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Pro teams deliver new pitch for sports gambling to NC lawmakers – WRAL News

Posted on August 5, 2022 by Danzig

By Brian Murphy, WRAL sports investigative reporter

Raleigh, N.C. North Carolinas major professional sports teams pushed hard for state lawmakers to legalize online sports gambling before its narrow defeat earlier this summer. They wrote letters, held in-person meetings with lawmakers and brought famous faces around the legislative building.

Now with the legislation likely to return next season, the teams are applying more pressure, explaining to key lawmakers that failure to act could punish their bottom lines and their ability to compete.

Before I think it was more of encouragement and how this would be helpful, said Sen. Jim Perry, a Kinston Republican, who co-sponsored the primary sports gambling bill. I think the follow up conversations have been, Hey, do you understand youre putting us at a competitive disadvantage against other teams, other states, other locations? Im not positive that the first round of conversations were in that manner.

Carolina Hurricanes general manager Don Waddell has been the pro hockey franchises point person on the gambling issue. He met with lawmakers in their offices throughout the past year. Waddell, a former player and coach, said hes learned more about politics in the past six months than he ever thought he would. He said online sports gambling is a competitive issue.

Compared to a lot of teams, were already way behind, he said. We cant compete with all the Canadian cities, the New Yorks, Bostons. We cant continue to fall further behind.

The Hurricanes, who advanced to the second round of the NHL playoffs last year, signed a five-year lease extension to remain at Raleighs PNC Arena through the 2028-29 season. The National Hockey League has a hard salary cap based on a 50-50 split of hockey-related revenue between the players and owners.

As revenues go up in the league overall, the cap goes up, Waddell said Thursday after a board meeting of the Centennial Authority, which owns PNC Arena. But if our revenues dont increase, now that 50-50 split starts to tilt the other way. For us, it might be 60% going to the players, only 40% going to us.

The Hurricanes, the NFLs Carolina Panthers and the NBAs Charlotte Hornets backed the online sports gambling legislation. Popular former Hornets players Mugsy Bogues and Dell Curry and Hornets team president Fred Whitfield visited with lawmakers previously.

The legislation would have allowed the teams arenas, plus Charlotte Motor Speedway and golf courses that host PGA Tour events, to operate sports lounges on or near their premises. Sedgefield Country Club in Greensboro is hosting the PGA Tours Wyndham Championship this week, and Charlottes Quail Hollow Club hosts the Wells Fargo Classic annually.

I dont think it was in a threatening manner, Perry said. They have to be competitive. They need to monetize as much of their facilities as possible.

Senate Bill 688, Perrys bill, failed 51-50 in the state House in June, marking the end of a long, contentious process to legalize online sports wagering in the state. A companion bill that contained many changes, Senate Bill 38, passed 51-50 just moments before. An amendment to that legislation stripped college sports gambling out of the legislation, a significant blow to supporters. The vote was not along party lines.

The result surprised some lawmakers.

I thought the bill was on its way to passage, said Rep. Kelly Hastings, a Cleveland County Republican who voted against both bills. I kind of knew where my gut was. I knew where a lot of my constituents stood.

Sports gambling is legal in North Carolina, but only at tribal casinos. The Eastern Band of Cherokee Indians owns two casinos in far-western North Carolina, where the first legal sports bet was accepted in March 2021. The Catawba Indian Nation is building a resort and casino in Kings Mountain in Cleveland County and currently operates a temporary casino, where it will begin taking sports bets this football season.

Hastings said he didnt receive pressure from the tribe or House leadership to vote for or against the bills. He said he informed the bills supporters of his intention to vote no ahead of time.

Everyone expects online sports wagering legislation to resurface next year. Will it meet a different fate?

Im confident, Waddell said. Weve got time now where everybodys heard it. Its been [at the] forefront. Now weve got the next three or five months to make sure everybody understands.

The state Senate passed the original bill in 2021 with Republicans and Democrats voting for and against the measure. Perry said new legislation would have to start in the House.

As the guy that sponsored the bill on the front end and navigated it through the Senate, Ive done my part, said Perry, who said he is not a gambler but sees the business impact of the legislation. If the topic comes up again, I think its reasonable that it needs to come back from their side back to us.

Pro teams deliver new pitch for sports gambling to NC lawmakers - WRAL News

Zoning commission to act on gambling locations – Yahoo News

Posted on August 5, 2022 by Danzig

Aug. 4DANVILLE The Danville Area Planning and Zoning Commission will meet at 5:15 p.m. Thursday at city hall to act on a zoning petition requested by the city's zoning administrator regarding gambling.

The city's Zoning Administrator/Community Development Administrator Logan Cronk is requesting approval of a text amendment to the city's zoning ordinance for definitions and addition to a table of uses.

Cronk said this is in anticipation for when the Illinois General Assembly does further expansion of gaming activity that would be regulated by the Illinois Gaming Board.

Casino will be added to the definitions, defined as: "A facility with a main floor level of at least 10,000 contiguous square feet that is authorized by the Illinois Gaming Board to conduct gambling games pursuant to the Illinois Gaming Act."

Casino also would be added to the table of zoning district uses in B-3 business zoning and I-2 industrial zoning districts. Off-street parking spaces required: 1/400 square feet of floor area.

According to a memo from Cronk and Corp. Counsel James Simon to the zoning commission: "The city would like to be in a position to respond quickly if and when the Illinois Gaming Board approves other forms of gaming within the State of Illinois. Such other forms might include greater or an unlimited numbers of video gambling terminals, expanded off-track betting parlors (OTB), expanded college and professional sports wagering, and/or a combination of these and other possible forms of gambling."

"The commission, as well as the city council, must be mindful that rezoning and zoning text amendments may have an impact on one or more properties in the effected zoning districts. Zoning places limitations on how property owners may use their properties that may, in turn, diminish the value of their properties."

Casino-type activity could be located in other B-3 and I-2 zoning districts other than the ones located on the city's southeast side, such as the Stoney Creek area and East Fairchild Street in terms of I-2 districts, and along U.S. 150 but south of the North Gilbert and Main streets intersection in terms of B-3 districts.

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The city already has 33 establishments with 180 video gaming terminals in operation.

"Consistent with the city's interest in promoting economic development and redevelopment and in anticipation that new forms of gambling activity may be authorized by the Illinois General Assembly beyond video gaming and traditional casino activity, allowing gambling activity in the B-3 and I-2 zoning districts could facilitate the further economic development of these districts as well as go towards eliminating blight and filling vacant structures within those districts."

The B-3 zoning district already provides for cultural, entertainment and recreation facilities as permitted uses. However, inclusion of the casino definition and including casino on the use table will clarify the city's position on where new gaming activity could be developed, according to city officials.

This change would not create any new restrictions on property use in B-3 and I-2 zoning districts, but would increase the number of uses permitted in order to expand opportunities for future economic development.

City staff spoke with Joliet planning staff who said: Joliet's Harrah's Casino was developed within a blighted and low property value area. Property values increased greatly after construction and development of Harrah's Casino. Joliet's planning staff attribute the significant increase in property values in and about Harrah's Casino to that project.

Also, Hollywood Casino & Hotel was constructed and developed in an industrial corridor in Joliet. Joliet planning staff told Danville officials that following completion of that casino, the corridor has remained predominantly industrial. The construction and development of that casino had had no negative impact on adjacent and nearby industrial property values.

"(Danville) city staff see no reason to believe that an expansion of gaming activity within a B-3 and/or an I-2 zoning district would have any negative impact on the values of adjacent and nearby properties," according to Cronk and Simon.

To date, the city hasn't received any noise complaints from neighbors of establishments that make video gaming available where such complaints relate to the gaming function in those facilities.

Also in discussions with city planners in other casino communities, they've reported their casinos and video gaming locations have had no appreciable impact on crime within the facilities' areas and they've had a positive influx of visitors enjoying the casinos and spending money elsewhere in their communities, according to Cronk and Simon.

"The future revenue that the city hopes to gain from allowing additional lawful gaming activity in the city can be used for further improvements to infrastructure, blight reduction and additional economic development separate from that which could be generated by adoption of the city's proposed text and table of uses amendments," Danville staff state.

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Zoning commission to act on gambling locations - Yahoo News

Gambling Sponsorships in UK Sports on the Rise, New Study Finds – Casino.Org News

Posted on August 5, 2022 by Danzig

Posted on: August 4, 2022, 07:42h.

Last updated on: August 4, 2022, 01:47h.

An effort to ban gambling sponsorships of sports teams in the UK has a lot of momentum. However, a new study by Caytoo, a sponsorship relations company, shows an increase in sponsorship deals.

The English Premier League (EPL) will likely sign off on a voluntary front-of-shirt sponsorship ban, even as some of its clubs sign new deals. This would appease gambling opponents everywhere and respond to what the league says is overwhelming support from its fans.

However, in other sports, sponsorships are on the rise. Caytoo reports that rugby, cricket, and others are embracing the gambling industry more than before.

Over the past few years, the number of gaming companies holding prime real estate on sports jerseys dropped by 48%. This has been particularly evident in the EPL. Most league clubs reportedly support the idea that sports and sports betting dont mix well.

However, beginning last year, the number of gaming-related sponsorships grew, according to the surveys findings. Caytoo looked closely at 226 soccer, rugby, and cricket teams across England and Wales before finding the surprising results.

Gambling is the fourth-most prevalent front-of-shirt sponsor and the third-fastest growing sector in sports sponsorships. However, even with a growth rate of 9.2% and a 7.5% penetration, it still only holds a small piece of the market.

[Deals] in rugby and cricket have resulted in a mini comeback which will surprise many as publicity on gambling sponsorship centres on football. So, the big questions are: will the Premier League voluntary ban happen and if so, will other divisions or sports such as rugby and cricket follow suit? reads the Caytoo report.

Gaming regulators, certain politicians, and gambling opponents have been behind a campaign to eliminate all forms of gambling advertising in the UK, including sponsorships. However, recent rumors indicate that the governments forthcoming white paper on gambling wont include a mandatory sponsorship ban.

Instead, it may suggest a voluntary ban, which the EPL will likely vote on in September. Eight of the leagues 20 teams still have gaming-related front-of-shirt sponsorships.

Previously, financial services, construction, and travel and tourism sectors took prominent positions on sports shirts. However, these sponsors have fallen by at least 4.4%.

Last year, the financial services sector was second in sports sponsorships. However, it has now dropped from 8.4% to 6.1%. Liquor and alcohol deals are also down, going from 3.1% to 1.3%.

Even with the increase in gambling sponsorships, they still have their preferred segments for cricket and rugby. For cricket, automotive companies now control 17.7% of the shirts. This is up from 13.1% a year ago. Alcohol took its biggest loss, going from 9.8% to just 3.2%.

In rugby, for both the rugby union and the rugby leagues, retail is the leader. It moved up from 7% to 13.3%. In addition, financial services plummeted from 15.8% to 5%.

It still isnt clear what the future holds for gambling in the UK. There are a lot of unanswered questions that the white paper will address. However, continued delays in its release only make it more difficult for gaming operators to make long-term plans.

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Gambling Sponsorships in UK Sports on the Rise, New Study Finds - Casino.Org News

Gambling addiction in teens a key focus for MDHHS – WOODTV.com

Posted on August 5, 2022 by Danzig

GRAND RAPIDS, Mich. (WOOD) While we work through the dog days of summer, lots of sports fans are gearing up for football season. High schoolers are working through two-a-days, college teams are preparing for their openers and the NFLs preseason kicks off Thursday night with the annual Hall of Fame game.

The rush toward football season also means a spike at sportsbooks across the country and more stress for people who deal with gambling addictions.

While soccer is the most popular sport for gamblers across the world, football is tops in the U.S. According to the Sports Encyclopedia, NFL wagers make up nearly half of all sports bets in the country and the Super Bowl is the most commonly bet sports event in the nation.

According to the National Council on Problem Gambling (NCPG), one out of every 100 Americans has a severe gambling addiction. In the four years since gambling restrictions were overturned in 2018, researchers have noticed a sharp rise among gambling addiction in teens and young adults.

The world of gambling was thrown off its axis in 2018 when the U.S. Supreme Court overturned the Professional and Amateur Sports Protection Act. The federal anti-gambling law was signed in 1992 and took effect in 1993. The law banned sports betting outside of four states: Delaware, Montana, Nevada and Oregon. Those states were grandfathered in because they already had an established sports betting industry.

Former New Jersey Gov. Chris Christie started the movement, challenging the law in 2014. His successor, Phil Murphy, took office in 2018 and continued the push. The Supreme Court ultimately declared the law unconstitutional with a 6-3 vote, allowing other states to implement its own laws for sports gambling.

Business boomed. By May 2022, 35 states including Michigan had legalized some form of sports betting or online gaming. Sportsbooks are taking bets in 30 of those.

According to the American Gaming Association, approximately $57 billion was spent on sports bets in the United States in 2021, up 177% from the 2020 haul of $21.6 billion. Sports betting alone accounted for more than $4 billion in revenue last year for American casinos and sportsbooks.

In 2021, the NCPG released the results of a massive survey on the public attitudes toward gambling. More than 28,000 people were surveyed and the study was able to break down more than 170 data points.

Some of the biggest takeaways were that people under the age of 35 were at a higher risk to develop a gambling addiction and that sports bettors were more likely to exude problematic behavior.

The NCPG included four common problematic gambling behaviors in the survey: the need to place larger bets to generate excitement, feeling restless or irritable when actively trying to stop gambling, relying on others to pay gambling debts or lying or hiding gambling habits.

According to the survey, 93% of people 75 years and older said no to all four signs of problematic gambling. For the 55-64 age group, the response dropped to 79%. For people between the age of 18 and 35, that number was only 48%.

Thats why for Alia Lucas, the gambling disorder program manager for the Michigan Department of Health and Human Services, the focus on educating the public on gambling addiction is centered on teens and young adults. The main tool? A gambling disorder prevention curriculum called Stacked Deck.

Right now, we are disseminating that curriculum and training for that curriculum to different leaders in the state, to community facilitators, community partners to have it promoted amongst the youth within their regions, Lucas told News 8.

Lucas is also working to get the curriculum integrated into school systems because of another set of data points. According to the NCPG survey, between 60% and 80% of high school students admitted to gambling for money in the past year and an estimated 4% to 6% of high schoolers are considered gambling addicts.

Detroit Public Schools, along with Shiawassee, Genesee and Lapeer counties, are serving as a pilot program to teach the Stacked Deck curriculum in classrooms and Lucas is in talks with the state education coordinator on expanding it.

Lucas says its important that the teachers using the curriculum can connect with students in a way that transcends the classroom.

When you were in school, who were the cool teachers? The gym teachers, drivers ed, were thinking along the lines of where the relationships lie, Lucas said. So were working at the state level to strategically focus our messaging and create opportunities for relationships that allow us to get the information into the schools, or at least in front of the prominent authorities that will then be more amenable for us to get it into the schools.

Virginia has taken a similar tactic. A bill there requiring all public schools to teach students about gambling risks received nearly unanimous support in the state legislature and was signed into law by Gov. Glenn Youngkin in April.

State Delegate Sam Rasoul, who introduced the bill, told Stateline that the rise in youth gambling addiction is a problem that needs to be addressed.

I had some Virginia families contact me saying, This is a problem, what should we do about it? Rasoul told Stateline. (This) is a great step for Virginia.

There is no bill on gambling addiction curriculum up for consideration in the Michigan Legislature.

Lucas is set to launch another tool that she hopes will help teens and young people dealing with gambling addiction: an anonymous text and chat line.

The state already has a toll-free hotline for people struggling with a gambling addiction, connecting them to trained counselors 24 hours a day. Lucas hopes that by introducing a less personal text-based platform, more people will feel comfortable enough to reach out.

I think we can all agree that when you think about text and chatting, the demographic thats going to take advantage of those opportunities are younger adults. It also provides a greater amount of anonymity. It might be easier for someone to simply sit there on their phone and text and chat, Lucas said.

The platform is set to launch Oct. 1, though there are still some problems to be worked out.

They have the platform. They are going through implementation training now. Theyre developing the way theyre going to disseminate the program, Lucas said. But are we going to use the current helpline staff and in their downtime have them answering texts and chats? Or will it be necessary to hire additional staff solely to address that aspect of service delivery.

If you or someone you know has a gambling problem and needs help, you can reach the Michigan Problem Gambling Helpline at 1.800.270.7117.

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Gambling addiction in teens a key focus for MDHHS - WOODTV.com

Mashantucket Pequot Tribal Nation, diversifying beyond gambling and entertainment at Foxwoods, acquires government contracting firm – Hartford Courant

Posted on August 5, 2022 by Danzig

The parent company of Foxwoods Resort Casino announced Wednesday its latest business acquisition intended to generate revenue regardless of business conditions and pandemics.

Command Holdings, the Mashantucket Pequot Tribal Nations holding company with expertise in government, health care, facilities management and technology, acquired WWC Global, a Tampa, Florida-based government contracting firm focusing on federal agencies. Terms of the deal were not disclosed.

[Connecticuts two casinos generate $175M million in online and sports gambling revenue; foot traffic slows as gas hits $5 a gallon]

The tribe definitely was intentional about diversifying its economy in industries that can weather different economic downturns and cycles and away from gaming, said Angelina Casanova, a Mashantucket Pequot Tribal member and chairwoman of the Command Holdings board of directors.

With a little less than $100 million in annual revenue and 350 employees, WWC Globals portfolio of customers includes the departments of Defense, Homeland Security and State and Agency for International Development.

WWC Global is a professional services contractor, working on the business side of government, including financial management, budgets, training and other programs. Jon Panamaroff, chief executive officer of Command Holdings, said federal contracting is more sustainable than seasonal type businesses that are exposed to up and down cycles.

WWC Global was founded by women who were barred from working with their husbands on overseas military bases, Chief Executive Officer Lauren Weiner said.

We had come out of professional level careers ourselves, she said. We were told that we basically needed to sit home and enjoy being military spouses overseas and not work. It was not what we wanted to hear. It was not what we wanted to do.

Tribal leaders decided to focus on diversifying the Mashantucket Pequot business following the Great Recession, Casanova said. Slot revenue was off nearly 11% in 2008, a loss of $88.7 million from before the recession in 2006.

More than a decade later, the pandemic and a nearly three-month shutdown of Foxwoods in 2020 to slow the spread of COVID-19 led to a collapse in revenue. It began to climb back slowly as the pandemic receded.

But even before COVID-19, revenue was under pressure as casino competition intensified in the Northeast. MGM Springfield opened in August 2018 and Wynn Resorts Encore Boston Harbor opened the following year, drawing gamblers and visitors from Foxwoods and Mohegan Sun and adding to an already crowded market in Connecticut, Massachusetts, New York and Rhode Island.

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Slot revenue at Foxwoods fell in each of the three years before the pandemic, from $468 million in 2017 to $431.3 million in 2019, a nearly 8% decline.

Foxwoods, which the Mashantucket Pequot Tribal Nation needs to support its credit, creates vulnerability to competition and an inability to sell assets to repay debt, Moodys Investors Service analysts John E. Puchalla and Keith Foley wrote in an April 21 note.

Casino competition and the clear field in sports betting and online gambling that some states enjoyed were critical issues in negotiations last year with the administration of Gov. Ned Lamont to craft legislation authorizing sports betting and expanded gambling on phones, tablets and laptops.

Nationally, tribal enterprises are economic engines, locally and regionally, according to a report by the Federal Reserve Bank of Minneapolis. As of January 2020, tribes provided more than 1.1 million jobs in the U.S., most of which were held by nontribal members. Tribes are active in numerous industries, including hospitality, tourism, energy, manufacturing and development and financial services, the report said.

The recent acquisition by the Mashantucket Pequots is not the first for Command Holdings, which wrapped up two other deals in July 2021. It acquired CeLeen Inc., a St. Louis-based information technology company, and Quattro Consulting in Washington, D.C.

It owns a fourth company, Copperhead Technologies, a computer programming and systems design company.

Stephen Singer can be reached at ssinger@courant.com.

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Mashantucket Pequot Tribal Nation, diversifying beyond gambling and entertainment at Foxwoods, acquires government contracting firm - Hartford Courant

‘Will he be gambling instead?’: Knut explains why xQc is a D-tier possible Camp Knut addition – Dot Esports

Posted on August 5, 2022 by Danzig

While ranking potential future Camp Knut prospects with Nmplol, Norwegian bodybuilder and livestreamer Knut predicted that Twitchs most viewed streamer, xQc, would likely not fair well at the fitness boot camp.

Camp Knut is a month-long fitness event spearheaded by coaches Knut and Wake Wilder, training various OTK members in weightlifting, dieting, and other forms of physical wellness. Two weeks into the boot camp, Camp Knut has drawn a significant following and led to notable bumps in viewership for nearly every participant. The lucrative success of Camp Knut so far, both in terms of viewership and results, has already led to speculation about future fitness events and potentially new streamer rosters.

While on stream with OTK co-founder and Camp Knut participant Nmplol, the multi-time bodybuilding champion ranked a wide array of streamers in regards to how he believed they would do at his intensive workout camp. Knut showed an interest in recruiting different streamers for any future iteration of the camp, with some ambitious requests.

When it came time to rank Twitchs single most-viewed English-speaking streamer, Knut explained why he would eventually place him at the D category in a tier list of potential Camp Knut attendees. Knut referenced xQcs notorious dependabilityor lack thereofin regards to collaborative streaming events, citing his concerns that xQc may suddenly stop showing up or fail to respond.

The thing is about xQc, you would never know. Thats the problem, Knut said. Will he show up? Will he respond? Will he be there playing some random game? He will show up the first day and then get stuck playing games. We dont know. Will he be gambling instead? Who knows? Maybe Jubilee will post a new video that he had to react to, might happen as well.

After listing his barrage of concerns for the Twitch star, Knut solemnly placed xQc in the D tier, amongst the likes of Mitch Jones, Forsen, and Sodapoppin. Still, it was not the worse possible placement for xQc, as he stood mere centimeters above the F tier.

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'Will he be gambling instead?': Knut explains why xQc is a D-tier possible Camp Knut addition - Dot Esports

Singapore’s New Gambling Regulatory Authority Became Operational as of August 1 – European Gaming Industry News

Posted on August 5, 2022 by Danzig

Reading Time: 4 minutes

The Indian government requested Apple and Google to remove Battlegrounds Mobile India (BGMI) from their app stores on July 28th, one year after it launched in the country. Our research shows that the popular battle royale game, published by South Korean firm Krafton, is no longer available for download. The request comes in the wake of several allegations made against the game for being a rebranded version of PUBG Mobile, which was banned in September 2020 due to national security concerns. These concerns were recently raised in the Indian Parliament, with the Ministry of Electronics and Information Technology (MeitY) stating that BGMI was a different app to PUBG Mobile, suggesting it was not a national security concern. Its unclear what changed to cause MeitY to pull the app.

While the government has not issued a statement to confirm the game is permanently banned, Reuters reported that the title was pulled by MeitY using Section 69A of the Information Technology Act, the same act that was used to justify the ban of 321 mobile apps since June 2020. BGMI is the 57th game pulled due to this regulation. The bans have primarily targeted mobile apps from China, primarily citing national security risks. BGMIs takedown comes just 5 months after the ban of Garena Free Fire, the most popular battle royale game in India until then.

Krafton launched BGMI after PUBG Mobile was banned

MeitY originally banned PUBG Mobile in September 2020 due to national security and data privacy issues following, though not necessarily as a result of border tensions with China. While the PUBG IP is owned by Krafton, PUBG Mobile was developed and published in India by Chinese gaming giant Tencent. At the time of its ban,PUBG Mobile was the #1 game in Indiaby both revenue and downloads and had been a key driver of mobile gaming growth in the country. The ban had a profound impact on the battle royale segment and broader gaming ecosystem, with the unserved demand satiated by Garena Free Fire over time.

Krafton announced in November 2020 that it would bring its core battle royale experience back to India, with BGMI launching in July 2021. Krafton fully committed to the Indian market by self-publishing the title, introducing local servers to store user data securely and in country, and by announcing it would invest over US$100 million in the Indian gaming, esports, entertainment and IT industries, which it has done. The game saw significantly high uptake at launch given the popularity of battle royale games in the country, with 40 million registrations prior to launch and 16 million daily active users in its first 10 days.

BGMI had over 100 million downloads in its first year

BGMI has been a huge success for Krafton and the title was on track to reach the 200 million download mark that PUBG Mobile had achieved prior to its September 2020 ban. The title had quickly become the #2 highest grossing mobile game in India and its 2022 revenue was set to exceed that of PUBG Mobiles peak year. BGMI has also become the leading esports title in India with Krafton investing heavily in the space to set up the Battlegrounds Mobile India Pro Series, an official league for Indian teams with a prize pool of US$260,000.

According toNikos Asia Esports Tracker,BGMI is the #1 title by prize pool in India, with its total 2022 prize pool accounting for 35% of total prize pool revenue for all local and regional esports tournaments. The game also saw massive endorsement from streamers, esports organizations, and teams with high participation across key events. The BGMI Masters Series LAN event was also the first tournament to be televised live on Indian TV, reaching 12.3 million viewers.

How this impacts Indias mobile game market

If BGMI does not return to app stores, we believe it may have a material impact on the short-term growth rate of Indias mobile game market and the esports ecosystem. Battle royale is the most popular mobile game genre by player spending in India according to data from Sensor Tower, accounting for over 1/3 of total mobile game spending in 2021. BGMI and Free Fire accounted for over 95% of total spend on mobile battle royale games in 2021 and H1 2022, but both titles have been removed from app stores this year. However, Nikos research shows that Free Fire MAX, a high-end version of Free Fire from Garena, remains available on Google Play. Its unclear how MAX is still operating on Google Play, but the MAX version was not specifically included in the ban list where Free Fire was banned.

There will also be a negative impact on the broader BGMI ecosystem, especially within esports and live streaming. Everyday players will now be looking for a new title to play, and we expect most to shift over to Free Fire MAX assuming the title continues to operate. Call of Duty: Mobile (Activision Blizzard) may also benefit given its strong position in the market as an established shooter game with a battle royale mode that consistently ranks in the top ten game revenue chart. Apex Legends Mobile (Electronic Arts), New State (Krafton Title was formerly PUBG New State) and Farlight 84 (Lilith Games) are core battle royale games that may also benefit, but we note that these titles are not as established as Call of Duty Mobile and Free Fire MAX.

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Singapore's New Gambling Regulatory Authority Became Operational as of August 1 - European Gaming Industry News

Casino Games Studio 4ThePlayer Launches In New Jersey after receiving transactional waiver from NJ DGE – Gambling Industry News

Posted on August 5, 2022 by Danzig

Game developer 4ThePlayer.com has announced today that it has been granted a transactional waiver by the New Jersey Division of Gaming Enforcement (DGE) and is live across New Jersey, with its partnered gambling operators.

This allows 4ThePlayer.com to launch its top-performing titles at licensed operators in the state of New Jersey, the first of many US states into which 4ThePlayer.com will enter this year.

The first game to be launched is 9k Yeti followed by 6 Wild Sharks and 3 Secret Cities in the coming months. Each title has a player-centric innovation that sets it apart from other titles on the market, as well as Big Reel Portrait Mode, 4ThePlayers proprietary mobile display mode that overcomes the challenges of portrait mobile play to create an immersive player experience.

Chris Ash, Business Development Director of 4ThePlayer.com, said,

We are delighted to be granted our transactional waiver and to be live in the USA this is a milestone for 4ThePlayer and our first step into the exciting US market. We cannot wait for players in New Jersey to enjoy our games and we look forward to further US expansion in additional states soon!

The games are available on Gaming Realms, via a platform distribution deal that was announced in 2021.

4ThePlayer.com is a leading challenger brand game supplier with a focus on innovation and player entertainment! Their games include 9k Yeti, 4 Fantastic Fish, 90k Yeti, 3 Secret Cities and 6 Wild Sharks.

Their mission is to create the most exciting games for players with concise, engaging game mechanics and the best math profiles for big-win potential. Using innovation to create new gambling-focused entertainment experiences!

The London based supplier was founded in 2018 by industry veterans Andrew Porter, Chris Ash, Thomaz Scalzilli, and Henry McLean to create player-centric games that enhance the iGaming industry and champion the player! The team are players themselves and have over 50 years of industry experience, as well as a proven track record having already created success in start-ups and FTSE 250 companies.

Ciaran has a decade of experience writing for some of the biggest names in the eSports, poker, and casino industries.

Casino Games Studio 4ThePlayer Launches In New Jersey after receiving transactional waiver from NJ DGE - Gambling Industry News

To Protect Free Speech, Social Media Platforms Must Stop their Overreach – The Ripon Society

Posted on August 5, 2022 by Danzig

by DAVID KEATING

Assaults on the culture of free speech grow by the day. Unfortunately, much of the assault is coming from the major social media platforms.

The power of our democracy and the genius of our First Amendment is our recognition that no single authority can dictate what is true. We work out our disagreements through speech, publishing, and organizing into groups.

For centuries, reaching others with our views was difficult work, and in many respects it still is. But thanks to social media, most Americans can publish anything and theoretically reach millions of fellow citizens and even much of the world.

As noted by the U.S. Supreme Court, social media platforms for many are the principal sources for speaking and listening in the modern public square, where Americans share vital information and express their opinions.

Social media allowed more Americans to engage in public speech than ever before, but like past revolutions in communications technology, it also triggered a backlash. Politicians, media outlets, or activists increasingly pressure companies to censor speech they deem false or misleading, or simply oppose. Lately, much of this speech concerns issues related to elections and the COVID-19 pandemic.

Certainly, you can find false claims about both topics online (and off) with ease. Yet the platforms judgments are far from infallible, and their heavy hand threatens to stifle important debates about unsettled issues. In fact, this has already happened.

Early in the pandemic, Facebook and YouTube censored claims that the SARS-CoV-2 virus originated from a lab leak in China, a theory that remains plausible to this day. And, of course, Twitter and Facebook restricted the New York Posts reporting about emails on Hunter Bidens laptop in the leadup to the 2020 election, claiming they were the product of foreign misinformation. After the election, the emails proved to be authentic.

Many Democrats have encouraged this trend towards censorship. Recall that then-White House Press Secretary Jen Psaki urged faster action against harmful posts and suspension of accounts across all platforms. The Biden Administration created the so-called Disinformation Governance Board before disbanding it in response to public outrage.

Many Republicans say they oppose censorship but want to repeal Section 230, which immunizes social media companies from liability for posts by users. That would likely result in even more censorship from platforms eager to avoid costly litigation. It would also make it effectively impossible for new social media companies to take down the incumbents.

What to do?

Lets stipulate that there are no easy answers. But many of the actions taken now pose real threats to free speech while doing little to stop misinformation and may enable more of it.

Some of the wealthiest corporations in the world operate social media sites, and their mission is to maximize profits. Getting on the wrong side of government officials is bad for business. This creates terrible incentives for the platforms to censor based on the views of the party in power.

Politicians who attempt to influence platforms speech policies are a menace to free speech. Platforms should focus on empowering their users, not their critics or the government, to control what content they see.

The government has a role to play in protecting free speech on the internet. We can create ethics laws and rules preventing government officials from using threats against platforms to get them to censor. And we should consider creating a legal defense against government enforcement actions against social media platforms if the government initiates action based on its interest in retaliating against a platforms refusal to censor or silence itself or its users.

Throughout history, free speech and open debate have been societys best tools for discovering the truth and managing our disagreements.

We also need more information on how the platforms use algorithms to promote and suppress content. Right now, all we get are random information dumps from whistleblowers. If no one knows how social medias black box algorithms are working and failing, how can we come up with sensible government policies?

Ultimately, the solution must come from the platforms themselves. They should return to the more speech-friendly mindset embraced before 2016. Taking on the role of a private sector Ministry of Truth has been a disaster for their reputations with no clear benefit to the public. And it is especially dangerous given the threats wielded by government officials against the platforms.

Throughout history, free speech and open debate have been societys best tools for discovering the truth and managing our disagreements. The technology that we use to express ourselves has changed many times, from the printing press to the telegraph to radio and television and now, to social media. The underlying principles of the First Amendment will always stand the test of time.

David Keating is the president of the Institute for Free Speech in Washington, DC.

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To Protect Free Speech, Social Media Platforms Must Stop their Overreach - The Ripon Society

On book bans and free speech | Penn Today – Penn Today

Posted on August 5, 2022 by Danzig

How are book bans connected to free speech?

Those who are banning or limiting access to books often try to ensure that people dont think in certain ways, and that they dont speak in certain ways, or about certain topics. Banning books is an effort to make sure that difficult topics dont come up, especially in schools. This is an aspect of a broader political and cultural struggle over who belongs, or what values prevail in American society.

In your view, why are book bans and challenges increasing now?

The issue of book banning within the context of the broader culture wars has two different dimensions. One is the electoral, partisan, political-power-play aspect: Its a way to get peoples attention, to get people riled up and angry, to get them to pay more attention to politics and come out to vote. Books, curricula, teachers, schools, these are everywhere in every community. Close to 90% of American kids go to public school. So, if you find something in school that really angers people, is upsetting, its easy to get attention. The other aspect is more substantive, and that is the struggle to define the boundaries of the political community in America. In other words, who belongs? Whose voices should be heard? And today again the two most salient aspects of this are race, along with gender and sexuality; these are the main topics of books that are being questioned or pulled out of the libraries in different ways, being censored, being cancelled.

The struggle over race is a really a response, or a push back, to the racial justice wave that we have seen after the murder of George Floyd two years ago. I think the growing perception around the country is that a broad coalition of people who were very angry, who were awakened to aspects of racial injustice that maybe they were unaware of, or just didnt pay attention to, or previously didnt care too much about, especially non-Black people, this broad coalition joined with Black Americans and was looking to schools and to cultural artifacts like books to sustain this attention and commitment to preventing these injustices from happening. Curricula and books and schools and teachers were a way to sustain this effort, to say: We cant go on like this, we have to change the way that certain institutions, like the police, are treating Black people, but also more broadly the racial injustice seen for a very long time in this country. An effort to say, Lets use this moment to train teachers, to expose children to these issues, to make sure that we are making a difference here. Book banning is a backlash to that movement.

And the backlash is similar regarding sexuality and gender expression. We have seen the legal recognition of marriage equality. We are seeing the proliferation of books and materials in classrooms and libraries in celebration of Pride Month, and the greater visibility and cultural acceptance of transgender, and nonbinary, and diverse-gender-expression individuals in books and movies and society. We are seeing more recognition of equal rights, or the demand for equal rights and equal representation, of individuals with diverse forms of gender expression and diverse identities in the domain of gender and sexuality.

Book banning is a pushback against these efforts to expand our vision of our community, to try to entrench and limit again the scope of what is appropriate and what is desirable.

What is next?

I assume this struggle will continue at the local and national levels, especially in schools. Books in schools and in libraries are just easier to regulate. Its harder to regulate which characters you have on a Netflix show, but its pretty easy, relatively speaking, to elect people to state and local government, to school boards, who say, for example, These books are corruptive, or These are not age-appropriate, or We are reviewing these books, and creating processes for approving books that end up impoverishing libraries and curricular material in the presentation of diverse people. Which obviously is a disconcerting, because people have diverse identities, and theyre here, in our neighborhoods and classrooms, theyre not going anywhere, so trying to erase them from our cultural materials, from a book, from our teaching materials, does nothing to make them disappear. In reality, it makes them hide. It makes them shameful and uncomfortable and feel rejected. The book bans are telling them that they are not accepted as equal members of our community. I am encouraged by the efforts at the local and national levels to organize and to push back against book bans.

What is the effect of these book bans?

My worry is that at least in the areas where these efforts gain ground, you will see people who are not aligned with this conservative vision of appropriate behavior, of being proper and respectable people, just not finding room for themselves. You will see people from diverse racial and ethnic groups, gay and trans people, recognize that some prominent members of their community would prefer that they not be there. I think thats a terrible message to send to anyone, and definitely to young children.

This is not new to LGBTQ folks, who are being pushed back into the closet through the mechanism of erasing their presence in the public domain with the message: You shouldnt be out as an individual, and We shouldnt encourage you to be out by representing you positively in a book, or a TV show, or a film.

Regarding the racial issue, its a little different. Those who are seeking to ban books about racial history and relations, about injustice or inequality, are trying to minimize both the history of slavery and discussion on injustices today. Its an effort to represent history since the Civil Rights movement as having fixed any issues Black Americans face. It is an effort to cleanse the public discourse from references to unpleasant, uncomfortable truths, about American history and current reality, a discussion that is deemed uncomfortable for white people, and in particular white children. This effort, which is represented by banning books, for example about Martin Luther King Junior or Ruby Bridges, is really at the heart of book banning. I dont think thats a good goal for educators. Complex, complicated, age-appropriate conversations are hard, but the fact that its hard does not means that it needs to be scrubbed away. Teachers need to be supported in having these conversations, and books are a great aid for that.

Do book bans really make much of a difference, with access to just about anything via cell phone or computer?

What you read at school is very nice and good and important, but its definitely not the main avenue through which you get your information, and your understanding of your society. Of course, a lot of the same people who are banning books are also trying to regulate social media and the Internet. So, while the effort to censor is not focused only on books, I am very concerned about the limitations on books, I think about children and young people who live in less-affluent areas, or where theres less diversity, and where you don't always have broadband, and not every kid has an iPhone in their pocket. What do you do if youre the one Muslim kid in your school? What do you do if you are 13 and think that you are gay?

I also worry culturally about the message that were sending, because even if you can get information through your phone, the book ban lets you know that those in your communitymaybe your own teachers or elected officialssee these aspects of your reality and identity as something to be ashamed of, to be embarrassed about, to be silent about, something that doesnt belong. Kids get this message, which is both personally difficult and socially chilling.

How can higher education be involved?

Truth and inclusion should, in my view, serve as the guiding principles for organizing the public discourse around difficult topics.

We need tools for assessing the effort to cancel or silence different forms of expression, through banning books and other means. What is a reasonable argument about a book being inappropriate for a classroom? Can we agree about criteria for selecting books and teaching materials? Truth and inclusion are the two main dimensions of assessing the arguments. One, we need to refer to evidence, as accepted by relevant studies, to assess what should or should not be a part of our teaching materials. The second is a question of inclusion: We need to ensure that people who are within our community can properly see themselves as belonging, as positively represented. How do you create equal standing for everyone who lives here, and ensure that they have their voices heard?

Institutions of higher education are important for developing evidenced-based tools for assessment. They can also help advocate for using truth and inclusion as the guiding principles for learning in K-12 schools. Similar struggles are taking place on college campuses, and the culture wars over the boundaries of speech are familiar to us. Higher education is already setting the expectations for what children should learn in school, through our admissions policies and what we expect high school graduates to know. We should support schools by calling for inclusive learning environments, reliance on evidence-based decisions about teaching materials, and above all, free thought and free inquiry.

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On book bans and free speech | Penn Today - Penn Today

AI going to head of the class – Pensions & Investments

Posted on March 6, 2017 by Danzig

Pensions & Investments

AI going to head of the class
Pensions & Investments
Long the tools of the largest, most sophisticated and well-heeled systematic quantitative hedge fund managers, AI/ML processes are making their way down to smaller quantitative and fundamental firms at a rapid rate, sources said. Data-driven approaches ...

AI going to head of the class - Pensions & Investments

About Tesla | Tesla

Posted on August 5, 2022 by Danzig

Tesla was founded in 2003 by a group of engineers who wanted to prove that people didnt need to compromise to drive electric that electric vehicles can be better, quicker and more fun to drive than gasoline cars. Today, Tesla builds not only all-electric vehicles but also infinitely scalable clean energy generation and storage products. Tesla believes the faster the world stops relying on fossil fuels and moves towards a zero-emission future, the better.

Launched in 2008, the Roadster unveiled Teslas cutting-edge battery technology and electric powertrain. From there, Tesla designed the worlds first ever premium all-electric sedan from the ground up ModelS which has become the best car in its class in every category. Combining safety, performance, and efficiency, ModelS has reset the worlds expectations for the car of the 21st century with the longest range of any electric vehicle, over-the-air software updates that make it better over time, and a record 0-60 mph acceleration time of 2.28 seconds as measured by Motor Trend. In 2015, Tesla expanded its product line with ModelX, the safest, quickest and most capable sport utility vehicle in history that holds 5-star safety ratings across every category from the National Highway Traffic Safety Administration. Completing CEO Elon Musks Secret Master Plan, in 2016, Tesla introduced Model3, a low-priced, high-volume electric vehicle that began production in 2017. Soon after, Tesla unveiled the safest, most comfortable truck ever Tesla Semi which is designed to save owners at least $200,000 over a million miles based on fuel costs alone. In 2019, Tesla unveiled Model Y, a mid-size SUV, with seating for up to seven, and Cybertruck, which will have better utility than a traditional truck and more performance than a sports car.

Tesla vehicles are produced at its factory in Fremont, California, and Gigafactory Shanghai. To achieve our goal of having the safest factories in the world, Tesla is taking a proactive approach to safety, requiring production employees to participate in a multi-day training program before ever setting foot on the factory floor. From there, Tesla continues to provide on-the-job training and track performance daily so that improvements can be made quickly. The result is that Teslas safety rate continues to improve while production ramps.

To create an entire sustainable energy ecosystem, Tesla also manufactures a unique set of energy solutions, Powerwall, Powerpack and Solar Roof, enabling homeowners, businesses, and utilities to manage renewable energy generation, storage, and consumption. Supporting Teslas automotive and energy products is Gigafactory 1 a facility designed to significantly reduce battery cell costs. By bringing cell production in-house, Tesla manufactures batteries at the volumes required to meet production goals, while creating thousands of jobs.

And this is just the beginning. With Tesla building its most affordable car yet, Tesla continues to make products accessible and affordable to more and more people, ultimately accelerating the advent of clean transport and clean energy production. Electric cars, batteries, and renewable energy generation and storage already exist independently, but when combined, they become even more powerful thats the future we want.

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About Tesla | Tesla

Tesla files for 3-for-1 stock split

Posted on August 5, 2022 by Danzig

Tesla just filed its annual proxy statement with the SEC and revealed it plans a three-for-one stock split, and that board member Larry Ellison does not plan to stand for re-election.

Shares of Tesla were up by more than 1% after-hours having closed at $696.69 on Friday.

In the filing, the company wrote of the proposed stock split, "Our success depends on attracting and retaining excellent talent," and that "highly competitive compensation packages," offering every employee an option to receive equity, helped Tesla to do that. "We believe the Stock Split would help reset the market price of our common stock so that our employees will have more flexibility in managing their equity."

A stock split is cosmetic and could mean that smaller investors feel they can afford the stock, but those investors are minuscule compared to major institutions. Many brokerages already offer investors fractional trading, allowing small investors to buy a slice of seemingly expensive stocks.

In its 2022 proxy filing, the electric vehicle and renewable energy business, also revealed that board member Larry Ellison currently owns 1.5% of Tesla shares. Ellison plans to relinquish his duties as a member of Tesla's board of directors.

The filing also says that Tesla CEO Elon Musk currently holds 23.5% of Tesla shares and Vanguard holds 6% of Tesla shares. Musk sold a considerable chunk of his Tesla holdings since late 2021, in part to shore up a stake in Twitter, the social networking giant he agreed to acquire for around $44 billion.

Tesla announced a similar five-for-one stock split in August 2020.

In thirteen different proposals suggested by shareholders,Teslais being asked to examine and disclose more about its: anti-harassment and discrimination efforts, lobbying practices, supply chains and labor, and details about its own water use and water-related climate impacts and risks.

The company plans to hold its annual shareholder meeting online and with a limited number of shareholders invited to attend in person at the new Tesla factory in Austin, Texas on August 4, 2022.

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Tesla files for 3-for-1 stock split

Tesla (unit) – Wikipedia

Posted on August 5, 2022 by Danzig

SI unit of magnetic field strength

The tesla (symbol: T) is a derived unit of the magnetic B-field strength (also, magnetic flux density) in the International System of Units.

One tesla is equal to one weber per square metre. The unit was announced during the General Conference on Weights and Measures in 1960 and is named[1] in honour of Serbian-American electrical and mechanical engineer Nikola Tesla, upon the proposal of the Slovenian electrical engineer France Avin.

The strongest fields encountered from permanent magnets on Earth are from Halbach spheres and can be over 4.5T. The record for the highest sustained pulsed magnetic field has been produced by scientists at the Los Alamos National Laboratory campus of the National High Magnetic Field Laboratory, the world's first 100-tesla non-destructive magnetic field.[2] In September 2018, researchers at the University of Tokyo generated a field of 1200T which lasted in the order of 100 microseconds using the electromagnetic flux-compression technique.[3]

A particle, carrying a charge of one coulomb, and moving perpendicularly through a magnetic field of one tesla, at a speed of one metre per second, experiences a force with magnitude one newton, according to the Lorentz force law. As an SI derived unit, the tesla can also be expressed as

(The last equivalent is in SI base units).[4]

Where A = ampere, C = coulomb, kg = kilogram, m = metre, N = newton, s = second, H = henry, V = volt, J = joule, and Wb = weber

In the production of the Lorentz force, the difference between electric fields and magnetic fields is that a force from a magnetic field on a charged particle is generally due to the charged particle's movement,[5] while the force imparted by an electric field on a charged particle is not due to the charged particle's movement. This may be appreciated by looking at the units for each. The unit of electric field in the MKS system of units is newtons per coulomb, N/C, while the magnetic field (in teslas) can be written as N/(Cm/s). The dividing factor between the two types of field is metres per second (m/s), which is velocity. This relationship immediately highlights the fact that whether a static electromagnetic field is seen as purely magnetic, or purely electric, or some combination of these, is dependent upon one's reference frame (that is, one's velocity relative to the field).[6][7]

In ferromagnets, the movement creating the magnetic field is the electron spin[8] (and to a lesser extent electron orbital angular momentum). In a current-carrying wire (electromagnets) the movement is due to electrons moving through the wire (whether the wire is straight or circular).

One tesla is equivalent to:[9][pageneeded]

One tesla is equal to 1 Vs/m2. This can be shown by starting with the speed of light in vacuum,[11] c = (00)1/2, and inserting the SI values and units for c (2.998108m/s), the vacuum permittivity 0 (8.851012As/(Vm)), and the vacuum permeability 0 (12.566107Tm/A). Cancellation of numbers and units then produces this relation.

For the relation to the units of the magnetising field (ampere per metre or Oersted), see the article on permeability.

The following examples are listed in ascending order of field strength.

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Tesla (unit) - Wikipedia

Tesla Inc (TSLA) Stock Price & News – Google Finance

Posted on August 5, 2022 by Danzig

Tesla, Inc. is an American multinational automotive and clean energy company headquartered in Austin, Texas. Tesla designs and manufactures electric vehicles, battery energy storage from home to grid-scale, solar panels and solar roof tiles, and related products and services. Tesla is one of the world's most valuable companies and remains the world's most valuable automaker with a market capitalization of more than US$760 billion. The company had the most worldwide sales of battery electric vehicles and plug-in electric vehicles, capturing 21% of the battery-electric market and 14% of the plug-in market in 2021. Through its subsidiary Tesla Energy, the company develops and is a major installer of photovoltaic systems in the United States. Tesla Energy is also one of the largest global suppliers of battery energy storage systems, with 3.99 gigawatt-hours installed in 2021.Tesla was incorporated in July 2003 by Martin Eberhard and Marc Tarpenning as Tesla Motors. The company's name is a tribute to inventor and electrical engineer Nikola Tesla. In February 2004, via a $6.5 million investment, Elon Musk became the largest shareholder of the company. He has served as CEO since 2008. Wikipedia

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Tesla Inc (TSLA) Stock Price & News - Google Finance

Tesla (TSLA) is about to earn its blue chip status and climb out of the junk bond dumpster – Electrek.co

Posted on August 5, 2022 by Danzig

Tesla (TSLA) is expected to be about to finally get rid of its junk bond rating and become a blue chip something somewhat overdue for the sixth most valuable company in the world.

Despite delivering profits for more than two years straight and building a cash position of over $18 billion while sitting on very little debt, Tesla is still rated as a junk bond by rating companies like S&P Global Ratings and Moodys Investors Service.

Now rating experts and analysts are expecting Tesla to finally be upgraded by the end of the year.

Bloomberg Intelligence credit analyst Joel Levington commented:

Tesla is still generating a huge amount of cash. At some point ratings companies will have to act and I wouldnt be surprised to see an upgrade to investment-grade happen before year-end.

While this may not be important for the average investor and Tesla shareholders, but it is a big deal for some large funds that often have a policy not to invest in companies that have anything less than an investment grade rating often referred to as blue chips. This has been preventing some large funds from investing in Tesla.

This resulted in Tesla having a smaller percentage of its shares being held by large institutional investors compared to its peers with extremely large valuations, like Apple and Amazon.

Tesla was upgraded to BB+, one step below investment grade, by S&P last October and by Moodys in January.

Nishit Madlani, the head of North American auto-sector ratings at S&P, even stated in June that Tesla is likely going to be upgraded by the end of this year.

This is one of the last things that Tesla needs to solidify it as a blue chip company.

Obviously, I think that some funds are still going to have issues holding Teslas stock for other reasons, like how controversial Elon Musk can be for some people, but for the most part, this is the last of the manageable hurdles.

Now what does it change?

Not much really other than it can bring more stockholders, which reduces the number of shares available to buy and can therefore boost the stock price.

In turn, Tesla can use that to raise more money to put toward its mission though the automaker doesnt really need more money right now.

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Tesla (TSLA) is about to earn its blue chip status and climb out of the junk bond dumpster - Electrek.co

Teslas Saudi-backed rival just spooked investors by cutting targets in half. But Lucids CEO says trust me, I got this – Fortune

Posted on August 5, 2022 by Danzig

U.S. luxury electric vehicle startup Lucid Motors may hail from Californias Silicon Valley, but its future will be won or lost in the arid plains of Arizona.

On Wednesday, chief executive Peter Rawlinson shocked investors with weak quarterly figures and a surprise cut to the vehicle production forecast in the face of severe problems at its Casa Grande factory near Phoenix.

Rawlinson, former chief engineer of the Tesla Model S, placed blame primarily on the growing pains associated with ramping up production, where parts need to arrive just in time and in the right cadence depending on an individuals customized order.

Our revised outlook guidance for the year reflects the logistics challenges as we began scaling, which exposed the immaturity of our logistics processes, Rawlinson told investors during a call.

Shares in the company slumped more than 10% on Thursday, as Lucid has been considered one of the EV startups outside of Chinabest positioned to survivethe industry shake-up along with Amazon-backed Rivian.

Thats because the Lucid Air is arguably the most advanced car in terms of electrification currently on the market, easily beating anything Tesla has to offer.

Not only does it have the longest range at an EPA-rated 517 miles, but it is also the most efficient in terms of stored energy with 4.6 miles per kilowatt hour of battery. It also boasts the fastest recharge speeds thanks to a 900-volt electrical architecture, helping it win Motor Trends prestigious Car of the Year awardin November.

Realizing investors would be rattled by the news, Rawlinson tried to assuage his shareholders that he was well on top of the situation.

I do believe weve identified the primary bottlenecks and have already taken steps to begin to remedy the situation, he said, after unveiling $97 million in quarterly revenue. This badly missed a consensus estimate of $145 million, and came amid a $220 million net loss that was even deeper red on an operating level.

But the problems do not stop at the slow pace of production due to a mismatch of when parts arrive at its Casa Grande factory. They go much deeper.

Rawlinson conceded that a material number of vehicles built had not been shipped to customers due to quality he felt was subpar for a luxury model like the Air, and pledged to stay behind in Arizona, engaging directly with the staff on the shop floor to iron out the problems.

These related to mainly cosmetic issues like unusually large or uneven gaps in the body panels or surfaces not being flush with others.

While Tesla is famous for getting away with poor build quality, this type of fit and finish, as it is called in the industry, remains a hallmark of the German premium brands Mercedes-Benz and BMW and is expected by discriminating buyers who plunk down $100,000 on a new car.

As a result, Rawlinson said many new changes would be overseen by experienced logistics and quality assurance managers that he poached from industry rivals Mercedes and Stellantis.

Quality simply must take priority over volume as we establish our brand reputation, he explained.

Lucids problems mimic the months of production hell at Tesla that saw Elon Musk famously sleeping at the factory, when Model 3 midsize sedans were beingassembled out in the open air, an absolute no-go for the industry.

Only this time, instead of struggling with its first mass-market car built in the hundreds of thousands, Lucid is already experiencing problems with its premier model, a low-volume luxury sedan positioned at the very pinnacle of the market.

All told, only 679 Lucid Air cars were shipped to customers in the second quarter, prompting Rawlinson to predict just 6,000 to 7,000 would be made during the full year.

This amounts to just half of what itpreviously promisedin May and a sharp decline from its original goal of 20,000 vehicles. That still means a sharp ramp-up in the second half, as so far only about 1,400 Lucid cars have been built.

For Tesla, the news is further welcome proof of its edge over key competitors. Lucid had been considered a threat by CEO Elon Musk, especially with an experienced Tesla engineer running the show.

Just days after Rawlinson debuted the technical specs of its series-production Air sedan inSeptember 2020, Musk followed with the announcement of a Model S that would have a range of over 520 miles, at least three better than the competitor from Lucid.

Popular EV website Elektrek, long notable for its Tesla-friendly coverage, even ran a story about Musks newly unveiled model with the improved range, suggesting a proof of concept had been built and tested ahead of its 2021 launch. Fans speculated the considerable boost to range over the regular Plaids 348 miles must come from using the next-generation 4680 cells designed to cement Teslas technological lead.

In the end, the so-called Plaid Plus turned out to be nothing but vaporware, and Tesla is still working out the kinks with its 4680 cells.

Musk first accepted deposits from paying customers and then promptly cancelled on them, automatically switching their orders to the regular Plaidthat he argued was just as good.

In the meantime, the tactic may have succeeded in keeping enough Model S owners from switching over to Lucid.

Why was Musk worried? It may have something to do with the bottomless pockets of Lucids backers, the Saudis.

As long as Rawlinson can keep the Kingdom convinced he will deliver a return on its investment, up to and including theconstruction of an assembly plant in the Arabian desertto fulfill a Saudi dream, then he can likely keep the company afloat while other rival startups like Lordstown Motors and Faraday Future flounder.

Lucid recently struck a deal to sellup to 100,000 cars to the Kingdomin addition to the 37,000 current reservations he already has on hand. This should help keep the company paying its bills until well into next yeareven longer if management stretches the budget, as finance chief Sherry House claimed on Wednesday.

In the meantime, Rawlinson made a clear signal toanother California company, Apple, and any other tech firms, by saying he may be in need of a partner and was open for businessperhaps to hedge his Saudi bet.

The Air and its Gravity SUV sibling due in 2024 are big enough to fit all the necessary sensors and computing power for a future autonomous robotaxi fleet.

Many of these characteristics and attributes[of our vehicles]would potentially make us a fantastic partner for one of these groups, he said, with CFO House noting that she was even keenly open to discussing partnership options.

Amid the poor results, Rawlinson made a concerted effort not to further undermine investor confidence in management, suggesting the hiccups were a perfectly normal development that became more apparent as we started to scale.

Instead of dwelling on mistakes, he emphasized his pride at what Lucids workforce and suppliers could accomplish in the face of adversity and suggested the brand would be around for a long time to come thanks to an upcoming midsize model that will arrive later in the decade.

But I want to be clear that right now, my relentless focus is with this great team right here in Arizona, the Lucid CEO said. I remain confident that we shall overcome these near-term challenges with a relentless tenacity and a steely determination, and in so doing put in place appropriate processes that will serve us well for the future.

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Teslas Saudi-backed rival just spooked investors by cutting targets in half. But Lucids CEO says trust me, I got this - Fortune

Tesla is the latest company to be drawn into the Elon Musk-Twitter legal mess – The Verge

Posted on August 5, 2022 by Danzig

Twitter wants all of Teslas documents and communications related to Elon Musks bid to take over the social media company, according to a new subpoena filed August 2nd. The electric car maker is the latest company to be drawn into the increasingly sticky mess that Musk created when he first proposed and later attempted to abandon a plan to buy Twitter.

Twitter is suing Musk in Delaware court to force him to go through with his $44 billion plan to buy the San Francisco-based company. Musk is attempting to abandon the deal, claiming Twitter violated their agreement by failing to disclose accurate information around spam accounts. Twitter argues that Musk signed a contract to buy the company, and is using spam accounts as a false pretense to worm his way out of the deal.

Twitters subpoena outlines a list of 27 requests for Tesla, including internal communications at Tesla about Musks takeover plan, all communications between Musk and Twitter and between Musk and his co-investors (like Larry Ellison), and all documents related to the roughly $8.4 billion worth of Tesla stock that Musk sold to finance the takeover bid.

Musk is Teslas biggest shareholder, owning around 15.6 percent of the companys shares, or about 175 million shares in total. Musk has sold large batches of shares before. Last year, he sold 15 million shares, worth more than $16 billion, after polling his followers on Twitter. Teslas share price is up slightly since the market opened today.

Twitter is also seeking materials related to the $6.25 billion margin loan commitment that Musk took out in May. The Tesla CEO had originally planned to take out a $12.5 billion margin loan, but later reduced it to $6.25 billion after bringing in co-investors on the deal. In April, Musk lined up $46.5 billion in debt and equity financing to buy Twitter, with Musk himself committing $33.5 billion.

Tesla will need to cough up all documents and communications related to Musks tender offer for some or all of Twitters shares, as well as any internal documents related to Musks May 13th tweet in which he announced that the Twitter deal was on hold pending additional information about spam bots on the platform.

Twitter also wants all of Teslas communications with media outlets regarding the merger deal which could be interesting, considering that Tesla dissolved its public relations division in 2019 and typically ignores reporters requests for comment.

The Tesla subpoena is the latest in a flurry of information requests sent by Twitters legal team as the October 17th trial in Delaware Court of Chancery nears. Twitter has also subpoenaed a number of leading tech CEOs and venture capitalists, including Marc Andreessen, founder of VC firm Andreessen Horowitz; former Facebook exec and CEO of Social Capital Chamath Palihapitiya; and David Sacks, the founding chief operating officer of PayPal and current general partner at Craft Ventures.

According to the subpoena, the automaker has seven days to produce all the materials requested to Twitters legal team.

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Tesla is the latest company to be drawn into the Elon Musk-Twitter legal mess - The Verge

Which Traditional Car Brand Has The Most Chances Of Beating Tesla At Their Own EV Game? – CarScoops

Posted on August 5, 2022 by Danzig

Back when Tesla launched the Model S, much of the automotive world thought of the brand as a bit of a moonshot. Today, the entire industry is now racing to catch up and the biggest brands are all in the competition. We wonder which one has the best chances of actually knocking Tesla off the top of the EV mountain.

As the transition to electric continues just about every single big automotive brand is jumping into the fray. Ford is doing everything it can to beat Tesla including poaching top employees from the Texas-based company and doubling production capacity at EV-focused cites.

General Motors has gone a step further and specifically said that it wants to beat Tesla and be number one by 2025. Thats a bold claim but GM might have the ammo to do it with what it hopes will be 30 different EVs on sale by then.

Read More:BYD Overtakes Tesla In Global NEV Sales In The First Half Of The Year

Volkswagen is also in the conversation and ended up third worldwide in EV sales last year. Of course, the ID.4 isnt much in the way of competition for Tesla but the brand has plans for more appealing products coming online soon.

For all we know it might end up actually being Kia or Hyundai that does the deed by reeling in Tesla first. While they would have to leapfrog Volkswagen here in the USA and Chinese brands for the worldwide lead, we think theres a chance as they currently sit in third place in the US market. Weve tested both the EV6 and the IONIQ 5 and found both to be exceptional values for money.

If buyers wise up to how little theyre getting from big name brands like GM, VW, and Ford in comparison to Hyundai and Kia we could see the Korean companies meteoric rise over the last decade continue. That would certainly send shockwaves through the rest of the industry.

Who do you think will be the first to outsell Tesla in total EV sales over the course of a year? Will it be one of the companies we mentioned or someone completely different? Let us know in the comments below!

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Which Traditional Car Brand Has The Most Chances Of Beating Tesla At Their Own EV Game? - CarScoops

Tesla Smart Summon still a showstopper almost three years since its release – Teslarati

Posted on August 5, 2022 by Danzig

Almost three years since its release, Smart Summon is still one of the best ways for Teslas to make an impression on the public. This was experienced recently by a Tesla owner in New Zealand, who ended up confusing and impressing a passerby after moving his vehicle from its parking spot to his location at night.

The video, which was shared by u/Matt_NZ in the r/TeslaMotors subreddit, featured dash cam footage from a Tesla as it engaged its Smart Summon feature. During the maneuver, which involved the vehicle cautiously navigating a parking lot at night, a passerby could be seen being completely befuddled by the all-electric car. Its still rare to see unmanned cars driving around at night, after all.

In later comments, the New Zealand-based Tesla owner admitted that he actually does not use Smart Summon that much since it could very well become a nuisance in a busy parking lot. But since the area where he parked at was unlit at the time, there were puddles everywhere, and the parking lot was relatively empty, he decided to use the FSD feature while he chatted with the people he had dinner with.

Overall, the experience seemed to have left a notable impression on the gentleman who was confused by the driverless all-electric car.

I dont often use Smart Summon as its often more of a nuisance for others in the car park, but on this evening, the car park was relatively quiet. I waited for a few people to finish leaving just to make sure my car wouldnt get in the way.

As it trundled across the car park, this guy happened to cross paths with it and resulted in a genuine double take when he noticed that there was no one driving it. We ended up having a short conversation about it, and Im sure hell be talking about the encounter for a few weeks down at the local pub with his mates, the Tesla owner shared in a later comment.

Smart Summon could be extremely impressive when it works smoothly, but its slow speed and overly cautious nature has resulted in numerous Tesla owners admitting that they rarely use the feature. It could definitely be considered as one of Teslas party tricks, though whether it works well or not depends on the circumstances. Nevertheless, it cannot be denied that in times like those shared by the New Zealand-based Tesla owner, Smart Summon definitely leaves a strong impression on people.

Watch the Tesla owners video below.

Dont hesitate to contact us with news tips. Just send a message to simon@teslarati.comto give us a heads up.

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Tesla Smart Summon still a showstopper almost three years since its release - Teslarati

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