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All change The winds of change are blowing and online gambling is set to be legalized in the Czech Republic. Ahead of this news, Czech lottery company Sazka has unveiled plans to establish a fun-gaming online casino. These moves come hot on the heels of a parliamentary vote scheduled for the last quarter of 2008. If all goes according to plan then online gambling will emerge from the shadows. Sazka realizes that once the floodgates have been opened, the market will be inundated with foreign online casinos - that's why they're giving the public a taste of what's to come. What to expect All the usual suspects in roulette, texas hold'em, blackjack and poker will be made available - for money gambling. At present there are plans in the pipeline for fun versions of these games but Sazka - which already launched E-Sazka.cz - has said that they're prepping people for the online gambling vibe. The bets will be placed at physical POS (point of sale) spots with identifiers. As soon as the law is passed the websites will be converted for betting purposes.
UEFA, the governing body of football in Europe, is set to establish a special unit to investigate irregular betting patterns found in 25 matches over the past two years. UEFA's legal affairs director Gianni Infantino said the investigation unit is scheduled to be fully operational next season. The unit will review 25 matches from the UEFA Cup tournament - the second-most important European club football competition after the Champions League - in which irregular betting patterns were found. 10 of those matches took place in the season just started, while 15 took place last year. The decision to establish the unit was made at a two-day meeting of UEFA's executive committee in the French city of Bordeaux. "There is a danger within our game but we will not let irregular betting patterns or corruption affect the outcome of matches," UEFA secretary general David Taylor said at the end of the meeting. Infantino also said the governing body would need support from the authorities, and said UEFA would be happy to cooperate with a proposed European Union police force that could be established to fight sports-related crime.
Background The American credit-crunch has hit hard. It's not only Wall Street that's feeling the repercussions of falling profits, job-losses and declining real wages - it's Main Street too. Americans across the board are being hit harder than ever before - with major corporate companies laying off workers and filing for Chapter 11 Bankruptcy. This negative spiral has eaten deep into the pockets of everyday citizens. Personal disposable incomes are lower, credit availability has all but dried up and casinos are feeling the pinch. Las Vegas When the MGM Mirage reports drops in revenue of 10% from tables and 11% from slots, and four other casinos have filed for bankruptcy protection, Vegas is staring down the barrel. Jobs are being shed left, right and center as hotels and casinos tighten their belts. The problems are compounded by the sheer number of rooms available for rent which means that operating and maintenance costs are high, with decreasing revenues from clientele. In addition the city is a virtual energy vampire - guzzling up thousands of megawatts of power, much of which the Hoover Dam won't be able to provide by 2015. Half of the city's visitors come by air, the others by car and coach. Projects hamstrung Gambling magnate Sheldon Adelson (net worth $26.5 billion) has pumped $475 million of his family wealth into his casino empire to stay afloat, but not all players in the industry are as lucky. The Tropicana Entertainment bombed on $2.67 billion of bank debt while Boyd Gaming dumped Echelon - an ambitious $4.8 billion project on the Las Vegas Strip. The planned Plaza Hotel in Vegas - a $5 billion development by Elad and IDB, has also been set back a year. Financing is simply too hard to come by. The beneficiary The costs of Vegas gambling tourism are prohibitive so gamblers are increasingly opting to stay home and try their luck at online gambling - despite its still illegal nature in the USA - it offers a cheap ticket to cash in on big winnings.
It seems that Ultimate Bet may be putting up its dukes, in defense of its alleged cheating scandal that has hotly reported by us and the rest of the gambling press. Blaming "unauthorized software code that allowed the perpetrators to obtain hole card information during live play", Ultimate Bet and the Kahnawake Gaming Commission (KGC) has hired an outside independent investigator to comb through the tangled web that has been woven. However, as this investigator Frank Catonia, has previously helped the KGC develop gaming regulations, one has to wonder just how "independent" he really is? Oh the webs they weave... Trying to sum up how this all got started is like trying to ask which came first, the chicken or the egg, and getting a definitive answer. IeLogic first developed the website in 2000, which then was sold to Excapsa in Spring 2004 who then sold their assets to Blast-Off Ltd in October of 2006. Seems pretty straightforward except for the fact that lines got a little blurry between Excapsa and Blast-Off Ltd, who are based in Malta and also known as Towkiro Gaming. No one seems to know who to blame anymore or who even owns what at this point. Towkiro is blaming previous employees of Ultimate Bet before they took over the company in October of 2006 who, as it must be mentioned, also owns Absolute Poker which has its own cheating scheme under investigation. Seems the story is that these previous employees prior to Towkiro (or is it Blast-Off?) has VIP access and therefore were able to bypass most security checks in place and able to access faster withdraws, thereby resulting in hundreds of dollars lost to various players. Money honey? So far, Absolute Poker players affected by the scheme have been paid back, but those who were unwilling victims at Ultimate Bet are still waiting on the edge of their seats and bank accounts for repatriation. Guess players will just have to hold out hopes for our dear Frank Catonia's findings. Continue to check back for further coverage as it unravels.
Despite having the world capital of gambling (Las Vegas) smack dab in the middle of the country, the USA has taken a harsh stance and partisan attitude toward gambling with the passing of the much debated UIGEA bill. Toppling gambling industries in a single swoop by crippling online payment processors for players located in the United States, this bill has been nothing but a thorn in the side for many people - politicians right on down to the people these politicians serve: regular citizens, who just want to spend their money how they see fit. However, before the UIGEA bill came into place, the European Union (EU) and other majority states were working towards a regulated industry, but now with fear of persecution as well as possibly threats of money laundering and/or terrorism, the European Union has been somewhat stalled on the issue. Europe is rejoicing... There is some good news though; because of the lock down in the States, many bingo and online casino websites have flourished in Europe as these companies have refocused their efforts towards this previously untapped market. The U.S. Department of Justice and committee members of the EU are set to convene together to hold talks of why bingo and online casino websites can still face prosecution even after their withdrawal from the USA borders, as previous answers were not satisfactory on both sides. "I'll be back"? California governor, Arnold Schwarzenegger, is possibly on track to approve Senate Bill 1369 which would effectively make online gambling legal in the state. If approved, constituents are hoping for a domino effect across the country.
The Online Casino Reports team has travelled to Spain, along with about 1,300 iGaming industry movers and shakers to attend the annual CAP Euro event. Over a weekend jam-packed with events, lectures, panel discussions, business meeting and parties, we had the chance to talk with the participants and bring you a few minutes of what's going on around the online gambling world.Following are the topics covered in this Weekly Edition, which you can look for further coverage on coming OCR Live videos and OCR Weekly Editions.Industry LeadersWe sat in on the CEO panel and heard the casino industry bigwigs talk about mobile gaming, advertising on TV, giant jackpot policies, and their vision for the coming years.Exhibition FloorsIn walking around the dozens of exhibition booths, we chatted with the affiliates. Meet the faces behind the casino sites, and hear about the latest on player promotions.CAP Down UnderApparently, the demand among casino affiliates in Australia is so high that CAP have organized a similar event for the local market to take place on 26-27 November, 2008.ReferBackWe interviewed the marketing manager at Referback, a leading affiliate company established in 1999, for his perspective on the CAP Euro event and the industry at large.The Kentucky CaseOf course, participants wanted to talk about the ruling that called for the seizure of online gambling domains. We asked the questions and recorded their comments.Gambling LegalityThe legal status of online gambling is always changing, and seems confusing. We bring you a few explanatory words from CAP Euro participants and speakers on the legalities concerning casino operators, web advertisers and the players too.Poker TipsWe reported before that local authorities stormed the poker tournament held at CAP conference and confiscated poker tables and chips, but we could still get some useful poker tips for you from the Spanish poker star Juan Manuel Pastor.New Poker GameThis American fellow has invented a new variation of Omaha poker. He teaches us the basic rules and shares his hopes that the game will catch on.The APCWJ Todd from the APCW has also attended the event, and as expected, had an opinion on just about anything people were talking about.Jamie GoldThe keynote presentation at CAP Euro was given by Jamie Gold, the 2006 WSOP Champion and winner of $12 million. We asked him for a few tips for players.
House Committee on Financial Services Chairman Barney Frank has initiated a new act in congress this month which aims to push federal authorities to define more precisely what is illegal versus non-illegal within the UIGEA boundaries. Named the "Payments System Protection Act," not only will definitions be exposed, but support for regulation of the online gambling industry will be made. In conjunction with the Department of Treasure and Federal Reserve System, the Attorney General will create a "formal process" which will help US financial institutions wade through the muck that the UIGEA bill thrust upon them. Frank wants a dedicated Administrative Law Judge appointed to define and conduct an economic impact study to see if the costs of getting the gambling industries up to compliance is actually worth it or not. The Safe and Secure Internet Gambling Initiative Group (SSIGI) stands strongly behind the bill. "Chairman Frank is doing the right thing by saying it is unfair to burden U.S. financial service companies with the job of Internet gambling police at a time when their undivided attention ought to be on the economy," said Jeffrey Sandman, a spokesperson for the SSIGI. Also mentioning that, "Hijacking the financial payment system at a time when it is under major stress and giving them the job of carrying out an unclear mandate doesn't make sense..." Congressman Frank also has other legislation pending with his "Internet Gambling Regulation and Enforcement Act" begun in 2007, named the H.R.2046 Bill, which mainly aims to protect consumers with safeguards against compulsive and destructive gambling, underage players, money laundering, fraud and the biggie of identity theft.
History It was scandalous; it was unheard of. It rocked the foundations of the National Basketball Association, and all but obliterated public trust - news of 13-season referee Tim Donaghy's illicit gambling activity. The former ref-turned-inmate was sacked, tried and incarcerated for wire-fraud and sports betting. The NBA's golden image was tarnished and the NBA empire brought to its knees. Clean up Allegations of underground ties to the mafia are rife in the NBA. And the referees in particular are under pressure to distance themselves from any implications of untoward conduct. David Stern, the beleaguered NBA commissioner, has been burning the midnight oil to restore credibility to the game. Stern was quoted saying, "I feel betrayed by what happened on behalf of the sport, regardless of how protective I've been." He believes the scandal lives and dies with Donaghy, although the jury is out on that one. Beyond the scandal 2007 has come and gone and Donaghy is doing his time for the crime. A former federal prosecutor, Lawrence Pedowitz, in his 116-page review - on behalf of the NBA - absolved the association of any other wrongdoing. The Donaghy Affair was deemed ‘an isolated event.' But even that report was somewhat misleading - Pedowitz himself suggested that there was greater interaction with the NBA and the illegal gambling world. Indeed on page 16 of his report, 14 months later, footnote 24, Pedowitz alludes to significant cooperation between the gambling world and the NBA. The gambling world is seen as a helpful barometer in monitoring unusual betting activity on matches. Stern response David Stern enlisted the help of a retired U.S. Army general to gather evidence to refute Donaghy's allegations of pervasive corruption. Stern believes the scandal ended with Donaghy's conviction, others are less convinced. But the roots of suspicion run deep and there remains uncertainty about how many officials are involved. However, with a clean bill of health being given, the NBA is fighting fit. The rules are so strict that refs can't gamble or provide information to anyone, other than their immediate family, regarding details of their travel schedules or the games they are going to work at.
New York Giants v New England Patriots After becoming the first team since the 1972 Miami Dolphins to go through the regular season undefeated, the New England Patriots were considered shoe-ins for Superbowl XLII. With a 10-6 regular season record, the Giants surprised their more heavily-favored NFC opponents to make it through to the Superbowl. The Giants pulled off a stunning 17-14 victory, despite being listed at a line of between -12 and -14 points going into the game, almost unheard of in a sporting final. Luxembourg v Switzerland Luxembourg hadn't won a World Cup qualifying game since 1972, and had odds of 67.00 to beat Switzerland in this September 2008 fixture to prove it. To make matters worse, the game was on Swiss home soil in the Zurich, but that mattered not as Luxembourg's Alphonse Leweck scored with four minutes left to give victory to the tiny European principality of just half-a-million people. Greece wins Euro 2004 Greece's national football team came to Euro 2004 as 150/1 outsider to win the tournament. They shocked heavyweights France and the Czech Republic to make it to the final, where they capped off one of the biggest footballing upsets of all time by defeating the highly-fancied hosts of the tournament Portugal, with a 57th-minute winner from Angelos Charisteas. Bangladesh v Australia Minnows Bangladesh pulled off undoubtedly the greatest upset ever in international cricket when it beat Australia in the Welsh city of Cardiff in 2005. Bangladesh went into its one-day clash with the defending World Cup winners as 100/1 outsider, Betfair at one stage offering 169/1 - incredible odds in a two-horse race. But thanks to a Mohammad Ashraful century, Bangladesh overcame Australia's decent total of 249 to score its biggest win since being awarded Test cricket status in 2000. Coin v Ivanovic She had odds of between 7.00 to 9.00 to beat world number one Ana Ivanovic in the second round of the 2008 US Open, but that didn't bother 188th-ranked maths whiz Julie Coin, a Frenchwoman who developed her tennis skills while studying for a mathematics degree at Clemson University in South Carolina. Coin didn't let the odds get her down, and she played the match of her life to defeat her Serbian opponent, 6-3, 4-6, 6-2. Stanford v USC Stanford entered its college American football game an incredible 41-point underdog, and was playing with a second-string quarterback. Rivals USC were considered one of the best teams going around. But the northern Californians defeated their southern rivals 24-23 to have their fans claiming it as the greatest college upset of all time. Red Sox v Yankees When bitter rivals the Boston Red Sox and New York Yankees met in the 2004 American League baseball championship series, it was expected to be another win for New York, who had won 26 titles to Boston's zero since the "Curse of the Bambino", which according to baseball folklore struck when the Red Sox sold star player Babe Ruth to the Yankees in 1920. After losing the first three games, the Red Sox came back to become the first team in baseball history to win a seven-game playoff series after being down 3-0. Needless to say, they were being quoted ridiculous odds by that stage. Boston then went on to beat St Louis 4-0 to win its first World Series since 1918. South Korea v Italy 2002 World Cup co-host South Korea was a long-shot 150/1 to win the tournament, but made it through the group stage for the first time, before defeating football powerhouse and one of the tournament favorites Italy, 2-1 in extra-time. The hosts then caused another upset, beating Spain in the quarter-finals, before finally having the amazing run ended by Germany. France v New Zealand It was Les Bleus of France vs the All Blacks of New Zealand in the 2007 Rugby World quarter-finals, and just as they did to New Zealand in the 1999 World Cup semi-finals, the French knocked out the almost-unbackable 4/7 tournament favorites, condemning the Kiwis to yet another four years of waiting for a second World Cup trophy. Greece v USA The 2006 FIBA world basketball championships were supposed to be won by a full-strength United States, nicknamed the "Dream Team" because of its star-studded lineup. Greece had other ideas though, defeating the US 101-95 despite very long odds. Unfortunately for the Greeks, the excitement of that game got to them, and they suffered a miserable 70-47 loss to Spain in the final two days later.
International investors are looking carefully at online casino stocks as a new and potentially rewarding market sector. The current global capitalization of the online gambling market sector is around 10 billion USD. Conservative estimates have provided a projection of 100 billion USD for this sector within the next ten years. These companies normally trade at around 15 to 20 times their earnings. This suggests that this market sector, excluding others that will come to the market in that time, could end up valued at around 2 trillion USD. This represents a 200 times increase in market share compared to today's levels. Stocks of online gambling companies and their associated businesses such as online gambling software companies fell dramatically at the end of 2006. This market decline saw most companies drop to around 50% of their original pre-2006 capitalized values. This collapse was specifically due to an American witch hunt against companies and in particular against online payment systems that were associated with Internet gambling. Since 2006, stocks in online gambling companies have recovered and continue to climb even during the dramatic stock market declines seen in 2008. This suggests that online gambling stocks should be considered as an investment oasis, and a sector that will continue to benefit those looking for long-term visionary investment. With the double blow to the economy of a housing crisis and credit crunch, wily investors should consider the online gambling sector as a safe haven for their cash.
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