Online Casino News From Around the Globe

Gov. Andrew Cuomo Declares DFS Legal In New York
Aug03

Gov. Andrew Cuomo Declares DFS Legal In New York

The legal battle over the legality of Daily Fantasy Sport in New York has finally been settled as Gov. Andrew Cuomo has signed legislation that declares DFS as games of skill and not games of chance that would have made them illegal. This is a major win for the DraftKings and FanDuel who were under sustained attack from Attorney General Eric Schneiderman who last year went on a rampage to halt DFS activity in New York. They were forced to shut down operations in one of their strongest markets in a deal with Schneiderman until the legal status was cleared up. Gov. Cuomo explained the decision to legalize DFS and said,” Daily fantasy sports have proven to be popular in New York, but until now have operated with no supervision and no protections for players. This legislation strikes the right balance that allows this activity to continue with oversight from state regulators, new consumer protections and more funding for education.” Other legislators were equally delighted at the legalization. Assemblyman Gary Pretlow who sponsored the legislation in the Assembly summed up what many think to be true, “The state wins, the consumer wins, the operators win. The significance is that 3.5 million New Yorkers that have been enjoying fantasy sports can continue, and the operators can also know they are now operating within the law, and consumers are being protected as they weren’t before.” In terms of the new legislation that will be enforced by the New York State Gaming omission, FanDuel and DraftKings will have to pay $50k to operate as well as 15 percent tax on all revenues. AG Schneiderman said in a statement that his office would enforce all the amendments of the new law and still hope to pursue the customer fraud charges laid against DraftKings and FanDuel. DraftKings CEO Jason Robin was “thrilled” at the decision. FanDuel CEO Nigel Eccles was equally delighted and said “ FanDuel’s future is...

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UKGC Gives Approval To Licensees To Offer Bitcoin As Payment Method
Aug02

UKGC Gives Approval To Licensees To Offer Bitcoin As Payment Method

The need to address digital currencies like Bitcoin is a reality for all bodies that issue gaming licenses. Back in May we reported on the Isle of Man considering allowing its licensees to offer deposit options with virtual currencies. Currently the only jurisdiction to fully permit online gambling licenses free reign to accept Bitcoin is that of Curacao. Malta is apparently also looking at this option now. In what could be a major move towards virtual currencies like Bitcoin gaining mass acceptance, the UKGC has given their approval for licensees to accept Bitcoin as a payment method. Following consultations the UKGC have updated their License Conditions and Codes of Practice (LCCP) which will take effect as of October 3 2016. In terms of section 1 of the LCCP, licensees are to” implement appropriate policies and procedures concerning the usage of cash and cash equivalents by customers.” These include bank drafts, credit cards and digital currencies. According to UKGC CEO Sarah Harrison, digital currencies were a focus for the regulator. Licensees were informed that they need to take into account any applicable learning or guidelines issued by the UKGC from time to time. This latest move seems to further legitimize Bitcoin which is gaining acceptance as a legitimate form of currency. However Bitcoin gambling operators will as part of receiving acceptance into the circle of currencies have to apply for a UK gaming license if they wish to serve the UK...

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Macau Gaming Revenues Fall For 26th Consecutive Time in July
Aug01

Macau Gaming Revenues Fall For 26th Consecutive Time in July

The worlds’ largest gambling Hub Macau continues to record declines in gaming revenues. For the 26th consecutive month revenues for the month of July fell by 4.5% from last year to $2.2 billion amidst the now policy of a permanent crackdown on corruption in the former Portuguese colony. Macau has been the focus of attention by the Chinese authorities who have made it their mission to ensure that other sources of revenues become central to the Macau economy. This process has been painful and has hit the gaming hub very hard as over 80 percent of government taxes in Macau come from gaming revenues. Revenues have hit a five year low as as the former Chinese VIP high rollers and government officials have been scared away by the crackdown on corruption. Despite the drastic drop in revenues over the last 26 months, most believe that it is just part of the cycle of gambling and Macau will recover as soon as they become more focused on being an entertainment hub which has gambling and not solely just gaming options. Macau’s top leader Fernando Chui is optimistic and expects positive growth already next...

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