Fast Track Licensing for brand New Jersey Online Casino Operators

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Fast Track Licensing for brand New Jersey Online Casino Operators

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

It is T-minus-two-weeks and counting for New Jersey’s big on-line casino launch, and time for you to get the show on the highway, as they do say. With that in head, more of the key online gaming operators happen issued 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 business, Bwin.Party Digital Entertainment, the business formed in 2011 whenever Bwin then a recreations betting firm merged with the major online poker site PartyPoker to form the new entity. The Bwin that is new is world’s largest publicly traded on line gambling company.

Prior to 2006, when Congress introduced the Unlawful Internet Gambling Enforcement Act (UIGEA), PartyPoker was the #1 online cash game poker web site in the usa, 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 penalized having a $105 million ‘fine’ in an agreement that is non-prosecutorial the U.S. Department of Justice, while admitting to violating pre-existing wire fraud statutes that had been on the books since 1961.

Along with Bwin, competitor 888 Holdings was also given the conditional licensing. 888 will be working since the online presence for Caesars Entertainment Corp.’s Interactive division, along side Amaya Gaming, which was also given licensing. Also awarded the certification were Ultimate Poker (which is already online in Nevada) and Betfair; all these companies will now have the ability to take part in the state’s Nov. 21 launch that is soft just before the prepared 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 inclusion; for now, anyway. This decision that is latest although it could fundamentally be turned around de facto keeps PokerStars out of the legal United states market at this time; the company may not be licensed for online poker in Nevada for at least the next five years.

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

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

‘we are excited to see the launch of online video gaming in nj-new jersey,’ said United states Gaming Association leader Geoff Freeman. ‘New Jersey will send a message that is strong all states.’

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

The AGA says on the website that millions of Americans now play on thousands of gambling sites that are headquartered offshore; in fact, the lobbying group claims it is as many as 1,700 offshore 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 online gaming market of some $33 billion.

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

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

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

Bookmaker William Hill likes Hillary Clinton since 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; most bets that are take all kinds of crazy chances, from who will win an Oscar to Lindsay Lohan’s opportunities of going to rehab. So why not place your wagers for the next American president?

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

Yup, it might be three years off yet, but it is not too early to put your cash on the prospect you think is most probably to succeed Barack Obama’s 2nd and term that is thus last. Prominent bookmaker William Hill will be more than happy to take your money, and they’ve even set the current odds to help you decide should you want to go high-risk or away on a limb.

You have to bet large if you want to win large, of course. Take a Londoner whom’s already risked $2,400 on a 5-2 bet that former Secretary of State Hillary Clinton will be taking throughout the White House in the 2016 elections; William Hill says that up to now, that is their wager that is largest, but hey, with 3 years and who knows what type of news stories yet to come, this battle continues to be spacious.

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 race that is presidential under starter’s orders as far as political punters are involved,’ William Hill spokesman Graham Sharpe said.

Odds Are In

If you’d like to understand where the odds are as of 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 less, their key and most likely candidate leads 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 somewhat different odds of 9-4; their take on Christie is the identical as William Hill’s: 10-1. Another activities guide, 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, whom can be found in at a surprisingly optimistic 300-1 each.

By the way, although William Hill has a healthy presence in Nevada between sports books, mobile betting apps and kiosks, do not attempt to place any of these wagers with them there; it is illegal for U.S. bookmakers to take action. Although Nevada’s Senate Judiciary Committee did make an effort to push through a bill earlier this year that would have opened the entranceway 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 next step, at least they takes comfort knowing their execs will not wind up in debtors’ prison. (Image source: Bettmann/CORBIS)

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

Based on numerous reports, the current Revel owners (a group led by Chatham Asset Management) are pursuing those ‘strategic alternatives’ with regards to the struggling casino. In the world of the gaming industry, that phrase rarely means any such 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 stated, the company huuuge games has tried to make it clear that they haven’t made any company decisions yet.

Long-Winded Declaration

‘Revel has perhaps not made any decision to pursue any specific strategic deal or alternative, and there can be no assurance that the research of strategic alternatives will result in the consummation of any transaction,’ Revel said in a declaration. ‘Revel does not intend to comment further regarding its evaluation of strategic options until such time due to the fact board has determined the result of the method or otherwise has deemed that disclosure is suitable.’

They must-have employed a former white house speechwriter 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’ll be increasing their first-lien credit agreement, essentially doubling their line of credit from $75 million to $150 million ( going for a web page from the Caesars Entertainment ‘How to handle Your Out-of-Control Debt for Dummies’ best-seller, apparently). The original $75 million credit line has been increased to $100 million, while a principal quantity 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 a lot more than an 80 percent ownership stake in the business. That move allowed the cancellation of $1.2 billion in debt, which offered the casino new life.

Poorly Thought-Out Marketing

Nevertheless the Revel didn’t emerge from that bankruptcy restructuring all that well, despite the best efforts of management. The casino received some bad press if they lost on the machines after they attempted to draw in customers with a ‘can’t lose’ slots promotion that promised gamblers their money back. But players were disappointed to learn that they wouldn’t receive their losses back in cash or as credit they could use at any time; rather, they were allowed to receive credit on future visits, a couple of percents at an occasion, and just by coming on specified weeks after the promotion ended.

Still, promotions like that you could signal a shift in the Revel’s strategy. Once envisioned as a non-smoking luxury resort for high-end gamblers, you will 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. Only a time before their statement on the potential use of strategic alternatives, Revel had a significantly less prominent press launch that described their low-cost dining alternatives, including a $3.99 breakfast deal.

Up to now 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 participating in New Jersey’s on line casino launch come 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 city’s 12 land casinos november.

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