Category Archives: Gambling

Penn National Gamings CEO flatly said in a recent earnings call, then again in a filing with the Securities and Exchange Commission that his company is working to roll out cashless gambling this year.

Jay Snowden even set a tight timeline but with an escape clause in a forward-looking statement filed with the SEC:

We will be launching the 3Cs (cashless, cardless and contactless) experience throughout the remainder of 2021 at our four casinos in Pennsylvania with the first launch near the end of Q2 2021, pending regulatory approval.

The end of Q2 is a little more than six weeks from now.

Penn National now operates two casinos in PA, the state that houses its headquarters. They are Hollywood Casino at Penn National Race Course and The Meadows. The companyplans to open a mini-casino in York sometime in August, at the top of the third quarter.

A fourth facility, also a mini-casino, is set to open in Morgantown late in the year, in the fourth quarter.

According to spokesman Doug Harbach, the Pennsylvania Gaming Control Board currently has no cashless proposals in front of them from anyone.

Harbach said the PGCB is already looking at the cashless alternative, but theres no hard deadline.

He cautioned an operator would need to spell out and get approval for criteria, controls, and equipment. The equipment would need to pass testing in the PGCBs lab. None of that has yet happened.

Without additional elaboration, a Penn spokesman responded to PlayPennsylvanias questions about the timing of their cashless rollout in PA:

As noted, our timeline is pending regulatory approval.'

In late March, Joe Pappano, CEO of leading payment processor,Sightline Payments, toldPlayPennsylvania he believes cashless payment options should arrive in the Keystone State by Q3 2021.

Sightline, regulators, and operators alike expect cashless options to help promote responsible gambling within casinos.

The company has not responded to a recent request for an update on where the rollout now stands.

The Seminole Nations 12 Florida casinos offer cashless wagering via Scientific Games. Some tribal casinos in California are also using various forms of cash-free gambling.

But otherwise, cashless remains mostly in pilot program mode at select Boyd Gamingfacilities inNevada,Indiana, andOhiousing the companys rewards card,BoydPay, which comes with adigital wallet.

Some small Nevada gaming operators use a variation known as a pin debit system supported by ACS PlayOnfor cashless play.

For a quick visual overview of cashless in casinos, see the following video fromPlayUSA.

Lead image credit: AP Photo/Wayne Parry

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When Will Cashless Gambling Land In PA? Penn National Hopes Soon - Play Pennsylvania

Small gambling parlors are popping up across Sumter County and the county has no effective way to regulate them, County Administrator Bradley Arnold told commissioners Tuesday night.

Arnold said parlors have opened recently in Wildwood, Coleman and Lake Panasoffkee.

Sometimes called fish games, the gambling issue was raised during the public forum part of the meeting by Billy Bowles, a candidate next year for Sumter County commissioner.

Describing enforcement as futile, Arnold said the sheriffs office raided one parlor on U.S. 27-441 and seized the equipment, but had to return it because state prosecutors did not want to take the case.

Zoning restrictions wont work because the parlors are located in commercial areas, the county administrator said.

It is considered a retail activity, he said. Theres no reason for law enforcement to get involved.

Arnold said Marion County recently approved an ordinance to regulate the parlors, but state prosecutors are not going to enforce a county ordinance.

Im in a wait-and-see mode, he said. Theres no reason to bring something to the board thats not enforceable.

The best solution, he said, may be to lobby state lawmakers to address the problem in the legislature.

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Raid of gambling parlor in Sumter County won't result in prosecution - Villages-News

Image: Shutterstock

As you donot teach the paths of the forest to an old gorilla, these days you do not tell an investor how to make money. At least that is what many retail investors seem to say after a dream run in the stock market through 2020. Departing from we think, investors now typically say: we know. Is this confidence or overconfidence?

Rising mutual fund redemptions and increasing demat accountsFor eight consecutive months in the financial year 2021, equity funds have seen net outflowsmore money went out than came in. Where is all this money going?Well, some of it went towards profit booking and a lot of investors are flocking investing in the stock market directly.

Hundreds of new demat accounts are being opened every day. In the year, mutual fund investors either redeemed their portfolio out of panic or for the safety of their capital, which later shifted to profit booking or buying quality stocks at cheaper prices. The lastfew months' trends show that the same then converted into regular and full-time direct stock market investing.

Whats new?Thats what investors have been asking, and the constant search for the next big investment opportunity is on.

Changing landscape of wealth managementFrom investing in just the US markets, international funds now invest in economiessuch as China, Brazil, and the UK. Then come the Environment, Social, Governance (ESG) investing;momentum investing; IPO investments; bitcoin frenzy or the dogecoin mania in the current times. I have alsoheard many high-net-worth investors talk more about recent pre-IPOs or startup investments.

Changing behaviour and sentimentsLast year this time, equity markets were down in the dumps.The BSE Sensex had collapsed by nearly 40 percent in just under two monthsafter the Coronavirus pandemic was declared globally.

A year later, Sensex has crossed 50,000 and even though todayit is slightly below that mark,it is still flirting with the number. In 2020, investors were happy to get a bank fixed deposit rate of 6 percentbut that has changed in the past few monthsasmany of them claim that they make that kind of returns on a monthly basis from stock market investments. I also find a lot of people inquiring about penny stocks for intraday trading. They either have their own businesses and jobs, but somehow they find the temptation and time to do intraday trading.

Should you resist equity market temptation?No, you need not resist the equity market investing, rather I would encourage you to explore this market for long-term wealth creation. You should, however, resist the temptation of gambling in stocks markets and focus on investing instead. Follow these tips to avoid the temptation:

The writeris a personal finance expert, a Chartered Accountant by Profession and founder of NRP Capitals (erstwhile Money Plant Consultancy)

Originally posted here:

Avoid Gambling, Start Investing: How To Make Money In The Changing Landscape Of Wealth Management - Forbes India

The first year of Colorado legalized sports gambling is in the books with some eye-popping returns.

Coloradans wagered more than $2.3 billion on sports between May 1, 2020, and April 30, 2021, according to an unaudited report from the states department of revenue.

Colorados net sports betting proceeds (total bets placed minus all payouts/taxes) reached $65,962,159. In November 2019, voters approved a 10% tax on those proceeds to help fund the states water conservation efforts meaning roughly $6.5 million has been allocated thus far. However, Colorado is not expected to distribute those water funds until 2022.

The first year of sports betting exceeded our expectations, especially after we launched amid a worldwide pandemic that shuttered the casinos, the industry, and Colorado, said Dan Hartman, the states division of gaming director, in a news release. Looking back on a year ago, I dont believe any of us expected to be where we are with our numbers and our operations. Colorado is setting the benchmark for what a healthy, regulated legalized sports betting market can look like in the United States, and we will continue to be known for our regulatory leadership.

A breakdown for how Colorado sports gamblers placed their bets since last May

Basketball ($435M)

Football Pro American ($383M)

NCAA basketball ($193M)

Baseball ($105M)

Table tennis ($91M)

Hockey Ice ($63M)

Soccer ($61M)

NCAA Football ($61M)

Tennis ($44M)

Golf ($35M)

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Colorado wagers over $2.3 billion in first year of legalized sports gambling - The Denver Post

International Game Technology PLC (IGT) is near the top in its industry group according to InvestorsObserver. IGT gets an overall rating of 60. That means it scores higher than 60 percent of stocks. International Game Technology PLC gets a 100 rank in the Gambling industry. Gambling is number 110 out of 148 industries.

Analyzing stocks can be hard. There are tons of numbers and ratios, and it can be hard to remember what they all mean and what counts as good for a given value. InvestorsObserver ranks stocks on eight different metrics. We percentile rank most of our scores to make it easy for investors to understand. A score of 60 means the stock is more attractive than 60 percent of stocks.

These scores are not only easy to understand, but it is easy to compare stocks to each other. You can find the best stock in an industry, or look for the sector that has the highest average score. The overall score is a combination of technical and fundamental factors that serves as a good starting point when analyzing a stock. Traders and investors with different goals may have different goals and will want to consider other factors than just the headline number before making any investment decisions.

International Game Technology PLC (IGT) stock is trading at $21.12 as of 9:37 AM on Thursday, May 13, an increase of $1.05, or 5.23% from the previous closing price of $20.07. The stock has traded between $20.21 and $21.17 so far today. Volume today is low. So far 12,061 shares have traded compared to average volume of 2,128,152 shares.

Click Here to get the full Stock Score Report on International Game Technology PLC (IGT) Stock.

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Where Does International Game Technology PLC (IGT) Stock Fall in the Gambling Field After It Is Up 20.89% This Week? - InvestorsObserver

NEW YORK, May 11, 2021 /PRNewswire/ --

BizVibe has identified the increasing demand for online gambling applications as a major trend for the gambling industry. The increasing use of smartphones, ease of access, and rising disposable income have prompted more individuals to try out online gambling applications and wagering games. This has been contributing to the growth of the overall category. This trend is expected to have a strong influence on gambling industry companies, especially in North America, Europe, and Asia-Pacific.

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Key Insights Provided for Gambling Industry Companies

In addition to the impact of emerging trends on businesses, BizVibe company profiles contain numerous high-quality insights to help users discover, track, compare, and evaluate suppliers or sales prospects:

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Gambling Product and Service Categories

BizVibe's platform contains 10M+ company profiles, spanning across 200+ countries, and categorized into 40,000+ products and services. The gambling industry group features 4,000+ company profiles categorized into multiple product and service categories. Each category contains detailed insights dedicated to helping procurement and sales teams find trusted suppliers and target sales prospects.

The gambling product and service categories include:

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BizVibe is the modern B2B platform dedicated to connecting global buyers and sellers. Powered by the latest best-in-class solutions, BizVibe provides outstanding product features for both category managers and sales professionals.

For buyers, BizVibe helps companies quickly discover and shortlist suppliers, compare companies, create customized alerts for supplier news, and send RFI/RFPs from pre-built templates. For sales teams, Bizvibe allows users to efficiently build prospects lists, track and evaluate companies, and integrate their CRM.

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Online Gambling to Have Strong Impact on Gambling Businesses | Discover Company Insights on BizVibe - KPVI News 6

Leisure business has been improving for Wynn in Las Vegas. Daniel Slim/AFP/Getty Images

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Wynn Resorts said it lost less money in the first quarter than in previous periods as leisure business in Las Vegas improved, and it unveiled a plan to merge its online/mobile sports betting and gambling business into a SPAC.

Las Vegasbased Wynn Resorts (ticker: WYNN) lost an adjusted $2.41 a share in the first-quarter, versus a loss of $3.54 in the corresponding quarter a year earlier. The quarters operating revenue totaled $726 million, down 24% from $954 million a year ago.

In a quarter still hampered by operational restrictions, WYNNs domestic operations outperformed Street expectations while Macau came in slightly below, Macquarie analyst Chad Beynon wrote in a research note. Macquarie has a Neutral rating on the stock.

The stock was at $127.86 Tuesday morning, up nearly 2% in early trading. As of Mondays close, the stock had appreciated about 11% this year.

In addition to earnings results, the company said Monday that its sports betting and i-gaming subsidiary, Wynn Interactive, will merge with special-purpose acquisition company Austerlitz Acquisition Corp. (AUS.U). Austerlitz is overseen by Bill Foley, a well-regarded investor who also owns the Vegas Golden Knights, an NHL franchise.

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After the deal closes, the sports betting and i-gaming entity will be called Wynn Interactive and trade under the stock ticker WBET. Under the deals structure, Wynn Resorts will have a 58% equity stake in the new company, but stockholders will get no shares in the new entity.

Wynn CEO Matthew Maddox said that Austerlitz will bring $640 million of capital to the new company. Wynn Interactive has about 300 employees.

Deutsche Bank Research analyst Carlo Santarelli wrote in a note Monday that Wynn has prudently created a tracking stock to value its early stage online business.

Various casino operators have taken different approaches to their digital businesses. Boyd Gaming (BYD), for example, owns a 5% equity stake in FanDuel. Caesars Entertainment (CZR) recently announced it had acquired William Hill (WMH.London), a British sports betting firm. MGM Resorts International has a joint venture with Entain (ENT.London), also a British company.

As for Wynns earnings, Maddox told analysts Monday evening that the company saw sales momentum as the quarter progressed in its three main markets: Macau, Las Vegas and Boston.

Since then, he said, momentum is continuing to accelerate.

In Macau, for example, the company generated $43.9 million of first-quarter earnings before interest, taxes, depreciation and amortization, or Ebitda.

That improvement continued in April and May. During Golden Week, which was the first week of May in Macau, we experienced $3 million of normalized Ebitda per day, Maddox said, adding that it was by far the highest amount of normalized profit the company generated there since the onset of the pandemic last year.

In 2019, the company generated roughly 70% of its sales in Macau.

Wynn has been shifting some of its focus there from the VIP market, which has been challenged during the pandemic, to premium and mass premium customers.

Meanwhile, in Las Vegas volumes began to pick about around March Madness, the national college basketball tournament. That activity has accelerated, Maddox said.

In April, the companys revenue per available room in Las Vegas increased 50% over this years first-quarter results. Retail revenues in April were the second best month on record going back to 2005, Maddox added.

Slot machine revenues were strong as well.

Another promising sign for Wynn is hotel occupancy, which is expected to be in the 90% range on the weekends going forward, Maddox said.

The companys group business, a key driver of midweek sales, is holding on and looking quite strong for the back half of the year, he said.

Group business, conventions and trade shows came to a halt during the pandemic, and it remains to be seen how quickly those customers will return to Las Vegas.

Write to Lawrence C. Strauss at lawrence.strauss@barrons.com

Originally posted here:

Wynn Resorts to Merge Digital Gambling Business Into SPAC in a Bet on Its Value - Barron's

Sports and gambling. When I grew up it was sports versus gambling. Sports seemed pure and it did all it could to keep gambling from contaminating it.

Eventually I came to realize that these two things coexisted in harmony with one another so long as those in control of them were never in the same room at the same time. Sports has been historically terrified of gambling while gambling has always loved sports but in the end, they benefited from each other.

Thats the way it used to be but the landscape of sports is changing. Dont get me wrong, sports is still terrified of gambling but its a potential revenue source they are choosing not to ignore any more. The change is slow but apparent.

Watch the worldwide leader in sports and look on the ticker or to the side of the screen and youll see the betting lines on tonights games. Listen to SportsCenter and catch how many references you hear to sports gambling.

My inspiration, muse and the wind beneath my wingsDan LeBatard recently helped to form a content creation company called Meadowlark Media and they just got a three-year deal from Draft Kings worth fifty million dollars.

I listen to his podcasts and when he was on ESPN, I listened to and watched his shows. For many months I have been hearing Draft Kings commercials and like all advertisements, its important to listen carefully when they talk real fast.

Turns out that while Draft Kings has spent a massive sum of money making sure that everyone in the country knows about their product, theyre only available to citizens in a handful of states. Using Draft Kings is illegal in most of the country.

Why do you think they would invest so much in a region with no customers?

In my honest opinion, its an attempt to normalize sports gambling. They are trying to change minds.

Thats something many fans are apprehensive of. Baseball purist will tell you its about protecting the integrity of the sport. They will tell you that men like Pete Rose tarnished the game of baseball. To my knowledge, no one has even pointed to a game or moment in a game and accused Pete Rose of cheating but for the integrity of the game, he is out of baseball forever. We dont know if he cheated but we knew he did something he was told not to do.

Meanwhile men like Alex Rodriguez and others who admitted to cheating the game are essentially forgiven and welcomed back into the league.

I dont know who is right and who is wrong but I sure do see a lot in the way of hand picking how the integrity of the game is protected and MLB is not alone in that. The NBA and NFL have their own rich history of hypocrisy.

I dont know what sports is going to look like 10 years from now but it appears that gambling is going to be a part of it.

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Sports and gambling | Local | dailyadvance.com - The Daily Advance

The first year of Colorado legalized sports gambling is in the books with some eye-popping returns.

Coloradans wagered more than $2.3 billion on sports between May 1, 2020, and April 30, 2021, according to an unaudited report from the states department of revenue.

Colorados net sports betting proceeds (total bets placed minus all payouts/taxes) reached $65,962,159. In November 2019, voters approved a 10% tax on those proceeds to help fund the states water conservation efforts meaning roughly $6.5 million has been allocated thus far. However, Colorado is not expected to distribute those water funds until 2022.

The first year of sports betting exceeded our expectations, especially after we launched amid a worldwide pandemic that shuttered the casinos, the industry, and Colorado, said Dan Hartman, the states division of gaming director, in a news release. Looking back on a year ago, I dont believe any of us expected to be where we are with our numbers and our operations. Colorado is setting the benchmark for what a healthy, regulated legalized sports betting market can look like in the United States, and we will continue to be known for our regulatory leadership.

A breakdown for how Colorado sports gamblers placed their bets since last May

Basketball ($435M)

Football Pro American ($383M)

NCAA basketball ($193M)

Baseball ($105M)

Table tennis ($91M)

Hockey Ice ($63M)

Soccer ($61M)

NCAA Football ($61M)

Tennis ($44M)

Golf ($35M)

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Colorado wagers over $2.3 billion in first year of legalized sports gambling - Canon City Daily Record

Medina Spirit, ridden by jockey John Velazquez, won the 147th Kentucky Derby. But now after a failed ... [+] drug test Medina Spirit's win has been called into question.

Medina Spirit, the colt who won the 2021 Kentucky Derby, has failed a post-race drug test. If it fails a second test, Medina Spirit will be disqualifiedlosing its Derby title and the purse. But the gamblers who bet on the underdog will get to keep their winnings.

At the Westgate in Las Vegas, sports book director John Murray laughs when asked if a disqualification will change any of the bets made and paid out in his sportsbook.

Id love to see the reaction of bettors if they were told they need to return the funds, says Murray. This wont impact wagers one way or another. We dont recognize overturned results.

Once a result is official, the bet is over, and the results do not change. After-the-fact technicalities might alter the record books, but they dont change what happened at the sports book.

Bob Heleringer, a Kentucky-based lawyer, former racing official and author of textbook Equine Regulatory Law,says that once the racing results are posted official at the track, the pari-mutuel outcome can never change.

Thats by regulation at every racing state, says Heleringer. There has to be finality to the betting, no matter what happens afterwards. Its for finality and to prevent chaos.

If disqualified, Medina Spirit will be the third horse to have its victory overturned in the Derbys 147-year history. In 1968, Dancers Image failed a post-race drug test and in 2019 Maximum Security was disqualified for impeding the path of horses tailing behind.

Officials at Churchill Downs said in a statement that Mandaloun, the Derbys runner-up, will be declared the winner if Medina Spirits second drug test confirms the positive results.

A post-race blood test found betamethasone, a corticosteroid used to reduce joint pain, in Medina Spirits system.

Churchill Downs also said in its statement that Bob Baffert, the horse trainer hall-of-famer who trained Medina Spirit, has been suspended.

Given the seriousness of the alleged offense, Churchill Downs will immediately suspend Bob Baffert, the trainer of Medina Spirit, from entering any horses at Churchill Downs Racetrack, the track said in a statement. We will await the conclusion of the Kentucky Horse Racing Commissions investigation before taking further steps.

In a news conference, Baffert has denied any wrongdoing. This incident will mark the fifth positive drug test for one of Bafferts horses in more a year.

Heleringer says the last big case litigating whether the pari-mutuel results can be changed involving the first-place horse being disqualified was over thirty years ago.

In August 1986, the stewards of a race at Saratoga Racetrack accidentally disqualified the winner of the race, Allumeuse, and posted the incorrect results. Only after bettors left the stadium did officials admit a mistake was made to the press.

After the kerfuffle, horseracing reporter turned publisher Steve Crist wrotein the New York Times about the incident. New York racing rules state flatly that once the official sign is posted, the payoffs cannot be altered. It would have been illegal for the track to honor winning tickets on Allumeuse, and it also would have set an impossible precedent for the sport, Crist wrote. Every time a winner was disqualified for a positive postrace drug test a day or two after the payoffs had been posted, and every time a racing commission reversed a stewards' ruling, bettors would line up for payoffs and have precedent on their side. Tracks cannot afford to pay out on two winners.

While the bettors get to keep their winnings, if Medina Spirits win is overturned, his owner, Amr Zedan, wont get to keep the $1.8 million first-place check as it will go to the owners of Mandaloun. (Mandaloun is owned by Juddmonte Farms Inc., the international thoroughbred horse racing and breeding outfit founded by the late Prince Khalid bin Abdullah.)

In a statement, horseracing industry trade group The Jockey Club said it hopes justice is swift, sure, fair, and uniform. Bettors and fans need to have unshakable confidence in the integrity of the sport, the Club said.

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Gamblers Who Bet On Medina Spirit Have Nothing To Worry About - Forbes