10.31.2008 | 2:22 pm | gambling
The last 12 months have seen a major increase in the number of people playing online bingo and there are many who are comparing the early stages of the industry with those of online poker some years ago. Online bingo, as we saw with online poker, was written off by many so-called experts from day one as a sport or pastime which would not transfer to the online arena. However, these so-called experts have now been made to eat their words as online bingo has literally taken off over the last 12 months with more sites coming on line almost monthly and promotions everywhere.
The interesting thing about online bingo is the fact that rather than taking excess customers away from the off-line bingo market it has literally created a whole new marketplace and attracted a range of customers who have never played bingo before. We are seeing the likes of Mecca bingo, Sun bingo and the new Wink bingo taking the headlines although there are many more up and coming bingo sites which are attracting more than their fair share of new business.
Online bingo is an industry which seems to have a promotion every event in the UK whether this be the Brazilian Grand Prix, Halloween, bonfire night or Christmas. This very focused marketing approach has played great dividends and not only managed to retain customers but also ensure an ever-growing band of enthusiasts. The online bingo phenomenon has seen cash jackpots increase month by month, more and more prize bingo games and more lucrative loyalty bonus schemes than ever before.
Let us hope that unlike online poker, the US authorities do not take a dim view of the fact that online bingo is taking more and more of the online gambling market!
10.24.2008 | 6:26 am | gambling
Saturday will see some of the best horses in the world come to the fore as we look towards the Breeders Cup Classic at Santa Anita. Will Curlin be crowned the champion? Will Aidan O’Brien bring home the spoils for Europe? Or will we see another massive star of racing emerge from the pack?
A quick look at the betting would seemingly indicate that Curlin was the only horse in the field but this will be no walk in the park for the all American hero. The winner will be walking away with a $5 million jackpot but that will just be the tip of the iceberg as stud fees and future appearance money will dwarf that figure!
Interestingly we have seen Curlin’s odds drift out a little as the race get ever closer and with speculation that the new artificial track may not be to his liking it is worth keeping an eye on his odds closer to the off. The other horses to keep an eye out for include the ride of Frankie Dettori which is Ravens Pass as well as Aidan O’Brien’s two runners, Duke of Marmalade and Henrythenavigator which both have a great chance of being in the mix as the race comes to a close.
While it is hard to see past Curlin, Aidan O’Brien is not along just for the ride and believes that these two thoroughbreds offer the best chance he has had to date of landing the big US prize. Whether the crown and the glory which goes with a win at the Breeders Cup Classic will be coming the way of Europe on Saturday evening remains to be seen but it is sure to be a great battle.
The odds will change and others emerge from the pack so keep your eyes peeled for movers in the market!
10.20.2008 | 4:07 am | Taxes
There are sure signs that the US stance towards online gambling is softening as the recession in the US continues to grip every area of society. Income from traditional casinos is down, unemployment numbers are on the rise and it seems that we have yet to hit the bottom of the economic cycle. But how will a lifting of the online ban assist with increasing tax income for the US authorities?
As well as the speculation regarding the lifting of the online ban there are signs that a deal is being organised behind the scenes whereby companies will pay some for of fee or tax to operate their online betting companies in the US. As this was the largest market in the world before the ban was imposed it would still be a very lucrative move for many of the major sites which did once operate in that market. So what next?
As we near the Presidential Election the chances are that all major policy decisions will be put on hold until the dust has settled. While each candidate has mentioned the online betting ban in passing it seems as though John McCain may be the best bet for the online gamblers, but his chances of winning the election seem to be diminishing with each and every new day. So will Obama do the business for the online betting community?
There is some debate as to whether Obama will be as aggressive in his pursuit to lift the ban as McCain might have been but the signs are still there that the ban will be lifted in due course. US state by state income is suffering from the falling input of traditional casino taxes so they will need to look for an alternative as soon as possible. Would an online gambling tax be the answer to the local state tax shortfall?
10.10.2008 | 12:12 pm | News
A legal team representing the European Union has recently visited Washington, D.C., to question legal and trade representatives about US Justice Department policies regarding Internet gambling. This announcement comes after repeated complaints by the Remote Gaming Association, the organization representing European online casinos, as to the practice of US prosecutions of legitimate foreign casino operators - despite the withdrawal of operations from the US market. This has been seen by many as unneccessary American interference.
However, in addition to this, the US is currently seeking to withdraw from free trade commitments that state that the country must allow online casinos the opportunity to compete with domestic, “real-life“ gambling. If the US gets its way, this may mean a decrease in the size and influence of the US online gambling market, which will have a knock-on effect on a worldwide scale. Even if this negotiation results in the U.S. being freed from the responsibility to obey the treaty, such a ruling would not prevent or help to cover the damages done by the closing of the US market.
A leading law scholar, Professor Joseph Weiler, views the situation as one with no real beneficial outcome, saying that, “It is a shame that the EU has to go this far to seek a solution to such an unnecessary and avoidable dispute that, if not solved, will have wide-reaching consequences for the U.S. and the systems it benefits from and needs to maintain.”
Trade experts are similarly wary of the outcomes of this potential negotiation, predicting rocky times for the U.S. trade relationship with the world if this case continued to fester. Many Republicans have even broken with party lines supporting the banning of gambling, to admit the regulation of gambling may well be a better solution, solving the international difficulties caused by the UIGEA, as well as taking a huge burden off the financial industry and making the Internet safer for children.
10.1.2008 | 5:16 am | News
The ongoing petition to regulate online gaming in the US achieved its first legislative victory since the passage of the Unlawful Internet Gambling Enforcement Act (UIGEA) when “The House Financial Services Committee” passed the Payment Systems Protection Act (PSPA) yesterday. The victory was especially remarkable due to the fact that a similar measure failed to make it out of committee two months ago after a 32-32 vote.
This new bill, sponsored by Committee Chairman Barney Frank, calls on the Treasury Department to begin formulating and implementing regulations that prevent sports betting transactions from being processed – thus ensuring the government can regulate the system. However, the bill is limited to only sports betting transactions at present.
“Under this bill, at least the banks will know what is and isn’t illegal… We’re asking the Treasury Department to give them a list,” clarified Frank at the press conference discussing the new bill yesterday.
Rep. Spencer Bachus led the opposition to the bill, and said yesterday that “I’m disappointed that we’re marking up another bill designed to impede the enforcement of the UIGEA… This legislation (UIGEA) is necessary because Internet gambling regulations can not work like casino regulations.” Bachus also stated that “professional sports leagues continue to oppose the delay in implementing UIGEA regulations”, but this angered some others present at the vote – for example, one representative said that he was “puzzled by pro sports opposition” to the bill.
The passage of the bill by the House Financial Services Committee was applauded from the Poker Players Alliance (PPA). “The PPA is pleased that the House Financial Services Committee today recognized the need to provide necessary clarification to what constitutes ‘unlawful Internet gambling’ under the UIGEA” said PPA chairman and former Senator Alfonse D’Amato. “Even those who oppose internet gambling should applaud the passage of this legislation as it provides the most realistic opportunity to block truly unlawful internet gambling transactions.”
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