Fast Track Licensing for brand New Jersey On-line Casino Operators

It’s ready, set, go for the major players in New Jersey’s on-line casino game; major provisional certification has now been given (Image source: thelicenseplatesite.com)

It is T-minus-two-weeks and counting for New Jersey’s big casino that is online, and time for you to get the show traveling, as they say. With that in mind, more of the key online gaming operators are granted their Internet licensing, without which nothing moves forward.

Subject to Further Approval

Noting they are ‘transactional waivers’ meaning these companies could yet be exposed to more regulatory nosing around New Jersey’s gaming commissioners granted licensing to PartyPoker’s moms and dad company, Bwin.Party Digital Entertainment, the business formed last year when Bwin then a sports betting firm merged with the major on line poker site PartyPoker to form the new entity. The Bwin that is new is world’s biggest publicly traded online gambling business.

Just before 2006, when Congress introduced the Internet that is unlawful Gambling Act (UIGEA), PartyPoker had been the #1 online cash game poker site in the United States, a position it held onto for a long time. The company complied with the strengthened online laws when they had been initiated, but was nonetheless later on penalized by having a $105 million ‘fine’ in a non-prosecutorial contract with the U.S. Department of Justice, while admitting to violating pre-existing wire fraud statutes that had been on the publications since 1961.

Along with Bwin, competitor 888 Holdings was also granted the licensing that is conditional. 888 will be working because the online presence for Caesars Entertainment Corp.’s Interactive division, along side Amaya Gaming, which was also given licensing. Also granted the licensing were Ultimate Poker (which is online in Nevada) and Betfair; all these companies will now have the ability to take part in hawaii’s Nov. 21 launch that is soft just before the planned Nov. 26 official launch date for the public.

‘Bad Actor’ Kicked Off Stage

Not on the approval list, needless to say, was PokerStars, whose ‘bad star’ status precluded its addition; for the present time, anyway. This decision that is latest although it could ultimately be turned around de facto keeps PokerStars from the legal United states market at this time; the business can not be licensed for online poker in Nevada for at least the next five years.

Undeterred, Eric Hollreiser, a PokerStars spokesman, claimed his company’s application ‘remains under review’ and that ‘we remain committed to working with them to complete the process.’

Meanwhile, the gambling industry’s main lobbying team, the American Gaming Association, touted the impending New Jersey online launch.

‘We’re excited to see the launch of Web gaming in New Jersey,’ said American Gaming Association chief executive Geoff Freeman. ‘New Jersey will be sending a strong message to all states.’

Hopefully, that message will be that legal online gambling is a big moneymaker for states’ coffers; up to now in Nevada, the appropriate and regulated online poker launch is tepid, to say the least.

The AGA says on the internet site that millions of Americans now play on thousands of gambling sites that are headquartered offshore; in fact, the group that is lobbying it is as much as 1,700 offshore web sites that accept bets from American players, and says that market constitutes a $4 to $6 billion payday. Freeman says this represents about 1/10th of the worldwide gaming that is online of some $33 billion.

Nj will end up being the 3rd U.S. state with online gaming that is legal Nevada was very first with poker only, and Delaware snuck quietly online on October 31 with a fuller array of casino game offerings. Both those states have fairly resident that is small with Nevada at under 3 million and Delaware at under 1 million so analysts are excited to see just what brand New Jersey’s 9 million in residents (plus possibly millions more in weekend site visitors) will bring, revenue-wise, to the table.

Possible bills are also being considered in California, Pennsylvania and Massachusetts, though all those states have had issues that are major infighting of gambling factions and slow and tiresome regulatory issues for even land casinos at this point.

Sportsbook William Hill Pegs Hillary Clinton 2-1 Fave for Next Prez

Bookmaker William Hill likes Hillary Clinton as the odds-on favorite to win the 2016 U.S. presidential elections

You can bet on lots more than football or tennis at a recreations book; many bets that are take all types of crazy odds, from who will win an Oscar to Lindsay Lohan’s opportunities of going to rehab. So then place your bets for the next US president?

Whom’s upcoming in Line to the White House Throne?

Yup, it may be three years off yet, but it is not too early to place your money on the prospect you think is huuuge withdrawal times most likely to succeed Barack Obama’s 2nd and thus final term. Famous bookmaker William Hill may well be more than happy to take your money, and so they’ve even set the current odds to help you decide if you want to go high-risk or out for a limb.

If you like to win big, of course, you have to bet large. Take a Londoner who’s already risked $2,400 on a 5-2 bet that previous Secretary of State Hillary Clinton will be taking on the White House in the 2016 elections; William Hill says that thus far, that is their largest wager, but hey, with 36 months and who knows what kind of news tales yet to come, this race continues to be wide open.

A 2-1 favorite, moving up from 5-2 earlier as of now, William Hill has Ms. Clinton.

‘This bet on Hillary Clinton, together with a run of support for [New Jersey Gov.] Chris Christie, reducing their odds from 20-1 to 10-1, seems to signal the presidential race coming under beginner’s orders as far as political punters are worried,’ William Hill spokesman Graham Sharpe said.

Odds Are In

If you’d like to understand where the odds are as associated with the start of this here’s the recap week:

Hillary Clinton (D), 2-1

Sen. Marco Rubio, (R-Fla.), 6-1

Former Florida Gov. Jeb Bush (R), 9-1

NJ Gov. Chris Christie (R), 10-1;

Ny Gov. Andrew Cuomo (D), 12-1;

Rep. Paul Ryan, (R-Wis.), 16-1.

So while the Democratic contenders may be fewer, their key & most candidate that is likely the pack. So far. But William Hill notes that at this time, they are actually tied at 10-11 for either one to win; the real long shot would be a possible independent, with a current 100-1 bet against if you tally all the odds of both parties.

Bookie competitor Ladbrokes also has Clinton favored, but at slightly various odds of 9-4; their take on Christie is the same as William Hill’s: 10-1. Another recreations book, Paddy Power, has Clinton at 15-8 and Christie at a slightly better shot that is 9-1.

If you like to take super high-risk odds, how about either the always smooth-tempered Alec Baldwin or former ‘Desperate Housewife’ Eva Longoria, who can be found in at a surprisingly optimistic 300-1 each.

In addition, although William Hill has a presence that is healthy Nevada between sports publications, mobile wagering apps and kiosks, do not make an effort to place some of these bets using them there; it is illegal for U.S. bookmakers to do this. Although Nevada’s Senate Judiciary Committee did try to push through a bill earlier this 12 months that would have exposed the door for presidential election pari-mutuel wagering, that bill was tossed out by May.

Atlantic City’s Revel Casino Considering ‘Strategic Alternatives’

As Revel Casino in Atlantic City explores its step that is next least they may take comfort knowing their execs will not wind up in debtors’ prison. (Image source: Bettmann/CORBIS)

When most gamblers think of strategic options, they’re considering whether to improve or call at the poker dining table. But for the Revel Casino Hotel in Atlantic City, that term might actually signal that the current owners are deciding just how they want to fold their hand.

According to numerous reports, the revel that is current (a group led by Chatham Asset Management) are pursuing those ‘strategic alternatives’ with regards to the struggling casino. In the global world of the gaming industry, that phrase rarely means such a thing good, with common results being that a place is being shopped around on the market or that the company is considering filing for Chapter 13 bankruptcy. That said, the ongoing company has tried to make it clear that they have not made any firm choices yet.

Long-Winded Statement

‘Revel has not made any choice to pursue any specific transaction that is strategic alternative, and there can be no assurance that the exploration of strategic alternatives will result in the consummation of any transaction,’ Revel said in a statement. ‘Revel does not plan to comment further regarding its evaluation of strategic alternatives until such time as the board has determined the outcome of the process or otherwise has deemed that disclosure is suitable.’

They must have employed A white that is former house for that one.

While that statement might have been a long, long, long way of stating that the company will not be saying anything any time soon, Revel hasn’t just been sitting on its arms. The company also announced that they will be increasing their credit that is first-lien agreement essentially doubling their credit line from $75 million to $150 million ( taking a web page from the Caesars Entertainment ‘How to handle Your Out-of-Control Debt for Dummies’ best-seller, apparently). The initial $75 million credit line has been increased to $100 million, while a principal number of $50 million has been taken out with JPMorgan Chase.

These techniques come just months after Revel went through Chapter 11 bankruptcy court so that you can restructure their debt, which resulted in lenders using more than an 80 % ownership stake in the business. That move permitted the cancellation of $1.2 billion in debt, which gave the casino brand new life.

Poorly Thought-Out Marketing

Nevertheless the Revel don’t emerge from that bankruptcy restructuring all that well, inspite of the most readily useful efforts of management. The casino received some bad press when they attempted to draw in customers with a ‘can’t lose’ slots advertising that promised gamblers their money back if they destroyed on the devices. But players were disappointed to find out they could use at any time; instead, they were allowed to receive credit on future visits, a few percents at a time, and only by coming on specified weeks after the promotion ended that they wouldn’t receive their losses back in cash or as credit.

Nevertheless, promotions like that one could signal a shift in the Revel’s strategy. Once envisioned as a non-smoking luxury resort for high-end gamblers, you can find signs that the casino is prepared to open its customer base up to a broader range of customers, including those on a spending plan and, of course, smokers. Merely a day before their statement on the potential usage of strategic options, Revel had a notably less prominent press release that revealed their low-cost dining alternatives, including a $3.99 morning meal deal.

To date this Revel has come in at #8 in terms of gambling winnings of the 12 Atlantic City casinos, having taken in $116.3 million from gamblers through the first three quarters year. As of now, the company will not be taking part in New Jersey’s online casino launch come November 26, either; only they and Atlantic Club which has also filed for bankruptcy and is now up for auction will not be represented online among the list of town’s 12 land casinos.

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