07.31.2008 | 4:41 am | News, gambling
After announcing in March that the EU were set to investigate the United States ruling banning online gambling, American representatives have postponed negotiations – with no reason given as to the delay.
The EU’s concern over the US online gambling industry is the effect that the current ban is having on trade agreements with European countries. These concerns were magnified by the recent dispute between Antigua and the United States over the online gambling ban, and prompted both the EU and the World Trade Organisation (WTO) to become involved in a formal investigation into US legislation banning online gaming.
The main issue at hand is the Unlawful Gambling Enforcement Act (UGIEA), which has increasingly been seen as discriminatory against non-US operators of online gambling sites, due to the fact that US operators can dodge the consequences of the law by simply banning American players in order to evade prosecution by the US government if they are caught providing gambling services to US citizens. However, non-US operators cannot avoid the law in this way. The UGIEA is also considered as hypocritical, as it excludes offshore operators from the gambling business, yet local gambling operations such as horse racing are still being permitted. The dissent over this piece of legislation has been highlighted by the fact that only one state in the US has agreed to comply with the UGIEA – California.
As a result of this controversy, the Remote Gambling Association, along with the EU and the WTO issued a formal enquiry to the United States, which was quickly refuted with claims that the UGIEA did not discriminate against European gambling operators. The case was to continue this summer, to hopefully solve the complicated situation once and for all – but with the postponement of the negotiations, the controversy looks set continue for some time yet.
07.30.2008 | 4:43 am | News, gambling
Last Friday saw another steep decline in the average daily stock price of nine out of the ten publicly traded gaming companies in Las Vegas. Applied Analysis, which tracks the stock price changes of these ten corporations, charted a fall of up to 35 percent, continuing the slide which began in March. Overall, this slump has sent the Applied Analysis Gaming Index down by 58.54 points to its lowest figure since September 2006 – to just 370.58 in the past month.
The companies with the steepest declines were the Boyd Gaming Corp. and MGM Mirage, registering drops of 35 percent and 33 percent respectively. Additionally, the leading corporation Las Vegas Sands, which owns successful Strip casinos such as the Venetian, registered another steep drop of 28.8 percent, despite its 81.4% increase in revenue within the quarter.
These fluctuating figures are largely billed as being due to the concerns of investors thanks to several pieces of bad news during the last quarter – for example, gaming revenues reaching their lowest point in May for 24 years, along with casino-specific news such as the announcement of MGM Mirage that their financing for the delayed $9 billion CityCenter development had not yet come through. Brian Gordon, partner at Applied Analysis, yesterday stated that “investors are concerned… there’s a lack of confidence” and explaining that “low levels of consumer confidence have spilled over into concern on the part of the investors”.
However, some industry experts see a more positive future for the gaming stock market, with reports that some major gaming companies gained in value during the last few days of July – and several casino operators have reflected this by reporting that July’s gaming action has been better than previous months. The future may see a marked improvement in the stock value of the gaming industry.
07.29.2008 | 4:45 am | casinos
Leading casino development firm Boyd Gaming announced on Friday that they will suspend work for nine months to a year on a mega-development with an estimated cost of $4.8 billion dollars. It is thought that the decision has resulted from the increasing number of signs that the gambling industry is declining, such as the steep drop in revenue from casinos seen in the last quarter. This drop is a direct effect of things like the credit crunch, rising unemployment figures and soaring fuel prices, which have decreased the tourist flow to Las Vegas dramatically in the past year.
The development, provisionally named as ‘The Echelon’, was set to include a 140,000 square foot casino, almost 5,000 guest rooms spread over five hotels, two theatres and 87 acres’ worth of meeting and exhibit space. Construction was to have begun this summer.
Whilst the frozen construction site has been slated as “an eyesore” and “an embarrassment for sure” by several Las Vegas tycoons, many market analysts see Boyd Gaming’s decision as a wise one, with Jeffrey Longsdon, the BMO Capital Markets analyst, saying that “the decision to stop work removes both the company’s financial burden and the project’s risk of failure”. He also said that the decision shows the “financial discipline” of the leading corporation. Boyd Gaming stated that their decision would stabilise their business by giving them time “to focus on restoring momentum in our core business and for consumers in general to regain their footing and confidence”.
The news also heralded a more positive outlook for the stock value of Boyd Gaming, with investors driving its value up as much as 34 percent after Friday’s announcement. The delay also has wider benefits for the Las Vegas casino community as a whole, as it will reduce competition within the market. Whilst the delay has been a blow to the expansion and modernisation of the Vegas strip, in a time of economic difficulty it has proved a wise decision.
07.28.2008 | 4:47 am | casinos
A bill to legalize and regulate interstate online poker is moving quickly through the California Senate, with a decision anticipated at the end of the month. If the bill is successful, it may set a precedent for other states to legalize the online poker process, widening the scope of the online gambling market and leading to a huge increase in revenue and popularity for online casino sites.
The bill has been sent to the Senate Appropriations Committee and, if they approve it, the next step is a full vote by the state’s legislature. If successful, California will be the first state to offer its citizens legalized and regulated online poker that meets the guidelines of the UGIEA.
The bill, introduced by Democrat Lloyd Levine, was originally formulated to form a commission to investigate online poker and the reactions that Californians have to the game. This study was supposed to provide enough information for the senate to decide whether or not to legalise online poker. However, the results of this study proved controversial and as such have been discussed by various members of the senate, only recently progressing to the next stage in the legislative process. It has also undergone some statutory developments, for example new demands that licensing and registration of online poker games should be mandatory, along with integral player protection.
The groups behind the bill – the California Bureau of Gambling Control and the California Gambling Control Commission – have the full backing of Californian citizens, most notably the Poker Voters of America, who have made several press statements in support of the bill. Its fast progression has been considered as a positive sign for all who are involved, with the Poker Voters’ president Jim Tabilio pleased that the state’s legislators are taking the bill seriously.
07.25.2008 | 9:12 am | News, casinos, gambling
The calls for the legalisation of online gambling today received a strong boost with the words of Professor Kathryn LaTour of the University of Nevada, Las Vegas (UNLV)– with her study stating that legalisation and regulation of online gambling in the USA could reduce some of the harmful effects of the activity.
Legislation to regulate online gambling could help stop gambling addiction, whilst simultaneously keeping underage gamblers out of virtual casinos. In her study, LaTour also suggested that the regulation of online gambling was necessary to stop “gambling behaviour becoming a component of the consumer’s everyday life”, comparing it to other leisure activities like watching television.
Professor LaTour adds credibility to the usual campaigners for legalisation, such as the online gambling community and owners of off-shore gambling site operators, because her study was not funded by the gaming industry – instead receiving endorsement from the department of UNLV which she teaches at. LaTour also claimed that, on a personal level, she was not opposed to the practice of online gambling as long as some limits can be set – suggesting a sensible balance between the two viewpoints.
With the online gambling industry making between $10billion to $20billion every year, it’s at no risk from elimination in the near future. Experts think that regulation of the industry could bring in revenue for the government in the form of taxes, especially given that regular gambling is legal in several states across America, including Nevada.
Professor LaTour suggests that the dangers of online gambling are much greater than legalised gambling in casinos, due to the lack of regulation present in the online market. This leads to online players becoming addicted faster due to the lack of social interaction when gambling online. Although Nevada rejected a recent proposal to legalise online gambling, LaTour hopes that her new study will convince the state that regulation of the online market can lead to a less harmful practice in the future.
07.24.2008 | 10:13 am | Poker, News, casinos, gambling
Popular online casino “Money Casino” will today celebrate its third year anniversary by offering its most loyal members a brand new software upgrade along with a range of innovative bonuses. Additionally, an anniversary bonus will be available to all members, offering a 100% bonus on the first five deposits, up to a total of $500. The new software will provide users with enhanced performance, improved graphics and advanced play options.
The updated software includes the option to make the most of internet ‘tabbed browsing’ by playing several different games in different tabs. This will allow players to run games simultaneously, letting the user load new games without stopping their current one, and, if using auto-play, players can play up to five games at the same time. However, the new software will not only improve the players’ gaming experience, it also offers superior customer service thanks to a live chat system, where users are connected to support staff within minutes, without quitting the games they are playing.
Game manager Terence Perry has high hopes for the enhanced software, describing it as “elegant, smooth and ultra-modern”. It will offer over 50 slot games, with five different groups of progressive jackpots – meaning that the stakes are raised for users of the new software. Signature casino games such as blackjack and roulette will also be included, complete with unique controls, such as a strategy table to assist different levels of player at the click of a button.
These updates should reflect a wider progression in the online casino market, with a move towards more streamlined technology making use of the advanced capabilities of the internet today, such as ‘tabbed browsing’, and using these not only to enhance gaming capacity, but to provide a better customer service to all users.
07.23.2008 | 10:16 am | News, casinos, gambling
The Pennsylvania-based fantasy games company RotoPlay Inc. today filed litigation against UK online betting company Sportingbet after claims that the UK company had infringed copyright by plagiarising their “sports lottery”games. Additionally, the suit alleges that Sportingbet are now offering the games on its site as original material. Korey Gardner, President of RotoPlay, today launched a stinging attack on the British company, stating that “Sportingbet copied all of our lottery games, unique scoring system, game rules, HTML code and tie-breaker information verbatim”.
Spokespeople for the US company have expressed shock at the alleged infringement, because Sportingbet had been involved in negotiations earlier in the year about licensing RotoPlay’s games for their own site in order to use them legally. Since 2001, RotoPlay has offered its unique “sports lottery” games, which require fantasy sports players to use their skill to decide which six athletes (from a list of 54) will score the most points that week. The games also feature a prize pool for gamers who have selected the most successful athletes.
However, it’s no surprise that Sportingbet have attempted to cash in on the fantasy gaming industry – this market is growing at a rate of 7-10% annually, has almost 18 million participants and generates more than $1.5 billion in North America alone every year. It was also excluded from the recent preventative legislation towards online gambling, the Unlawful Internet Gambling Enforcement Act, meaning that operators can advertise freely to bring in more revenue. This makes it an increasingly more viable option than regular internet casinos.
The case will continue against Sportingbet in the near future, but the fantasy games industry shows no signs of slowing down as a result of the plagiarism.
07.22.2008 | 9:20 am | News, casinos
According to a recent report by Markets and Research, Belgium is the latest of a number of European Union member states to express an interest in liberalising its gambling industry – particularly in the online market. The government have shown interest in adopting new legislation to provide for private online casinos and gaming site operators, signalling a less protective stance on state-owned casino and lottery gambling monopolies – and specifically, the government have stated they wish to regulate the online casino sector.
The new government position conveys a more positive feel towards the Belgian online gambling industry as a whole, indicating a more liberalised future for the gambling market.
This attitude mirrors the government’s tolerant position on other aspects of the gambling industry, as shown through the establishment of state-run casinos, and the recent proposal to permit the Belgian National Lottery to go online, which some analysts have forecasted for early next year. Along with this proposal to modernise one of the most tolerated forms of gambling, it is only reasonable that updated legislation to protect and expand the rapidly-growing field of online casinos should be proposed.
The progressive attitude of this small European country is predicted to spread across the European Union, despite heavy opposition from countries such as France, and has already been mirrored in larger countries such as the UK with the government’s proposal in 2007 to build the first “super casino” in Manchester.
The acceptance of a wider online casino market in the country which houses the EU should herald a broader, more liberal future for the gambling industry more widely across Europe. Countries such as the conservative Italy and Spain are being increasingly encouraged to accept the growth of the profitable casino industry thanks to growing pressure from the rest of the European Union.
07.21.2008 | 9:51 pm | Slots, casinos
Casino industry reports today revealed that the popularity of slot machines continues to grow year after year, having brought in $20 billion last year to the USA. This total is higher than the revenue provided by other popular goods, for example movie ticket sales, book sales and coffee sales, demonstrating just how profitable slot machines are becoming to the casino business. Furthermore, this trend has recently shown signs of crossing the Atlantic divide - in the UK, the slot machine phenomenon is flooding the online gambling market, with the company Vernons.co.uk reporting a tenfold increase in players over the last six months.
The appeal of slot machines to the casino industry is based on the certainty of profit-making, thanks to the computer chip at the centre of the machine – the Random Number Generator (or RNG). This is programmed to produce a certain ‘hold’ for the casino over time, called the hold percentage – and most slot machines in casinos now average hold rates of 10 to 15 percent. Legally, the maximum hold rate for a slot machine is 20%, or no more than 20 cents per dollar taken, with a beneficial hold percentage from a slot user’s perspective at around 6%. The figure of a 10 to 15 percent hold rate is therefore almost guaranteed to bring in revenue for a casino.
The casino industry has become increasingly dependent on “slots”, with statistics from Illinois revealing that slot machines brought in 88% of casino revenue last year. Part of the phenomenon can be explained by the figure that slot players lost $1.7 billion at casinos last year in Illinois alone. Additionally, the increasing popularity of slot machines heralds a boom in employment, with a projected increase of 23% in the next 8 years in job opportunities in the gaming services market.
07.18.2008 | 10:07 am | Poker, News, Poker Stars, casinos, gambling
One of the most popular casinos on the Las Vegas Strip, the Venetian, today announced plans to introduce a live, interactive, poker themed stage show entitled “The Real Deal!”.The show will blend humour, the latest wireless technology, and of course, an abundance of prizes- and enable audience members to play alongside or against professional poker players, with the chance to win a $1 million grand prize. Aside from the grand prize of one million dollars, prizes range from logoed merchandise to home electronics and more.
The professional players will be participating in shows each month, taking on Vegas tourists with any level of skill in the game. Merv Anderson, the brains behind the new show, has high hopes for “The Real Deal!”, saying that “never before has poker been so integrated with entertainment”.
The show will differ from televised professional poker action because the viewer will also become a participant. Not only can audience members enjoy a fast-paced, exciting game of poker, the tourists who become players also have the opportunity to learn tips and tricks from the professional they play alongside – creating a “one-of-a-kind poker experience” in the words of Doyle Brunson, the leading poker professional of the new show. In addition to this, every member of the audience can participate in the show using wireless touch screens, bringing a whole new level of interaction to professional poker.
Along with the all-star lineup including poker pros such as Antonio Esfandiari, Daniel Negreanu, Phil Laak and Phil Hellmuth, Jr., the search is currently on to find a comedian to present “The Real Deal!”, integrating star quality with the light-hearted humour set to characterise the show. Through including these big-name stars, it is hoped that the new show at the Venetian will become a hot ticket in months to come.
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