Online Casino News From Around the Globe

Ireland Set To Tax Offshore Online Gaming Operators

The much talked about point of consumption (PoC) tax for UK bookmakers has got other governments thinking the same. The idea of foreign online gaming operators benefiting from gaming revenues without paying any tax to the country where the gamblers originate is set to change in Ireland. The notion of taxing online gaming in Ireland is not new and has been around for more than three years. Irish Finance Minister Michael Noonan has confirmed that legislation to regulate online gambling tax rules is on its way to be signed into law by the President. The Irish Government is expected to see an additional €25 million annually from the new online levy. In terms of the new rules foreign based online companies will be forced to pay tax revenues on any services rendered to customers in Ireland. Until now they have enjoyed a tax free regime with the Irish Government not enjoying any of the millions generated. In terms of the new Bill all remote bookmakers and betting exchanges offering services to residents of Ireland will be required to obtain a license in that country irrespective if they have a physical presence there. The new laws are expected to come into play soon with online operators paying taxes by...

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Poll Shows Drop In Support For Sports Betting In New Jersey

The epic battle to legalize sports betting in the state of New Jersey is set to continue on March 17 when the Third Court of Appeals decides if Gov. Chris Christie will have the last laugh against the sporting bodies opposing him. A recent poll conducted by Fairleigh Dickins PublicMind on Thursday suggest that perhaps support for legalization is waning a bit. The poll was conducted by phone with 901 adults located in New Jersey and showed that 50 percent of New Jerseyans polled support the legalization of sports betting at the state casino and racetracks. Those on favor of legalization voice the same argument that has been heard by the likes of Gov. Christie and others. They believe the possibility for New Jersey residents to legally gamble on sports betting will increase attendance at state casinos and racetracks which will in turn provide tax revenues for the state. While 50 percent support the efforts to legalize, some 41 percent opt to maintain the status quo. Not surprisingly the biggest supporters are those who participate in office pools. In this group 69 percent were supporters of the efforts. With the ladies sports betting seems less popular as only 42 percent of those polled were in favor. The two main reasons for favoring legalization were the potential tax revenues that would be created while 30 percent of those in favor believe that it is the individual’s right to choose what they want to do without government intervention. Another bad sign for statewide expansion was the polls that found that only 36 percent favored expanding casino gambling beyond Atlantic City with 58 percent opposed outright. Here again the largest support group came from those participating in office...

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NBA Team Owners Support Commissioner Silver’s Stance On Legalising Sports Betting

Last year NBA Commissioner Adam Silver voiced his support for legalizing sports betting in the U.S. This bold move was surprising in that the NBA along with most of the other major sporting bodies are traditionally opposed to the idea claiming that it would ruin the professional game. While some are quick to praise silver for being the first outspoken sporting commissioner, many would day he has no choice in the matter as sports betting is already a reality in the form of daily fantasy sports betting companies like FanDuel and DraftKings who both already have official sponsorship deals with the NBA. Last month Silver used the Leagues annual Technology Summit to once again voice his pro legalization stance. The more interesting aspect of the Summit was the opinions of some of the largest NBA franchises. According to reports in Newsday most of the owners are towing the line with Silver in that they are well aware that legalization will generate billions of dollars for their franchises and strengthen the League. The outspoken owner of the Mavericks, Mark Cuban was not hesitant to voice his opinion and said,” We’ve always been hypocritical saying we didn’t realize it was a big part of interest in the game. When you do any work on where people are actually gambling, it’s all overseas and places we can’t see, and the league has got to monitor all these third-party betting sites and that makes it a lot tougher. By bringing it where we can see it, you reduce a lot of the risk that something bad can happen.” Other franchise owners like Jeanie Buss of the Lakers also made it clear she was behind Silver’s efforts to get sports betting regulated on a nationwide level. She said,” It already exists now, so as a league we’re behind our commissioner in the process of supporting legalization on a federal level. We want to see him accomplish that goal, because we feel that any engagement with the fans is a positive. If our fans are already doing it, then it should be something that’s brought out into the mainstream and it should be regulated.” Other interested parties like television executives also want to get in on the billions expected to be generated by sports betting, ESPN president John Skipper openly said the “it can only help us.”...

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Macau Revenues Down 49 Percent In February

The world’s largest gambling hub Macau continues to break records but for the wrong reasons. As expected February gambling revenues took another consecutive dive as they fell by 49 percent compared the same period last year. As we have reported extensively the main reason is China’s crackdown on corruption which has got the high rollers ducking for cover and seeking more user friendly locations to gamble like Australia. Revenues for the month fell to $2.4 billion according to Macau’s Gaming Inspection and Coordination Bureau. The drop was in line with analyst’s forecasts which were between 45-55 percent. China’s President Xi Jinping has made it clear that Macau must seek alternative revenue sources other than gambling in order to sustain the economy in the long term. Meantime the six licensed casino operators continue to feel the losses as investors are not seeing the light at the end of the tunnel. Shares of the Hong Kong listed casinos have fallen 4-9 percent this year due to the current revenues tanking. While analysts re pessimistic at the moment, Grant Govertsen of Union Gaming Research Macau aid,” We believe the biggest culprit for the weak month was the already-troubled VIP segment. Ultimately, while we believe there was a pickup in VIP headcount, gaming volumes just weren’t there.” Optimism is good and well but the fact that thus is the ninth consecutive monthly drop one has to ask when the bleeding will...

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Paddy Power Give Back Shareholders €392 million

Anyone claiming that gambling companies are in a difficult phase will have to ask themselves how Irish Gambling company Paddy Power has succeeded to more than double their annual profits since 2009. Paddy Power announced they will be giving €392 million back to shareholders following a record year of growth. Shareholders will receive 8 euros a share which is in an addition to the 13 percent increase of full year dividends. Paddy Power could not find any worthwhile acquisitions so giving back money to shareholders is in line with their organic strategy according to Chief executive Andy McCue. McCue has a lot to be chuffed with since he took over Paddy Power in January as the share price is at a record high of 72.9 euros.He said,” Giving back money to shareholders and taking on very modest debt doesn’t mean we’ve no flexibility. We could gear up to three times, we’re only gearing up to between zero and one times and that debt will pay down very quickly if we want it to.” Paddy Powers operating profits last year exceeded analyst’s forecasts and reached €163.8 million last year. Like William Hill the Soccer World Cup gave them a major boost which is continue in 2015 with sportsbook already up by 18 percent online and 8 percent year-on-year in...

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