10.31.2007 | 10:20 pm | Poker, News, casinos, gambling
Over the last 12 months we have seen one of the most dramatic of collapses in the online gambling industry, with the US effectively pulling the plug on any online gambling activity in the country. However, over the last few weeks we have started to see some reassuring comments from the online casino companies, with income stabilising, and in many cases actually moving up, and demand starting to pick up again. Is this the start of a recovery, or just a blip?
While the US has always been a major part of the online gambling industry, due in the main to the gambling culture already prevalent in the country, the effective banning of online gambling did hit the industry hard. Investors jumped ship, the banks turned up the heat and for a while player numbers were only a fraction of the past numbers. However, it seems that the sector may be experiencing a resurgence with Europe showing particularly good growth, where the likes of Poker continue to grow in popularity. We have also seen a number of high profile competitions visit the likes of London, which has again stirred interest in this sleeping giant of an industry.
Even though there is still a long way to go before players numbers will remotely touch the numbers before the US ban, there is an appetite for shares in the sector again. Investors are starting to wonder if many of the big players have been over sold, and there is always the chance the US decision will be reversed in due course (although recent signs indicate this is some way off, despite earlier expectations).
It seems as though the sleeping giants are waking from their slumber, but will they be punch drunk from recent events in the sector, or will they emerge fitter, leaner and stronger than ever? Time will tell…….
10.30.2007 | 10:44 pm | Poker, casinos, gambling
If you spoke to 100 people about their views on Poker, is it skill or is it a game of chance, you would probably get a wide variety of answers, reasoning and comments. While there are certain elements of skill and chance, the truth is probably some where in between. So can you really increase your chances by counting the cards, and estimating the probability of certain cards appearing?
It has been proven that it is possible to increase your chances of winning just by doing some simple calculations while you are playing. For example, if you have two Kings, and you see another player receive a King from the pack, then you know that the chances of you picking up another King have been greatly reduced. These are the simple, yet potentially highly effective situations you should be monitoring and working out the probability in your head. It does not have to be exact, just a simple estimate will do.
The facts are that there will always be 52 cards in the pack, there will always be the same amount of suits, there will always be the same amount of fives, etc, and while you will not see all of the cards laid you will see some and be able to estimate the chances from what is “known”. It then comes down to how much risk you are willing to take, whether you are willing to try a bluff, or whether you just fold and live to fight in the next hand.
The professional Poker players are also experts at picking out the characteristics of opponents, the speed they play their cards with a good hand, the expressions on their faces and their overall “mood”. These techniques are not rocket science either, just simple observations which can give away so much about an opponents hand.
While many people may be good at estimating probability, many may be good at reading opponents and many at bluffing their way through, very few people have all of these “gifts”. That is what makes a professional stand out from the rest!
10.29.2007 | 8:12 pm | News, casinos
While currently in the process of being acquired by a number of private equity buyers, the takeover of Harrah’s Entertainment could cost proposed joint owners Apollo Management and Texas Pacific another $2.8 billion in increased debt. The potential debt relates to a lawsuit started in 2000, which may result in the debt element of the takeover increasing to some $16.7 billion!
The lawsuit was original taken out by the St. Regis Mohawk Tribe of New York in 2000, and relates to a deal which Harrah’s Entertainment signed under its former name, Park Place. The Mohawk Tribe claim that the joint venture casino agreement they signed was a way of keeping the Mohawk Tribe away from Harrah’s Entertainment’s four Atlantic City casinos.
In a move which caused much controversy in the States, the Mohawk tribal court awarded the St. Regis Mohawk Tribe of New York $1.8 billion in damages and an additional $1 billion in interest. While Harrah’s Entertainment do not recognise such Tribal Court rulings, the Mohawk Tribal Court are currently attempting to ratify the award through the federal courts.
This saga yet again brings the Tribal governance issue to the forefront of the political agenda, just ahead of next years presidential elections. In what could potentially become a political “hot potato” all parties involved will be wary of upsetting either side of the argument. Is the ruling correct? Is the ruling valid under US legislation?
These are all questions which need answers, as the unique Tribal casino agreements throughout the US come under further scrutiny. This is yet another chapter in the history of the US casino industry which looks like being dragged through the courts, under the full public glare. This case has been ongoing for some seven years, and nobody is holding their breath for a swift settlement of the issue.
10.26.2007 | 10:48 pm | News, casinos
Even though it has long been common knowledge that casinos and gambling were very popular in the Far East, the US (and especially the likes of Las Vegas) has long since been seen as the world face of the casino industry. The US have built a massive industry on gambling, especially poker, in a country where the various religious based political groups have long fought against the industry. It seems that with next years election getting closer, the main political parties have had to take note of some of the more peripheral political parties - with gambling being high up on the agenda.
Has the recent change in laws regarding online gambling effected the position of the US in the long term?
There is no doubt that the unhelpful attitude of the authorities has forced many companies to look to other areas of the world. Macau (an independently governed province of China) has emerged as the new capital of the casino industry, and while recent attendance figures were lower than expected, the rise has been as dramatic as it has been quick.
It seems as though many casino companies had already spotted the area as a prime target for the industry, with little domestic industry, high unemployment and a governing body looking to the future. The companies who have invested there have received invaluable assistance from the authorities and local business people, who have all seen the potential for the future. With literally hundreds of billions of dollars at stake, the risks as there, but the potential rewards are enormous!
While the face of the casino industry may still be Las Vegas in many peoples eyes, turnover and visitor numbers are still on the up in Macau, and their US counter-parts are having trouble keeping up with the pace. What will the US authorities do now?
10.25.2007 | 3:30 am | News, casinos, gambling
It has recently been acknowledged that more than half of all NBA referees have visited casinos over the last year, which is against there terms of employment on the NBA circuit. However, NBA official David Stern has refused to punish those guilty of breaking the rules ahead of an expected relaxation of the strict conditions. Quite why the casino ban is in place is unclear, but it was highlighted in the recent case of Tim Donaghy who fell in with a gambling syndicate looking to influence the outcome of games.
So is it really possible to stop sports stars and officials from gambling, whether this be in casinos or on sports books?
While the NBA rule book looks like being amended to allow referees to visit casinos in the close season, they will still be banned from gambling on sports books. Even though many are bemused about the casino ban, it seems that while in the company of the gambling fraternity, there may be potential temptations for some sports stars and officials. Even the slightest piece of advice or comment about a certain event is against the rules put in place to protect the integrity of a number of sports.
Ultimately, no matter what the authorities say in public, it is nearly impossible for them to be pro-active rather than reactive. They can only act when the rules are broken, and with more and more people using “proxy” accounts to place their bets the authorities seem to be fighting a losing battle. But what is wrong with an old fashioned bet?
It is not so much the gambling which the authorities are concerned about, it is the potential to become involved with or targeted by ruthless gambling “fixers”. There have been instances of a number of officials and stars blackmailed in the past for “informed” opinions on certain events. As the screw is turned tighter and tighter this can often move on to the subject of “fixing”, with potentially large rewards for an informant. Once part of this community, it can often be difficult to leave!
10.24.2007 | 10:29 pm | Slots, News, casinos, gambling
In a move which may have major repercussions for the right to legal redress against the many Indian Casinos throughout America, Gary Hoffman is suing the Sandia Resort and Casino for some $1.6 million after the casino blamed a computer malfunction when he “won” a slots jackpot. The casino management then took Mr Hoffman aside and claimed the jackpot win was null and void, instead presenting him with $384 and an array of free meals.
After his “win”, Hoffman was surrounded by customers and casino staff who offered congratulations to the quiet gambler who could not believe his luck. After being ushered into a private room, where he expected the jackpot win to be settled, he was amazed to be told he would not be receiving the winnings. He has since taken legal advice and is taking the casino management to court, but what are his chances of success?
While it was confirmed that there had been a malfunction with the slots machine, which should not have offered payments over $2,500, Hoffman did nothing wrong and should surely be entitled to collect his win? Unfortunately, legal opinion is mixed and there are those who are suggesting that as the Casino was regulated under Indian Tribe rules, he may have no legal recourse in the US courts. This in itself has the potential to blow a hole in the whole US / Indian Tribe Casino industry, which has expanded rapidly over the last few years.
The case will be going before the courts very soon, and will be closely watched by an array of casino companies, all looking to up hold the name of the industry, while protecting their own positions. If the case is thrown out then this may put pressure on the US authorities to take action. Would the authorities then be brave enough to rebuke the Indian casinos, or would this be political suicide?
10.23.2007 | 5:47 pm | casinos
While probably not as well know in the west as he should have been, Lim Goh Tong, one of the worlds first true casino barons recently died today after a short illness. He may be gone, but he has left his mark in history, and left behind one of Asia’s true multi-national companies spanning the world, and a whole variety of industries, including the original casino sector.
Born in China’s Fujian Province, Lim Goh Tong made his name in Malaysia where he originally began life selling vegetable seeds to look after his family, after been thrown in at the deep end on his fathers death. In his early days he proved quick of mind and quick of feet, often venturing into areas he knew little about but always making a good living.
It was in 1963 while walking along the mountain hills of Malaysia that Lim Goh Tong had the idea of building the countries first casino on the hillside. Aged 45 at the time, he was warned by many that he was wasting his time, money and energy, although despite the fact he had to fund the project himself, he began his adventure. It took 7 years to build, and nearly drove Lim Goh Tong to bankruptcy with call after call after call on his savings.
After 7 long hard years he finally opened his 5,9000 casino built into the hillside, even attracting support from the local government authorities who gave him an array of tax breaks, a casino licence and assistance with his transport links. This was only the beginning of Genting, which grew into one of Asia’s most powerful companies.
On his death he was listed in the famous Forbes rich list with assets of $4.3 billion, not bad for someone who started from one of the poorest of backgrounds imaginable. While Lim Goh Tong may be gone, his spirit lives on.
10.22.2007 | 4:28 pm | casinos
In a strange way the onset of online casinos has actually brought traditional casinos back into the limelight and visitor numbers are running at record levels, due to a mixture of increased popularity and a relaxation of various gambling laws around the world. However, it does now pose the question, is a night at the casino a gamblers paradise or a social event?
As there are very few city centres in the UK who do not offer access to a casino, a night on the tables has become part of a social evening for many. We are seeing groups of people looking at finishing their nights off at the casino, with limited funds, trying to catch that big one or have a little bit of fun. Drinks on tap, complimentary food and a more professional atmosphere are some of the small changes which have brought the industry into the 21st century.
So whether you are a regular gambler looking to draw a few aces, or someone looking for something a little different on your next night out, there really is something for you. More and more people are also polishing up their casino skills online and familiarising themselves with the rules and etiquette of the casino. While there are many who believe that the online casinos are fighting the offline casinos, this is not the case, with both variations feeding the market for each other.
We are also seeing more and more traditional casinos catering for their online custmers, using both businesses to promote each other. The proof really is in the pudding, and we have seen record investment into the casino industry over the last few months. Websites are changing hands for millions of dollars and we are seeing hundreds of million of dollars invested into new developments.
Often renowned for attracting the rich and famous, casinos are now within the reach of the majority of the population, with many finding that it is not all serious, and it can be fun!
10.19.2007 | 8:53 pm | Poker, Poker Stars
In a move which has brought surprise and intrigue to the world of Poker, it has been announced that former FBI spy catcher Joseph Navarro has transferred his behavioural skills to the art of Poker, with some pretty impressive results.
Between 1993 and 2003 Navarro was one of the leading specialists on behaviour and assisted the FBI with interview and interrogation techniques. After taking a little time out after his retirement he has now joined the renowned World Series Poker Academy where he is teaching some of the super stars of the game how to read and interpret the movements and behaviour of their opponents. While this may seem a little petty to some, the fact that a signal may mean the difference between winning the million dollar jackpot, or slipping down the ranking, means it can easily be justified.
When you see the suggestions and comments written down on paper it all looks so easy and simple, but the advice and comments about posture and the like have taken years of analysis. The fact that many people become hunched on a bad hand, and stand up straight and proud on a good hand, are two of the more simple give aways. Playing with your hair, or touching your face or throat also seems to indicate a lack of confidence, and maybe someone you could target.
When you consider that the likes of Phil Helmuth has attended one of Joseph Navarro’s classes, and came away with three pages of useful notes, you may start to appreciate the importance. Even Helmuth (who seems to have very little to learn in the world of Poker) admitted that Navarro taught him “a few tricks”. As more and more people look to Poker as a full time vocation, the reading of your opponents body language may just give you the advantage to bring home the big bucks, but beware the dummy signs!
10.18.2007 | 9:14 pm | Poker
The news that five stars of the US Poker scene have agreed to tour the UK in November, to take part in the Great British Poker Tour, already has many UK Poker players drooling at the mouth. As stars such as Phil Laak, Antonio Esfandiari, Jennifer Tilly, Robert Williamson III, and Jamie Gold get ready for their trip from the States, we are already seeing signs of greater interest in British Poker. Mind you the £500,000 first prize may have something to do with the pick up in interest!
The event is being Sponsored by Gala, and while the UK market continues to grow, it really does have some way to go to match the massive interest in the United States. As we have suggested on a number of earlier posts on this blog, many are expecting this increase in traditional Poker tournaments to transfer to the online arena, and the other way around.
The recent relation of UK gambling laws has yet to have any great impact, but with the big Casino players looking to increase their public exposure dramatically, we should see Poker player numbers rising considerably over the next few years. While the £500,000 jackpot may not be massive on the US scale, it is one of the largest UK Poker jackpots so far.
While the buy in price of £2,500 for the Great British Poker Tour may eliminate many would be players, there are still many in the UK happy to part with that kind of entrance money for the chance of the big prize. Will the US champs walk away with the Queen’s money, or will the British Bull Dog roar with pride?
Whatever happens the industry should benefit from higher player number in both in the short term and longer term, but quite how fast the figure grows remains to be seen.
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