Online Casino Edition – Casino News News about online casinos and gambling

April 14, 2011

Gambling Issues Worse Than Drinking

Filed under: Casino — Tags: — OCE News @ 12:00 am

Within the US, it has been discovered that beyond the age of 21, problems concerning gambling are actually worse than those surrounding alcohol. According to research carried out by the University of Buffalo’s Research Institute, less attention is being given to this problem as it hasn’t been regarded as a proper issue.

The Research

Earlier in March, the Journal of Gambling Studies made public the major differences between what they’ve found out and current thoughts on this matter. Previous studies have concluded that the problem is much larger for teenagers than older people. It’s even been shown to be an uncommon problem, this being backed up by the National Council on Problem Gambling.

John Welte, a major player in the research into this issue, and colleagues conducted these two major surveys into the use of alcohol and gambling. The initial survey took place between 1999 and 2000. This was a telephone survey which included 2631 adults, aged 21 years old and up, taken from 4036 households throughout the US. Then, between 2005 and 2007, a second survey was conducted. This involved 2274 youths, aged between 14 and 21 years old, taken from 4467 households throughout the US. They wanted to ascertain the differences between these two age groups. The questions asked included how much an individual drank, what kind of alcohol they consumed, how much gambling they were involved in, and what kind of gambling this was.

The Results

The results were that gambling in general, gambling carried out on a regular basis, and major problems with gambling worsened as an individual progressed through their teenage years. The worst spell was between 20 and 30 years old. Then, by the time most of them had reached 70 years old, these issues had been dispelled.

It was also discovered that for men gambling issues are much worse. In fact, for males it was 28 percent and for females 13 percent, an amount less than half. For men, the issues are greater during the later teen years whereas for women the main problems are more apparent later on in their lives. In terms of race, it was discovered that white people are more likely to get into gambling as compared to black or Asian people. In terms of gambling on a regular basis, however, it’s higher within black and native American communities. In addition, as an individual’s socioeconomic status (SES) increases, gambling becomes more common. Since 2004, it’s been estimated that many people within a lower SES range see this as a major way in which to make money.

Apparently, no other research comparable to this has ever taken place. This is the first time that a real comparison between gambling and alcohol has been carried out. Using these results, it’s been concluded that real action should be taken to both intervene and prevent gambling problems during this critical time of life.

April 12, 2011

Stanley Ho To Split His Gambling Empire

Filed under: Casino — Tags: , — OCE News @ 12:00 am

Stanley Ho, an Asian casino giant, is splitting most of his empire up between his relatives. Recently there have been major arguments as to who will gain most of what he owns. And not without good reason: within the world, Ho owns a good share of the gambling market, worth approximately $1.6 billion.

The Drama

Ho has 16 children and 4 wives. Within this, there has been a massive power struggle as could well be imagined. Currently, his last ‘wife’ will gain 6 percent of Lanceford, a holding business which looks after 32 percent of SJM’s shareholder, Sociedade de Turismo e Diversoes de Macau. Another 25.54 percent will be split between certain other members of the family. Ho will then only own 32 percent.

In terms of his private life, Ho has four wives. Due to the Qing dynasty code, he is able to have a number of wives and so, while still married to his first, Ho took a second. However, in 1971, this was made illegal. And so, Ho’s third and fourth marriages aren’t actually recognized by law.

The Past

Earlier in the month, Ho dropped a lawsuit which he’d filed against certain members of his family. This was based on the fact that he wanted to regain a certain percentage of his shares. However, now the news is that settlements have been reached and all has been forgotten.

This is actually the second lawsuit that Ho has brought against his family. In early 2011, he raised issues over a transfer that had been made for his family in terms of his second and third wives. The argument is that Ho was fooled into giving over certain shares after he had brain surgery in August 2009.

Ho’s Empire

SJM Holdings currently controls 17 casinos, 2 hotels, and 4 slot machine lounges within Macus. Early this year, it was estimated that this amounted to as much as $3.1 billion. However, recently he was beaten by Leong, who is the mother of his five youngest children, whose wealth is thought to be approximately $1.1 billion. Within the whole of Asia, SJM Holdings is one of the largest gambling operators, and within Macau, it is the one that brings in the most profit. For four decades, Ho had a major hold. However, certain licenses saw the end of this monopoly.

Macau has been doing well financially since it began to break down its gambling monopoly in around 2003. Ho’s casinos are still very big players in the gambling world, being up against huge corporations like MGM Resorts and Las Vegas Sands Corp. Within the city, they amount to as much as about 30 percent of Macau’s gambling profits. The city has reportedly been doing well within this realm. In 2010, the revenue had reached approximately $23.5 billion. Ho, last year, brought in $456 million with his SJM Holdings company. This is four times as much as 2009 in which he brought in $117 million.

April 8, 2011

Caesars Entertainment Partnership Allowed

Filed under: Casino — Tags: , — OCE News @ 12:00 am

A major step has been taken in the world of Internet gambling: Nevada has allowed the Internet gaming company Caesars Entertainment to team up with the Israeli subsidiaries of another Internet gaming company based in Gibraltar.

The Approval

Apart from Commissioner Joe Brown, who couldn’t vote due to a potential conflict of interest, the vote was unanimous. It was approved because no violations concerning any state regulations or policies could be seen. This has been recognized as a major move as it’s the first time that a government has regulated Internet casino gaming in this manner. Basically, the main point is that the US government has shown that it holds no issues over Caesars Entertainment joining forces with a large Internet organization. However, this doesn’t actually affect US citizens who play online.

The Partnership

The partnership is between Caesar’s Entertainment and Cassava Enterprises (Gibraltar) Limited and Fordart Limited, both of which are subsidiaries of 888 Holdings PLC. The latter company is a massive presence within online gaming and provides casino games, bingo, poker, social gaming opportunities, and sports wagering for players living in the UK, Italy, and France.

No clear plan has been offered up as to what this new relationship will bring. Looking at the past, however, with Caesar’s takeover of World Series Poker, it is planning to branch out into Europe. Caesars’s did explain that a major reason as to why they wanted the partnership was to gain access to the other organization’s online gaming hardware and software.

Concerns

A main concern of the commissioners was over social issues, including underage gaming, gambling problems, and money laundering. 888 officials explained that there were precautions put in place to counteract such problems. In the case of preventing individuals under 18 years old playing, there were numerous safeguards in place. And, in terms of illegal activities, any accounts found in which it appeared that suspicious activity was taking place would be immediately closed.

Future Implications

It’s thought by some that this is a move towards finally legalizing gambling online. Caesars has been a massive supporter of this step and the feeling is that they’ll use this partnership to really push online gaming. Despite the fact that many other countries worldwide have embraced this form of gambling, the US is still not willing to jump aboard this bandwagon.

A day after the meeting in which the relationship was approved a Las Vegas Democrat, William Horne, put forward legislation which would give the state control over Internet poker. The argument was that by licensing such sites in Nevada, the state would be able to benefit financially and they would gain more control which would help prevent any illegal activity or corruption. Currently, the Nevada Gaming Commission doesn’t look as though they’re willing to set off down this route just yet. Nevertheless, this doesn’t take away from the fact that Internet gaming is definitely more at the forefront now and that federal regulation is more of a possibility.

March 27, 2011

57000 Jobs From Online Gambling

Filed under: Casino — Tags: , — OCE News @ 12:00 am

New Jersey, with the passing of a bill called the “Interstate Internet Gambling Bill,” has legalized online gambling. Online casinos can be run by the casinos of Atlantic City. The bill had a criterion that the computers and equipment used for running the online casinos must be present at the premises of the casinos with adequate security. An economic study conducted in the state showed that the passing of the bill would bring about additional jobs as well as revenue to the state and its people.

The Study

The Interactive Media Entertainment and Gaming Association is an association founded in the year 2007 in order to foster better relationship between the online gambling industry and the government. This association conducted a study. The study was called “Potential Economic and Fiscal Impacts of the Proposed New Jersey Intra-State iGaming Bill”. The study estimated an annual casino income of more than seven billion dollars. It also estimated that the bill would create jobs for around 57000 people. This is in the long run. In the short run, the bill is estimated to create 2000 jobs and bring in revenue of more than 200 million dollars every year as gaming yield. Short run benefits also include annual personal income of nearly 90 million dollars and more than 40 million dollars in tax revenue for the state of New Jersey.

The long run personal income per year should come to 2 billion dollars and tax revenues amounting to more than 400 million dollars. The bill is also expected to increase the investment in the state.

The study states that New Jersey will have the first mover advantage as it is one of the first states in the country to legalize online gaming. That would give the state’s casinos more or less a monopoly in the country. According to the study, the casinos in other cities who would want to start online gambling will have to set up hub in Atlantic City and this is sure to increase the tax and other revenues in the state. The 57000 jobs the bill is expected to create, especially in the high-tech sector, will raise the personal income of many people.

The casinos of Atlantic City have been slipping down in revenues since the economic slump. The state debt has been graded from AA to AA- by one of the leaders in the financial market intelligence firms, Standard and Poor, a part of McGraw-Hill Group, recently. This makes New Jersey one of the poorest states in the US. The state also faces a budget with a deficit of approximately eight million dollars. The state governor has been trying to bring up the state and put it back on the map. The bill legalizing online gambling will definitely contribute to this in a big way. And so the signing of the bill (the final signature from the governor) is likely to be inevitable. People of the state and casinos believe that there will be no going back on the bill now and New Jersey will achieve new heights in revenues soon.

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March 23, 2011

Latest Gambling And Casino News

Filed under: Casino — Tags: , — OCE News @ 12:00 am

My-Play System to Help Problem Gamblers

Here is a very interesting revelation thrown by the Nova Scotia Gaming Foundation recently. Nova Scotia Gaming Foundation is a not-for-profit government organization that supports an independent response to gambling problems in Nova Scotia. The group says there is hope for problem gamblers in the form of software that is specifically designed to prevent non-problem gamblers from becoming addicted.

In 2010, Nova Scotia introduced the My-Play system, a method that consists of players voluntarily using cards that are inserted into VLTs to automatically limit the player’s time at the Video Lottery Terminal to a predetermined duration. The Gaming Foundation extended their study to find out whether this system, namely My-Play System, could help high-risk players too.

Interestingly, the results were encouraging. High-risk players reported they could decrease their play, and control some aspects of their risky behavior. The low risk players, to whom this system was intended, reported no change in their behavior at all. The study is expected to go into its second phase for more findings to see if the My-Play System changes Video Lottery Terminal players’ attitudes and behaviors. Presently, Nova Scotia is the only place in Canada that uses this card system. One of the other countries that use the card system, Norway, has reported a noticeable drop in problem gambling.

Texans Favor Full Scale Casino Gambling

A new University of Texas/ Tribune poll shows that 56 percent of respondents favor full scale casino gambling. This has given a fillip to Texas lawmakers who were actively debating on bringing big time gambling into the state. Texas, facing a deficit of nearly $15 billion this year, is badly in need of additional income, and big scale gambling can fill this gap. Republicans in the state have been traditionally amongst the most conservative lawmakers, resisting any ideas to legalize casino gambling. Legalizing casinos are projected to raise revenue upward of $ 1 billion annually.

Plan For Indian Casino Rejected

The Interior Department rejected a plan to build a casino for Catskills, annulling a deal reached during the ending days of the Paterson administration. This decision is not expected to help improve the relations between the Indian Tribes and the New York State, a condition that is already at low ebb. In addition, the federal government’s rejection to build a $560 million Las Vegas style casino is expected to revive a land claim by a tribe based in Wisconsin.

A Bill Filed For Gambling Cost-Benefit Analysis

In Boston, Senator Stephen Brewer appointed to the State’s most powerful budget writing post is now supporting a legislation championed by anti gambling activists. This bill, if passed, will require a detailed cost-benefit exercise as a prerequisite to introduce slot parlors or casinos. Expanded gambling critics say a cost-benefit exercise is essential, since they assert that studies conducted earlier omitted vital details about the potential disadvantages of expanded gambling.

Some of the issues that the costs and benefits study of legalizing new forms of gambling will assess are:

  • Impacts on communities that host these facilities within a 25 mile radius
  • The increase in revenue to the state, but also the anticipated loss in revenue due to damage in certain businesses caused due to introduction of gambling
  • The effect on the economy due to the jobs expanded gambling create, as also the adverse impact on the existing jobs that predate the expanded gambling.
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