Category Archives: Gambling

The return of international football tournaments in front of a live crowd is worth cheering, with the star power of Cristiano Ronaldo and Kylian Mbappe bringing fans out in droves tobars and pubs eagerto make up for a lost pandemic year.

Less cheerful is the fact many fans remain glued to their screens wherever they are judging by the boomin online gambling fueled by the easy smartphone betting and seductive advertising that captivated manyduring lockdown. With awareness of mental health, stress and thepublic-health costs of gambling addictionon the rise amid Covid-19, its a cue to consider whether current rules are tough enough.

Having a captive audience with cash to spare has been good for business: France, whose national team is the bookmakers favourite to win the UEFA European Football Championship, posted a record 2.2 billion euros ($2.6 billion) inonline sporting bets in the first three months of the year. The U.K., Europes top online gambling market, is also breaking records with events like the Grand National horserace. Shares ofLadbrokes owner Entain Plc and lottery operator La Francaise des Jeux have soared on rising profits.

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Yet if the camaraderie of a tentpole sports event is increasingly linked to quick-firebets everywhere, its also thanks to a flood of breezy promotions, ads, time-limited bets and celebrity sponsorships thatincitepeople to bet with few reminders of the risks. While amix ofrules and voluntary restraint from the operators themselves are supposed to keep things in check, its time to heed persistent warnings from public-health experts that children and problem gamblers arent being protected enough.

The content of these ads can cross the line: One recently-scrapped betting campaign in France depicted a young winner carried aloft through his neighbourhood as his elders respectfully kneeled before him. But even less egregious ads give off unrealistic vibes of skills-based windfalls thathardly reflect reality. Industry heavyweights gross margins of more than40% show the house has a tendency to win.If youre playing more, youre losing more, Ladbrokess former boss said last year, adding that 99% of his customers lost.

Branding and advertising that aim to normalize gambling and sports betting have succeeded through ubiquitous logos and tweets. Measures like a voluntary whistle-to-whistle ban on in-match television advertising in the U.K.,where the industry spends 1.5 billion pounds ($2 billion) a year,mean little next to social media and team sponsorships.Top psychiatrists have warned its a public-health risk reminiscent oftobacco ads.

Operators are keen to promote what their business gives back to the economy: The European Gaming and Betting Association says its members in 2019 held 145 licenses across the continent andinvested 107.1 million euros in sport sponsorships. That wont go unnoticedpost Covid-19. New York GovernorAndrew Cuomo sees sports betting as a way to boosttax, while huge losses racked up by the likes of the U.K.s Premier League will need filling.

But at a time when athletes are becoming more outspoken over the products they sponsor, and as social attitudes even in bet-friendly Britain are hardening against glitzy gambling promotions, momentum is likely tobuild behind tougher rules. Focusing solely on education and research to preserve individual responsibility isnt going to cut it when data suggeststhe problem gamblingcouldaffect almost 1.4 million Brits.

An outright ban on gambling advertising, as seen in Italy, isnt likely to see wide take-up and might work better as a threat than reality. But a ban ongamblingsponsorships ofsports teams, approved in Spain and under review in the U.K., could gain traction. Right now, too much responsibility lies in the hands of individual clubs that cant easily afford to turn down 5 to 10 million pounds.Norwich City recently ended its deal with online casino BK8 after fan uproarover the companys sexualized marketing materials.

Gambling companies might protest, but they may also appreciatea releveling of the marketing playing field against rivals. But the real pressure, as sports-marketing expert Richard Dentonof the Johan Cruyff Institute points out, will be onthe soccer teams whose attempts at pulling other revenue levers (such as the Super League) havent always worked.When Formula 1s tobacco sponsorship ended in2005, it sparked a business-model revamp to make up for the shortfall. Other sports will need time and support to make similar changes.

Any new rules should be imposed carefully, and fairly,but given the social harms at stake, theyre worth a punt.

Read more:

The house always wins in online gambling - HT Tech

SINGAPORE: Youre a teenager with S$50 to spare, and rather than clothes or gadgets for yourself, you decide to spend on your favourite online game specifically, your character or avatar.

You could buy a fancy costume or sword. But you choose loot boxes instead, which contain random items of varying rarity depending on your luck.

You might get something worth, say, 10 times more than the few dollars you paid. But most boxes come up empty or contain common items and you buy one after another, until finally you win something.Your screen explodes with virtual fireworks. It feels like winning the lottery.

So you do it again and again hooked on the pursuit of big prizes. Its an all-too-familiar scenario for gamers like Jasman Choo.

At 15, he started playing Team Fortress 2 every day. The game rewarded him with mystery crates as he played, and he bought keys worth US$2.49 (S$3.35) from the in-game store to open them.

He estimates he must have opened over 250 crates, each time finding items inside that were worth around US$3 to US$5 meagre by gamers standards.

I kept thinking the next one would be the one, since I did not get anything (valuable) in the previous 50 crates, 100 crates, 150 crates, he said. But it never happened.

Then he chanced upon a third-party website one that let him bet his in-game items on games like roulette, with a chance to double or triple the items value.

I started off with (putting in) a S$5 item, then after about 30 minutes it became S$200, Jasman said. I kept winning, winning, winning.

What made it easier to throw caution to the wind was that these games didnt involve actual cash, just pixels on the screen.

GONE IN 30 SECONDS

But then came the time he lost real-world money.

He had moved on to playing Dota 2 by then, and had just bought a S$200 skin (the term for a cosmetic item like a characters costume) from a friend. The first thing I thought of was the third-party website, he said. All I remembered was how easy it was to double whatever I put in.

Indeed, he won at first that S$200 value became S$1,800 that he could trade for game items.

The one item he really wanted, however, cost S$2,000. So he came up with a plan to reach that target instead of betting everything on one roll of the dice so to speak, he thought hed be smart and trade in for four items of smaller value, that he could bet one by one.

But, I lost on the first three, recounted Jasman, now 24. When it came down to the final item, I thought: Theres no way I can lose four times in a row. So I put it in and it was gone.

He could have stopped there, with only virtual losses. But I was so triggered, I went to buy an item that cost S$1,000, and I gambled it all in one shot. It was gone in 30 seconds.

In one night, hed lost a small fortune in real, hard cash.

Jasmans story is just the tip of the iceberg. Another Singaporean young gamer, who spoke to CNA Insider on condition of anonymity, told of how hed racked up some S$20,000 on his parents mobile phone bills mostly from buying loot boxes.

WATCH: How loot boxes can turn gamers into gamblers (11:47)

The addiction got so bad that he once even stole money to help pay for the bills. He eventually stopped cold turkey and sold off his three gaming accounts for about US$100 each less than 5 per cent of the actual total Id spent gaming, he said.

IT SEEMS SO INNOCENT

The insidious dangers of loot boxes and the link to gambling addiction has been a growing worry worldwide, with Belgium outlawing loot boxes altogether, the Netherlands banning some types, and others like China and Japan enacting regulation.

But few gamers start off opening loot boxes aware of the rabbit hole they could fall into.

The opening of loot boxes seems so innocent. It doesnt look like gambling at all, said Jasman. It looks like opening a present.

Game-makers incorporate concepts from the gambling world to make their games addictive they condition gamers the same way that a jackpot machine prize evokes a sense of excitement, said Yeo Hui Teng, a social worker with Fei Yue Community Services.

She pointed out that the use of in-game currency is also a psychological trick that game-makers use to create a buffer, so that you dont realise how much money you are actually spending.

There are other mindgames at play.

Raja Khairulanwar, 29, used to play a Genshin Impact, a gacha game (another term for games with loot box features) that encourages you to keep gacha-ing for a chance to get rare and powerful characters.

The base odds of getting a super-rare box are 0.6 per cent, but this does not deter players. And many gacha games purposely offer limited-time-only items to work on your fear of missing out, he added.

Then there is the peer pressure cited by several gamers when playing with friends, to try to obtain a certain skin for ones character to fit in with how everyone else looks.

Thats when one might turn to the third-party websites that entice gamers to trade in skins, wager them on esports, or gamble them on casino-type games.

Because players draw their earnings as virtual game items rather than cash at many of these websites, they fall in a grey area not covered by anti-gambling laws.

But what starts out seeming relatively harmless could lead to something that is not.

Our concern is that these gamers are very young, and this might end up normalising gambling for them, said Nicholas Khoo, founder of the Singapore Cybersports and Online Gaming Association and a member of the National Council on Problem Gambling (NCPG).

And the more favourable odds offered in some of these social casino games may give the false perception that if you took part in real gambling, you might end up winning.

THE LINE BETWEEN LOVE AND ADDICTION

One warning sign that gambling within a game could become a larger, uncontrollable problem like addiction, is when one loses control of how much time and money one spends on games at the expense of other things such as eating, sleeping and studying, said Hui Teng.

Developing strong feelings for ones in-game characters is another warning sign. In Genshin Impact, said Raja, they make you feel for the characters by making you part of the story, then they slowly push you to the gacha mechanics.

These games have very cute or handsome characters. By getting you so invested, youre willing to spend your money just for a chance to build the image of your perfect guy or girl, he added.

A third warning sign is when chasing the endorphin thrill of finding out whats inside a loot box supersedes the reward itself.

Ryan Tan, 19, whose first encounter with loot boxes was in Counter-Strike: Global Offensive seven years ago, reckons: I would have spent more than S$1,000 (on them). Maybe I only got back S$200 worth of skins? Thats a net loss of about S$800.

The chances of getting a good skin or making a profit are low but the thrill makes me want to try again.

One explanation for this is selective amnesia, noted Raja. The feeling of being at your lowest low when youve lost is usually temporary, he said; once you recover, youre ready and raring to go again.

REAL-WORLD CONSEQUENCES

For undergraduate Jen Tan, 23, an online role-playing game became her escape from real life, including when she had depression. I would just play MapleStory instead of going to school, she said.

My daily tasks were things I needed to do in the game. And when I talked to people in the game, that was my social interaction. You get all your fulfilment online.

That fulfilment included gacha rewards. In the game, players buy gachapon tickets to exchange for randomised items. Jen once spent so much on these that she had zero dollars in her bank account I had to borrow money from my boyfriend to eat.

Once gamers find themselves trapped in a compulsive cycle of opening mystery boxes, some might even land themselves in debt. As Hui Teng noted: Youve already spent so much time and energy on this game. You dont want to give it up, even though it might be causing you harm.

The long-term effects are harder to pin down. A number of gamers told CNA they had not gone on to try real-world gambling. But Jasman says his wagering habit has carried over to other areas of his life as hes grown up.

Now its reached a point where I just love taking monetary risks. Having money and not doing anything is so stagnant. I just have this need to do something with it, be it gambling or buying bitcoin, he said.

Its hard to blame the game, but it kind of started the habit.

CURBING THE ADDICTION

What can parents do if they recognise any of the signs above in their teenagers who are into online games?

First take time to understand why their child loves the game and how it works, even if parents might not agree with it, says Hui Teng, rather than just tell them to stop.

Having that understanding will open up conversations and allow them to work something out with the child, such as setting reasonable time or spending limits, she said. Gaming and spending money in games in itself isnt a bad thing Where we draw the line is when it gets out of control.

Nicholas, a father of four, likewise urges parents to play the games with their child.

If these advocate a certain activity that you may not agree with, youre there to see it for yourself, and to point it out and help your kid along, he said. Parents can also use filter software tools, he added.

Secondly, parents should identify if their child is using games to meet some real-life need then help them with that. Parents, teachers, they are all the first line of defence, said Hui Teng.

Youths who need help can also be referred to eC2, a text-based online counselling platform run by para-counsellors from Fei Yue Community Services.

At a national level, said Nicholas, NCPG has observed a number of countries strengthening their industry regulation such as South Korea and China, which have made game developers disclose the odds in their loot boxes.

One game developer believes that industry players can work with their community to ensure loot boxes arent predatory.

What makes a loot box predatory is when theres no end in sight to how much the player spends to get the desired item, said Justin Hulog, Riot Games Southeast Asias general manager.

The counter to that is an option for players to buy a loot box item outright an idea that was, in fact, suggested to the company by gamers; or to set a time limit by which players will definitely get the sought-after item.

He also noted: Riot Games works to collectively implement things like anti-addiction timers in the games all over Southeast Asia in high-regulation environments such as Korea, China and Vietnam, which have strict anti-addiction laws.

Still, some gamers believe that kicking the addiction has to boil down to ones own self-control and discipline.

If you just take down this website, another website will come out. You need to change your own habits, said Ryan, who picked up regular exercise to curb his gaming addiction. People say to cut off bad habits, you need to replace them with a good habit.

As Jasman put it: Its so easy to fall into the trap of putting in a bit more money to try to get back what you lost. Its not easy to quit.

On the other hand, who will stop when theyre winning? So if you dont stop when youre winning, and you dont stop when youre losing when do you stop?

Where to get help:

ec2.sgFei Yue Community Services online counselling

1800-377-2252 and touch.org.sgTOUCHLine (Counselling)

betterinternet.sgMedia Literacy Council

This article by CNA Insider was done in collaboration with the National Council on Problem Gambling.

Go here to see the original:

'I spent $20000 of my parents' money on mystery boxes': When lines between gaming and gambling are blurred - CNA

The return of international football tournaments in front of a live crowd is worth cheering, with the star power of Cristiano Ronaldo and Kylian Mbappe bringing fans out in droves tobars and pubs eagerto make up for a lost pandemic year.

Less cheerful is the fact many fans remain glued to their screens wherever they are judging by the boomin online gambling fueled by the easy smartphone betting and seductive advertising that captivated manyduring lockdown. With awareness of mental health, stress and thepublic-health costs of gambling addictionon the rise amid Covid-19, its a cue to consider whether current rules are tough enough.

Having a captive audience with cash to spare has been good for business: France, whose national team is the bookmakers favorite to win the UEFA European Football Championship, posted a record 2.2 billion euros ($2.6 billion) inonline sporting bets in the first three months of the year. The U.K., Europes top online gambling market, is also breaking records with events like the Grand National horserace. Shares ofLadbrokes owner Entain Plc and lottery operator La Francaise des Jeux have soared on rising profits.

Yet if the camaraderie of a tentpole sports event is increasingly linked to quick-firebets everywhere, its also thanks to a flood of breezy promotions, ads, time-limited bets and celebrity sponsorships thatincitepeople to bet with few reminders of the risks. While amix ofrules and voluntary restraint from the operators themselves are supposed to keep things in check, its time to heed persistent warnings from public-health experts that children and problem gamblers arent being protected enough.

Shares of Ladbrokes owner Entain and France's lottery operator have soared

Source: Bloomberg

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The content of these ads can cross the line: One recently-scrapped betting campaign in France depicted a young winner carried aloft through his neighborhood as his elders respectfully kneeled before him. But even less egregious ads give off unrealistic vibes of skills-based windfalls thathardly reflect reality. Industry heavyweights gross margins of more than40% show the house has a tendency to win.If youre playing more, youre losing more, Ladbrokess former boss said last year, adding that 99% of his customers lost.

Branding and advertising that aim to normalize gambling and sports betting have succeeded through ubiquitous logos and tweets. Measures like a voluntary whistle-to-whistle ban on in-match television advertising in the U.K.,where the industry spends 1.5 billion pounds ($2 billion) a year,mean little next to social media and team sponsorships.Top psychiatrists have warned its a public-health risk reminiscent oftobacco ads.

Operators are keen to promote what their business gives back to the economy: The European Gaming and Betting Association says its members in 2019 held 145 licenses across the continent andinvested 107.1 million euros in sport sponsorships. That wont go unnoticedpost Covid-19. New York GovernorAndrew Cuomo sees sports betting as a way to boosttax, while huge losses racked up by the likes of the U.K.s Premier League will need filling.

But at a time when athletes are becoming more outspoken over the products they sponsor, and as social attitudes even in bet-friendly Britain are hardening against glitzy gambling promotions, momentum is likely tobuild behind tougher rules. Focusing solely on education and research to preserve individual responsibility isnt going to cut it when data suggeststhe problem gamblingcouldaffect almost 1.4 million Brits.

Andrea Felsted: BottlegateShows Limit of Sports Influencers

An outright ban on gambling advertising, as seen in Italy, isnt likely to see wide take-up and might work better as a threat than reality. But a ban ongamblingsponsorships ofsports teams, approved in Spain and under review in the U.K., could gain traction. Right now, too much responsibility lies in the hands of individual clubs that cant easily afford to turn down 5 to 10 million pounds.Norwich City recently ended its deal with online casino BK8 after fan uproarover the companys sexualized marketing materials.

Gambling companies might protest, but they may also appreciatea releveling of the marketing playing field against rivals. But the real pressure, as sports-marketing expert Richard Dentonof the Johan Cruyff Institute points out, will be onthe soccer teams whose attempts at pulling other revenue levers (such as the Super League) havent always worked.When theFormula 1s tobacco sponsorship ended in2005, it sparked a business-model revamp to make up for the shortfall. Other sports will need time and support to make similar changes.

Any new rules should be imposed carefully, and fairly,but given the social harms at stake, theyre worth a punt.

This column does not necessarily reflect the opinion of the editorial board or Bloomberg LP and its owners.

To contact the author of this story:Lionel Laurent at llaurent2@bloomberg.net

To contact the editor responsible for this story:Melissa Pozsgay at mpozsgay@bloomberg.net

Before it's here, it's on the Bloomberg Terminal.

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Euro 2020 Betting Tip: The Odds Are in Favor of the House - Bloomberg

Opening day for sports betting in Washington tribal casinos edged closer June 10 when state regulators approved critical agreements with 15 tribes.

Without debate, the Washington State Gambling Commission backed amendments to each of the tribes gambling compacts, which spell out how wagering can be conducted in casinos as well as in adjacent hotels, conference centers and entertainment venues.

Those agreements still need approval from the governor and federal authorities, but odds are you will be able to place bets on most college and professional sporting events before the Seattle Seahawks begin the NFL regular season in September.

The 15 federally recognized tribes whose compact amendments were approved June 10 by the commission are the Tulalips, Stillaguamish, Suquamish, Snoqualmie, Confederated Tribes of the Colville Reservation, Cowlitz, Jamestown SKlallam, Kalispel, Lummi, Muckleshoot, Puyallup, Shoalwater Bay, Spokane, Squaxin, and Swinomish.

The Commissions action is a big win, not just for tribal communities but for all Washington state residents, Rebecca George, executive director of the Washington Indian Gaming Association, said in a statement.

By fitting sports betting into the existing and proven tribal gaming system, the state has ensured that sports betting revenues will stay in Washington and will go towards uplifting historically marginalized communities, while creating local jobs, boosting the state economy and funding critical services for those in need, George said.

Washington passed a sports wagering law in 2020. It allows wagering on professional, collegiate, international and Olympic sports, as well as e-sports. It bars bets on in-state college teams, minor league sports and high school or youth sports.

Under the proposed agreements, bets will be allowed in a sports book environment similar to what one might see in a Las Vegas casino as well as at kiosks on a gaming floor. Also, gamblers will be able to set up accounts so they can place bets from a mobile device.

The device would allow wagers elsewhere on the premises of casino properties. That could extend wagering options into hotels, conference rooms and entertainment spaces attached to a casino. But wagers would not be allowed on golf courses and in convenience stores that are not directly attached to a casino.

The proposed compact amendments must now be signed by Gov. Jay Inslee and the leader of each tribe. After that, they go to the secretary of the U.S. Department of the Interior.

A compact amendment is not final, and sports wagering cannot begin until it is published by the agency in the Federal Register. The federal agency has 45 days to act. If no action is taken, a compact amendment is considered approved and published on the 46th day.

The Tulalip Tribes reached agreement with the state gambling agency in April to allow sports-betting facilities at the Tulalip Resort Casino and Quil Ceda Creek Casino. It was the first of the proposed compact amendments to be completed.

The Suquamish Tribe, which operates the Clearwater Casino in Kitsap County, was the second to secure an accord. Its provisions served as a template for pacts with most of the other tribes.

While sports betting is a growing enterprise around the nation, tribal leaders told commissioners that it is viewed as an additional game and not a major expansion of gambling.

A small revenue stream (is) anticipated, but it all adds to benefit the tribe and local community, said Shawn Yanity, chairman of the Stillaguamish Tribe, owners of the Angel of the Winds casino.

Glen Gobin, vice chairman of the Tulalip Tribes, told commissioners that through the years gaming revenue has yielded substantial economic gains for tribes and the state of Washington. Collectively, tribal businesses are the seventh-largest employer in the state, he said.

Sports betting will create additional jobs, generate added revenue and enhance the experience of customers, Gobin said.

Regulation poses a new challenge, but tribes are confident they can keep out criminal elements.

We have regulated this industry very well, Gobin told commissioners.

Some commissioners expressed concern that the ease of placing wagers outside traditional gaming areas such as hotel rooms, potentially could abet those with a gambling addiction.

It is not in our best interests to take bets from someone who has a gambling problem, Gobin said.

At June 10s hearing, tribal representatives tribes addressed commissioners either in the virtual meeting or in writing. Almost to a person they praised the commissions staff for working collaboratively to craft sturdy sideboards to the new undertaking.

Washingtons deliberate and cautious entry into the field not only protects the citizens of the state and provides a relief valve for betting in the illicit market, but also continues Washingtons policy of limited gaming with strong oversight, wrote Bill Sterud, chairman of the Puyallup Tribe of Indians.

Also June 10, commissioners set a July 28 date to enact a number of new or revised rules to regulate sports betting. If action is taken on that date, the rule changes will go into effect around Aug. 30, two weeks before the Seahawks season opener Sept. 12.

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Gambling Commission OKs pacts with tribes for sports betting - Enumclaw Courier-Herald

THE FIRST FULL FISCAL YEAR OF SPORTS GAMBLING IN IOWA WILL WRAP UP AT THE END OF JUNE WITH NO REAL GAUGE YET ON HOW MUCH MONEY IT WILL BRING IN.

IOWA RACING AND GAMING ADMINISTRATOR, BRIAN OHORILKO SAYS JANUARY, FEBRUARY AND MARCH SAW A LOT OF ACTIVITY.

BETME1 OC.VERY, VERY, GOOD :17

THOSE MONTHS CAME AS THINGS WERE OPENING BACK UP FOLLOWING THE PANDEMIC AND AFTER THE RULE REQUIRING GAMBLERS TO SIGN UP AT A CASINO WERE LIFTED.

WAGERING DROPPED IN APRIL BY SOME 53 MILLION DOLLARS COMPARED TO MARCH AND MAY WAS DOWN AROUND FOUR-AND-A-HALF MILLION FROM APRIL.

BETME2 OC.SLOW PERIOD :13

OHORILKO SAYS LAST FALL WASNT A GOOD GAUGE OF SPORTS BETTING AS FOOTBALL TEAMS CUT BACK GAMES DUE TO COVID. THAT WILL LIKELY CHANGE THIS YEAR.

BETME3 OC.INCREASE :19

SPORTS GAMBLING STARTED IN IOWA OF AUGUST OF 2019.

RADIO IOWA

Visit link:

IOWA SPORTS GAMBLING HAD UP & DOWN 1ST YEAR REVENUES - KSCJ

Any day now, a bill that has been the subject of especially heavy lobbying will become law, legalizing betting on a sports game. Sports leagues pushed politicians for it, because they think it means big money for professional teams. Last fall, in the midst of the pandemic, the Liberal government decided to back it, too.

But do we know everyone who lobbied the government to get it done? Did Larry Tanenbaum, the individual with the biggest interest in Canadas biggest teams including the Toronto Raptors, Toronto Maple Leafs, and Toronto FC speak to Prime Minister Justin Trudeau, or his aides, to advocate for the bill?

We dont know. They wont say. Neither Mr. Trudeaus press secretary nor the spokesperson for Maple Leaf Sports the sports powerhouse of which Mr. Tanenbaum is chair and 25-per-cent shareholder will answer the question.

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That underlines a major loophole in Canadas lobbying laws. Theyre supposed to require moneyed interests to report when they are lobbying to change Canadas laws or policies. But theres a big loophole.

Companies dont have to register in-house lobbying unless it takes up more than 20 per cent of an employees time. Below that threshold, they dont have to report their lobbying contacts.

Successive lobbying commissioners have called for governments to fix that. Current commissioner Nancy Blanger did so this month, when she concluded the unregistered lobbying activities of Rob Silver, husband of Mr. Trudeaus chief of staff Katie Telford, didnt break the rules. The loophole, Ms. Blanger wrote, allows for a substantial volume of in-house lobbying activity to go unreported.

There was a lot of registered lobbying, and public advocacy, for the sports betting bill, by gambling business, sports apps, provincial lottery authorities, and by pro sports representatives, who see it as leading to new revenues from sponsorships, marketing partnerships, and data sales. Canadian Football League Commissioner Randy Ambrosie told a Senate committee legalized sports betting might be the biggest opportunity the CFL has ever had.

So its not ridiculous to wonder if Mr. Tanenbaum, with his sizeable sports interests, spoke to Mr. Trudeau, or his staff, about it. The two know each other. Mr. Tanenbaum has Liberal history, having served as the partys chief fundraiser under Paul Martin, and he has been a reguar donor to the party.

A spokesman for the PMO, Alex Wellstead, would not say if they discussed it. In an e-mail, he said PMO staff meet regularly with stakeholders and organizations and lobbyists are expected to report as the law requires. But again, the law has a big hole.

David Haggith, a spokesman for Maple Leaf Sports and Entertainment, said in an e-mail that MLSE executives did not make representations to the government on the bill, but as for Mr. Tanenbaum, he is a supporter of single sports betting, and we are not at liberty to share the scope of private conversations.

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He noted Mr. Tanenbaums support for single sports betting is shared by commissioners of six sports leagues.

Thats true. Lots of folks have backed the legalization of single sports betting betting on a single game rather than a parlay. There are critics who fear it will promote more gambling or lead to match fixing, but the gaming industry makes a pretty good argument that Canadians already spending billions on offshore online gambling.

But that doesnt mean we should have to guess who was lobbying for it, or who called whom.

There have been bills to legalize sports betting banging around for a decade, proposed by backbench MPs from various parties. They languished because governments never made them a top priority.

But last November, Mr. Trudeaus government tabled their own bill to legalize it. In February, they made a deal to support Conservative backbencher Kevin Waughs similar bill, because it could be passed more quickly.

MPs from all parties supported it, especially those from cities with casinos, such as Windsor. But the pandemic added urgency. Stadiums were empty, and teams were losing revenue. They wanted the gambling bill done. After years, it is being pushed into law.

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A lot of people will like that. Some wont. But we should all know which powerful business figures, if any, had called Mr. Trudeau to ask for it.

Know what is happening in the halls of power with the days top political headlines and commentary as selected by Globe editors (subscribers only). Sign up today.

See the original post here:

Did a mogul ask the prime minister to change the gambling law? None of your business - The Globe and Mail

June 15, 2021 9:30 AM

Posted: June 15, 2021 9:30 AM

Updated: June 15, 2021 5:13 PM

Cryptocurrency is the latest phenomenon in the investing world, but how safe is it really? While some people have made millions buying cryptocurrency, you could easily lose everything.

Even the experts are divided about whether crypto is a good investment or not. Some celebrity billionaires like Elon Musk have promoted cryptocurrencies like Bitcoin (CRYPTO: BTC) and Dogecoin (CRYPTO: DOGE) on social media, while other investors like Charlie Munger and Warren Buffett have famously voiced their criticism of cryptocurrency.

Cryptocurrency can be incredibly risky so risky that some would consider it more of a gamble than an investment. And there are a few things you should know before you buy.

Image source: Getty Images.

The truth is, cryptocurrency could be either an investment or a gamble, depending on your strategy.

If youre buying crypto for the sole purpose of trying to get rich overnight, then it falls into gambling territory. But if you truly believe cryptocurrency is the way of the future and will be around for decades to come, then buying it now could be considered more of an investment.

No matter where you choose to invest, its best to take a long-term strategic approach. Dont invest in anything youre not willing to hold for at least a few years, or ideally decades. Cryptocurrency is extremely volatile in the short term, but if you believe in its future, you could stand to make a lot of money over time if it succeeds.

There are no guarantees that cryptocurrency will succeed over the long run, and you could still lose everything even when taking a long-term approach. But youre less likely to lose money than if you were to try to time the market to make a quick buck in the short term.

Investing will always carry some degree of risk, even if youre investing in relatively safe places. But becoming a successful investor involves taking calculated and educated risks, and the same is true when it comes to cryptocurrency.

If you put your life savings behind cryptocurrency, thats definitely a gamble. But there are ways to invest in cryptocurrency in a more calculated and safer way.

First, make sure your financial situation is healthy and youre only investing money you can afford to lose. Next, double-check that your portfolio is properly diversified. If youre adding crypto to the mix, youll want to be sure the rest of your investments are as strong and stable as possible. Then if crypto does fail, it wont take the rest of your portfolio down with it.

By being strategic and careful about how you invest in cryptocurrency, its possible to reduce your risk.

Image source: Getty Images.

Cryptocurrency, in general, is risky. But some cryptocurrencies are more dangerous than others, and choosing the wrong one could be a gamble.

While cryptocurrencies may be very different from stocks, you can still research them in much the same way you would other investments. With stocks, its important to look at a companys underlying fundamentals to determine whether its likely to grow over time. The same is true for cryptocurrencies.

As youre researching different types of cryptocurrencies, ask yourself a few questions. Does this particular cryptocurrency have any real-world utility right now? If not, how likely is it to become mainstream in the future? Does it have any advantages over its competitors? If new cryptocurrencies come along, how likely is it that this one will retain its advantages?

If youre choosing cryptocurrencies based on how trendy they are or how much their price has increased, thats more similar to gambling. But if you do your research and are buying the cryptocurrency you believe is the strongest, then its more of an investment.

Right now, cryptocurrency is still a highly speculative investment, and nobody knows where it will go. Unlike stocks, cryptocurrencies dont have a long track record. And no matter how much you try to reduce your risk, theres still a good chance you could lose money. If youre a risk-averse investor, it may be best to steer clear of cryptocurrency for now.

But if youve decided you want to invest in crypto, the best thing you can do is research your options, prepare your portfolio accordingly, and hold onto your investment for the long term. You cant eliminate risk entirely, but the more you prepare, the better off youll be.

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Is Cryptocurrency Investing or Gambling? 3 Things You Need to Know - Crossroads Today

Alphabet's YouTube will no longer allow political or election ads in its coveted masthead spot at the top of the site's homepage nor ads for alcohol, gambling and prescription drugs, it said on Monday.

In an email to advertisers, YouTube said the change built on its move last year to retire all full-day masthead ads. It said it has retired these full-day reservations, like the one then-President Donald Trump reserved to dominate its homepage on Election Day 2020, and replaced them with more targeted formats.

We regularly review our advertising requirements to ensure they balance the needs of both advertisers and users, a Google spokesperson said. We believe this update will build on changes we made last year to the masthead reservation process and will lead to a better experience for users, they added.

Google said that the change to its most prominent ad unit, which was first reported by Axios, was effective immediately.

Google paused political ads altogether around the US presidential election and again ahead of President Joe Biden's inauguration in January this year, citing its policy over sensitive events.

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YouTube will ban election, alcohol, gambling and prescription drugs ads - MercoPress

The fight for the crown jewel of the Australian gambling scene is heating up. Even more could jump into the fray.

A bidding war for Crown Resorts has been brewing Down Under ever since an inquiry report, released by regulators in February, alleged that the casino operator has links with money laundering and people tied to organized crime. The watchdog later said Crown isnt fit to hold the gambling license necessary to open its new Sydney casino, housed in a skyscraper overlooking the citys harbor. The market has expected billionaire James Packer, who was criticized in the report, to eventually sell down his 37% stake in Crown, owned through his private firm Consolidated Press Holdings.

Oaktree Capital is upping the ante. The U.S. private-equity firm offered to lend 3.1 billion Australian dollars, the equivalent of $2.4 billion, to Crown to buy back shares owned by CPH, according to a stock-exchange filing Tuesday. Around one-third of the package is a convertible loan that could give Oaktree up to 9.99% of Crown. Oaktree first made a similar proposal in April.

But Oaktree isnt the only one trying to take advantage of Crowns crisis. Private-equity company Blackstone and Australian casino operator Star Entertainment have made offers to buy the whole company. Crown rejected Blackstones cash offer last month, saying it undervalued the company. The company has yet to decide on Stars share and cash offer, which is worth less but promises to deliver more value through cost savings of A$150 million to A$200 million a year.

Even though CPH reached an agreement with the regulators in April to neutralize most of its influence over Crown, a sale still seems likely. Under the agreement, CPH cant appoint nominees to Crowns board until October 2024 and cant talk to the company about its operations privately. Following the recent revelations, official investigations also are under way into Crowns existing casinos in Perth and Melbourne.

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Bets on a Scandal-Plagued Gambling House Are Piling Up - The Wall Street Journal

The Entain Foundation will extend its provision of safer gambling information and educational resources through the launch of its Gamble Responsibly America app.

Developed in collaboration with Epic Risk Management and RG24/7, the app will feature a series of educational resources and tools to help and support anyone facing potential issues with problem gambling.

The app, which will be unbranded and free to download, will not require people to register nor will it bring any commercial benefit to Entain or BetMGM, the U.S. business it jointly owns with MGM Resorts.

Ensuring that Gamble Responsibly America is accessible for all communities across the US, the Entain Foundation highlighted that the app will also be made available in both English and Spanish.

Martin Lycka, Entain Senior Vice President for American Regulatory Affairs and Responsible Gambling and Trustee of the Entain Foundation U.S., noted: We are incredibly proud to be launching the Gamble Responsibly America application as our commitment to responsible betting and gaming is unmatched within the industry.

Through this first-of-its-kind app, we are determined to continue helping individuals by providing the resources and programs necessary to ensure everyone is betting and gaming responsibly.

Key features of the app will include limits and tools, a self-assessment quiz, a gambling diary, behavioral callouts, a 24/7 live chat function as well as a range of educational features and resources.

Entain Foundation has lauded the new app as a new milestone for the company. It follows on from the announcement of a player education initiative around sports betting with professional sports leagues and colleges across the US with EPIC Risk Management.

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Entain Foundation ups safer gambling commitment with Gamble Responsibly America app - SBC Americas