good news however is that they expect things to turn around and by 2020 the online gambling market will be worth $8 billion. The largest online gambling market so far is that of New Jersey. Here again the estimates were wild with Gov. Chris Christie being overly optimistic with his $1.2 billion estimation, Morgan Stanley have lowered their $541 million estimation to $203 for the first full year of legal online gambling in the...

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Internal Revenue Service Defines Bitcoin As A Physical Commodity
Mar26

Internal Revenue Service Defines Bitcoin As A Physical Commodity

The more popular Bitcoin becomes amongst global consumers the higher the chance that governments and global banking systems will step in to ruin the party.  As we reported more and more governments are reacting to the phenomenon of virtual currencies like Bitcoin by implementing regulations and restrictions instead of working towards helping the consumer. Japan reacted to the demise of the Japanese based Mt. Gox Bitcoin exchange by simply deciding to redefine the currency as a commodity like gold or silver. This seems to be absurd as no matter how you define Bitcoin consumers are able to utilize the virtual “commodity” exactly like real currency in every which way. We have reported on the many options consumers have as more and more retail establishments, hotels and other businesses are embracing virtual currencies. Not surprising the U.S. has up to now waited on the sidelines as they decide on how to behave with Bitcoin. The U.S. government’s Internal Revenue Service (IRS) have just entered the fray defining Bitcoin and any other virtual currency as a property or commodity which will be subject to federal tax law. This in essence follows the Japanese model which downgrades Bitcoin from a virtual currency to a physical commodity which is now subject to taxation. In a statement th IRS went on to say,” In some environments, virtual currency operates like ‘real’ currency — i.e., the coin and paper money of the United States or of any other country that is designated as legal tender, circulates, and is customarily used and accepted as a medium of exchange in the country of issuance — but it does not have legal tender status in any jurisdiction.” It remains to be seen how the rest of the world will react to the growing popularity of Bitcoin. The dream of a currency with no regulatory body restricting transactions and offering significantly reduced transaction fees seems to becoming a challenge as both banks and governments are threatened by the very idea of not controlling our financial...

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New Jersey’s Dream Of Becoming A Global Online Gambling Hub Gets Closer
Mar25

New Jersey’s Dream Of Becoming A Global Online Gambling Hub Gets Closer

We reported last year on Sen. Ray Lesniak’s intention to introduce a bill that would allow New Jersey online gambling operators to take international bets. At the time Lesniak was quoted as saying he wanted New Jersey to become the Mecca of online gambling. Many thought this idea was slightly far-fetched but this vision came close to approval on Monday. The state government, Wagering, Tourism and Preservation Committee approved the bill which Sen. Lesniak sponsored. The ambitious plan behind the bill is to entice international gambling companies to shift their operations to Atlantic City. Lesniak believes that New Jersey can become a global hub for online gambling. He said,” This could help make New Jersey the leader in online gaming, across the country and around the world. We could be the ‘Silicon Valley’ for high-tech gaming. We should take advantage of this dynamic opportunity for a business sector with enormous growth potential.” In terms of the bill foreign firms will have to comply with U.S. gambling laws and thus no bets could be taken from anywhere within the U.S. They would also be subject to the same 15 percent tax that New Jersey’s casinos play on online revenues. In an effort to rejuvenate New Jersey’s struggling horse racing industry the international firms will also have to contribute to an annual $20 million fun for three years aimed at sustaining the industry. Despite over 250,000 online gambling accounts having being created in New Jersey since their November launch revenues have only amounted to about $20 million in the first two months of the year. While this is understandable as online gambling in New Jersey is still in its early stages, the possibility of attracting global gambling companies could be a game changer for the Garden State. Many supporters of the bill like former mayor of Atlantic City, Jim Whelan believe that New Jersey is ideally poised to expand its casino business on a global scale due to their secure and regulated infrastructure. We will follow this development with interest as if it is approved it will certainly silence the critics who believe Gov. Chris Christie exaggerated the earning potential of online gambling in New...

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Pennsylvania Loses Casino Revenues To Neighboring New Jersey Online Gambling
Mar24

Pennsylvania Loses Casino Revenues To Neighboring New Jersey Online Gambling

The state of New Jersey is considered the most profitable online gambling market in the U.S currently. With only three states offering internet gambling it stands to reason that the neighboring states would potentially lose clientele to the new online operators. One of the main justifications for states wanting to legalize online gambling is the simple fact that they are losing out to illegal offshore operators. Whether legal or not it is a simple reality that punters given the choice will gladly gamble online instead of venturing out to brick and mortar casinos. This is particularly true if there is bad weather and residents are bound to their homes. In the past eight years New Jersey lost a lot of gambling revenues to neighboring Pennsylvania. Whether it is coincidence or not, ever since New Jersey has started offering online gambling the brick and mortar casinos in Pennsylvania have been severely cut into. A spokesman for the Pennsylvania Gaming Control Board, Richard McGarvey is blaming the sudden loss on the snow no less which he says prevented gamblers for reaching the casinos. The bad weather however benefited New Jersey as who of us would not enjoy a flutter online when confined to our homes. The comfort and convenience of internet gambling cannot to be denied whether it’s raining or sunny outside. It is no surprise that many states who do not have online gambling as an option are keen to get on the moving train as without it thy will be left...

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