Online Casino News From Around the Globe

Bitcoin Gets Subtle Endorsement From Bloomberg
Apr30

Bitcoin Gets Subtle Endorsement From Bloomberg

Without a doubt one of the most innovative online commodities in the last few years is that of virtual currencies like Bitcoin. To think that global consumers would have the option of an alternative currency in which all you need is an online connection would have been science fiction a few years ago. It would not be an exaggeration to say that Bitcoin could do for global currencies what the iPhone did for telephones. The online gambling industry is already benefitting from Bitcoin only casinos as they offer a real money alternative to otherwise illegal online gambling. Along with the good comes the bad and opponents to virtual currencies are quick to point out the dangers which include money laundering and to funding global terrorist groups. The key to Bticoin’s longevity is legitimacy and acceptance on a global scale. This got a major boost today as one of the world’s top financial firms Bloomberg announced it will start listing Bitcoin prices for its more than 320,000 professional service subscribers. The data will come from the Bitcoin exchange Kraken and online Bitcoin payment processor Coinbase. Bloomberg is known for being on the cutting edge of the financial world and are well aware of current trends, Bloomberg’s head of fixed income, Tod Van Name explained their reasoning behind the move,” While Bitcoin and other virtual currency markets are still nascent, they represent an interesting intersection of finance and technology, Given that Bloomberg sits squarely at that intersection, providing pricing for this underdeveloped market is a natural fit for us.” There is no doubting that Bloomberg’s Bitcoin initiative will be seen as endorsing and legitimizing the often tarnished and shady reputation Bitcoin has earned. This of course was denied by Van Name who empathically said it was not an endorsement for Bitcoin and there was no guarantee that Bitcoin will be around in the long term. Van Name went on to say that offering their subscribers the latest Bitcoin rates would satisfy client demand and bring more transparency to the opaque...

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Mongolia Looking To Emulate Macau’s Success With Legal Horse Racing
Apr30

Mongolia Looking To Emulate Macau’s Success With Legal Horse Racing

The largest and fastest growing market in the gambling world is Asia with Macau generating revenues of over $45 billion annually. The simple fact that a large portion of the world’s population is in the Asia means that gambling companies have the largest customer base at their disposal. We have seen plenty of interest in expansion to countries like Japan where casino powerhouses like the Sands of Sheldon Adelson are in a bidding war to obtain a coveted gambling licence. The phenomenal growth rates of Macau has got their neighbors wanting a piece of the gambling pie. The newest Asian country to throw their hat in the gambling arena is that of Mongolia, who are planning to propose laws that will set up a professional horse racing league and also plan to legalize betting in an effort to compete with the Chinese market. The government plans on approaching the Jockey Club with a proposal that would allow horse racing in Mongolia in Hong Kong’s off season. Culture Minister Oyungerel Tsedevdamba explained their idea behind the proposal,” Our priority is to make the legal environment for a Jockey Club operation so that we can have a market share. Our law is heavily based on Hong Kong Jockey Club rules.” Mongolia is looking to legalized gambling as an alternative to their reliance on copper which has dropped in value. Mongolia has a rich history of horses going back to Genghis Khan who conquered mush of Asia on horseback. Mongolia like so many other countries recognize that illegal gambling is taking place no matter what and legalizing it will ensure that a portion of revenues will enter the government...

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Enterra Set To Launch Online Bitcoin Poker Network
Apr29

Enterra Set To Launch Online Bitcoin Poker Network

Online gambling is still widely restricted in many parts of the globe. While we are seeing progress in regions like the U.S. where three states have legalized internet gambling, there still a huge amount of online gamblers who are looking to legally gamble. One of the legal loopholes that is being exploited is that of virtual currencies like Bitcoin. We have reported on the numerous Bitcoin only online casinos like Bitstars and Predictious which allows gamblers to bet on just about anything. The fascination with virtual currencies like Bitcoin from the gambling world is understandable.  It simplifies any legal issues as most countries have still not decided on how to regulate this volatile commodity. Besides being legal in many countries the anonymity and lack of expensive handling fees are all reasons why both punters and gambling operators are continuing to integrate virtual currencies into the real money gaming world. The latest player to cash in on Bitcoin is the online poker software provider Enterra. They have announced that they will be launching a new Bitcoin gambling network. The site will offer players the option of running poker rooms which will allow deposits and withdrawals with Bitcoin. CEO of Enterra Dimity Starostenkov said that players will now have the option of betting online with Bitcoin without having to wait too long. He said,” Starting your Internet business via our Bitcoin poker network, you get your own poker room with up to 12 poker game types, games with different limits, and tournaments. We are interested in business development, and our compensation for the service is only the percentage of rake we earn together.” A key advantage that Enterra poker will be offering is the fact that users will not have to obtain a gaming license or go through the lengthy process of setting up shop offshore. Room owners will have the added advantage of being able to offer gamers the opportunity to wager with digital currencies like Bitcoin which ensure...

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Bookies Present Petition To Downing Street To Halt Osborne’s Tax Hike
Apr28

Bookies Present Petition To Downing Street To Halt Osborne’s Tax Hike

The battle to soften Chancellor George Osborne’s tax hike of 25 percent on fixed odds betting terminals is not going away. Today the betting industry presented a petition with over 1m signatures pleading to the government to halt proposed legislation that will lead to thousands of job cuts. As we reported earlier William Hill have already announced their intention to close over 100 betting shops and the industry is warning of massive job cuts that could reach over 10,000. The UK bookmakers especially William Hill and Ladbrokes have had over £460 million wiped off their market value as their share prices have tanked after every decree. To make things worse Sports Minister Helen Grant has given local councils a lot of power to regulate and control how many betting shops and FOBTs they allow in their jurisdictions. Critics of the government’s crackdown on the “crack cocaine of gambling” like the Association of British Bookmakers are quick to point out that only 1 percent of gamblers become problem gamblers. They also dispute the argument that cracking down on the fixed odds betting terminal will indeed minimize gambling addiction. Chief executive of the Association of British Bookmakers Dirk Vennix said,” Let’s be clear, thousands of jobs are in jeopardy following the chancellor’s Budget. They will be lost forever if further action is taken.” The very public and often dirty tactics used by both sides are set to intensify as there are millions of pounds involved and the elections are on every politicians...

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Sports Minister To Grant Powers To Tackle FOBT Proliferation
Apr27

Sports Minister To Grant Powers To Tackle FOBT Proliferation

British newspapers are not known for their neutrality when tackling sensitive issues. In almost all topics that are controversial the different newspapers make it clear on which side of the debate they stand. This is no more apparent than with the issue of gambling and more particularly the fixed odds betting terminals which have become a daily topic of discussion amongst the media. The Daily Mail for example is well known for its anti FOBT stance and gambling in general. One only has to read the scathing report on Playtech founder and gambling entrepreneur Teddy Sagi. In the article Sagi was crucified and was blamed for just about every woe related to gambling just because his online software platform is used by a large portion of FOBT operators. This week there is more bad news for UK bookies as Sports Minster Helen Grant is set to give local authorities the power to prevent new betting shops on the high streets. The powers given to the local councils could seriously halt the FOBT proliferation and have serious consequences for the existing machines in use. In terms of the new regulations bookies will have to apply for special planning licences for new premises in which the council has the option to refuse should they feel there are too many in the area. A report in the Mirror quotes Whitehall sources as saying,” Lots of people are worried about the numbers of betting shops springing up on their high streets. It’s only right to give local communities the power to object to a new betting shop if they feel they already have too many on their doorstep. The balance has to be right.” As previously reported there are polls which show that 7 out of 10 voters would want more restrictions on FOBTs which makes the issue ideal hunting ground for politicians who are preparing for the coming elections. Other changes proposed by Grant include betting shops having to prove they have player protection measures in place and warning signs in the windows of high stakes...

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