12.31.2007 | 6:22 pm | gambling
While many readers who follow the gambling industry will have heard of Russian Roulette, that crazy game whereby one bullet is placed in one of the 6 chambers of a gun cylinder. The cylinder is then spun and pointed at some ones head and fired. It is only by chance that the participants live or die, but where did it originate from and why is it even still mentioned today?
You will not be surprised to learn that Russian Roulette originated from Russia, although the exact history behind this hideous game is a little misty. There are two trains of thought which are :-
Legend One
In the 19th century Russia was a very different place to that of today, and there were many people locked up in prison for trumped up charges or minor offences. As the prison population grew so did the prison guard population and legend has it that they thought up a game in which they would load one chamber of a gun with one bullet, spin it and shoot, aiming at the prisoners. Apparently they used to gamble on the out come, and then move onto the next prisoner – the ultimate life gamble!
Legend Two
The second theory behind the game of Russian Roulette was based upon the many military wars and out posts of the USSR as it was then – and the terrible conditions which the soldiers were forced to operate in. With many of these soldiers suicidal it is rumoured that they used to play Russian Roulette to impress each other with their bravery – often not bothered whether they lived or died.
Quite what the history is behind Russian Roulette is not certain, but it has to be one of the craziest games ever dreamt up by a living sole. The saying “Its Like Playing Russian Roulette” is still fairly strong in many parts of the world, although thankfully the “game” has died a death!
12.28.2007 | 8:46 pm | Taxes
There are few industries in the world which can prompt such differing views and opinions than the casino industry. On the one hand you have the people who want to play and support freedom of choice, but on the other hand you have those who say they are dangerous and can cause major problems for the players and the surrounding areas (for offline casinos). However, over the last few years we have also seen a new player enter the arena, the politician (or the tax man!).
More and more we are seeing examples of politicians caught between a rock and a hard place when confronted with applications to build new casinos. The need to balance the needs and opinions of all in the areas affected have seen a number of agreements which mean that taxes from local casino operations are “ear marked” for local needs. But is this the right way to attract casino operations?
When it comes down to the bottom line, the various local authorities in any country in the world could always do with extra taxes to bolster services, etc. There are few industries in the world which can offer such high tax income - and on a surprisingly regular basis when you consider the laws of probability associated with the industry. The truth is that while there may be short term blips, the income from casino profits is often fairly regular when taken over an appropriate timescale. But is it right to offset the authorisation of casinos with the funds raised for local regeneration?
When you get down to it, if a local authority were to reject an application for a casino the operators would only go to the next state, town, city, etc and apply there. So the trend towards ear marking casino taxation for local regeneration is probably not a bad policy, although you will never please all of the people all of the time!
12.25.2007 | 9:29 pm | News, casinos
While there have been stories of major casino swindles and tricks over the years, the casino of today is very much different from the infamous Monte Carlo Casino. The casino was famously cleaned out by a gambler who realised that the tables were not level and managed to use this to his advantage. But do you know when surveillance cameras came in and who used them first?
The first full time casino surveillance cameras were introduced by The Mirage casino, on the Las Vegas Strip, in 1989. This was perhaps one of the major turning points for the casino industry and the moment when many realised how large the industry could become. Originally introduced after suspicions of irregular gambling activity the move to higher security in casinos has gone from strength to strength. Every table, every angle and every gambler is now under review when you enter the main casino venues around the world.
While the introduction of the security camera has probably scared off a lot of the so called “sharp” gamblers (those willing to use a variety of means to win) there are still a number of known gangs around the world who have and continue to target some of the less security conscious venues. In an industry where the odds are always in favour of the house, the industry has been shown to be ruthless with those who cross them, but with million of dollars at stake can you really blame them?
Even online casinos have introduced a vast array of security software into their game play, and there have been no major security issues in the online industry since inception. However, this has not stopped a number of people form using systems and software to try and gain the upper hand, but few have been very successful in their pursuits.
12.24.2007 | 9:12 pm | Poker, Poker Stars
For those of you who have ever played the game of Poker you will probably have heard of Christopher Bryan Moneymaker, commonly known as “Moneymaker”. While there are many players out there who hit the headlines, Moneymaker has received more than his fair share of coverage and success to go with it. So where did he come from and what is he all about?
Christopher Bryan Moneymaker was born in Atlanta, Georgia in 1975 and he is probably best know for wining the main WSOP even in 2003 – a win which many believe was the main reason for the resulting Poker boom. However, if you thought that Poker was Moneymaker’s only skill, think again, he has a master’s degree in Accounting!
While Moneymaker has been involved in some epic games, and released a book explaining how he went from a $40 hand to $2.5 million plus, he is probably best know as one of the best bluffers in the game. There are countless games when he has turned mediocre hands into match winners with his Poker Face and strong will to win. Some claim that he can be a little reckless, but few can carry off the hardest trick in the book as well as Moneymaker.
While Moneymaker turned professional in 2003 after his WSOP win, he is also one of the games leading spokespeople, often involved in the workings of the game and organisation of events. In an industry where the razzmatazz is just as important as the quality of the games, Moneymaker has been a leading light in bring Poker players and Poker tournaments together.
Despite his high profile and numerous media commitments, Moneymaker is still one of life’s travelers and regularly attends the leading Poker tournaments around the world. It seems that you can’t keep the man down, and the will to win is still burning as bright as ever!
12.21.2007 | 12:28 am | casinos
Despite those who said that the sale would fail it has been announced that after over one year of awaiting regulatory clearance the sale of the world’s largest Casino Company, Harrah, is finally going through. The $17 billion acquisition has been held up for over 12 months by regulatory red tape which many had feared would put the deal in jeopardy.
The company has been acquired for $90 a share by a private equity consortium consisting of Apollo and TPG, making them the largest casino operators in the world. Despite being the major player in the industry Harrah have suffered of late due to over expansion, increased investment costs and increased competition in the sector. This has opened the door to the private equity firms who may well decide to split up and sell on some of the company’s assets to bring it down to a more manageable size. However, they may well be able to introduce a number of financial changes which could make the $17 billion acquisition look like money well spent!
Apart from the fact that there is still great interest in the industry, and predators looking to take advantage of wounded companies, the deal has also highlighted the much increased regulatory risk which is associated with the industry. The 12 month delay would have been very expensive to the new owners who were required to have definite funding in place before they could even be considered by the regulators – the cost of carrying the $17 billion option would have been enormous. Will this put off any other acquisitive companies?
There are many private equity firms out there who have great skills in managing companies which have maybe over stretched themselves in the short term. They can also receive a variety of tax breaks to encourage their activities, which many argue gives them an unfair advantage. Either way it takes some nerve to invest $17 billion into any venture, and the risks associated with this!
12.20.2007 | 9:25 am | News, casinos
As much of the working world comes to a close this week many casinos across the UK are bracing themselves for the Christmas rush, the once a year players who dare to venture to their nearest casino. So why does Christmas seem to bring out these once a year gamblers?
Over the last decade the emergence of the UK casino from a back alley industry to the main stream has been remarkable. For years they were the hidden are of the gambling industry, unable to advertise, unable to sign up customers on the same day and possibly one of the most regulated industries in the world. So what changed?
The internet opened up and as the authorities realised that they were unable to fully control the online casino industry, it was noted that the offline industry was being starved of oxygen and left to die. Conscious that these offline casinos were the source of great income for the authorities it as decided to give them a fighting chance against their online competitors. The year 2007 will be remembered as a major breakthrough year for the industry, a year when the barriers came down and they emerged form the darkness.
So what does 2008 hold for the UK casino industry?
While 2007 saw a lot of changes on the regulatory front we also saw a number of casino companies changing hands at highly inflated prices. The emergence of Far Eastern players into the UK market has been marked in 2007, as has the growth in profitability. Industry observers see 2008 as another year of major change in the UK with some of the smaller companies under scrutiny yet again, we are seeing the great Rank struggling to survive market changes and the emergence of new and exciting companies.
While 2008 will struggle to have quite the same impact as 2007, it will never the less be an interesting 12 months!
12.19.2007 | 9:22 am | News, casinos
While 2008 has been dominated by the emergence of Macau as the number one casino destination in the world, what does 2008 hold for the industry? More of the same? Increased competition? The emergence of a new casino hot spot?
Even though 2007 has been one of the best years ever for the industry, whether 2008 can be as successful is very much open to debate. There are already plans to invest additional billions into areas such as Macau although there is speculation that the area may well become over populated with casinos in 2008. The casino industry is such a fast moving market that once an area has been over populated, or where competition is so intense that profit margins begin to fall, they will just look elsewhere. There are many smaller states or countries around the world who would welcome the injection of a new and vibrant industry to “put them on the map”.
There has been speculation that the Indian market will be the next big area, but there are still a number of regulatory and cultural difference to over come before the market can be truly opened up to the major players. The population, the growth in wealth and the technology break throughs have seen India emerge as possibly the next economic hot spot, with inward invest increasing at a massive rate.
Will the Indian markets open up in the future? Will the US bring online gaming back into the fold in 2008?
There are many questions which remain unanswered as we move towards 2008, but one thing is for certain, the industry will need to battle against the credit crunch (which is affecting investment capital) and an expected slowdown in the world wide economy. The casino industry is the one industry which seems to revel in such adversity and always seems to come out on top – this year will be the toughest for a while, so let battle commence……
12.18.2007 | 11:09 pm | casinos
The casino magnet which is Macau has today seen the doors of the 28th Casino fly open, after the launch of a joint venture between MGM Grand and Pansy Ho – a well connected business man from the enclave. The $1.25 billion venture has taken some time to complete, seen speculation about cost over runs, but it is finally here and open for business.
As readers of this blog will know, Macau is the only area of China where gambling is legal, and has attracted all of the major names in the casino industry. The enclave itself is tiny and is dominated by the casino industry, but after the launch of the 28th casino is that it for now?
When you consider that Macau brought in more revenue than the whole of the Las Vegas Strip last year, and is the number one casino capital of the world, you might appreciate how important and domineering the industry is. There are many who have expressed concerns that the levels of investment in the area will mean ever tighter profit margins and competition the like of which has not been seen any where else in the gambling industry. The need to be successful is paramount and the competition will only get stronger and stronger.
However, while the Macau area itself may be relatively small, there is a ready made market of over 100 million gamblers living next door in China. The Chinese have long held a love of gambling and casinos are just another extension of this long relationship. If the new casino players are able to capture the attention of the Chinese masses then they could make the casinos pay handsomely.
Whatever happens, Macau will go down as one of the success stories of our era, an era which saw the tiny enclave grow from nothing to be the leading casino operator in the world. Where will the casino journey take us next?
12.17.2007 | 11:05 pm | Poker
As they say in football, it is a simple sport made difficult by the players, but is it the same of Poker or is it a whole different ball game?
When you strip down the big bucks, the billion dollar casinos and the flamboyant Poker players around the world, Poker is a very simple game which you can make as complicated and high pressure as you dare. Even if you have the best hand on the table there is no certainty that you will actually take the pot – it all depends how brave or stupid you are, and how far you are prepared to go.
One of the main attractions of Poker is the fact that even if you have the worst world in the hand there is still a chance that you could bluff your opponent and take them out. You need to have a number of characteristics to play Poker which include :-
Determination
Poker is not a game for the faint hearted, especially when you consider you might be playing for over $1 million! If you are not able to see through the courage of your conviction then maybe Poker is not the game for you.
Lightening Quick Mind
The game of Poker can all change on one card, and you need to be able to roughly calculate the chances of someone beating your hand when you consider what cards you have and what cards have been turned over. This can be a very lucrative art if you can master it.
A Thorough Understanding Of The Game
While many people take this for granted, you would be surprised how many people still get into situations in which they make the wrong move, or act incorrectly and against Poker etiquette. Learn the game inside out otherwise you have no chance of being a winner!
On that note, good luck!
12.14.2007 | 9:12 pm | Poker, Poker Stars
A teacher from Penrith, Australia has just registered a record Poker win in the first ever Asia Pacific Poker Tour event, taking home a cool $1 million after taking on and beating 561 other players!
Grant Levy became the first Australian to pocket that kind of money within his own country and managed to take out 4 former champions in the process – names such as Joe Hachem, Scotty Nguyen, Chris Moneymaker and Greg Raymer. The 28 year old teacher had been practicing the art of Poker on the array of online sites available, which seems to have done the trick. While there is a massive step up from playing in your own home to playing face to face, under the spotlight, Mr Levy seems to have taken to this like a duck to water.
Even though Poker has always enjoyed a large presence in places such as Australia and the Far East it is interesting to see record wins being produced even though the US online ban is still in place. Indeed local casinos have been recording an increase in their foot-fall (the amount of people who visit their tables) which bodes very well for the future of the game in the area.
Interestingly it also shows that while some of the big names continue to take the limelight, there are new, up and coming payers who are more than willing to look the ex-champs in the eye and take them on. Already the Australian industry has recorded some great feedback from the gambling public with many now looking to chase their very of $1 million jackpot in due course!
Poker is a game that is understood and played around the world, bring in massive entrance fees, sponsorships and prize money not to mention the effect on the local economy where these events are held. The offline business has never been better, and it is hoped that some day soon the online business will reach the heady highs of years gone by.
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