Online Casino News From Around the Globe

Daily Fantasy Operators Cleared To Operate in New York
Aug22

Daily Fantasy Operators Cleared To Operate in New York

Just weeks before the official opening of the NFL season, DFS operators have officially returned to New York. As we reported extensively over the last years the DFS world was rocked by what many see as their own success as they became the focus of attention by Attorney General Eric Schneiderman who made it his personal and political mission to clampdown on DFS operators. Schneiderman like others who followed him believe that DFS is nothing less than real money gambling and should be subject to the same restrictions. Their basic argument is that DFS is based mainly on chance and not on skill as DraftKings and FanDuel would have you believe. However Gov. Andrew Cuomo disagreed with Schneiderman and legalized DFS in the Big Apple. As of today both DraftKings and FanDuel have been given the all clear to operate in New York again under temporary permits issued by the Gaming Commission who are in the process of working on formal regulations. Gov. Cuomo’s’ legislation guidelines include a 15 percent tax on companies’ revenue as well as increases player protection to be put in place. Executive Director for the Gaming Commission Robert Williams said in a statement,” While the commission continues work on formal regulations for these games, these temporary permits get companies up and running in New York State while assuring resident players that safeguards are in...

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Rank and 888 End Merger Bid For William Hill
Aug18

Rank and 888 End Merger Bid For William Hill

Rank and 888 have withdrawn their bid for William Hill only days after it was rejected by William Hill’s board. The joint consortium of Rank and 888’s £3.16 billion cash and share proposal was spurned by William Hill who said that it substantially undervalued its business. They also rejected a revised offer on Monday stating that they saw no merit to engage in the consortium. Responding to the double rejection Rank and 888 said today that they were not able to meaningfully engage with William Hill’s board and had not intention to making another bid. CEO of 888 Itai Frieberger said that,” We are disappointed that the board of William Hill did not share our vision of the combined businesses. We believe that there was compelling industrial logic for the combination of these highly complementary businesses, which in our view would have brought scale, diversification, and strong revenue and cost synergies, from which all shareholders would have benefitted.” William Hill seem to have gained a lot of confidence by the failed bid and are adamant that their plans to grow globally and diversify are well on track. In fact they expecting operating profits for 2016 will be at the higher forecasts of £260- £280m. This is largely due to better than expected results from the Euro 2016 football tournament as well as increased growth from gaming machines. Following the news the share price of William Hill and Rank were down by more than 2...

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Casino Mogul Steve Wynn Optimistic On Macau Despite Problems
Aug17

Casino Mogul Steve Wynn Optimistic On Macau Despite Problems

Despite over 26 consecutive months of declining revenues, many believe that the world’s largest gambling hub Macau is set to recover from the ongoing downturn. Casino Mogul Steve Wynn is one of these optimists and is set to launch his $4.2 billion Wynn Palace project in Macau despite the slowing economy and continuous crackdown let by China’s president Xi Jinping. Revenues have shrunk by over a third in the last 26 months to $29 billion. Wynn was realistic while still remaining optimistic. He did acknowledge that the past glory days of Macau are over and growth patterns will take on a sense of normalcy from now on. He described Macau’s past growth as an anomaly and said that,” The amount of revenue, the rate of growth was unprecedented and historic and in many cases not just extraordinary.” Macau has been forced by the Chinese central government to transform Macau into an entertainment destination like Las Vegas and move away from being solely a gambling hub. As part of this effort Macau regulators have restricted the amount of gambling tables allowed and restricted Wynn to only 150. Wynn responded to this by saying that,” It’s better to have fewer tables that are fully busy than a lot of tables that are just sitting there for a few shifts and aren’t...

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State of Maine Considering Regulating DFS
Aug16

State of Maine Considering Regulating DFS

With momentum switching again towards DFS operators, the State of Maine is set to become the ninth state to formally consider regulating DFS. According to local reports in Maine several representatives from the leading DFS operator had meetings with lawmakers at a recent conference in Chicago to discuss the possible future of DFS in the state. Maine like other states is looking to offer DFS but at the same time ensure that players are protected from scandals like those involving insider trading where employees of DFS companies used confidential information to bet on their competitor’s contests and gain an unfair advantage. At the same tie DFS generated over $2.6 billion in entry fees in 2015 and this is expected to rise to over $14 billion by 2020. Sen. Roger Katz is set to present a bill for revue in the next legislative session which will discuss all the aspects of the possibility of a regulated DFS industry in the state. These include player protections and possible revenues for the state coffers. Maine Attorney General Janet Mills is adopting a cautious approach and stated that it is still to be decided if DFS games are to be considered games of skill or chance. Mills also voiced concerns of families risking their life savings to fund DFS. Mills believes there must be restriction put in place that would limit the wager amounts permitted as well ensure that DFS operators clearly reveal the odds of...

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Anti Gambling Group Challenges DFS Legality in New York
Aug15

Anti Gambling Group Challenges DFS Legality in New York

Only weeks after New York Governor Andrew Cuomo declared daily fantasy sports legal in the state, there are voices calling to overturn the decision. The Washington D.C. based Stop Predatory Gambling is looking to block the law and is threatening to sue to do so. Their main claim is that the legalization process was not done through the right channels which is a lengthy constitutional amendment process. In reality the State legislature simply passed a statutory change that declared DFS a game of skill and not change thereby exempting it from the constraints of gambling. National Director of Stop Predatory Gambling, Les Bernal said they are looking to find potential plaintiffs who are state residents. He went on to even issue a warning to potential investors in the DFS market and said,” we’re not in a position to say when it will be filed. But anyone investing in these businesses should really keep their hands in their pockets for the near future.” To back up his point Bernal cited a May Siena College poll that found that 45 percent of New Yorkers oppose DFS and only 37 percent support it. Bernal was scathing as to the New York State government who he believes are sponsoring “predatory...

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