BBC News | Australian A$11.3bn gambling merger gets go-ahead BBC News A merger between Australian gambling giants Tabcorp and Tatts Group has been approved by authorities. Plans to form a business worth A$11.3bn ($8.6bn; 6.7bn) emerged last year. Despite objections from rival betting companies, the Australian ... Australian gambling giants get approval to form powerhouse |
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Australian A$11.3bn gambling merger gets go-ahead - BBC News
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A man was shot in the torso inside an illegal gambling place in Queens earlier in the month, police say.
The NYPD said the pair got into a heated argument over money that escalated into one of the men being shot inside the social club in Hollis on June 10 just after midnight.
The 29-year-old victim was shot at least three times by the suspect who then quickly fled the area, officials said.
The victim was taken to an area hospital, where he is listed in stable condition.
Video from the scene shows the pair struggling with each other while one of the men holds a gun in his hand.
Investigators released a surveillance photo of the suspect in the hopes of catching him.
Top Tri-State News Photos
Published at 5:29 AM EDT on Jun 20, 2017
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Man Shot in Torso Over Money at Illegal Gambling Place in Queens: Cops - NBC New York
The report forecasts that the gambling market in APAC to grow at a CAGR of 7.31% during the period 2017-2021.
The report covers the present scenario and the growth prospects of the gambling market in APAC for 2017-2021. To calculate the market size, the report considers the revenue generated from the sales of lottery tickets, betting games, and casino games. This report, Gambling Market in APAC 2017-2021, has been prepared based on an in-depth market analysis with inputs from industry experts. The report covers the market landscape and its growth prospects over the coming years. The report also includes a discussion operating in this market.
The latest trend gaining momentum in the market is availability of cash alternative. In the global gambling market, money does not have to be the only rewards. It can also be given in the form of physical goods along with monetary benefits. A major trend in the market is the use of cash alternatives such as virtual money. In Australia, the online gambling market lets the players use virtual money, which has reduced the risks related to cash. Payment options required for online cash transactions and virtual money are implemented by various gambling vendors.
According to the report, one of the major drivers for this market is rise in spending capability. The average per capita disposable income in developed countries cannot be accurately calculated because of the rise in the number of households with double income sources. This has led to a boost in the affordability of high-end products and spending capability of individuals, especially in developed countries. The increase in disposable incomes of the South Asian countries, such as Indonesia, Vietnam, and Malaysia, is expected to play a considerable role in propelling the market growth during the forecast period.
Further, the report states that one of the major factors hindering the growth of this market is growing addiction among low-income groups. One of the major factors for governments to be skeptical about legalizing gambling, especially online gambling in numerous countries, is due to the addictive behavior the game can invoke among the gamblers. These addicted players become prone to impulse control disorder, making them want to gamble more regularly and for higher stakes. By not legalizing online gambling, the governments are trying to control the reach of gambling games and addictive behavior, especially among the low-income population.
Key vendors:
Other prominent vendors:
Key Topics Covered:
Part 01: Executive summary
Part 02: Scope of the report
Part 03: Research Methodology
Part 04: Introduction
Part 05: Market landscape
Part 06: Market segmentation by product
Part 07: Market segmentation by platform
Part 08: Market segmentation by traditional gambling
Part 09: Market segmentation by online gambling
Part 10: Key leading countries
Part 11: Decision framework
Part 12: Drivers and challenges
Part 13: Market trends
Part 14: Vendor landscape
Part 15: Appendix
For more information about this report visit https://www.researchandmarkets.com/research/xc4jdq/gambling_market
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Laura Wood, Senior Manager press@researchandmarkets.com
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SOURCE Research and Markets
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CHAMPAIGN The Champaign City Council's vote Tuesday on extending a video-gaming moratorium until Jan. 23 will show how serious it is about added regulations on gambling providers.
The temporary moratorium, which bans installing and operating video-gaming terminals in newly licensed liquor-serving establishments, was passed on Feb. 21 and extended on April 11. It would expire on July 18 unless extended again.
Council members say the moratorium's purpose is to allow time for analysis and deliberation about more gambling regulations.
In Champaign where more than a half billion dollars has been wagered since September 2012 video gaming is regulated through liquor licenses and not a specific video-gambling license, which is the method Urbana uses.
Deputy City Manager Matt Roeschley said there will be a city council meeting this fall about the possible regulation methods, including ones used by cities nearby or of comparable size. If the council decides on a path then, he said, there will be enough time to prepare it before Jan. 23, plus some extra time in case of a delay.
"I think council was pretty clear that the majority is interested in regulating video gaming in some way which we don't do now," Roeschley said, noting that members are especially concerned about gambling parlors or cafes.
There are 60 places in Champaign with licensed video gambling, according to data from the Illinois Gaming Board. Some 28 of them are bars/restaurants, 17 are cafes/parlors and the rest are bingo halls/fraternal establishments, gas stations, bowling alleys, music venues, hotels or veterans' establishments.
Some council members have been concerned with this type of gambling becoming commonplace in the Champaign.
Council member Greg Stock said the gambling is "particularly present in low-income areas. I think that makes it borderline predatory for people in bad financial circumstances."
Other council members have said they want to avoid government overreach.
"I don't want government stepping in to exercise moral judgment every time someone spends their money in a manner I wouldn't spend mine or in a way that's foolish and wasteful," said council member Tom Bruno.
Roeschley said he isn't aware of the city receiving any negative feedback about the moratorium.
He also said applications for operating the gambling terminals have dried up since it was first allowed.
Illinois' Video Gaming Act, which legalized terminals in places licensed for alcohol consumption on the premises, was enacted July 2009. It also allows municipalities to ban gambling via an ordinance, which was done by Chicago.
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Freeze on gambling: In or out? - Champaign/Urbana News-Gazette
Fifty-six years. That's how long it would take if the one dozen companiesthe Indian central bank is pushing into bankruptcy were to repay creditors by handing over their entire current operating income.
The Distressed Dozen
It would take Jyoti Structures more than 90 years of earnings to pay back its debt. Six years ago, that task would have been achieved in under three
Source: Bloomberg
For India's capital-starved commercial lenders, at the receiving end of much of this $37 billion of unpaid debt, waiting for even 56 days without a resolution isn't an option. Hence the nuclear strike against errant borrowers.
Total debt of distressed dozen
$37 billion
The Reserve Bank of India has used authority it received only last month to identify 12 large corporate accounts for action. This is the first batch of 60 delinquencies it wants to clear up in 90 days. The target smacks of desperation. As the banking regulator, the RBI has thrown all it could at the bad-loan problem. Yet the malaise continues to worsen, afflicting almost one-fifth of all assets. If forced bankruptcies fail, the bank has no Plan B.
Pass the Capital, Please
Stressed assets are now higher than Indian lenders' net worth. But with provisioning still inadequate, selling assets below book value will need fresh capital from the government
Source: McKinsey & Co.
The risk of failure isn't trivial. These corporate accounts have one thing in common: a business family that stands to lose control. Most of these "promoters," as controlling shareholders are known in India, will useall their clout to resist any attempt to take away what they see as theirs.
Having already sold their oil-refining business to lighten the debt load, the billionaire Ruia brothers are dead set against giving up ownership of their steel business.
Essar Steel India Ltd. isn't alone. RBI's hit list has several borrowers from the industry, including Bhushan Steel Ltd., Electrosteel Steels Ltd.,Monnet Ispat & Energy Ltd. and Bhushan Power & Steel Ltd.
The economics behind RBI's thinking is sound. Despite a near-80 percent jump over one year in metal prices, 55 percent of the Indian steel debt is with borrowers whose operating incomes are inadequate to service interest. To get to an interest-coverage ratio of 1, debt-servicing costs would need to fall by 70 percent, according to Credit Suisse Group AG.
The promoters would claim (to anybody in New Delhi who would listen) that this is only true at present levels of profitability. India's investment drought, they would argue, is coming to an end. Real estate is on the cusp of a frenzy. Tata Steel Ltd. expects auto demand to grow by 9.5 percent.
All it would take for the RBI to make their debt whole again is to tweak restructuring norms, so the lenders are able to exchange more than half their advances for redeemable preference shares or optionally convertible debentures. This, they would insist, would give creditors a better recovery rate than relying on a court-appointed officer to find a buyer. Besides, the funding for the 2019 general elections will have to come from Indian businessmen, not American private equity.
Maybe the RBI has New Delhi's assurance that there'll be no political interference. Or perhaps the central bank just wants to scare the promoters into coughing up fresh equity, a key sticking point in any further restructuring.
The regulator is unlikely to harbor illusions about the ability of a one-year-old bankruptcy lawand an under-prepared tribunal to work through complex cases without hiccups. The RBI'staking a gamble, using its new resolution powers via an internal committee whose membership is also secret. This lack of transparency, however, could become a tool for detractors to question its objectivity.
If the first batch of 12 troubled debtors stalls the judicial process, there'll be a question over the remaining $150 billion of stressed assets. And that kitty would swell if telecom loans joined the nightmare, as if a debt-to-Ebitda ratio of 56 years wasn't scary enough.
This column does not necessarily reflect the opinion of Bloomberg LP and its owners.
To contact the author of this story: Andy Mukherjee in Singapore at amukherjee@bloomberg.net
To contact the editor responsible for this story: Paul Sillitoe at psillitoe@bloomberg.net
Excerpt from:
Gambling With the Distressed Dozen - Bloomberg Gadfly - Bloomberg
Jimmy Carter, the 86-year-old leader of The Blind Boys of Alabama, made one point clear from the start of a recent concert set in the middle of a Connecticut casino: If you are not here for music praising God, best leave now.
For the next 90 minutes, the renowned Gospel group sang, danced and testified that My God is real, for I can feel him in my soul as if it were a Sunday morning in a black church in Birmingham.
But jumping into the lions den at Mohegan Sun casino, or in this case a venue called the Wolf Den, is just one way for religious folks to make a difference in response to an ever-expanding gambling industry.
Two new studies show religion can help deter gambling even as local governments searching for new forms of tax revenue give legitimacy to an industry that appears to exert its greatest harm on societys most vulnerable.
In one national study, people who attended religious services most often had the fewest problem gambling symptoms such as borrowing money to gamble or betting more than you can afford to lose.
A separate study measuring the different effects of faith on casino and lottery gambling and betting online found that being part of religious life generally reduces the likelihood of gambling.
For those concerned that mass gambling has been a Faustian bargain, the researchers stated, our overall conclusion that gambling varies depending on different indicators of faith suggests new pathways for ameliorating ordinary and perhaps even heavy gambling.
Nearly all religious traditions oppose the personal and social ills associated with gambling.
For example, the Quran teaches, Satan's plan is (but) to excite enmity and hatred between you, with intoxicants and gambling, and hinder you from the remembrance of God, and from prayer: will ye not then abstain?
In 2012, the United Methodist Church declared that, Gambling is a menace to society, deadly to the best interests of moral, social, economic and spiritual life.
What adds urgency to their concern are research findings that indicate that more people suffer the easier it is to gamble.
And the negative effects fall disproportionately on the poor and disadvantaged, who are more likely to see gambling as a way out of poverty rather than investments with significant overall negative rates of return.
One of the latest studies, analyzing data from a national survey of nearly 3,000 adults from 2011 to 2013, revealed that people who lived in disadvantaged neighborhoods had the most problem gambling symptoms.
The study also found that people who said it was most convenient for them to gamble had the highest average problem gambling symptoms, compared to those for whom gambling was less accessible.
But high rates of attending religious services predicted fewer gambling ills. Those who attended religious services weekly or even more often reported the fewest indicators of problem gambling.
The pro-social individuals who attend religious services regularly are less likely to fit into the anti-social/impulsivist model of problem gambling, researchers from the State University of New York at Buffalo and Buffalo State College suggested.
Library of Congress, Prints & Photographs Division, photograph by Carol M. Highsmith [LC-DIG-highsm-06598]
A separate survey analyzing data from nearly 2000 adults ages 23 and older found that no one religious approach worked best in response to all forms of gambling.
Being a follower of a religious tradition and greater religious service attendance reduced the likelihood of casino gambling and lottery play, the survey found. Evangelical Protestantism had the strongest deterrent effect.
But religious salience, or considering faith an important part of your life, was the only dimension that constrained online gambling.
Overall, the researchers noted, there are multiple ways religion may discourage gambling.
Simply put, spending time at congregations means less time to go to a casino. Being integrated into the life of religious institutions means one is less likely to risk being seen as a gambler buying lotto tickets. And even the most secluded form of gambling on the Internet appears to be curtailed when we consider how much personal guidance people derive from religion, researchers from the University of Notre Dame and the University of Arizona stated.
For their part, the Blind Boys of Alabama never directly mentioned gambling in their casino concert. They stayed focused on their mission of praising God.
Some gamblers left shortly after the music started and those outside the open-air venue kept their eyes fixed forward, mechanically pumping coin after coin into a sea of brightly colored slot machines.
For the people who remained, however, one song, Way Down in the Hole by singer-songwriter Tom Waits, seemed to carry special resonance.
Concertgoers themselves fell into a call-and-response tradition of shouted affirmation, dancing and applause dating back centuries as the vibrant, intricate Gospel harmonies conveyed an unapologetic Christian message:
All the angels sing about Jesus' mighty sword, And they'll shield you with their wings, And keep you close to the lord, Don't pay heed to temptation, For his hands are so cold, You gotta help me keep the devil, Way down in the hole.
Test your knowledge of faith and gambling. Take the quiz.
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Religion And Gambling: Studies Find The Wages Of Faith May Be Fewer Lost Wages - HuffPost
Ellen Rohr is back on KOLR10 Daybreak to talk about problem gambling - how you can recognize it, avoid it and get help for it.
Hey, it's fun to head off to the casino and roll the dice, right? You can budget a few dollars, or twenty, or a hundred. That could be the investment in an evening of entertainment. However, the enjoyment can turn to big problems. When does harmless gambling tip into life-devastating addiction? And what can you do about it? How can you help someone else?
* The form it takes
o Sure, going to the casino counts as gambling. What about online poker or fantasy football betting? How about lottery tickets?
* The 20 Questions of GA - Gamblers Anonymous. Check out http://www.gamblersanonymous.org Here are a few
* Has gambling caused you to miss work or school?
* Has gambling made your home life unhappy?
* After a big loss, do you feel like you must return as soon as possible and win back your losses?
* After a win, do you have a strong urge to return and win more?
* Do you often gamble until your last dollar is gone?
* Do you ever gamble longer than you had planned?
o The Financial Effect
* Of course, loss of home, job, and relationships.
* You can go to less than zero really fast.
* Lie, cheat, steal to make ends meet.
* Pay Day loansscary. https://en.wikipedia.org/wiki/Payday_loans_in_the_United_States Prop: Hand for Shark Fin
* Scarier stillloan sharks! You can report a loan shark however! https://www.quora.com/If-you-get-a-loan-from-a-loan-shark-will-reporting-them-to-police-absolve-you-from-the-need-to-repay-this-loan
o Protecting yourself from a Gambling Addict
* Gam - Anon is a good place to start if you are trying to change someone else. Mind your own hula hoop.
* Lying is a symptom of the disease.
* Lecturing probably won't help.
* It's OK to tell others. Let them know not to loan the addict money.
* Separate yourself from their credit cards, bank accounts, and
create your own. Don't share the pins or passwords. Prop: Checkbook
* If they have stopped gambling, you may work out financial rebuilding steps together. Only then.
* Lay claim to your financial power. Learn how to create, read and use financial reports. Prop: No Whining!
* Getting out of the financial hole requires "rigorous honesty". Getting out of the financial hole requires "Rigorous honesty."
o Addiction is #1 health crisis. These tips will help you confront and address the addictive challenges in your life, or in your family or community.
* What about cutting back? Try that. If you or they are gambling as much as ever, there is your answer. It is a progressive disease.
* 12 Step Programs workif you work them. It's a community of love, acceptance, surrender, responsibility.
* There are a lot of snappy quips from the 12 Step crowd. There's even a book called, "101 Common Cliches of AA". The subtitle is "The Sayings Newcomers Hate and Oldtimers Love".
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Ellen Rohr: Has Gambling become a Problem? - OzarksFirst.com
mark pazniokas / ctmirror.org
Upstairs at Winners, the new OTB in Bobby Vs in Stamford. A bigger video screen is over the bar.
Stamford Ted Taylor settled onto an upholstered leather bench in an unfinished booth at the new Bobby Valentines restaurant and sports bar, the Connecticut Gold Coasts introduction to a plusher version of whats been a shrinking, down-market gambling niche off-tracking betting.
He is from Sheffield, England, late of Her Majestys Royal Naval Service and currently in the employ of Sportech PLC, the British company that owns the Connecticut rights to pari-mutuel betting on horses, dogs and jai alai. State records show gamblers bet $88 million last year at the states 16 OTB facilities or by computer or smartphone. Yes, theres an app for that.
Taylor showed off the new place before its opening last Friday, raising his voice above the sounds of cordless drills and hammering, pausing to check with an architect and chef, as he talked about the transitional state of gambling in Connecticut, the improbable home of two of the worlds largest casinos, the scene of a frantic lobbying fight over the rights to build a third.
Hes bullish on his downstate investment in 20,000 square feet of commercial space spread over three levels, the basement still a work in progress. He is less enthused about the expensively refurbished Bradley Teletheater in Windsor Locks, if only because the General Assembly just authorized a new casino four miles away in East Windsor.
How do I end up being screwed? Taylor said. How is that fair?
Its a hard sentiment softened by a matter-of-tone that suggests Taylor already is muddling on, even if he warned legislators that a casino in East Windsor would cost 35 percent of his business in Windsor Locks and 20 percent at his other closest OTBs in Manchester, Hartford and New Britain. He said he has the standing to sue, but not the intent.
mark pazniokas / ctmirror.org
Ted Taylor, who runs Sportechs OTB operations in Connecticut.
If the casino is built, Sportech figures to be collateral damage at a time when it is trying to reinvent the OTB business by marrying it to food, drink, comfy surroundings and lots and lots of technology, from iPads to a two-story high-definition screen that looms over a long bar. Not counting the latest project, Sportech reports spending $20 million on its facilities over the past six years, including about $5 million at Bradley, where there also is a Bobby Vs, named for the former baseball player and manager.
The new Bobby Vs is on Atlantic in downtown Stamford, around the corner from a Capital Grille and directly across the street from the Basilica of Saint John the Evangelist, allowing worshippers to go Mass at 4 p.m. on a Saturday and still get a bet down on the Derby before post time at Churchill Downs. Taylor assures that he and the monsignor are getting on just fine.
Taylor, 57, who flirted with playing professional rugby after 10 years as a naval officer, a career he attributes to his being tall and able to walk in a straight line, shrugged when asked if he is now a restaurateur who offers gambling, or a gambling entrepreneur who stocks a more-than-decent bar, where the top shelf features the pricey Irish whiskey, Midleton.
Yeah, its a little bit of both, Taylor said. Its the next generation of a gaming facility in accordance with our license. We know that what people want is great quality food and entertainment, and then some of them will game and vice versa. So its presenting what is known historically as the OTB market in a different perspective, with a lot more style and panache than people might expect, to try to recover from years of not being so great.
The movie image of the old OTB is a harshly lit storefront, floor littered with losing racing slips and cigarette butts. Winners, the Sportech-branded betting parlor ensconced on the second floor of Bobby Vs, is soft light, dark woods and a mix of tables and long rows of betting terminals. For true students of the ponies, there is a quiet room off to the side, where bets can made from what look like study carrels at a library.
Sportech has similar facilities in the Netherlands and California.
MGM Resorts International set off a chain reaction by winning a license to open a casino resort in Springfield, a more convenient ride up I-91 from Hartford than the trip east to the two massive tribal casinos, Foxwoods Resort and Mohegan Sun, where gamblers collectively lost $1.56 billion at slots and table games in 2016, according to public financial records.
The Mashantucket Pequot and Mohegan tribal nations, owners of the casinos, convinced legislators to pass a law allowing them to jointly build a casino just off I-91 in East Windsor, about halfway between Hartford and Springfield, to blunt the loss of market share to Massachusetts when MGM Springfield opens in late 2018.
What about blunting the loss of Sportechs market share? Legislators declined to make him whole with a cut of the gross gaming revenues from the new casino, an approach followed in some other states. Instead, they offered him a consolation prize: Raising the statutory cap on OTB locations from 18 to 24.
Since Taylors company now operates 16 OTB facilities, that means it already has two unused licenses, evidence that the state of Connecticuts blessing wasnt what was holding Sportech back from expansion. According to a report submitted to the legislature by a consultant Taylor hired, Spectrum Gaming, the betting handle for OTB in North America peaked in 2003.
Mark Pazniokas / ctmirror.org
Betting carrels in a private room at the OTB in Stamford.
That year, gross sales at OTB were nearly $280 million in Connecticut, a relative pittance in a state where residents spent $865 million the same year on lottery tickets and close to $52 million on charitable gaming. Connecticut Lottery sales cracked $1 billion in 2011 and have continued to increase, while the rest of the states legalized gambling market has suffered, squeezed by out-of-state competition.
The state of Connecticut, of course, has a vested interest in gambling. Its annual cut from the billions wagered on slot machines, the lottery, OTB and charitable games is about $590 million, down from a high of $717 million in 2006. That was the year Yonkers Raceway opened the Empire City casino, putting 5,300 video slot machines just off I-95 between New Yorkers and the Connecticut casinos.
Under an exclusivity deal with the tribes, Connecticut gets 25 percent of the gross revenues from slots, worth about $266 million and falling from its high of $430 million in 2007, the year after Yonkers opened and before the Great Recession of 2008. The lottery contributes about $320 million annually to the states general fund. OTB chips in about $3 million, charitable games another $400,000.
The only major purveyors of gambling who dont pay tribute to Hartford are the sports books, the ones who take bets the old-fashioned way, illegally and off the books, or on line from the legal safety of some off-shore haven. Congress has placed strict limits on sport betting, but Taylor and others in the business wonder how long that will last.
The recently passed casino bill authorizes the state to study and prepare for sports betting, should it become legal.
Taylor estimates that illegal sports gambling in Connecticut could be as much a billion dollars. He noted that the state spends little time trying to stop it, an assessment shared by law enforcement, so why not legalize it, regulate and tax it?
Legalized is in the open, so anomalies in betting can be tracked as evidence of a possible fix. Adam Silver, the NBA commissioner, broke with the rest of professional sports in the U.S. in 2014 with an op-ed in the New York Times urging a different approach.
Taylor said sports betting would go well with his OTB parlors.
OTB works on tight margins. Gamblers bet through Sportech, not against it. Pari-mutuel is a fancy term for pool betting. All the bets go into a giant pot, and the winners divide the money in proportion to the size of their wagers, minus the take by Sportech, the track where the horses actually ran, and their silent partner, Connecticut.
Taylor says 8 percent goes to the track, 3.5 percent to the state and a 1.5 percent for various fees to keep the electronic system going.
Sportech wins on volume, not by a specific horses winning or losing. That means Taylor gets to root for his customers to win, to leave happy and come back. When they bet on the Belmont, they are betting against horseplayers in New York, plus those who placed wagers on OTBs across the county.
I want you to win, Taylor said. I want you to beat the guys in New York.
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A British bet on OTB in Connecticut's roiled gambling market - The CT Mirror
Gambling is the opioid of Harrisburg lawmakers. It comes with all the hallmarks of addiction: compulsive need, increasing tolerance, and the drive to continue to consume despite negative consequences.
Lawmakers got their first real taste when they legalized gaming in 2004 and began opening slots parlors around the state. When that wasnt enough, they added table games. Then they began talking about adding video-game terminals in bars, clubs and other outlets, which they recently began pushing to help close a massive budget hole.
It is true that gambling has been a great success in the state: Slots alone have generated $22 billion in revenue, after payouts on wagers are paid. Table games have generated $4 billion. These rewards go to local municipalities who host casinos, give tax reductions to taxpayers, and help prop up the states horse-racing industry.
Of course, theres another way of seeing that $26 billion: The money gamblers lost to casinos in the past 11 years. Every year, $2 billion flies out of the pockets of Pennsylvanians and visitors from elsewhere.
Now lawmakers want to unleash another $100 million a year from peoples pockets with video-gaming terminals to help deal with a $3 billion deficit.
(If gambling were the answer to filling budget holes, why do the state budget woes get bigger every year? ) Lawmakers are also looking at new ways to slice the pie of money that comes in; a change in what casinos are taxed will set a new standard of $10 million a year per casino earmarked for those municipalities that host casinos. Philadelphias share is $7 million, with $5 million going to schools. State Sen. Larry Farnese and others want to divert some of the new amount that would go to Philadelphia to the Department of Commerce and Economic Development, a state agency that hands out grants, over which the city has no control.
So the state has mandated gambling, mandated exactly where casinos were going, and now want to control some of the money that goes to the municipalities that host the casinos.
The streets, and services, and citizens of the city are the ones accommodating the state-mandated casino. And since the state has systematically reduced its support of the schools, it seems logical that this extra money should go to the schools, not back to the state.
Meanwhile, while lawmakers tinker with the gaming law, we wish they would finally take a long look at the share that goes to the faltering horse race industry. Propping up this industry was the original intent behind the gaming law, and since gaming was legalized, the horse race industry has received over $1 billion. Yes, ONE BILLION dollars.
And yet, despite this generous infusion of cash, the industry continues to decline. Why are we propping up one special-interest group instead of the common good? Especially since the budget woes of the state are likely to be harming actual, real people, not animals.
Horse breeders and others in the horse-racing industry cry doomsday tears every time such a suggestion gets made. But lets be honest: We have one form of gambling casinos that essentially provides the winnings to fuel another form of gambling horse racing. And lawmakers who continue to feed that cycle of addiction.
Published: June 19, 2017 3:01 AM EDT Philadelphia Daily News
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Originally posted here:
Taxpayers: Pennsylvania lawmakers have a gambling problem - Philly.com
Joey Barton has claimed that match-fixing is rife in English football but that the Football Association is ill-equipped to deal with the growing problem.
In April, Barton was banned from football for 18 months after admitting an FA charge in relation to betting.
The 34-year-old was also fined 30,000 and warned about his future conduct. Barton, who suffers from addiction to gambling, claims that the length of the ban has effectively ended his professional career.
And now, in an interview with the Sunday Times, Barton has claimed that match-fixing rather than players gambling is the real enemy, and that the FA is failing to properly deal with the growing problem.
There is no doubt about it, said Barton when asked if match-fixing occurs in English football.
You hear the results and youre, like, Yeah. Its what happens if you allow people not getting paid and clubs going into administration. All of a sudden people get desperate. [Fixing] is an evil the FA are oblivious to.
We only know about the games that have been highlighted, where someone couldnt keep their mouth shut, but how many more are there?
They didnt know about me and I was betting in plain view for 12 years. So, Id have to ask are they equipped to know? And do they want to know?
Barton has claimed betting is rife in the English game(Getty)
Barton has also claimed that he is far from the only professional footballer to bet on football matches something in breach of the FAs new betting laws.
In 2014, the FA brought in new rules banning players and staff at clubs down to as far as the eighth tier of the English men's football pyramid, as well as at clubs in the Women's Super League, from betting on any global football match or competition.
But Barton has said these rules are flouted on a regular basis.
Professional footballers are not allowed to bet under FA rules (Getty)
Oh yeah there are players in every dressing room. One thing footballers have in common is they love betting. Because theyre competitors, he said.
It happens on a huge scale. Are the FA going to investigate? No, because if they do theyre going to have to give all these players 18 months.
I was an outlier on volume [of bets] but therell be outliers on wagers staked. Ive been in dressing rooms with players, where theyve a hundred grand staked on mad stuff. On one bet. Scary. A lot bet massive figures.
Ive seen players whove played in World Cups go out on the pitch and not get anywhere near as much of a buzz from that, or scoring goals, as from betting on the horses.
Barton is currently in the midst of appealing his 18-month suspension from football for betting on matches.
Original post:
Joey Barton claims that gambling and match-fixing in English ... - The Independent
Sunday June 18 2017 In Summary Advertisement
As one of the strongest gambling markets in Africa, Kenya has attracted several investors, with some even expanding to international markets.
The passage of Finance Bill, 2017 with the Presidents recommendation to impose 35 per cent tax charge across the board might kill the local industry.
The current rates are 12 per cent, 5 per cent, 7.5 per cent and 15 per cent for casinos, lotteries, betting and prize competitions sub-sectors, respectively.
The new rate poses a negative trajectory in the sectors sustainability.
Businesses will toil more to meet the increased tax obligation while also paying 30 per cent corporation tax.
We have seen gaps in Cap 131 of the laws of Kenya.
The Finance Bill, with its numerous amendments, is not alive to the modern realities of gaming in the country.
We have also noted that 35 per cent tax is the highest on gambling. Uganda leads at 35 per cent roofed tax.
Gambling is a worldwide phenomenon. Its a form of business, entertainment and tourist attraction.
Any attempt by government to block people from taking part in this activity on the table will create a leeway for them to go underground, which is more harmful.
Of course consumer issues are very many and complex.
This is especially true in a developing country like ours, where we are yet to sort out the numerous legal and structural issues and where enforcement of laws is, at times, wanting.
Coupled with high unemployment, we certainly have a tough environment to manage.
Gaming or gambling cannot be an income-generating activity for the punters. It should be done for leisurejust like alcohol or such other consumption activities or products.
We should not kill an industry just because there are some elements in it that we dont like. We need to strike a balance. We obviously need to tax it, but do so unreasonably.
Much as we dont want the industry to die, however, we also wouldnt wish harm on the public. So we want to strike a middle ground.
Regulations or taxes to the industry should not end up killing investments in it or fail to leave room for others to join. Self-regulation will also not happen and may even hinder healthy competition.
This industry employs many people. Of late, some betting firms have invested in sports promotion.
Most players will be scared away and a number of Kenyans rendered jobless.
Our problem, therefore, lies in addressing the social problems emanating from gaming.
We foresee a situation where many operators close shop and venture into other, open prime markets.
The leisure of visiting casinos will die, depriving the Treasury of the much-needed tax revenues.
At the same time, banning activities in the industry would encourage illegal trade.
While we support the governments position to set up a fund from money earned through gaming taxes to fund youth projects, if the said taxes are set on the roof it will kill the industry instead.
Japheth Ogutu, Executive Director, Consumer Downtown Association (CDA), Nairobi.
Kikuyu MPKimani Ichungwasaid the regulation is irregular and illegal.
Mr Tuju last week called upon NCIC to bring Mr Odinga to book.
Read the original:
High tax on gambling will kill industry and render many jobless - Daily Nation
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The NFL usually wins in court. Except when it settles.
When it comes to the lawsuit filed by a youth charity against the league due to the relocation of a bowling event because of the NFLs gambling policy, the league settled.
Brent Schrotenboer of USA Today reports that the settlement happened Friday. The league has no comment, and the lawyer representing the plaintiff said simply that the matter has been resolved. Thats standard practice in the settlement of civil cases involving private entities; the party making the payment always asks for (and almost always receives) a confidentiality provision.
The case was set or trial on September 25, and the charity recently commenced an effort to secure sworn testimony from Commissioner Roger Goodell. Coincidentally (or not), the case has now gone away.
The group had planned to host a bowling event last year on property owned by a casino in Las Vegas, with the participation of NFL players. Citing a policy that makes far less sense now that the Raiders will be moving to Las Vegas, the charity moved the event to a smaller venue, incurring expenses and/or losing revenue.
More here:
NFL settles lawsuit with charity over gambling policy - NBCSports.com
Subscribers to the Mortgage REIT Forum received early access to this report.
Capstead Mortgage Corporation (NYSE:CMO) is overvalued. While I believe the preferred shares are a great bargain, the same cannot be said about the common stock. CMO trades extremely close to the lowest dividend yield on record and at a much higher-than-normal price-to-book ratio. While management is excellent, the team is facing macroeconomic problems. There is very little management can do to combat these problems. It isn't a matter of skill; it is a matter of the yield curve. As CMO faces these challenges, despite all the problems, the stock rallies back toward the highest levels seen in years. This is a case of high risk and limited reward.
The Dividend Yield
This might seem incredibly simplistic compared to much of my analysis, but sometimes the truth is staring us in the face. We need only to recognize it and accept it. The following chart shows the price and dividend yield over the last few years:
I had a buy rating on the common shares and established a position at the point identified by the green line. The rating was shared with subscribers first, but I brought out the public strong buy rating on October 24th, 2016. At the time, my analysis was focused heavily on the discount to book value. CMO was severely out of favor with analysts and investors. The premise for their bearishness was the collapsing net interest spreads. Ironically, that is precisely the argument I am making today.
The price is back to where it was about two years ago, when it started a fierce decline. The dividend yield on the other hand is only 8.33%, much lower than it was before. When we see the same price with a lower dividend yield, it reflects a lower dividend rate. CMO has been forced to cut its dividend due to the impact of both expected prepayments and actual prepayments.
Yields, Spreads, and Amortization
In the future, I want to put together a little series diving through the fundamentals of how CMO works. I think many investors today don't fully understand the mREIT. In the following slide, from its Q1 2017 presentation, I'm highlighting the yield on assets, the financing spreads, and the amortization. Don't worry; I'll explain each of those. For investors who want to access older presentations, use the index of presentations.
Here we go:
The most recent data is on the left and the oldest data is on the right. In the green, you can see the yield on all interest-earning assets was 1.67%. This is the highest level reported since Q1 2016. If it were a mere 3 basis points higher, it would be higher than any seen in the last two years.
On the third line down, you can see the finance spread. That is the yield on assets minus the cost of borrowing. That is trending higher because the Federal Reserve is raising the rate on short-term borrowings by offering to pay banks more interest on excess reserves. Those are payments made to banks to compensate them for not doing their job (lending money). When the Federal Reserve raises the short-term rate, the mortgage REITs must pay a higher rate to remain competitive.
So why hasn't the cost risen faster? Simple. CMO hedges out a material portion of its exposure.
So that leaves investors wondering: If CMO hedged part of its exposure to rising rates, why is there a problem?
The problem is that spread of .68 (from line 3) is not sustainable. The strength of the spread actually comes from the red box. That is the impact of premium amortization on the spreads. CMO is buying adjustable rate mortgages and paying more than par value for them. That is perfectly normal. Because it pays more than par value, say $102.50 for a mortgage with a balance of $100.00, it has to recognize the cost of that extra $2.50 over the life of the loan. If CMO didn't have to recognize that expense, the yield on assets would be 2.60%. That is shown one line above the red box. In the first quarter, CMO reported the lowest value of the last four quarters for this expense. It was reducing asset yields from 2.60% to 1.67%. This is referred to as 93 basis points. In the prior three quarters this ran 105, 106, and 96 basis points respectively.
I am convinced this expense will increase materially for Q2, Q3, and probably Q4 of 2017 compared to the values reported for Q1 2017.
Why Will Amortization Charges Increase?
The problem comes down to how quickly prepayments are coming in. We are entering a period where prepayments should be elevated. You're probably aware that short-term rates are increasing, right? How many homeowners do you recall talking to who are completely clueless about short-term rates increasing? At this point, I think it is fairly common knowledge.
That makes it less appealing to have an adjustable-rate mortgage. Homeowners who currently have those loans outstanding have an incentive to refinance into a fixed-rate mortgage. When that happens, the owner of the adjustable rate (such as CMO) is forced to eat the loss on paying more than $100 for the loan and then getting the $100 from the homeowner.
The yield curve is exceptionally flat right now. The rates on new fixed-rate mortgages are heavily correlated to the medium duration Treasury securities such as the 10-year Treasury. Consequently, homeowners with adjustable-rate mortgages should be receiving calls from their banks or credit unions offering to help them refinance into a new loan. It is in the banks' best interest to do that, because after they make the new loan, they can spin around and sell it off for somewhere around $102 to $105 per $100 on the loan. The buyer of the loan has to amortize that premium over time, but for the bank, it is immediate profits.
Therefore, I expect prepayments to increase. When the prepayments increase, I expect amortization charges to increase. Even though the gross asset yield, last seen at 2.6% should continue to climb, I expect the higher amortization charges to offset a material part of that growth. Consequently, I don't believe the "yield on all interest-earning assets" will increase much beyond 1.67% on average (remember, this is the green box at the top of the chart).
Because the higher amortization expenses should keep a lid on the yield on all interest-earning assets, even a slow growth in the cost of financing should be enough to eat into the net interest spread. Over the last year, the cost of financing increased 12 basis points. I think that is a reasonable projection for the next 12 months as well. Without the hedges, this could easily be 25 to 50 basis points.
If we see asset yields running roughly flat at 1.67% due to higher amortization charges offsetting growth in the gross yields, a 12 basis point increase in the cost of financing would chop their spread from .68 to .56. That would be a 17% decline in the net interest spread income, assuming the leverage remains steady.
What happens when that spread gets compressed? Dividends get chopped:
Rating on CMO's Common Stock = Sell
I see the potential pressure on the net interest spread as a major consideration for investors going into CMO. I was able to find value despite the issues when the yield curve was steeper and the company traded around $9.30 rather than $10.98. Now we are looking at a scenario where amortization expenses are more likely to go higher and net interest spreads are more likely to be compressed. Despite these challenges, the stock rallied significantly. This is a great time for investors to be harvesting gains. I know the ex-dividend date is almost here and some investors may feel inclined to hold on. Perhaps the market will ignore these problems for months longer, but I wouldn't want to play that game. There is far too much downside risk. I view CMO as a clear sell at this point.
Alternative
My concerns about CMO extend to other mortgage REITs in the same space. The adjustable-rate mortgages can be a great investment strategy, but they suffer when the yield curve flattens out and prepayments rise due to homeowners refinancing. As an alternative, I suggest (and own) shares of CMO-E. CMO-E is an excellent yield investment. Unlike CMO, there are no dividend reductions on CMO-E. When the yield curve flattens and net interest spreads decline, it doesn't impact CMO-E. The dividend yield on CMO-E is running about 7.6%, which is right around where it normally trades. Note: CMO-E traded up since I published this for subscribers. The stripped yield is now 7.5%.
An investor going from CMO to CMO-E would usually have to give up at least a couple hundred basis points in dividend yield. With CMO only yielding 7.65% and very little chance of an increase, the spread between the two is much smaller. If we use "current yield", which ignores dividend accrual, the yields would be 7.65% on the common and 7.36% (rather than 7.5%) on the preferred shares. This is a spread of only 29 basis points. It is easily the smallest spread I've seen between the common and preferred shares for CMO at any point.
Investors deciding between the two should consider the price volatility as one measure of risk. The following Google chart demonstrates it quite clearly:
Conclusion
Is the extra volatility in price worth it for an extra 29 basis points of yield? Is it worth the risk that dividends could still get pressured by amortization expenses while the Federal Reserve drives up the cost of borrowing on short-term loans? Picking winners on a consistent basis relies on finding less volatile opportunities where prices are steady and yields are high. At this point, the yield spread is exceptionally small and the price risk built into CMO is exceptionally high.
Want SMS alerts when I find an actionable opportunity? They are a free service for subscribers to The Mortgage REIT Forum. This is your opportunity to lock in prices at $330 per year before the next price increase on July 1st, 2017. These preferred shares are offering high yields and dramatically lower volatility than investing in the common shares.
Disclosure: I am/we are long CMO-E.
I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.
Additional disclosure: No financial advice.
Read more:
Stop Gambling On A 7.66% Yield When The 7.51% Offers Less Risk - Seeking Alpha
A small Casper pet shelter prevailed this week in its quest to loosen restrictions on the gambling it uses to fund its operations, sparking a debate at Tuesdays City Council meeting on whether local government should be in the business of regulating morals.
For several years, the Pet Ring Foundation has raised money from a handful of gambling machines at a storefront along East Second Street.
But when executive director Preston Pilant tried to switch machine vendors, he learned that city zoning barred gambling at his shop because it was within 300 feet of a church.
Pilant said he had consulted with the police and City Attorneys Office before starting the gambling operation but hadnt thought to check with the zoning office.
We completely shut down, Pilant told Council.
That was a problem because the shelter was largely funded by the gaming revenue.
So Pilant approached Council earlier this year to ask that the city change the zoning rule barring gambling near churches. City staff began working on a solution, and on Tuesday, City Planner Craig Collins presented Council with five options:
reduce the current 300-foot distance restriction;
measure from building to building rather than from property lines;
eliminate the distance-based restriction on gambling in the C-2 zoning district, which Pilants operation is located in;
or remove the distance restriction on gambling in every zoning district.
Council members were largely sympathetic to Pilants plight.
Its a stupid law, said Councilman Shawn Johnson.
Councilwoman Amanda Huckabay defended Pilants work and said his shelter provided an essential service to Casperites.
Preston is a little bit psycho about animals, but he has helped out so many low-income and homeless people in this community, she said. If they have no place to keep their animal, Preston will take them in.
Collins also spoke against the current regulation, which bars gambling within 300 feet of both churches and schools, as measured from property line to property line.
He said the purpose of zoning was to ensure the buildings and activities in different neighborhoods were compatible.
Its not to make sure people are doing moral things on their property, Collins said. Im always hesitant to regulate moral issues because not everybodys morals are the same.
Councilman Dallas Laird said the fact that the Pet Rings gambling operation was active for years before the zoning issue shut them down was evidence that it posed no harm to the community.
This is probably going on all over and it doesnt matter, Laird said.
Lairds main concern was that Pilant had an old school bus, painted black, parked next to the shop. Pilant said it was intended to serve as a mobile spay-and-neuter clinic but that funds never emerged. He said the bus would be removed soon and offered it to Laird for free. Laird declined.
Pilant was unable to be reached for comment regarding what kind of gambling machines he would be using and when the operation most recently shut down.
Council agreed to eliminate the distance restriction in the C-2 zoning district and allow gambling in those areas without a special permit. Members will still need to vote on that decision at a future meeting.
Continue reading here:
City Council to loosen Casper gambling restrictions to aid pet shelter - Casper Star-Tribune Online
State govt has asked cyber police to track offenders and take action against them The Telangana cabinet today decided to issue four ordinances to amend existing acts. One of these ordinances will amend the Gaming Act to ban online gambling, said deputy Chief Minister Kadiam Srihari after the cabinet meeting in Hyderabad.
Another ordinance will amend Record of Rights Act to ban registration of government lands in the name of private persons and effect cancellation of past illegal registrations of these lands, he said.
An ordinance amending the Preventive Detention Act is aimed at curbing the sale of spurious seeds and fertilisers, adulteration of food items and the use of fake educational certificates.
The fourth ordinance will amend the VAT Act, to enable it to be in force for six years after the GST roll-out to resolve pending VAT disputes.
Another ordinance will amend Record of Rights Act to ban registration of government lands in the name of private persons and effect cancellation of past illegal registrations of these lands, he said.
An ordinance amending the Preventive Detention Act is aimed at curbing the sale of spurious seeds and fertilisers, adulteration of food items and the use of fake educational certificates.
The fourth ordinance will amend the VAT Act, to enable it to be in force for six years after the GST roll-out to resolve pending VAT disputes.
Press Trust of India
http://bsmedia.business-standard.com/_media/bs/wap/images/bs_logo_amp.png 177 22
More:
Telangana to issue ordinance against online gambling - Business Standard
Photo: Carol Kaliff / Hearst Connecticut Media
Andy Uhl, left, of Granby, and Natarhj Gosavi, of Simsbury have lunch at Bobby V's Restaurant and Sports Bar in Windsor Locks, Wednesday, June 14, 2017.
Andy Uhl, left, of Granby, and Natarhj Gosavi, of Simsbury have lunch at Bobby V's Restaurant and Sports Bar in Windsor Locks, Wednesday, June 14, 2017.
Patrons watch races and place bets in the Bradley Teletheater in Windsor Locks Wednesday, June 14, 2017.
Patrons watch races and place bets in the Bradley Teletheater in Windsor Locks Wednesday, June 14, 2017.
Rich Mastrangelo of Springfield, Mass., left, and Cliff Lane of East Windsor, follow the horse races at the Turf Club Restaurant At The Bradley Teletheater in Windsor Locks Wednesday, June 14, 2017.
Rich Mastrangelo of Springfield, Mass., left, and Cliff Lane of East Windsor, follow the horse races at the Turf Club Restaurant At The Bradley Teletheater in Windsor Locks Wednesday, June 14, 2017.
Patrons watch races and place bets in the Bradley Teletheater in Windsor Locks Wednesday, June 14, 2017.
Patrons watch races and place bets in the Bradley Teletheater in Windsor Locks Wednesday, June 14, 2017.
Patrons of the Bradley Teletheater in Windsor Locks, head to the teller window to place bets, Wednesday, June 14, 2017.
Patrons of the Bradley Teletheater in Windsor Locks, head to the teller window to place bets, Wednesday, June 14, 2017.
Bobby V's Restaurant and Sports Bar in Windsor Locks has an age restriction in the betting area. Photo Wednesday, June 14, 2017
Bobby V's Restaurant and Sports Bar in Windsor Locks has an age restriction in the betting area. Photo Wednesday, June 14, 2017
Wagering terminals are available to patrons of Bobby V's Restaurant and Sports Bar in Windsor Locks, Wednesday, June 14, 2017.
Wagering terminals are available to patrons of Bobby V's Restaurant and Sports Bar in Windsor Locks, Wednesday, June 14, 2017.
Patrons sit at the bar at Bobby V's Restaurant and Sports Bar in Windsor Locks ,Wednesday, June 14, 2017
Patrons sit at the bar at Bobby V's Restaurant and Sports Bar in Windsor Locks ,Wednesday, June 14, 2017
Patrons visit the Bradley Teletheater in Windsor Locks, Wednesday, June 14, 2017.
Patrons visit the Bradley Teletheater in Windsor Locks, Wednesday, June 14, 2017.
Rich Mastrangelo of Springfield, Mass., studies statistics on upcoming horse races at the Turf Club in Windsor Locks Wednesday, June 14, 2017.
Rich Mastrangelo of Springfield, Mass., studies statistics on upcoming horse races at the Turf Club in Windsor Locks Wednesday, June 14, 2017.
Patrons watch races and place bets in the Bradley Teletheater in Windsor Locks Wednesday, June 14, 2017.
Patrons watch races and place bets in the Bradley Teletheater in Windsor Locks Wednesday, June 14, 2017.
Rich Mastrangelo of Springfield, Mass., studies statistics on upcoming horse races at the Turf Club in Windsor Locks Wednesday, June 14, 2017.
Rich Mastrangelo of Springfield, Mass., studies statistics on upcoming horse races at the Turf Club in Windsor Locks Wednesday, June 14, 2017.
Patrons watch races and place bets in the Bradley Teletheater in Windsor Locks Wednesday, June 14, 2017.
Patrons watch races and place bets in the Bradley Teletheater in Windsor Locks Wednesday, June 14, 2017.
Bobby V's Restaurant and Sports Bar in Windsor Locks includes an OTB Teletheater. Photo Wed., June 14, 2017.
Bobby V's Restaurant and Sports Bar in Windsor Locks includes an OTB Teletheater. Photo Wed., June 14, 2017.
Bobby V's Restaurant and Sports Bar in Windsor Locks, Wednesday, June 14, 2017
Bobby V's Restaurant and Sports Bar in Windsor Locks, Wednesday, June 14, 2017
Gambling on a younger clientele
WINDSOR LOCKS - In 1946, a baker told a young Nick Chaclas not to get too interested in the horses.
This week, Chaclas was in his favorite betting carrel at the OTB Teletheater near Bradley International Airport, cheering with a pumping fist as the horses at Belmont Park cleared the final turn.
Then the 91-year-old World War II Navy veteran let out an expletive and turned away from the monitor.
What happened?
Nothing happened, Chaclas said with a laugh about his losing bet. He just died.
Chaclas didnt heed the bakers advice.
No, I didnt, did I? a smiling Chaclas said. I dont win too often, I can tell you, but I have been playing for 71 years and I havent got sick of it yet.
If Chaclas sounds like the quintessential off-track-betting patron, perhaps he is. But hes not the future of OTB.
Instead, the future of off-track betting in Connecticut is the new sports bar restaurant and OTB facility that opened Friday on Stamfords Atlantic Street - and a similar concept planned for downtown Danbury: a multi-generation place with upscale food, craft beers, scores of televised sports and off-track betting mixed in.
Not too many places have done what we have done to make OTB an entertainment destination, where you combine all these things in one property, says Ted Taylor, the president of Sportech Venues, which holds the exclusive OTB license in Connecticut.
Sportech, which has 16 OTB facilities statewide, believes it has found a growth formula in an industry that has been slow to engage the younger generation. The London-based company processes $13 billion in bets in 30 countries annually, and has recently invested $10 million to improve its facilities in Connecticut.
The wagering is just a piece of our overall DNA; we are evolving into food and beverage operator with wagering in our venues, said Paul Dionne, Sportechs director of marketing. We are not trying to hide it: If we are going to continue to do positive business in Connecticut, we need to be more than just horse-racing.
The state Legislature apparently agrees. Earlier this month, both houses passed legislation giving Sportech six more OTB licenses, for a total of 24.
The legislation, which is yet to be signed by the governor, is part of the changing gaming landscape in a state that is struggling with a $5 billion budget deficit over the next two years.
The state gets a 1.9 percent cut of every bet made at a Sportech OTB, or about $6 million annually. Local government gets its own 1.6 percent cut of every bet.
Stamford stands to get about $200,000 annually from the new Bobby Vs Restaurant & Sports Bar. In Danbury, where plans to open a similar venue have been set back by a lawsuit and a technical error during the approval process, the citys estimated annual share is $100,000.
The Danbury restaurant owner who has agreed to let Sportech spend $750,000 to transform his Ives Street eatery into a sports bar and wagering venue said the downtown entertainment district needs places that will attract crowds.
I had concerns initially about what type of concept this is, and how it is going to help the downtown, and what my average customer is going to look like coming in, said Tom Devine, owner of Two Steps Downtown Grille. I visited a couple of the Sportech facilities that are now high-end sports bars with gaming components, and the one in Stamford blew me away.
Stamford was built on the model developed in Windsor Locks - involving a partnership with former New York Mets manager Bobby Valentine and his restaurant business.
The Stamford venue boasts 200 high-definition screens, a family-friendly Bobby Vs restaurant on the first floor, and a 21-and-older sports bar and wagering venue on the second floor.
Taylor would not say where Sportech is looking to locate six more OTB venues in Connecticut. His priority is bringing the Danbury venue online first, he said.
Taylor added that the company is likely to invest first in existing venues such as Norwalk, where the food and drinks selection is limited to vending machines.
Betting on the future
The gaming landscape is changing. Nowhere is that clearer than in Windsor Locks, at the 38,000-square-foot facility where Sportech spent $4.5 million to create a Bobby Vs Restaurant and Sports Bar.
The restaurant portion of the building is a modern sports bar with 80 televisions and two dozen craft beers on tap. The dcor is bright. Middle-aged couples talk casually over cheeseburgers and salads.
The Teletheater portion of the building has a much older feel. Shaped like an auditorium with stadium-style seating, this is the part of the building where most of the betting happens. It has a 125 betting carrels - cubicle-like stations with monitors where men spread their race sheets for the best bets.
The wall they face is filled with large monitors featuring horse races, greyhound races, and a few jai alai matches. In the back of the Teletheater are a handful of tellers who take bets, although plenty of men use the betting machines beneath the race screens.
I am a handicapper par excellence, says Cliff Lane, 82, a retired salesman from East Windsor.
Hes kidding. He used to be a good handicapper.
You cant handicap these horses anymore - its impossible, Lane says with smile. What you have to do is bet the jockeys and the trainers.
So how is he doing so far?
The races havent started, so we are doing great, Lane says. We are in the hole about $30 counting programs and lunch.
Lane and his friend are among the retirees who make up the base of the sport.
This is the OTB old guard.
We look at this and we realize this cant be the future of our business, Dionne said during a recent tour of Windsor Locks. We want to bring better things than just a venue only for wagering.
The Danbury wager
Sportechs plans in Danbury are modest compared to those for Windsor Locks and Stamford, but the proposal has been set back by opposition and a technical error in the application.
Plans call for the conversion of Devines first floor into a restaurant and sports bar, with a separate entrance and an elevator to the 21-and-over second floor, where there will be a second bar and an off-track betting section.
Up to 20 betting carrels are planned in an atrium on the second floor, along with betting machines, a counter with two tellers, and restaurant seating for at least 80 people.
Some people may say that from a religious point of view, they are against gambling, and you cant argue too much with that, said Devine, who would lease the betting venue to Sportech. But when people talk about safety and you look at the scope of this project and the players that are involved, it just doesnt make sense.
Devine received approval from the citys Zoning Commission for the Sportech partnership. That cleared the way for him to seek final approval from the City Council.
But a businesswoman who just opened a caf downtown sued to overturn the zoning decision, arguing in part that there were technical errors in the application.
Specifically, Devines request for a zoning variance was not filed with Danburys clerk in advance of the public hearing as required. That means Devine will have to reapply for approval, a process that he has already begun.
This block has seen 55 places come and go in the time we have been here, Devine said. We need more draws to the downtown. A sports bar would do that.
rryser@newstimes.com; 203-731-3342
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A nonprofit whose charity event was forced to relocate by the NFL recently asked a judge to demand league commissioner Roger Goodell explain the league's gambling policy.(Photo: Paul Beaty, AP)
The NFL has reached a settlement with a youth charity that sued the league for fraud over how the league enforced its gambling policy at a casino near Las Vegas in 2015.
Terms of the settlement were not disclosed. But the agreement to closethe federal court case comesabout a week after the charity asked a federal judge to compel NFL Commissioner Roger Goodell to testify under oath about the leagues gambling policy.
It also comes just a few days after USA TODAY Sports reported on the prospect of Goodells testimony as the league finds itself in an increasingly conflicted position about casinos and gambling.
All I am at liberty to say is that the case has settled, Julie Pettit, an attorney for the charity, told USA TODAY Sports Friday.
The Sept. 25 trial date for the case was terminated on Friday as a result. The NFL declined comment.
The charity, Strikes for Kids, sued the league last year, saying it was misled by the league and lost revenue after being forced to relocate a bowling event for kids in 2015. More than 100 boys and girls were invited to the event at a bowling alley that was to feature more than 25 NFL players as the star attraction.
The problem was the location, according to the NFL. The event originally was to take place at a 72-lane bowling alley inside the Sunset Station hotel and casino. Before the event took place, an NFL lawyer notified the charity that this would violate the leagues gambling policy, which forbids players and personnel from making promotional appearances at casinos.
In response, the charity moved to the Brooklyn Bowl, a bowling alley with only 16 lanes available but physically not located inside a casino building. The NFL said this location was OK even though it was still part of the LINQ casino promenade near the Las Vegas strip.
To push its case, the charity wanted to question Goodell about why one casino-related bowling alley was OK but the other was not. It said it lost money and sponsors because it was forced to move to a smaller venue.
There's only one person that can tell us what's the difference between the non-approved venue and the approved venue (Goodell), Pettit told a federal magistrate judge last month. And he's this Oz behind the curtain, this person that the NFL will not allow us to talk to. And everyone points their finger at him, saying he's the only one that can make that determination.
The magistrate judge denied the charitys request to force Goodell to testify, but the charity filed objections to that decision last week and tried again with a different judge a decision that was pending until the settlement.
It was the latest legal entanglement the NFL found itself in over its gambling policy. Even after the league recently approved the relocation of the Oakland Raiders to the casino capital of Las Vegas, the policy shows the league is still invested in the notion that casinos are forbidden places for its players and personnel.
In 2015, Pettits firm also sued the league on behalf of a fantasy football company affiliated with former Dallas Cowboys quarterback Tony Romo. In that case, the company was set to a stage a fantasy football event at a convention facility that was not inside a casino but was near one, the Venetian, and owned by a casino company, the Las Vegas Sands.
Citing its gambling policy, the NFL essentially forbid Romo and others from appearing at this event, forcing its cancellation.
The NFL said it had the right to do so under its collective bargaining agreement with players. A judge in Texas agreed last year and threw the case out. But the company appealed, and that case is still pending.
In another case, outside of court, the league recently confirmed it was still reviewing a decision about what to do about players appearing at an arm-wrestling event at a Las Vegas casino in April.
While the leagues gambling policy prohibits players and personnel from making promotional appearances at casinos, teams are allowed to accept limited advertising from certain casinos. The Arizona Cardinals also recently has had discussions with a casino company, Gila River Gaming Enterprises, about the possibility of the company buying naming rights to the teams stadium.
Read this article:
NFL reaches settlement with charity over gambling policy - USA TODAY
BBC News | Community gambling campaign in Inverness a first - BBC News BBC News Leaflets in English and Polish along with confidential counselling are to be offered in part of Inverness. |
More here:
Community gambling campaign in Inverness a first - BBC News - BBC News
NEW YORK DAILY NEWS
Updated: Friday, June 16, 2017, 5:26 PM
A terrified Boston restaurant worker flagged down cops Thursday morning in Queens and told them he had been kidnapped over a $50,000 gambling debt by men who threatened to chop off his fingers, sources said.
The 27-year-old man said he escaped their clutches by leaping out of a second-story window in Fresh Meadows and stealing a car, sources said.
Paul Chen, 37, the owner of the car, told the Daily News that he watched in shock as the shirtless man materialized and sped off in his mint green 2007 Toyota Yaris on 67th Ave. near 197th St. in Fresh Meadows about 10:15 a.m. Thursday.
I don't even know when he appeared, Chen said. It was just like out of nowhere and (woosh) in my car. Maybe he was just trying to hide from everyone. I don't know how he got in my car.
Chen, who works as an engineer for a company broadcasting NFL games, called 911.
Meanwhile about two miles east, the kidnapping victim, still in Chens car, flagged down cops near the Long Island Expressway and Bell Blvd. in Flushing and told them the scary tale.
He said the kidnappers threatened to cut off his fingers if he didn't pay back the money he had been loaned to gamble with, sources said.
Chens face crumpled in disbelief when told the man who stole his car was a kidnapping victim.
With his hand over his heart, he said the saving grace was that his baby son was not in the car at the time.
Most important is my family, he said. To be honest I would rather to die than live without my baby. My baby's only 9 months old. Being a father is your primary job.
He had left the keys in the ignition while loading laundry into his car outside his home. He was returning to the car with the second load when the car zoomed off.
It's like a movie. It's scary, he said. He was definitely speeding west. He was undressed, no shirt. I didn't see his pants. He was already in my car.
The car wasnt gone long.
"While I was writing a report I heard a women over the walkie talkie say 'I think I found his car.'"
The kidnapping victim was being loaded into an ambulance at the scene when cops brought him to retrieve it, Chen said.
The victim was taken to Queens Hospital.
Chen said he was unlikely to press charges.
Kidnapping in Boston? It's really scary, Chen said.
The only thing I can say is god bless him. There is nothing I can do. I hope he can recover soon.
Both the police and the FBI are investigating. The FBI did not return phone calls Friday.
Some of Chens neighbors were not surprised the victim was targeted.
If you're in gambling debt, it's obvious people would chase you, said Joe Cheng, 21. If the guy owes $50,000, he had it coming ... You kind of figure someone would be after him.
Excerpt from:
Boston man tells NYPD cops he was kidnapped over gambling debt ... - New York Daily News
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By Evan Reid
While gambling may be legally restricted in most of the United States, some states are starting to tolerate it, at least in some of its forms. Since 2013, when casino expansion was approved in New York, the state is witnessing a steady growth and positive revenue in the gambling sector. This is the fourth most populous state in the country, home to New York City, one of the largest urban areas in the world, and its millions of citizens already have a relatively easy access to plenty of gaming options the increasingly popular New York Lottery, various Native American casinos, charitable gambling venues, and others.
Overall, the gambling industry in the country is regulated at the state level and in New York, there are several legal gaming options 20 tribal facilities, including 5 major Upstate casinos, state lottery, pari-mutuel betting (horse and harness racing), and charitable games, which are regulated, but allowed. Native American gambling venues across New York offer the largest variety of games and betting options, as they are located in sovereign areas where the state has limited jurisdiction. These include bingo halls, large casino resorts, as well as the so-called racinos, facilities where horse racing is paired with electronic game machines.
For more than a hundred years, gambling laws in New York have been extremely restrictive, but in recent years, the state is slowly moving towards lifting some of the bans. In 2013, voters in New York approved an amendment to the state constitution which allowed the introduction of up to 7 Vegas-style casinos that would not be run by Indian tribes. Currently, there are two types of casinos in New York traditional casinos, offering Class III gambling, as well as Class II gambling venues where you can play electronic bingo machines. While Class I and II gambling operations (bingo and poker halls, lotteries) do not require a license, Class III gaming facilities need a license, as they offer high-stake games. These facilities are often racetracks or casinos where customers can place bets on classic table games roulette, blackjack, craps, poker (Classic, Caribbean Stud, Pai Gow, Three Card), keno, and baccarat.
Since 2013, commercial casinos are also allowed they are owned by private gambling operators and are not located on Native American land. Online gambling, on the other hand, is limited to online horse betting, which is the only form of web-based gaming that is allowed. New Yorkers can still gamble online, as long as they stick to offshore websites. Operating a gambling site is illegal, if you are based in New York, but this may soon change. In June 2017, the New York Senate passed a bill which would legalize and regulate online poker, unless the Assembly does not vote against it.
New York is just one of several states that approved gambling legislation in recent years. The loosing of restrictions brings new casinos and new gambling operators into the market. In the north-eastern United States, there are numerous casinos, race tracks, bingo halls, and other gambling venues which are already meeting and exceeding the demand. There is, apparently, a saturation of the market across the whole region expansion of the industry means more gambling facilities, but does not necessarily mean more revenue.
According to official statistics, the market in New Jersey, Delaware, Pennsylvania, West Virginia and Maryland was down in 2013-2014, seeing decreasing revenues. Between 2014 and 2016, five out of twelve gambling venues closed doors in Atlantic City, which was once the only place to offer gambling in the East. However, after years of decline, Atlantic City is starting to recover in the first quarter of 2017, casinos generated $572 million, an increase of 3.56% compared to the figures for the same period of the previous year. Still, competition from other states and New York, in particular, may cause even more closures in the following years.
Speaking of New York, the first commercial Non-Native American casino opened doors in December 2016 and another two followed in the next months. The potential success of these Las Vegas-style gambling facilities in Upstate New York is yet to be measured, but according to the numbers from the New York State Gaming Commission, weekly revenues are rising. As reported by CasinoGamesPro, more casinos are expected to launch in the near future, leading to a huge concentration of venues in New York. Many experts predict that there will be a point of saturation in the market and such overcrowding may harm the traditional tribal gaming facilities and racinos. Others believe that older venues will manage to survive, despite the arrival of modern, more diverse gambling operations, especially if certain improvements in the industry take place.
Just like across the entire United States, land-based casinos in New York are seeing huge competition from gambling websites. Online and mobile gaming is incredibly popular among the younger generations, despite being illegal in the state players have a large number of offshore web-based casinos to choose from. Online gambling operators report sustainable revenue growth, as opposed to brick-and-mortar casinos, some of which are struggling to meet the expectations of millennials.
However, some gambling operators are joining the new generation of casinos, which combine the traditional gaming experience with a more diverse kind of entertainment. Following the states constitution amendment in 2013, the racino Tioga Downs in Nichols, New York received a gaming license and opened its new casino in December, 2016. The facility will soon become a real casino resort and entertainment complex when the planned 160-room hotel opens in 2017. Along with the new gaming floor hosting table games and slot machines, the new Tioga Downs will feature a golf course, several restaurants and night clubs.
Another casino which went through a total remodelling is Foxwoods Resort Casino in Connecticut. Orienting itself towards a younger audience, the operator replaced some of the game tables with more diverse entertainment options such as retail stores, bars, and even a a place where you can get a tattoo. The resort also has a concert theater, a golf course, a spa facility, and a bowling alley.
In order to stay up-to-date, New York gambling facilities need to diversify the services they offer opting for more entertainment in favor of old-school gambling is a great step to modernizing, but it is hardly a sufficient one. One of the innovations that slowly make their way into land-based casinos is the cryptocurrency. Bitcoin, in particular, is already an established method for making payments in online casinos. And while many users turn to it because of the anonymity it offers, the cryptocurrency has even more benefits, namely flexibility, security, and no transaction fees.
The gambling industry in New York, land-based and online, probably will not explode in the near future, as the expected liberalization of the legislation is rather slow. After the constitutions amendment of 2013, it took three years for the first commercial casino to open in the state. The future of online poker is still uncertain, as the push for legalizing it has already failed in the past. Another threat for a future booming gambling industry is the market saturation although it still does not put a huge pressure on operators in New York, it may lead to the decline and even closure of some of the older gambling facilities which could not keep up with the new trends.
However, the market is experiencing a steady growth, as well as positive revenue. Compared to New Jersey, where the gambling industry has almost come to a standstill in the past few decades due to the rise of Native American casinos, New York is witnessing growth, as well as a rise in demand. New York City has a high standard of living and a flourishing economy that depends on multiple sectors, as opposed to Las Vegas or Atlantic City where, until recently, gambling was considered the largest driver of economic growth. This is certainly a good business environment that would be beneficial for any industry, including gambling.
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Current State of New York Gambling - The Libertarian Republic
