Gambling News via Media Man Int, Media Man and Casino
News Stories in the World of Gambling - November 21,
2022 (10 am ET)
One Bites the Dust
case you missed it, Maxim Bet Sportsbook we hardly
got to know ya.
online sportsbooks announced its closure last week,
joining what is thus far a rather small but fast growing
list of casualties in recent weeks that include the
likes of Fubo Sportsbook, BetAmerica and soon Fox
week, Maxim Bet, which was limited to just the state
of Colorado, issued the following statement:
Wednesday, November 16, 2022, MaximBet closed its
sports betting operations and is no longer accepting
deposits or wagers. Customers can withdraw any deposited
balances until Thursday, December 15, 2022. Any remaining
player balances after this date will be refunded via
check sent to the address on the account.
players log in to co.maximbet.com to withdraw. Indiana
players log in to maximbet.com/bet to withdraw.
wagers are being returned to customers. The amount
returned will be the greater of the original wager
amount or the current fair value market pricing.
can contact customer support at email@example.com
to void wagers and to request player withdrawals.
anticipated Fox Bet closure has more to do with a
complex arrangement between various entities such
as FanDuel and PokerStars parent Flutter Entertainment
and Fox Corp.
Bet is on borrowed time, according to the research
firm Eilers & Krejcik Gaming. Both Fox and
Flutter can terminate the Fox Bet agreement in August
2023 and essentially dissolve the business.
Bet is heavily promoted during the Fox NFL Pregame
Show Sunday mornings.
Maxim Bet closure comes just days before FanDuel CEO
Amy Howe declared others are sure to follow in that
path, and that FanDuel will pretty much help get them
should be clear that new entrants that are entering
now at this point may face a real challenge taking
on scale players who have more than a four-year head
start, Howe said at the companys Capital
Markets Day on Wednesday.
Bunch of Big Names Affected by FTX Collapse
Our friends at CoinGeek reported on how the FTX Exchange
named as its compliance officer one Daniel S. Friedberg
well over a year ago. Few can say they were not warned
of what could become of this organization if, say,
there was a sudden drop in the price of Bitcoin. Friedberg
was not only tied in with a massive online poker cheating
scheme way back in 2008, he was actually allegedly
heard on audio discussing a coverup.
the bloodbath continues with a number of companies
adversely affected by the abrupt closure of FTX two
trading firm Genesis announced on Nov. 11 it had $175
million in locked funds within the firms trading
account on FTX but that it had limited exposure and
daily operations would not be negatively affected.
admitted to having more significant exposure. Venture
capital company Sequoia Capital was among those that
warned of substantial losses. In their case, $213.5-million
investment in companies FTX and FTX US was now said
to be worth zero.
BlockFi exchange tried to calm fears that much of
its assets were tied up in FTX.
we will continue to work on recovering all obligations
owed to BlockFi, we expect that the recovery of the
obligations owed to us by FTX will be delayed as FTX
works through the bankruptcy process.
Marszalek, CEO of exchange Crypto.com, claimed that
$1 billion worth of assets that the exchange moved
to FTX was fully recovered. His company advertised
heavily over the past year, including during the most
recent Super Bowl broadcast.
Amber Group advised that it had funds tied up in FTX
yet to be processed but those amounted to just 10%
of the company's overall assets.
Digital, Wintermute, CoinShares and Pantera Capital
were also adversely impacted.
the New York Post was all over the Friedberg online
poker cheating scandal connection Sunday.
who reportedly resigned from FTX company earlier this
month as it filed for bankruptcy, appears to have
since scrubbed his LinkedIn account, which now displays
a message this page doesnt exist.
Online bios for Friedberg said he joined FTX after
a stint at the Seattle-based law firm Fenwick &
West, where he chaired the payments systems practice.
meanwhile, has taken down an about page
that listed short bios for its top executives, including
disgraced ex-CEO Sam Bankman-Fried, FTX co-founder
Gary Wang and Friedberg, as well as links to their
Jagajeet Chiba, Gambling911.com
of the US Online Casino Market
2013, New Jersey approved online gambling. Delaware
had already gone live, and Nevada offered online poker,
but NJ was the first state to bring on a complete
set of online casino games. In these first few years,
several other US states were still moving to pass
bills that would legalize online casino gaming.
it appears that the US online gambling marketplace
has lost momentum. And today, regulated online casinos
are a reality only in six statesNew Jersey,
Connecticut, Delaware, Pennsylvania, West Virginia,
and Michigan. There are currently just over 50 online
casino operators registered within different states.
And not many new operators have launched lately.
not the most prominent online gaming market, Delaware
was the first-ever state to legalize online gambling
in the US. The state authorized its three tribal racinos,
Delaware Park, Dover Downs, and Harrington Raceway
& Casino, to start online platforms in partnership
with Scientific Gaming and 888. To date, no other
operator has come on board. Nevada also allowed players
to enjoy online poker games through various sites.
NJ, online gaming companies such as Caesars launched
soon after the introduction of the online gaming legislation
in 2013. Another pioneering online gaming company
to launch on US soil is Borgata New Jersey, which
offers a complete casino lobby.
the end of 2014, the online gaming industry had generated
over $130,000,000, with an average monthly handle
of $10,000,000. Since New Jersey had the highest number
of regulated operators and a population bigger than
Nevada and Delaware, it accounted for about 90% of
online casino gaming revenue.
the first 3 years, the US online casino industry only
existed in three states. During this time, many proposed
bills were voted down in other states, such as Pennsylvania.
The revenue levels grew steadily, and in 2021, the
US internet gaming industry earned over $3.71 Billion.
Casino Legal States
casinos seem to be taking too long to spread across
America. The biggest concern for most states is the
possibility of untamed gambling addiction. Some states
are inhibited by traditional, religious, and social
norms entirely opposing gambling activity. Since 2013,
only six of the fifty American states have succeeded
in legalizing online gambling. These are Delaware,
New Jersey, West Virginia, Michigan, Pennsylvania,
Borgata, Fanduel Casino, and DraftKings are the most
dominant operators running in the different states.
With nearly 20 recognized operators, New Jersey has
the largest and most diverse internet gaming marketplace.
Connecticut only has two casinos, the Mohegan Sun
and DraftKings. In most cases, state legislation requires
that all online casinos be offered through partnerships
between local land-based establishments and international
was the last state to introduce online gaming. The
previous few casinos to launch include Bally Casino,
which went live in New Jersey in January 2022, and
PointsBet, which joined the West Virginia market.
Another recent launch came up in Michigan in April
2022, a gaming site known as Eagle Casino & Sports.
Does the Future Hold?
you may have noticed, very little has moved since
Connecticut legalized online casinos. However, lets
look at what other states are doing to bring regulated
internet gaming to their shores. New York wasnt
the most gambling-friendly state. However, since it
recently legalized sports betting, online casinos
may be on the way. A February 2022-proposed Bill 8412
is set to legalize internet casino games.
introduced two identical bills to regulate the states
online gaming industry. HB 1337 and HB 1356 await
approval by the House before the governor can sign
them. Illinois, too, may soon be getting casino apps.
Illinois already allows internet sports betting and
horse racing. Residents can also play at DFS sites
like DraftKings and FanDuel. This means that there
is a high potential for Fanduel Casino to launch soon.
few other states have a strong likelihood of reforming
gambling laws in 2023 or in the next two or three
years. Big brands such as DraftKings and BetMGM will
likely launch in Florida and California. These brands
already exist in these jurisdictions, offering DFS,
sports betting, or in-person gambling.
a decade since the first step was made, only six states
in America offer legal online gaming and there have
been fewer new launches coming through recently. So
where does it leave players from the remaining 44
Youre Not Moving Forward, Youre Drifting
phrase accurately represents the rest of US market.
Due to upcoming legislation, there are
almost no new groups that ready to spend money on
launching new brands in US. Its just not worth
it, considering the time is limited. Or at least supposed
to be so.
UK, EU, Canada, the online gambling market goes through
rapid changes: new brands popping up, endless number
of mergers and acquisitions. Of course not all of
those changes are for the best, but the industry is
live and evolving.
if we serf the web here, in US, we will find the same
programs that ruled the market 4, 6, 8 years ago.
No new alternatives. Bovada sister sites still hold
the lion share, BetOnline group next, as if nothing
worrisome aspect here is that when there are no new
competitors emerging, the old groups can get sloppy,
as they know that players have no alternatives to
online gambling market is in transition stage. The
problem is that instead of being a phase, a bridge
to the future, it became the new normal. Unfortunately,
no one knows when it will end.
B.E. Delmer, Gambling911.com
News Stories in the World of Gambling - November 12,
2022 (1 pm)
Brady's FTX Connection
of the news in the world of poker and cryptocurrencies
involves the collapse of the digital currency exchange
FTX. And now there's a new wrinkle....Tom Brady.
Steph Curry and Kevin OLeary are all reportedly
set to lose big from Friday's FTX bankruptcy filing.
Tampa Bay starting quarterback and seven times Super
Bowl champ received an equity stake in the exchange.
an incredibly exciting time in the crypto-world and
Sam and the revolutionary FTX team continue to open
my eyes to the endless possibilities, Brady
said in 2021. This particular opportunity showed
us the importance of educating people about the power
of crypto while simultaneously giving back to our
communities and planet. We have the chance to create
something really special here, and I cant wait
to see what were able to do together.
CEO Sam Bankman-Fried warned investors on Wednesday
that the exchange had a $8 billion shortfall and that
FTX would require emergency funding. That emergency
funding was yet to come as of Saturday.
poker community was shocked to learn this week that
FTX's head of regulatory compliance was tied to a
high profile 2008 poker cheating scandal despite our
friends over at CoinGeek having reported on this rather
terrifying revelation last year already.
Mack is Ready for Primetime
Jimmy Kimmel, then GMA, and following that up with
ESPN. Houston furniture mogul Jim McIngvale, known
affectionately as "Mattress Mack", has made
the rounds of all the big name media outlets following
his entertaining presence during this year's World
he's set to truly make it to the big stage.....Gambling911.com
own Thomas Somach sits down with Mack to discuss his
beloved Houston Astros winning another World Series.
spoke for over an hour," Somach tells us as he
anticipates the interview going live on the Gambling911.com
spoke with the beloved Houston icon last year but
Mack's Astros came up short against Atlanta in that
won big this time around.
Detained in San Antonio Gambling Raid
Nearly 60 gambling machines were confiscated and 33
individuals taken into custody following an eventing
raid of two illegal San Antonio gambling dens.
were called to both locations around 5 p.m. Thursday
-- one in the 2500 block of West Woodlawn Avenue and
one in the 100 block of Esma.
people, both employees and customers at the Woodlawn
location, were detained after deputies found roughly
40 eight-liner gambling machines. They also found
a stolen vehicle parked at the establishment.
are organized crime ties to this location as well
as the other, Bexar County Sheriff Javier Salazar
two businesses are believed to be linked.
Jagajeet Chiba, Gambling911.com
Millionaires and Billionaires
Denise Coates: 'Ive been
bossy all my life.' Photograph: Felix Clay for the Guardian
Monicka Parasol (PartyGaming - GVC Holdings)
Monicka Parasol (born February 27, 1967) is an American entrepreneur and attorney
who founded PartyGaming in 1997. The company merged with Bwin Interactive in 2010
to form Bwin.Party Digital Entertainment then the worlds largest publicly
traded online gaming company. Parasol is the single largest individual stakeholder
of Bwin.Party Digital Entertainment.
Packer and his father, the late Kerry Packer (Crown Resorts)
Douglas Packer (born 8 September 1967) is an Australian billionaire businessman
is the son of Kerry Packer AC, a media mogul, and his wife, Roslyn Packer AC.
He is the grandson of Sir Frank Packer. He inherited control of the family company,
Consolidated Press Holdings Limited, as well as investments in Crown Resorts and
other companies. He is the former executive chairman of Publishing and Broadcasting
Limited (PBL) and Consolidated Media Holdings, which predominantly owned media
interests across a range of platforms, and a former executive chairman of Crown
Walsh (art collector)
Dominic Walsh AO (born 1961) is an Australian professional gambler, art collector
and businessman. He is the owner of the Museum of Old and New Art (MONA) and Moorilla
grew up in a Roman Catholic family in the Glenorchy district of Hobart, Tasmania,
Australia, the youngest of three children. He attended Dominic College, and the
University of Tasmania, where he briefly studied mathematics and computer science
in 1979. Walsh made his fortune by developing a gambling system used to bet on
horse racing and other sports.
describes himself as a "rabid atheist". He has been married twice, the
second time in March 2014, to artist Kirsha Kaechele. He has three children from
2001, he founded the Moorilla Museum of Antiquities on the Berriedale peninsula
in Hobart, which closed in 2007 to undergo $75 million renovations. It was re-opened
in January 2011 as the Museum of Old and New Art or MONA. MONA won the 2012 Australian
Tourism Award for best new development and is a major Tasmanian tourist attraction.
July 2012, Walsh was involved in a dispute with the Australian Tax Office, which
demanded he pay $37 million from the profits of his gambling system. The dispute
was "entirely resolved" in October 2012.
December 2013 Walsh gave a revealing interview on his personal philosophies, his
quantitative approach to gambling, and the role of chance in his life to The Australian
Financial Review's contributing editor Christopher Joye. He has stated that he
subsequently developed a new chapter in his 2014 memoir based on the ideas that
were formulated during this dialogue.
October 2014 Walsh's book A Bone of Fact was published. The publisher described
it as Walsh's "utterly unconventional and absorbing memoir".
20 July 2015 Walsh's partner Kirsha Kaechele gave birth to their child Sunday
2016 Australia Day Honours, Walsh was made an Officer of the Order of Australia
(AO) for 'distinguished service to the visual arts through the establishment of
MONA, and as a supporter of cultural, charitable, sporting and education groups.'(Wikipedia)
Coates: the hidden 24/7 woman behind Bet365 - 9th July 2012
founder of the highly profitable online bookmaking empire is arguably Britain's
most successful self-made businesswoman
most visible face of online bookmaker Bet365, at least to Premiership football
fans, is the actor Ray Winstone, who appears on half-time adverts during televised
matches with updates on up-to-the-second odds - for example on whether Wayne Rooney
will be the next goal scorer. But behind this most male of messengers is a passionate
businesswoman, one of Britain's most talented entrepreneurs of her generation.
is every chance you will never have heard of Denise Coates but with more than
£12bn of bets a year staked with her highly profitable Bet365 online bookmaking
empire, she is arguably the country's most successful self-made businesswoman.
really don't enjoy the attention. The public side does not come naturally to me,"
she explains, giving her first newspaper interview only after much persuasion.
"I'm not saying I'm a shrinking violet. I'm not. I've been bossy all my life.
It's just I very much enjoy actually running the business."
can pass unrecognised through the streets of Stoke-on-Trent, where Bet365's success
has made it the city's largest private sector employer, its unassuming offices
a hi-tech hive of activity on the margins of an industrial landscape dominated
by derelict pottery factories.
gleaming Aston Martin, with personalised number plates bearing her initials in
the small car park is the only overt sign of the fortune she has amassed. Certainly,
Coates in person is striking in her lack of airs and graces.
12 years she has built Bet365 into a business with a revenue of £647m, only
about a quarter of which comes from punters in the UK. Top-line operating profits
of £147m are far greater than equivalent earnings from the online operations
of either Ladbrokes or William Hill.
there is a clue to Coates's success in the company name. "You start a 24/7
business and you work 24/7," she explains. "When you're not here [in
the office], you take calls in the middle of the night, regularly that's
how the early days were. I've worked harder than you can possibly imagine. In
the last couple of years, life has normalised
The impact on my life now
is very different."
latest filed accounts show Coates and her family have started to enjoy the fruits
of their labour, sharing almost £75m in dividends over three years. Half
of this has gone to Bet365's indefatigable founder, by dint of her 50.2% stake,
making Coates a very rich woman indeed. Profits too have been used to subsidise
Stoke City football club, which is majority owned by Bet365.
Sunday Times' rich list published in April mentioned Coates almost as an adjunct
to her father Peter Coates, the chairman of the football club, putting their combined
wealth at £800m. In truth, however, while her popular and affable father
has a small stake in Bet365, the business is controlled and run by his daughter.
not a social animal
I think there have been false assumptions made about
my role," she says without a trace of irritation. "There was a misunderstanding
that as dad was the chairman of Stoke, he ran Bet365 something dad was
always clear that he didn't do. However, the media decides, for whatever reasons,
that maybe it makes a better story if they say he does."
is similarly unperturbed about what it means to be a woman at the top of the bookmaking
industry. "I never gave it a second thought. It didn't cross my mind. I probably
had a few [meetings] at first where I had to put somebody right but I knew
my business, so it wasn't a problem
I just wanted to get on with making
my business successful. I've never dwelled on the fact, or thought about the fact,
that I was a woman."
start in the bookmaking industry was unremarkable. She began as a cashier, marking
up results in a small number of betting shops owned by her father, and operated
for him as a sideline to his main business which was football stadium catering.
Outside the confines of the cashier's booth the bookmaking industry might have
seemed to many a very male preserve, but Coates was blind to that and the trade
appealed to her mathematical mind. "I really enjoyed it
by the time
I left university [where she achieved a first in econometrics] I could run a betting
what to do next, she went on to train as an accountant within the family firm
a useful move, she reflects, though the work was "dry" and she
hated it. Given the opportunity by her father to take over what Coates remembers
as "a small chain of pretty rubbish betting shops", she jumped at the
challenge. Very soon the shops' fortunes had begun to turn around and, with the
help of a huge loan from Barclays, Coates acquired a neighbouring chain, doubling
the size of the business at a stroke.
turning round the fortunes of the shops long since sold on to Coral
was not enough. Working from an office above one of her father's bookies, Coates
starting to notice the emerging popularity of gambling websites. Quickly, she
was convinced this was where the future lay.
just kept saying: 'This is what we're going to do, this is what we're going to
do,'" recalls her brother John Coates, who helps run the business and is
her closest adviser. "The internet was there and she just felt sports betting
was the thing."
too, such as Coral and William Hill, were tentatively exploring what the internet
had to offer, but none leapt into these uncharted waters with quite the conviction
of Coates. Having failed to raise a penny from venture capitalists in London,
she turned instead to her father, other family members and Royal Bank of Scotland
for the backing she needed.
mortgaged the betting shops and put it all into online. We knew the industry required
big startup costs but
we gambled everything on it. We were the ultimate
gamblers if you like."
was a bet that has paid off spectacularly, producing a hi-tech business that employs
1,900 staff in Stoke and spends £60m a year on IT. "Why Stoke? It's
a simple answer: it's where I'm from," says Coates. "We began in a Portakabin
on a car park near one of the betting shops. It's to a large extent down to an
accident of birth
As to why we have stayed here when every other major
competitor is based in a lower tax jurisdiction, that's a more difficult question
to answer logically."
his March budget, the chancellor confirmed he wanted to remove this uneven tax
regime, proposing the introduction of a tax based on the punter's jurisdiction
rather than that of the online bookmaker. Bet365 has long pressed for such a move,
claiming that about half of the £130m in taxes the group pays to the UK
exchequer is made up of duty they might otherwise largely avoid if they relocated
offshore. "The area means a lot to us," insists Coates. "We've
always worked in Stoke, we've always had businesses in Stoke. I would never what
to spend large parts of my time abroad if I can avoid it."
Coates displays a loyalty to her hometown, she is markedly less sentimental when
it comes to sport. Unlike many of her bookmaking counterparts, she is rarely to
be found at big sporting events holding forth on her opinion of the likely outcome.
She retains a resolutely commercial focus. "I'm not a regular at the races.
I'm a regular in the workplace."
group's ownership of Stoke City is a project she has almost nothing to do with,
leaving it to her father and brother, for whom it is a great passion. Her husband
also works at the club, which has received about £60m in Bet365 funds since
it was taken over in 2006.
some of her family relish the high-profile challenge of owning a Premiership club,
Coates herself is happy to remain almost invisible, left to get on with her job.
So protective of her privacy is she that she declines to discuss her interests
beyond work. "My family is what's important to me," is the nearest she
comes, though she won't say whether she has children.
she has not won the Veuve Clicquot businesswoman of the year award or enjoyed
the celebrity of internet entrepreneur peers such as Martha Lane Fox, Coates's
success was finally recognised outside the betting industry last year when she
was awarded a CBE. Should Bet365 continue to flourish, it is hard to imagine her
remaining below the radar much longer.
here for full article and multimedia
(also known as betting or gaming) is the wagering
of something of value ("the stakes") on
a random event with the intent of winning something
else of value, where instances of strategy are discounted.
Gambling thus requires three elements to be present:
consideration (an amount wagered), risk (chance),
and a prize. The outcome of the wager is often immediate,
such as a single roll of dice, a spin of a roulette
wheel, or a horse crossing the finish line, but longer
time frames are also common, allowing wagers on the
outcome of a future sports contest or even an entire
term "gaming" in this context typically
refers to instances in which the activity has been
specifically permitted by law. The two words are not
mutually exclusive; i.e., a "gaming" company
offers (legal) "gambling" activities to
the public and may be regulated by one of many gaming
control boards, for example, the Nevada Gaming Control
Board. However, this distinction is not universally
observed in the English-speaking world. For instance,
in the United Kingdom, the regulator of gambling activities
is called the Gambling Commission (not the Gaming
Commission).The word gaming is used more frequently
since the rise of computer and video games to describe
activities that do not necessarily involve wagering,
especially online gaming, with the new usage still
not having displaced the old usage as the primary
definition in common dictionaries. "Gaming"
has also been used to circumvent laws against "gambling".
The media and others have used one term or the other
to frame conversations around the subjects, resulting
in a shift of perceptions among their audiences.
is also a major international commercial activity,
with the legal gambling market totaling an estimated
$335 billion in 2009. In other forms, gambling
can be conducted with materials that have a value,
but are not real money. For example, players of marbles
games might wager marbles, and likewise games of Pogs
or Magic: The Gathering can be played with the collectible
game pieces (respectively, small discs and trading
cards) as stakes, resulting in a meta-game regarding
the value of a player's collection of pieces. (Wikipedia)