Fast Track Licensing for New Jersey Online Casino Operators

It’s prepared, set, buy the main players in New Jersey’s online casino game; major provisional licensing has now been granted (Image source:

It is T-minus-two-weeks and counting for brand New Jersey’s big on-line casino launch, and time for you to get the show on your way, as they do say. With that in brain, more of the key online gaming operators have now been issued their Internet licensing, without which nothing moves forward.

Susceptible 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 parent business, Bwin.Party Digital Entertainment, the business formed in 2011 whenever Bwin then the sports betting firm merged with the major on the web poker site PartyPoker to form the entity that is new. The brand new Bwin is the world’s biggest publicly traded on the web gambling business.

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

Along with Bwin, competitor 888 Holdings was also provided the conditional licensing. 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 provided the licensing were Ultimate Poker (which is online in Nevada) and Betfair; all these businesses will now manage to participate in the state’s Nov. 21 soft launch trial prior to the prepared Nov. 26 official launch date for the public.

‘Bad Actor’ Kicked Off Stage

Not on the approval list, of course, was PokerStars, whose ‘bad actor’ status precluded its inclusion; for the time being, anyway. This latest decision although it could fundamentally be turned around de facto keeps PokerStars from the legal American market as of 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 method.’

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 Web gaming in nj,’ said American Gaming Association leader Geoff Freeman. ‘New Jersey will send 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 was 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 group that is lobbying it is as much as 1,700 offshore web sites that accept bets from American players, and says that market comprises 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-new jersey will become 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 reasonably tiny resident populations with Nevada at under 3 million and Delaware at under 1 million so analysts are excited to see exactly what 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 major issues with infighting of gambling factions and slow and tedious regulatory issues for even land casinos at this point.

Sportsbook William Hill Pegs Hillary Clinton Fave that is 2-1 for 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 golf at a sports book; many bets that are take a variety of crazy odds, from who can win an Oscar to Lindsay Lohan’s chances of going to rehab. So then place your wagers for the next president that is american?

Who’s Next in Line to the White House Throne?

Yup, it might be 36 months off yet, but it isn’t too early to put your money on the prospect you imagine is probably to succeed Barack Obama’s second and thus final term. Prominent bookmaker William Hill may well be more than happy to take your money, in addition they’ve even set the current chances to help you decide should you want to go high-risk or away for a limb.

You have to bet large if you want to win large, of course. Take a Londoner whom’s already risked $2,400 for 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’s their wager that is largest, but hey, with 3 years and who knows the type of news tales yet to come, this race remains available.

As of now, William Hill has Ms. Clinton a 2-1 favorite, moving up from 5-2 earlier in the day.

‘This bet on Hillary Clinton, together with a run of support for [New Jersey Gov.] Chris Christie, reducing his odds from 20-1 to 10-1, seems to signal the race that is presidential under beginner’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 it’s likely as of this start of this week, right here’s the recap:

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 and a lot of likely candidate leads the pack. So far. But William Hill notes that right now, if you tally all the odds of both parties, they have been actually tied up at 10-11 for either one to win; the genuine long shot would be a possible separate, by having a current 100-1 bet against.

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

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

In addition, although William Hill has a healthier presence in Nevada between sports books, mobile gambling apps and kiosks, don’t attempt to place some of these wagers with them there; it is illegal for U.S. bookmakers to do this. Although Nevada’s Senate Judiciary Committee did attempt to push via a bill earlier this 12 months 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 step that is next least they takes comfort once you understand their execs won’t end up in debtors’ prison. (Image source: Bettmann/CORBIS)

When most gamblers think of strategic options, they’re considering whether to increase or call during the poker dining table. But for the Revel Casino Hotel in Atlantic City, that term might actually signal that the current owners are deciding precisely 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’ regarding the struggling casino. In the world of the gaming industry, that phrase rarely means any such thing good, with common results being that a venue is being shopped around for sale or that the company is considering filing for Chapter 13 bankruptcy. That said, the ongoing company has tried to make it clear that they haven’t made any company decisions yet.

Long-Winded Declaration

‘Revel has not made any choice to pursue any specific strategic transaction 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 plan to comment further regarding its assessment of strategic alternatives until such time due to the fact board has determined the outcome of the method or otherwise has deemed that disclosure is suitable.’

They should have hired A white that is former house for that one.

Any time soon, Revel hasn’t simply been sitting on its hands while that statement may have been a long, long, long way of saying that the company won’t be saying anything. The company also announced that they will be increasing their credit that is first-lien agreement essentially doubling their personal line of credit from $75 million to $150 million ( taking a page from the Caesars Entertainment ‘How to control Your Out-of-Control Debt for Dummies’ best-seller, evidently). 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 moves come just months after Revel went through Chapter 11 bankruptcy court to be able to restructure their debt, which triggered lenders taking more than an 80 percent ownership stake in the business. That move permitted the cancellation of $1.2 billion in debt, which gave the casino new life.

Poorly Thought-Out Marketing

But the Revel didn’t leave that bankruptcy restructuring all that well, despite the most useful 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 had been disappointed to discover that they wouldn’t get their losses back in cash or as credit they could utilize whenever you want; alternatively, they were permitted to get credit on future visits, a couple of percents at a time, and just by coming on certain weeks after the promotion ended.

Still, promotions like you can signal a shift in the Revel’s strategy. Once envisioned as a non-smoking luxury resort for high-end gamblers, there are signs that the casino is willing to open up its client base to a broader selection of customers, including those on a spending plan and, of course, smokers. Only a day before their declaration on the potential usage of strategic alternatives, Revel had a less prominent press launch that described their low-cost dining alternatives, including a $3.99 morning meal deal.

So far this year, Revel has arrived in at #8 when it comes to gambling winnings of the 12 Atlantic City casinos, having taken in $116.3 million from gamblers through the first three quarters. 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 additionally filed for bankruptcy and it is now up for auction will not be represented online among the list of city’s 12 land gambling enterprises.