Category Archives: Gambling

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.

Continue reading here:

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

The government should force banks to let customers block all betting transactions, according to proposals led by the online lender Monzo, which wants gambling firms to hand over data to make sure the system is watertight.

In a letter to the sports minister, Nigel Huddleston, who is leading a landmark review of gambling law, Monzo, campaigners and addiction experts called on the government to use the opportunity to remove obstacles for people who want to stop betting.

All banks and other account providers should be made to offer tools that allow customers to bar themselves from making any gambling transactions on a debit card, they said.

Gambling companies would also be made to hand over their own bank account details, which could be stored on a central registry. This would help banks block all forms of payment for customers who want the feature, preventing them from using other means to circumvent card blocks.

At least eight major banks already offer some form of gambling block service but some of the tools available apply only to certain types of account or card.

About 40% of current account customers in the UK, or 28 million people, still do not have the option, according to a report released by the GambleAware charity last year, while 40% are unaware such tools exist.

Monzo said that it had 275,000 users with active gambling blocks with fewer than 10% of customers deactivating the block once activated.

We believe the government should take the opportunity afforded by the Gambling Act review to make sure every consumer in the UK can access these blocks, regardless of who they bank with, said Monzos chief executive, TS Anil.

The letter was also signed by researchers at the University of Bristol, a leading NHS gambling disorder expert, firms that provide gambling blocking software and gambling addiction campaign groups including GamFam.

These tools are simple to build, proven to work, and will help protect hundreds of thousands of people, they said.

The letter also calls on the government to work with video game companies to see if it would be possible to identify and block payments made for loot boxes, in-game features that have caused concern due to qualities similar to gambling.

Ultimately, the Gambling Act review offers a unique opportunity to create a world-leading self exclusion framework in the UK to reduce gambling harms, and help consumers gain control of their finances, the letter said.

The rise in online gambling, and new ways to pay, requires a robust response from the government.

A spokesperson for the Betting & Gaming Council said: We support all forms of blocking capabilities and are encouraged by the continued uptake by banks of these functions.

The Guardian has contacted the Department for Digital, Culture, Media & Sport for comment.

Link:

Force banks to let customers block gambling transactions, Monzo tells ministers - The Guardian

Alabama lawmakers finished what they considered urgent business the first two weeks of the legislative session, passing three bills related to the COVID-19 pandemic with overwhelming bipartisan support, but face more controversial topics in the weeks ahead.

They will first take a week off to evaluate how well efforts to meet safely during the COVID-19 pandemic are working.

If they dont find problems and return as expected on Feb. 23, they will dive into a plan for a lottery and casinos, a major gambling expansion that would raise a half-billion dollars or more a year for state programs.

The money would go to college scholarships for high-demand careers, expand access to broadband internet, support health care and mental health care, and other needs.

The bill is a constitutional amendment that would go to voters for a final decision if it clears the Legislature.

Besides the gambling bill, legislators will consider a range of bills on other timely or controversial topics, including Alabamas overcrowded and violent prisons, election law changes related to last years disputed presidential election, and issues that come up every year, such as gun control laws and medical marijuana.

Bills awaiting consideration would:

The legislative session can last up to 15 weeks, or until mid-May.

Some of the bills are likely to cause sharp disagreements. That will be a change from the last two weeks, when Republicans and Democrats, with just a handful of exceptions, voted for three priority bills to help the state cope with and recover from the pandemic.

On Friday, Gov. Kay Ivey signed the three bills. They will:

House Speaker Mac McCutcheon and Senate President Pro Tem Greg Reed said the legislation is an important response to the pandemic, which cut short last years legislative session and killed those bills and others.

I think we accomplished what we needed to do, McCutcheon said. We got the three major bills out between the House and the Senate.

Weve had good progress on our budgets. And honestly, what we have gotten done over these two weeks has just really been phenomenal. Weve done better than I even thought we would do.

Reed sent out a statement saying the session was off to a strong start.

These are trying times for many across our state, and the Legislature, working with the governor, identified these three pieces of priority legislation to help Alabamians recover from the economic hardships endured throughout this pandemic, he said.

While these have been a strong first two weeks of session, we still have a lot of important work ahead of us. I look forward to continuing the bipartisan collaboration we have seen over the past few weeks as we continue to deliver results to the people of Alabama.

The Senate elected Reed as pro tem when Sen. Del Marsh stepped down after holding that post for a decade. Marsh, who is not running for reelection in 2022, said he wanted to concentrate on major legislation during his last two years in office. He is the sponsor of the constitutional amendment to allow a lottery and five casinos that would offer a full range of casino games and sports betting.

The Legislative Services Agency estimated the lottery and casinos could raise net revenue for the state of $450 million to $670 million. Read the fiscal note, which describes how the money would be used.

Senators discussed the bill Thursday but did not vote. Marsh said he expected to make changes to the bill in response to what he has heard from senators, representatives, and others, and would return with a revised version on Feb. 23.

Ive got to determine what is a package that I can truly, one, get through the Legislature and get to the people, Marsh said. And when they look at it they can say, They checked all the boxes. Im comfortable with this. I believe the money is going to the right places.

Alabama voters have not had a chance to vote on a lottery since 1999.

The Legislative Services Agency estimated the lottery would raise net revenue of $194 million to $279 million a year for the state. The money would go to a Lottery Trust Fund that would be used to pay for scholarships to community colleges. The intent is to help Alabama build a workforce needed to fill high-demand jobs in growing industries like automotive plants and aerospace companies. Scholarships would also go to students seeking teaching degrees in math and science, where there is a shortage of teachers.

The Legislature would hammer out more details in separate legislation. Marsh said his intent is to pass that before the amendment goes on the ballot so that voters will know the specifics.

The bill would allow casinos at the states four greyhound tracks in Birmingham, Macon County, Greene County, and Mobile, plus a fifth in northeast Alabama operated by the Poarch Band of Creek Indians.

Senators who spoke Thursday generally praised the bill but some complained that their districts would have no casino and would lose revenue they now receive from bingo. The bill would prohibit electronic bingo except at the casinos.

Marsh said he might change the bill to allow up to two more casinos but said he strongly believed that voters want a limit on the number.

For several years, lawmakers have taken steps to expand high-speed internet access. They created the Alabama Broadband Accessibility Fund to offer grants to help bring fiber connections to areas where providers might not otherwise serve because theres not enough return on the investment. But the funding is a fraction of what is needed. The pandemic has reinforced the importance of broadband, with public schools switching to online classes and many adults working from home.

Marshs bill would apply almost half of the revenue from casinos to broadband expansion until that total reached $1 billion. A companion bill would set up a new state agency, the Alabama Digital Expansion Authority, which would develop short-term and long-term plans to expand broadband and enable the state to issue bonds for that purpose. Read the summary.

The gambling bill would also direct money to rural health care. Marsh said Ivey wanted that to be part of the plan because she wanted to help rural hospitals.

Funding would also go to mental health services. Marsh said that was the result of discussions with House Majority Leader Nathaniel Ledbetter, who has led efforts to expand mental health care.

If the plan is approved, the governor would enter a compact with the Poarch Band of Creek Indians that would allow the tribe to offer the full range of casino games at their electronic bingo casinos on tribal land in Atmore, Wetumpka, and Montgomery.

The plan would also authorize betting on sports events at the casinos and online.

Marsh said he wanted his bill to be as close to a final document as possible if it passes the Senate but said he understand the House will probably want to make changes.

House Speaker McCutcheon did not commit to supporting the bill or speculate on it. McCutcheon said the comprehensive nature of the bill -- with the lottery, the Poarch Band of Creek Indians, the four greyhound tracks, and county-based bingo all included -- is an important stating point.

It would be too early for me to start making a comment about what I would support and what I would not support, McCutcheon said. I do know, and Ive said this from the very beginning, is that weve got to bring all of these different entities together where we can sit down at the table and not fight against each other but try to look for the things that bring us together so that we could have a hope of passing something.

Prisons are a major topic. The Department of Justice sued the Alabama Department of Corrections last year, alleging that the state violates the constitutional rights of inmates by failing to protect them from violence. Alabamas prisons hold far more inmates than they were built for and their supervision suffers from a severe shortage of correctional officers.

The House Judiciary Committee has approved about a half-dozen bills related to the prison problems. They would give judges more discretion in sentencing parole violators; allow some nonviolent offenders to petition courts for shorter sentences; promote community corrections and other programs that divert offenders from prison; and temporarily create a second parole board to help relieve a backlog of inmates eligible for parole hearings.

McCutcheon said he expects those bills to receive consideration in the House.

Ivey has signed lease agreements for two new mens prisons and is negotiating a third. The leases do not require legislative approval. Legislators have said they are worried about the cost, projected at about $3 billion over 30 years. McCutcheon said the House has a backup plan to the lease agreements, but no bill has been introduced.

At least two bills propose changes to a law that prohibits cities and counties from moving historical monuments that are 40 years old or more from public property. The Legislature passed the Memorial Preservation Act in 2017 in response to Confederate statues coming down in other states. The law imposes a $25,000 fine for removal of monuments. Still, Birmingham, Mobile, and Madison County all took down Confederate monuments last year.

The House Judiciary committee did not approve a bill by Rep. Juandalynn Givan, D-Birmingham, that would repeal the Memorial Preservation Act and allow cities and counties to move monuments to parks, cemeteries, or similar sites, or transfer ownership to other cities, counties, or a state agency. But the bill is in a subcommittee and could still be considered.

Another bill takes the opposite approach, making it harder to move monuments by increasing the penalties for removal. Rep. Mike Holmes, R-Wetumpka, is the sponsor.

McCutcheon said he did not want to speculate on what the House would do but said he expects representatives to debate the issues.

I think that there is a good possibility that that issue is going to be addressed. And I think theres a good possibility there may be some changes. To what extent that will be, I dont know, McCutcheon said.

The speaker said Givans bill had some merit because it would increase local control but did not endorse it.

A lot of the members have talked about thats a positive, they would like to see more local control because every area is not the same in the state. But, there again, the bills got to go through the process, McCutcheon said.

A Senate committee approved a bill that would prohibit puberty-blocking drugs, hormone treatments, and surgeries for minors seeking transgender therapy. The House Judiciary committee held a public hearing on a similar bill but did not take a vote.

A bill to legalize and regulate the production, sales, and use of medical marijuana products won approval by a Senate committee and awaits consideration by the Senate. It has passed the Senate the last two years but died in the House.

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Gambling bill tops list of tough issues when Alabama Legislature returns to work - AL.com

The representative for the biggest players in Australian online gambling says punters should be not be stopped from going into debt to bet.

Responsible Wagering Australia chief executive Brent Jackson's remarks follow a call for a crackdown on the use of credit cards in online gambling from Queensland MP Andrew Wallace.

The LNP Member for Fisher is pushing the country's banks to create a voluntary code of conduct that would mean punters could only place online bets using their own money.

Mr Wallace said it was a "no-brainer".

"We know that people pay 22 per cent or thereabouts in interest on their credit card balances that's a very dangerous mix," he said.

"You can't use a credit card to go into a TAB and gamble on the horses or the dogs, you can't use a credit card at a casino, and you can't use a credit card to gamble on the pokies."

For almost 20 years, gamblers have been unable to use credit cards to access cash advances in casinos and poker machine lounges.

Suncorp and Macquarie have already voluntarily stopped allowing credit cards to be used on wagering apps, but the big four Westpac, NAB, ANZ and Commonwealth Bank have not followed suit.

But Mr Jackson, whose lobby group represents the likes of Sportsbet, Bet365, Ladbrokes, Neds and others, said there was no reason to stop Australians from going into debt to gamble.

He said online gambling was "safer" than betting in a casino or at a poker machine because it was governed by strict legislation and companies could monitor gambling behaviour in real time.

"They do keep an eye out specifically for unusual behaviour and strange behavioural patterns and activity that is not considered normal and might be risky," Mr Jackson said.

"We can take a number of interventions aside from banning them completely we often contact customers directly as this is happening."

Mr Jackson said it should be left up to punters to decide whether they used credit cards when gambling online.

"We think that consumers should have the right to choose and directly manage their betting preferences," he said.

"What we're not seeing is any evidence of a problem out there at all.

"We think punters behave responsibly."

In late 2019, the Australian Banking Association (ABA) canvassed members and others as to whether banks should disallow the use of credit cards on gambling apps.

Its report found 81 per cent of Australians felt the practice should be restricted or banned.

Only 7 per cent supported no restrictions.

The ABA described gamblers as "vulnerable customers" on its website, but has decided against any kind of blanket policy citing fears it could fall foul of anti-competition laws.

But the Australian Competition and Consumer Commission (ACCC) said it had supported other voluntary codes of conduct with banks.

A spokeswoman said the ACCC could also grant an exemption to the law if there was a significant public benefit.

Late last year an Australian Gambling Research Centre survey of 2,000 people found one in three signed up for new online betting accounts.

The biggest growth market was comprised of people aged 1834, who the centre found were gambling more and spending more.

Sportsbet's profit jumped by 108 per cent between April and June last year during COVID-19 shutdowns, increasing from $96 million to $191m.

David McAnalen said he used to put money down on just about anything he could "casino games, electronic gaming machines, pokies, scratch-its, lottos, raffles, horses, dogs".

"I was betting on everything," he said.

"If I was still an active gambler when the opportunity came into the online world, I would have embraced it as well."

Mr McAnalen said whatever the barrier, he would overcome it to gamble.

"I would always find a way I always did find a way," he said.

Mr McAnalen said he was compelled to change after his parents and sisters told him they loved him, but that they could not have him in their lives if he continued to gamble.

Now a Relationships Australia counsellor, Mr McAnalen said he was no longer "triggered" by gambling but neither was he entirely cured.

"It's the first drink that does all the damage it's the first bet that would do all the damage and everything would come back," Mr McAnalen said.

"I wake up in the morning and say: 'There are a lot of things I can do today and one thing I'm choosing not to do today is gambling'."

Associate professor Charles Livingstone from Monash University has been studying gambling habits for decades.

He agreed that online gambling had the potential to be safer, but did not think that was necessarily the case at the moment.

"They certainly could step in and stop people gambling," Dr Livingstone said.

"There's no evidence whatsoever that that's what they do."

A lot of gambling can be relatively harmless going in the office sweep for Melbourne Cup, buying a scratchy every now and then but for some people, it takes control and ruins their lives.

In case studies used in a Financial Counselling Australia study from 2015, members worked with people who had lost large sums of money betting online, including one gambler who amassed a $300,000 debt over a three-year period.

In 2019 an ABC investigation reported accusations that Bet365 was skewing its system to encourage losing gamblers while banning or restricting the winners.

This month, Oxford University research found that gambling increased the risk of death, in addition to being linked with addictive behaviour and financial problems.

The Oxford findings inspired Mr Wallace's call for change here in Australia.

"They don't want Mum or Dad to go out and blow the weekly wages at the track, or in this case online," he said.

"Banks have a social responsibility to step in and say: 'We're not going to allow this to happen any further'.

"If they won't introduce a voluntary code, I'll be recommending to my Parliamentary colleagues that we force them to do it.

"If they don't act voluntarily, they don't leave us with a lot of options."

See more here:

Online gambling lobby says 'no problem' with punting on credit as MP calls for crackdown - ABC News

Novak Djokovic says he could potentially cause more damage to his body by continuing to compete at the Australian Open following the abdominal injury he sustained during his third-round match against Taylor Fritz. On Sunday the world No 1 returned to beat Milos Raonic 7-6(4), 4-6, 6-1, 6-4.

After stating following his match against Fritz on Friday night that the ATP physio had told him his injury was definitely a tear, on Sunday he declined to describe his injury in detail. He said he had spent the previous 48 hours doing different treatments with different devices, including pills and painkillers, having coordinated with medical staff of Tennis Australia, ATP physios and his own physiotherapist.

Its kind of a gamble, said Djokovic. I mean, thats what the medical team told me. Its really unpredictable, you cant know whats going to happen with you once youre on the court. Youre not gonna save yourself or think about going for that point or this shot or that shot. It just pulls you. Its normal. Playing at this level, you just want to give it all.

It could cause much more damage than it is at the moment, but it also could go in a good direction. So thats something that I dont know, and I dont think I will also know until I stop taking painkillers. As long as Im with high dose of painkillers, I guess, you know, still can bear some of the pain.

Djokovic said he did not know whether he would play until a few hours before the match but he produced a highly competent performance to overcome Raonic. Although he sometimes grimaced, he won 78% of first serve points, fired 41 winners to just 25 unforced errors, moved smoothly and broke Raonics considerable serve three times.

Playing best-of-five with kind of an aggressive mover that I am on the court doesnt help much with this kind of injury, but I think the combination of pills and treatments and also some willpower and of course certain degree and level of bearing the pain. Mentally I think you have to kind of accept that I did come into the match knowing that Ill probably feel pain all the way through, which was the case, said Djokovic.

Injuries were the theme of the day as the 21st seed Grigor Dimitrov produced a shock 6-4, 6-4, 6-0 victory against the third seed Dominic Thiem to reach the quarter-finals. Thiem offered little energy or resistance throughout, scoring just six points in the 21-minute third set. Afterwards, he noted physical issues but declined to further elaborate.

Some little physical issues, he said. I dont want to go closer to them. I dont want to find any excuses. But the thing also is that Im also not a machine. I mean, sometimes I would like to be, but there are really, really bad days. As soon as youre not a 100% there on the court on this level, then results like this come up and thats exactly what happened today.

Dimitrov will face the surprise of the tournament, Aslan Karatsev, a 27-year-old Russian qualifier who defeated the 20th seed Felix Auger Aliassime 3-6, 1-6, 6-3, 6-3, 6-4 to become the first male player in 25 years to reach a grand slam quarter-final on debut.

Read more from the original source:

Novak Djokovic 'gambling' on fitness after Australian Open win over Raonic - The Guardian

Last week Robinhood made headlines when a surge of stay-at-home traders manipulated the stock market. A forum called Reddits WallStreetBets coordinated a massive spike in a few struggling stocks. It caused a buying frenzy on Robinhood that raised $1 billion in new funds. Yet, while people focused on the money made, experts noticed monolithic signs of gambling addiction.

One of the earmarks of gambling is volatility. Some days you win a jackpot, and the next, you could lose $7,000. It is essentially what makes gambling so attractive. Unfortunately, it is a huge problem in the United States. Roughly 1% of adults are battling a gambling disorder, which is why researchers and competing companies are sounding the alarm on Robinhood. According to whistleblowers, the app is using exploitative practices to induce gambling in its users.

Much like gambling apps, experts claim Robinhood uses cues that promote addiction. The behaviors are similar to a gambling disorder. For example, when a new member joins the platform, an image of a digital scratch-off lottery ticket pops up on their screen. The picture is a welcome stub, a gift for joining Robinhoods community. The apps stub promises a free share of stock worth anywhere from $2.50 to $200. If the new trader wants the prize, they have to play by scratching off the image like a lotto ticket.

At first, the interaction seems harmless, even fun. Yet, Keith Whyte, the National Council on Problem Gambling executive director, warns that Robinhoods styling has features like common betting apps. He claims it encourages immediacy and frequent engagement. Through its design, Robinhood induces dopamine rushes (pleasure neurotransmitter).

By promising a free yet unknown gift, the company immediately triggers dopamine responses among their new users. The trigger is what keeps them coming back.

Some of Robinhoods many alleged dopamine inducing features include:

Research indicates that a flow of uncertainty and rewards hooks users. Much like drugs or alcohol, incertitude stimulates the brains reward system. Over time this repeated exposure can lead to addiction. Other studies show that volatility can even enhance cravings or the desire for drugs. The markets waves and Robinhoods fun interface are keeping users too loyal.

Through its charming elements like one-click trading and playful phone notifications, Robinhood has lured over 13 million customers. The apps simplicity and graphic design make trading feel like gaming. The platform has drawn in young investors by presenting complex financial instruments like a fun game. Unfortunately, financial experts believe that instead of helping users, the app is purposely downplaying trading risks. They suspect it to be a method to get users hooked to their platform.

Inexperienced investors are not actively warned about financial dangers. Instead, the apps design is drawing them to the riskiest forms of trading like options. The app also highlights more risky investments with dazzling neons like cryptocurrencies. Suppose the apps founders truly wanted to promote intelligent investing. In that case, theyd encourage safe opportunities like an exchange-traded fund (ETF) instead. Instead, Titan co-CEO Joe Percoco believes investors are being given a, fast new car, without driving instructions.

The zero-commission brokerage allows you to trade instantly with no minimum deposit. At first glance, the innovative app sounds like its helping democratize investing by not charging fees. But many believe its a strategy to induce more addictive trading (a source of income for the app). According to filings, Robinhood received $18,955 from trading firms for every dollar in the average customer account. Schwab only received $195 for the same deal.

The problem with zero commission trading is that it allows users to trade as often as they want. So users can sell or buy the minute their stocks go down or up. This form of trading is correlated with gambling behaviors. Dave Guarino, a product lead at the California Office of Digital Innovation, believes that Robinhoods goal is not to shift capital gains to everyday peoples hands. He thinks they are monetizing on gambling impulses.

This past week, people caught their first glimpse of the potential gambling issue within Robinhood. For years experts have warned the public about the brokerages questionable practices. Like the Titan, co-CEO Percoco noted, Robinhood is designed and makes money based on clients trading addictively. This is horrific. Robinhood is drawing millions of users to their platform through a gamification style. By downplaying trading risks, their methods are allegedly encouraging more trades. Overtime, users get hooked and the app makes more money. This dilemma is a severe problem that can lead to a rise in gambling disorders. Hopefully, researchers can get more information on Robinhoods alleged suspicious practices soon.

See the article here:

Signs Of Gambling Addiction In Robinhood App - Addiction Center

JEFFERSON CITY Two bills that would legalize sports gambling in Missouri, including on online platforms, were debated by state senators Tuesday.

In my view, theres really not much of a reason not to do it at this point, said Sen. Caleb Rowden, sponsor of Senate Bill 256. Its already happening. We might as well legalize whats already happening and make a little money off of it.

Twenty-six states have legalized sports gambling. Of those states, the 6.75% tax on revenue in SB 256 would tie Iowa for the lowest in the country.

At casinos in Missouri, there is currently a 21% gaming tax.

Sen. Denny Hoskins, R-Warrensburg, the sponsor of SB 18, a different sports gambling bill with a 9% tax on revenue, was critical of SB 256s low tax rate.

I just believe that were leaving a little bit too much money on the table for education, Hoskins said.

Mike Winter, executive director of the Missouri Gaming Association,testified in support of SB 256 and said it would establish the proper framework to move forward with sports betting in Missouri.

All this is taking place illegally, Winter said. Were trying to drive it out of the illegal market and bring it into a legal, regulated environment where we can be assured that bets are handled properly, consumers are treated fairly and those who have issues with gambling cannot participate.

Controlling compulsive gambling and preventing youth betting were concerns in the hearing. Hoskins said it will be important to have safeguards in place.

There are 3.4 million cell phones in the state, plus any computer, plus any iPad, so basically, this would be the biggest expansion of gambling in the history of the state of Missouri, Hoskins said.

Winter assured the committee that identity verification would be in place to prevent anyone who is underage from creating an account or gambling.

The other bill that would legalize sports gambling and mobile wagering is SB 217, sponsored by Sen. Tony Luetkemeyer, R-Parkville. A major difference in SB 217 is that it requires the use of official sports league data.

Consumers deserve to know that their bets are being settled using reliable, verified information... directly from the leagues and distributed real-time to mitigate the risk of incorrect results for consumers, Luetkemeyer said. In the absence of this, consumers would have to rely on data that is pirated, web scraping or collected covertly in stadiums.

Winter testified against SB 217. He said the bill was good for sports leagues but bad for regulation because the governing bodies of the sports leagues would hold a lot of power.

SB 217 has a 6.25% tax on revenue, which would be the lowest gaming tax rate in the country.

Bob Priddy is a Jefferson City resident concerned about the bills. With the low tax rates, he said funding for education, among other areas, will suffer. This bleeding of money away from state programs and services that are funded by our admission fees (at casinos) needs to stop, and right now. These proposals for sports wagering are just cutting into another artery.

The Kansas City Chiefs, St. Louis Cardinals and St. Louis Blues had representatives testify in support of both Rowdens and Luektemeyers bills.

The rest is here:

Legalizing sports gambling the focus of state legislation - Columbia Missourian

Has Reddit broken the stock market?

Fundamentals have never mattered less, yet the wild moves of a bunch of struggling stocks with dated business models could have real-world consequences. The companies can raise capital more easily by issuing new shares at elevated prices to help them survive or restructure, while executives with bonuses tied to the stock price are closer to cashing in fortunes.

The question isnt so much whether this spectacle makes a mockery of the idea that markets provide an efficient form of capital allocation in the economyit obviously does, at least for these stocks. The real question is whether something should be done about it, not to save investors from themselves or to prevent knock-on problems in the financial system (both worth exploring), but to improve the way the economy works.

The basic theory of markets is that they provide a way for capital to flow to the parts of the economy that can best put it to use, with the test being the ability to earn a profit. The prospect of an eventual profit should attract investors, making a stock rise. That makes it easier for the company to raise new money and for new companies in the same line of business to float, while also sending a signal to executives elsewhere that this is the right place to invest.

The theory has been turned on its head in the past couple of weeks. Reddit group WallStreetBets has delighted in buying flaky companies, because hedge funds were betting on their stocks falling. As rising prices forced hedge funds to retreat, stock-price jumps have sent the wrong signal for where capital should go.

Read more:

Gambling? In the Stock Market? Im Shocked. - The Wall Street Journal

LOS ANGELES, Feb. 2,2021 /PRNewswire/ --In years gone by a son would frequently graduate college and enter the family business - but the new era of legal sports betting changed that for 23-year-old Troy Paul.

A 2020 business graduate from N.Y.U., Troy told his Dad "Legal sports betting isgoing to be huge!"Eleven states have embraced legalizing sports betting, and many others, including New York, about to join the multi-billion-dollar party, with the NBA, NFL also getting on board.

Troy's father, Mark Paul, is perhaps an unusual Dadas he is the #1 selling gambling author in the United States with his book The Greatest Gambling Story Ever Told soaring to #1 on Amazon Best Sellers. "At first I was skeptical we could compete with billion-dollar gambling companies, but Troy found a great niche opportunity in the 'Affiliate' business marketing model, and we launched Sports Gambling Guides, LLC."

The firm provides avid sports fans with up to the minute articles and stats on players and teams that may lead to profitable betting situations, along with the real time odds from multiple online sports bookmakers, ensuring their clients get the best available odds. Having obtained eight sports gaming licenses/permits, they now receive fees for connecting sports bettors to legal on-line sports betting operators such as Draft Kings and Rush Street.

Troy utilizes all forms of social media marketing, with their Instagram quickly acquiring over 15,000 followers "What do men do in their time off? They watch sports, bet on sports, they live for sports," says Troy, "and soon they will be legally betting on game day action via their cell phones. It's an exciting time!"

Troy Paul may be the youngest licensed gambling executive in the United States.

Learn more about Sports Gambling Guides at sportsgamblingguides.com.

Twitter: @SGamblingGuides Instagram: @SportsGamblingGuides

PR and Inquires:

JW Robison

(310) 795-8985

290550@email4pr.com

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Father and Son Team Form Legal Sports Gambling Business - WFMZ Allentown

The Iowa sports gambling market is rapidly expanding as the biggest game in sports is set for this coming weekend.

Iowa Racing and Gaming Administrator, Brian Ohorilko, says all of the states casinos now have sports gambling operations and many are adding on. A number of the casinos that got into the game early with online sports wagering are starting to shop their second individually branded website, Ohorilko explains.

He says it is a natural progression of the 18-month old industry. Each casino can have three individually branded websitesthey all have one and many of them are now entering into their second agreements, he says.

Ohorilko says other sports gambling businesses are now looking at Iowa as the requirement that you go to a casino to sign upended on January 1st. This market has been inundated with new applications companies that are wanting to enter the market, Ohorilko says.

Ohorilko says sports gambling is a bright spot for the industry hit hard by the pandemic. Were seeing really good numbers right now and I think well continue to see market growth in the next few months. We are not seeing obviously as related to the pandemic we are not seeing any Superbowl parties. Thats something we are missing this year, according to Ohorilko.

He says the loss of those parties is part of an overall impact of the pandemic that has hit the general casino business this year. Attendance is still off significantly from what it was last year at this time. Revenue is starting to fall a little bit, Ohorilko says. Ohorilko says attendance will not improve until people feel better about getting out and doing things in public.

He does say that the casinos should have the benefit of operating this year in months where they were shut down last year by the pandemic restrictions.

The rest is here:

Sports gambling industry continues growing in Iowa - Radio Iowa