Monthly Archives: February 2021

The UK Gambling Commission has conducted a review into the 2005 Gambling Act with a view to protecting the most vulnerable. The regulatory organisation aims to make online gaming safer in conjunction with the providers, ultimately preventing predatory behaviour.

By: Mark Patrickson

New rules that were published on Tuesday lashed out at slot machines in particular, while leaving online poker mostly undisturbed.

The UKGC disclosed data that showed slot machine play accounts for as much as 70% of all online gambling activity in the UK. With gambling generally getting negative viewpoints in the media it was high time that providers were forced to rein in some of their slots games to protect addicts.

Updated regs include the following changes:

The final point is the only regulatory change that affects online poker players.

Anything that helps problem gamblers is a positive change but we hope that the UKGC dont go as far as the Spanish government in banning most advertising.

The football league in the UK relies heavily on sponsorship money from betting companies. In the Premier League this is close to 50% of the clubs, while in lower leagues this figure rises to 70%.

Kindred Group, owner of Unibet, have vowed to cut out all revenue from gambling addicts by 2023. The management team will now include this information in the financial reports to ensure that players who exhibit poor gambling habits will be better protected.

It is believed that this is the very first time a gambling provider has taken such a step to distinguish between profits from high and low risk players.

This is good news, in our opinion, because the more willing the providers are to self-govern like this the more governments will be prepared to give the industry an easier ride.

Responsible gambling is a topic were all hearing a lot about lately, Hopefully as many providers as possible will get on this bandwagon to show us all in the best light possible as we strive to help those who gamble in a harmful way.

The World Poker Tour has partnered with Poker Kingwho sponsor Phil Ivey and Tom durrrr Dwanto target Asian mobile gamers during the WPT Spring Festival, running until February 22.

The mobile only series has 13 events scheduled with a tidy $1.85 million in guarantees available. Only Poker King customers in Asia will be eligible to play in the festival which provides a fantastic way for recreational players to get involved with a major organiser like the WPT.

Poker King said they currently have 1.2 million customers registered with them. Thats a good size player pool to introduce the first major mobile only series in the region.

We keep on crossing our fingers that another poker boom will come from Asia, so maybe, after all, it will come with a new generation of mobile players.

It has been a few years now since the Chinese government took aim at overseas gambling outlets targeting Chinese citizens. Its no secret that the Chinese people love to gamble and many cities around the world have stepped up efforts to take full advantage of this.

The Chinese government is now fighting hard to end what they see as predatory behaviour, even going as far as drawing up blacklisted destinations.

JP Morgans DS Kim, Derek Choi and Jeremy An said: This seems to us like a continuation of its efforts to curb illegal overseas gambling (e.g. proxy betting, video streaming and online casinos among others) and illicit cross-border capital flows since last year that have been stepped up materially in recent months. At this stage, its difficult to know exactly how the government will clamp-down and what it means by black-listing, but we suspect capital flows through underground banks and agents, as well as junkets promotion of these overseas markets, will be heavily scrutinized.

Last month the Ministry of Public Security of China announced that more than 3,500 cross border cases were investigated in 2020 leading to more than 75,000 arrests.

More than 600 Chinese suspects were brought back to China from abroad by Chinese police in collaboration with their counterparts in countries including the Philippines, Malaysia, Myanmar and Vietnam.

The ministry gave operators a deadline of April 30, 2021 to cease providing services to Chinese nationals or they will face prosecution.

ErisX, a cryptocurrency exchange operator, and an attorney called Jeff Ifrah have mooted the possibility of setting up a futures market for sports betting.

The idea is centred around helping out local sportsbooks who often face the vast majority of the market ending up on the home side. Because inter-state gambling is illegal the bookmakers have no way to hedge. This leaves them open to a seriously bad day at the office if things go wrong.

It might sound a little pie in the sky to get such an idea off the ground but ErisX filed a request with the Commodity Futures Trading Commission (CFTC) around Christmas which started a 90-day commenting period to investigate.

Gambling futures contracts were actually banned in 2010 but maybe some distinction can be made between this new idea and plain, old gambling.

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UK Gambling Commission Overhaul Online Regulations, WPT Targets Asia with Mobile App, and China Gets Tough over Cross-Border Gambling - HighstakesDB

A key Senate committee postponed decision-making until Thursday on whether to allow a controversial gambling bill that would allow the possibility for generating revenue for the state Department of Hawaiian Home Lands through some form of legalized gaming and break Hawaiis prohibition on any form of legal gambling.

The original version of Senate Bill 1321, which would allow DHHL to develop Hawaiis first casino resort, was amended to give the Hawaiian Homes Commission five years to figure out whether it wanted to permit any form of gambling whether in the form of a casino, lottery, bingo or even horse racing in order to help clear the backlog of more than 28,000 beneficiaries who have been waiting sometimes decades for homes and land.

The House Committee on Economic Development earlier deferred the original House version, effectively killing the DHHL casino resort concept in the House.

In the Senate Hawaiian Affairs Committee on Tuesday, the Senates amended version of SB 1321 faced deep opposition from at least two of its five members and possibly three, prompting Chairwoman Maile Shimabukuro to defer it until 1 p.m. Thursday.

Committee member and state Sen. Laura Acasio (D, Hilo) said, This measure is egregiously divisive. Settler culture seems to love to watch Hawaiians fight against Hawaiians, and this measure, in my experience with constituents and those writing in, is exactly that adding to more deep historical trauma, generational cultural trauma.

Fellow Hawaiian Affairs Committee member and state Sen. Kurt Fevella, Senate Republican minority leader and minority floor leader, helped generate a petition opposed to SB 1321 that was signed by 15,600 people.

Fevella said Tuesday that he plans to vote against the bill, which he said is causing division.

Fevella, who represents Ewa Beach-Iroquois Point, said the Hawaiian Affairs Committee is kicking the can down the road while opponents have spoken loudly.

Its only getting louder, the voice, Fevella said.

The question of whether to allow the Home Lands Commission to have five years to consider approving any form of gambling on DHHL land by a so-called supermajority vote of six of nine members comes during the states worst financial crisis, triggered by the COVID-19 pandemic.

At the same time, the current level of state funding for DHHL is estimated to take another century to clear DHHLs backlog of more than 28,000 beneficiaries.

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Home Lands gambling bill debate pushed to Thursday - Honolulu Star-Advertiser

The board of the Jekyll Island Authority approved Tuesday a resolution opposing any effort to bring casino gambling to the island.

There is no plan to open casinos on Jekyll Island. The resolution is in opposition to House Resolution 30 now under consideration by the state legislature.

The resolution calls for a statewide referendum authorizing a limited number of casino resorts.

The legislation does not call specifically for casino gambling on Jekyll. Instead, it seeks to require a vote from local jurisdictions that would be interested in creating casino gambling opportunities.

I understand that there are three jurisdictions in Georgia that are interested, said Jones Hooks, JIA executive director. Nevertheless, there was just recently an editorial in The Brunswick News which expressed concern about casino gambling as it related to Jekyll Island, and as a result of that editorial there was social media discussion about expressing concerns, that is this something thats being considered for Jekyll Island?

In response to those concerns, Hooks and board members felt compelled to propose their own resolution making their opposition clear.

We are proposing a resolution today that would confirm that Jekyll Islands interest continues to be in quiet, open spaces, limited traffic, limited congestion, where people will experience healthy recreation, Hooks said.

JIA has in past years expressed its opposition to bringing casino gambling to the island. As Jekyll has undergone significant revitalization efforts in recent years, the focus has been on the islands family-friendly activities and natural attractions.

It would be of concern from a management standpoint if in fact there were to be an effort to look at casino gambling on Jekyll, Hooks said.

A state legislator from Savannah expressed an interest in Jekyll Island as a potential destination for a casino if the General Assembly approved legalized gambling in Georgia. Jekyll Island is owned by the state.

The JIA resolution reads, in part, that the Jekyll Island State Park Authority Board of Directors expresses its strong opposition to any thought, discussion or action that would include Jekyll Island as a location for casino gambling; and in light of Georgia House of Representatives Resolution 30 calling for a statewide referendum authorizing a limited number of casino resorts, that the Jekyll Island Authority Board has not, does not and will not support casino gambling on Jekyll Island.

Board members also voted during the meeting to amend the language of the resolution to include clarification that the JIA does not oppose gambling in the state.

In other business, the board voted to revise and amend the 2021 fiscal year budget to allow for $130,000 for employee compensation/merit increases and $242,000 to include $150,000 for the new Public Safety Complex design, $65,000 for a Jekyll Island Master Plan update and $27,000 for replacement bicycles at the Bike Barn.

The budget, approved by the board in July, was revised from the originally discussed spending plan and took out $3 million worth of expenses. These cuts were made in response to the pandemics financial toll on the island.

We did talk about the fact that since the future was so uncertain and unknown that we would like to bring forward the idea that, if in fact after six months or so we were making good progress, that there may be some items that we would like you to realign in the budget, Hooks said. Today thats what were looking at.

In early 2020, as the pandemic began affecting island operations, JIA made significant adjustments to decrease expenditures, including at one point the furloughing of 43 percent of its workforce. One of the changes proposed and approved Tuesday was a 2 percent merit pay increase for all full-time and part-time Jekyll staff based on the normal qualifications for merit increases.

The cost for the remainder of this fiscal year will be approximately $130,000, said Marjorie Johnson, JIAs chief accounting officer.

Were not asking for any additional funds to be put into the budget at this point because our human resources expenses are $539,000 less than budget at this point she said. So well be able to absorb the increase without asking for additional funds.

Noel Jensen, chief operations officer on Jekyll, asked for consideration of a request for proposals for architectural and engineering services for the public safety complex, which is envisioned to be a 12,000- to 15,000-square-foot structure that will house Georgia State Patrol, Jekyll Island Fire Department and emergency service workers in one location. Hooks and board members recently met with Gov. Brian Kemp in Atlanta to discuss plans for the project, which will require funding from the state legislature.

The board approved the RFP to seek architectural and engineering services at a cost of up to $150,000.

A resolution endorsing the Glynn County 2021 SPLOST, through which Jekyll is set to receive $2.5 million of the $68.5 million collected if voters approve the three-year SPLOST during a referendum election March 16.

Consideration of a University of Georgia proposal for a 2021 master plan update.

A letter in support of the Brunswick Area Transportation Study (BATS) committees opposition to a proposal from the Federal MSA Standards Review Committee to raise the minimum metropolitan population from 50,000 to 100,000.

An amendment to the fire alarm ordinance.

Consideration of a contract renewal for Summer Waves management.

Consideration of a lease agreement for Tribuzios Grille, LLC, to operate the restaurant currently known as McCormicks Grill at the Jekyll Island Golf Club.

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Jekyll board voices opposition to casino gambling on island - Brunswick News

In January, a surge of investing coordinated by the Reddit channel r/WallStreetBets (WSB) caused many hedge funds to lose billions of dollars, The Daily Targum previously reported. Many people from WSB used Robinhood, a commission-free investing application, to process their transactions.

The ease with which people can now invest in the stock market raises questions about the differences between gambling and investing as it relates to platforms like Robinhood and the future of these platforms.

When you're investing, you're making educated decisions about future earning potential on a stock over the long-term, said Lia Nower, professor and director of the Center for Gambling Studies and the Addiction Counselor Training Program in the School of Social Work. Gambling is when you are staking (money) on an outcome of random chance.

She said that although both actions involve the element of risk, investing revolves more around making informed choices, whereas with gambling, people are making bets more for the action than for the long-term earning potential.

For the average individual, investing in stocks might be riskier than for a financial advisor or wealth manager. After all, the financial advisor has been trained and has years of experience looking over balance sheets and other facts, said Devin J. Mills, assistant professor in the Department of Community, Family and Addiction Sciences at Texas Tech University.

Mills said that while stock trading is a form of gambling, since one hopes their investment is going to increase in value, the definition of gambling itself should not be conflated with the extent of the risk. Stock investing does not have to be as risky or riskier than other forms of gambling, he said.

People gamble for a variety of reasons including social and financial circumstances or for the high they may get from the act itself, Mills said.

It is also possible that (the coronavirus disease) COVID-19 increased interest with additional discretionary funds and no sports or casinos or traveling People might have been looking for something to do, he said. It will be interesting to see if this trend persists after COVID-19 becomes less of an issue.

Since the beginning of the COVID-19 pandemic in March 2020, retail accounts on trading platforms have greatly increased, with Robinhood recording three million new accounts in its first quarter, according to The Wall Street Journal.

From an analysis done by JMP Securities, more than 600,000 people downloaded Robinhood on Jan. 29 amid the rising of the GameStop stock, whereas its previous best day in March was 140,000 downloads, according to CNBC.

Nower said that the popularity of day-trading itself is not new but that it is now experiencing a resurgence due to WSB and Robinhood.

In the past, she said the infrastructure for investing greatly slowed down the speed at which someone can take risks, but now, people can take risks 24 hours a day right from an application on their phones.

With the ease of stock trading on these platforms, Nower said this likely means that more people are not fully researching the product or understanding it to invest for the long-term, but instead are conducting a flash mob, pushing the needle on a particular stock.

She said that although this method may work at times, there are people that spend years learning how to properly buy and sell stocks.

I would like to caution anyone to learn about options trading and the platforms before they start, Mills said. Trading options spreads is not risk-free. There is no financial security or trading strategy that is risk-free.

Robinhoods success and longevity depend on a number of factors, including future government regulation and recent high-profile negative press, Nower said.

Following the surge of the GameStop stock, Robinhood placed temporary restrictions on the trading of certain stocks by retail investors, or everyday users, but continued to allow insiders to trade as per usual, according to the Targum.

The app is now facing dozens of lawsuits from several states, and its CEO, Vlad Tenev, is expected to testify on Thursday in front of the U.S. House Committee on Financial Services, according to The Verge.

There is also a court case brought by the parents of Alex Kearns, a 20 year old who died by suicide when he saw his Robinhood account balance was at negative $730,000 and was not able to get into contact with Robinhood employees about what he actually owed, according to CNN.

Nower said she anticipates more regulations for Robinhood and similar platforms coming in the future.

This type of behavior can really destabilize the financial markets for the country. So it's not like there's not a risk in general to a lot of people's 401(k) (plans) and a lot of things that could get wiped out, depending on how unstable the market becomes, she said.

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Experts explain investing versus gambling, concerns regarding increase in online investing - RU Daily Targum

The new transformations that are happening in the modern-day are about technological advancements in the field of gambling. And the first thing is this list is many new faces life Gclub and Sbobet that showed up in the industry after pandemics.

With the cryptocurrencies dominating the world, they will also trend in the gambling world. The casinos have started to accept the different types of cryptocurrencies like bitcoin. It is a secure way to play, and people prefer it more. Thus, this could be a much-needed transformation.

With cryptocurrency comes privacy, as the cryptocurrency doesnt demand details and anonymizes the owners. It has led to many people playing and online with using crypto as a matter of payment and various VPNs to cover or protect their identity, as it is safe and anonymous. It can be possible for areas with restricted access or no casinos. Thus, this is a venture for growth.

Everyone has access to a mobile phone nowadays. It has led to the encouragement of free to play games. There are simple ways of how these games can make money. They can pay minimum amounts for playing or upgrades or get perks. And thus, the habits of the consumer are changed.

With people confined to their homes, they want to have a live dealer experience like the land casinos. It gives the players the feel of the real deal when playing from the comfort of their homes. It also helps engage the player and gives the required human interaction and charm that certain games require.

VR is a great way for people who want to enjoy a real-life experience without actually having to do so. The trend is on the rise, and people are in favor of VR based casinos. There are versions of some of the popular gambling games, and there is a huge demand for others.

With the world shifting toward online options, land casinos have seen a decline. Even though their online versions are still benefitting, the land casinos are suffering. People prefer to play online in the comfort of their own homes. They dont have to dress up, and it also saves the time and money spent on a commute to and from the casino. The online versions also provide more privacy than the land versions. Online gaming also can be done from anywhere anytime and not to mention the perks they provide.

The gambling industry now caters to a larger audience with the introduction of upgraded slot machines. The games have become skill-based and reduce the luck factor. The younger generation that is used to play video games and gaming consoles can enjoy this.

There are other transformations like using smartwatches, introducing new table games, etc. these are some of the trends that will help transform the gambling and casino industry scenario in 2021.

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Trends Transforming The Gambling And Casino Industry In 2021 - Business MattersBusiness Matters

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After you get a divorce, everyone tries to set you up. Then you have the already-divorced friends who practically manage your dating profile, and they love it and are your biggest fan.

After almost three years of being a forty-something woman who felt ready to stop beating myself up for my divorce and make a life with someone else, I didnt think Id meet them online. But thats exactly how I met my boyfriend a few years ago, after what seemed like an eternity of dating.

I went on the apps, then ditched them after two weeks feeling like I couldnt stomach the stupid back-and-forth banter another minute.

A few days after another lukewarm date with a man who was vetted by one of my best friends (who failed to tell me hed moved out of his family home less than two months ago and I was his first date), I thought Id try one more time.

After a few days of not even looking to see if I had any matches, I crawled into bed one night after a tough bootcamp class while my kids were with their dad and told myself to stay positive. I saw a face Id never seen before, which was refreshing. When you are on the dating sites for over two years, you see a lot of repeats.

After a few exchanges and finding out he was a Tinder virgin and had only been swiping for a few weeks, I was intrigued. We had a lot in common. He was funny. He led an active lifestyle, but loved fast food as much as I did.

We agreed to meet in a few days, and as soon as I saw him I was completely at ease, yet so attracted to him which doesnt usually go hand in hand for me.

After three hours of chatting and eating appetizers, wed covered it all. Our teenagers, our divorces, our dogs, and the fact hed lost a woman he really loved almost seven years ago because he was gambling a lot and lying to her about it. Those were his words, and the hairs on the back of neck warned me to proceed with caution.

On our second date, I brought it up again. He said he didnt gamble much any more and had it under control. I wanted to believe him I figured he had learned his lesson the hard way but there was a part of me telling me to end this before it got started.

Then, my best friend reminded me this was a 45-year-old man who had a past and should be allowed to make mistakes. What if you miss out on something that could be great because he used to gamble a lot almost a decade ago? Is that fair?

On our third date when he came to pick me up, I saw a Gamblers Anonymous book in his car.

On our fifth date, we were eating outside on a warm summer night and one of his friends came over to talk to us. He introduced me and when he left I said,Did you two work together?

No, he said, I met him at Gamblers Anonymous. He used to get himself into some deep shit, but hes squared away now.

I never saw any signs of gambling or strange behavior in those first few months. I was cautiously falling in love, yet I kept hearing my friends voice.

Is that fair?

One thing I learned about him early on was that he wore his heart on his sleeve, and there were times hed reveal a bit too much. You know, bathroom habits, mentioning to his friends (in front of me) how hot our sex life was.

He doesnt have the best filter, but its one of the things I love about him. He doesnt want to stay all buttoned up.

I noticed he started making bets for his sports teams online, asking me who I thought would win. When he saw I was surprised he still gambled, he said it was under control. Suspicious, I got friendly really fast with one of his friends girlfriends whod known him for almost ten years. Yeah, he had a problem. But he worked really hard to correct it, she assured me.

Then, he became more and more distracted, constantly looking at his phone. Id watch out of the corner of my eye as hed stare at several different sports scores, then refresh the page over and over and over again.

He started to forget things and had trouble sleeping. He was watching sports constantly and I told him that while I didnt mind watching a game here or there, that eight hours of sports and him being so distracted with his goddamn phone wasnt going to work for me.

He stopped.

Just like that, he stopped. That was last fall, and things seemed to calm down. Until these past few months.

Recently, the same things started happening again: the forgetfulness, the distraction, the staying up late to watch a game and not wanting to have sex until the game was over which doesnt work for me either.

I started denying him when he wants to have sex at midnight and told him again that this wasnt how a relationship works. It felt like there was another woman I was competing with. While I like to win, I am not going to try and divert a mans attention from a gambling habit. Ive got other things to do.

He admitted to me last week he was gambling a lot again something I already knew, of course, but I am not going to throw it in his face with a smug No shit. I wanted to give him the space to talk to me.

Its taking me to a place I dont want to go, and I promise you, you will see a change and it wont happen again, he said.

I want to believe him. I want to believe in him. But I know how addiction and compulsive behaviors work.

It wont go away if you dont deal with whats driving you to do this, I told him. Get the help you need because if you dont, even if you dont start gambling again, it might manifest into something else. I love you, but I dont know if I can stay for it. I just dont know.

You can love someone, but love yourself more and want to leave for your own mental health.

You can want to stay and see your partner through anything.

Both of these things are the right answer. Situations and how we deal with them arent one size fits all.

But I know myself. I need peace, calm, and security in my relationship for the most part anyway. I dont want to feel like chasing a bet is coming before me, or taking away from a partnership, when there are so many other life factors that get in the way on a good day.

I can only do so much for him. I already have felt a part of my soul chip away, and Im not willing to let it crack completely under the weight of this.

This is the only thing I know for sure: I dont know how to be in love with a compulsive gambler.

If you or a loved one have a gambling addiction, there are resources out there to help. Call the National Council on Problem Gamblings confidential 24/7 help line: 1-800-522-4700. Find help specific to the state where you live as well as treatment facilities at the National Council on Problem Gamblings website.

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The Man I Love Has A Compulsive Gambling Problem And I Dont Know What To Do - Scary Mommy

Digital Banking

The pilot scheme will block gambling payments and card transactions to any operator supported by TrueLayer.

Two and a half years after Monzo became the first bank to introduce a gambling block, the digital bank has teamed up with TrueLayer to create an industry-wide open banking-powered gambling block.

The two fintechs have launched a pilot scheme using open banking to block gambling payments and card transactions to operators supported by TrueLayer, with the hope that other players in the industry will follow suit.

When activated, the block lets users stop transactions to bookmakers, both in-person and online, and places limits on cash withdrawals.

If a customer wants to turn off the function, they have to go through a 48-hour cooling-off period and even speak to someone in the customer support team, with the added friction hoping to deter problem customers.

In a blog posted this morning, Matthew Parish, product manager at TrueLayer and Albert Cabre Juan, open banking lead at Monzo, wrote: Open banking providers offer a unique opportunity to help gambling operators seamlessly support those experiencing gambling harms - and empower consumers to stay in control of their finances.

Initiatives like affordability checks to flag at-risk players earlier, spending limits to help ensure players do not overextend themselves, and friction-free identity checks can all be improved using open banking.

According to the fintech dream team, the new function was built by Monzo and TrueLayer engineers in just a matter of days.

The blog post continued: By enabling the right types of protections for all players, gambling can remain a purely social activity, rather than one with life-altering negative effects.

The latest update to Monzos app comes after the digital bank called on the government to ensure everyone has access to gambling blocks, co-authoring a petition asking for gambling blocks to be made the norm.

To date, more than 275,000 Monzo customers have activated the gambling block and less than 10 per cent have ever switched it off permanently.

In 2020 alone, an average of 2,314 people every week have turned on the gambling block for the first time.

A year after its inception, Natalie Ledward, a vulnerable customer analyst at Monzo and the Monzonaut responsible for the gambling block, was named Your Consumer Champion at the Which? Awards 2019.

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Monzo and TrueLayer team up to launch industry-wide gambling block - AltFi