Monthly Archives: January 2021

Cryptocurrency exchange wants to be able to list NFL futures

At a time when cryptocurrencies are seeing massive gains that could rival those of 2017, one exchange specializing in digital currency wants to become a more diverse platform. Eris Exchange (ErisX) wants to give its users more than just crypto options and has asked (pdf) the Commodity Futures Trading Commission (CFTC) for permission to include NFL futures contracts among its list of available options.

ErisX reportedly reached out to the CFTC in December, submitting a request to be able to offer “fully collateralized and financially settled contracts” that would be generated off NFL wagers, including moneyline, Over/Under and point spread futures. It explained that its target for the futures contracts are sportsbooks, vendors and stadium owners, adding, “Contrary to popular belief, licensed sportsbooks do not seek to make money based on the outcome of sporting events; rather they seek to maximize their revenue from the collection of fees.”

It all comes down to risk management for sports gambling operators and ErisX has a solid argument for its futures contracts. Sports gambling lines can, and sometimes are, skewed by the markets they serve – a sportsbook in Louisiana, for example, could have different lines than a Colorado sportsbook for a home game for the New Orleans Saints. Many industries, including airlines and large food stores, play the futures game with their prices on a daily basis, so having it come into sports gambling an outrageous concept.

Currently, most sportsbooks try to balance the odds based on different data points, but this sometimes falls short. As ErisX points out, “One notable example of an imbalanced book relates to the 2019 Super Bowl between the New England Patriots and the Los Angeles Rams, when an imbalance in the books caused New Jersey Licensed Sportsbooks to lose more than $4.5 million based upon the outcome of the Super Bowl. Similarly, Rhode Island Licensed Sportsbooks reportedly lost $2.3 million on a total of $6.5 million wagered on that same game – more than a third of the total volume wagered.”

2021 not off to a good start for many Navajo Nation casino employees

Despite most tribal casinos in the U.S. not having to close their doors, unlike their commercial counterparts, because of COVID-19, many still decided to take precautions to help control the global pandemic. Some tribal casino operators were able to maintain some level of normalcy during the chaos, but others suffered. The Navajo Nation, a native Indian tribe that operates casinos in Arizona and New Mexico, falls into the latter group and 2021 isn’t getting off to a good start for its casinos. Operated through Navajo Gaming, the four gambling venues have furloughed over 1,100 employees, and permanent closures may be on the way.

The layoffs were announced on New Year’s Eve, not a great way to celebrate having survived one of the most brutal economic years in recent history. The closure announcement impacts the Twin Arrows casino in Arizona and New Mexico’s Fire Rock, Flowing Water and Northern Edge. Navajo Gaming Interim CEO Brian Parrish said in making the announcement, “Due to the extended closure, since March 17, 2020, our business operations have been severely impacted, and as a result, we must make very difficult financial and personnel decisions.”

As a result of the closure, only 165 employees will still be working, but that could change quickly, too. The tribe is monitoring how quickly things turn around and, if COVID-19 can be brought under control, the properties may be reopened. If not, they will be permanently shut down and the remainder of the workforce will be let go, as well. 

Should that shutdown become reality, the four cities the casinos serve stand to lose around $500 million total in annual revenue and economic output. That would make an already tough situation more difficult, as states are already dealing with major budget shortfalls because of the coronavirus situation. 

Six solid tips to avoid Burnout as we get back to the grind in 2021

Learning how to avoid burnout has been a topic of conversation over the last year in the gambling industry. Becoming familiar with the signs of burnout is especially vital since the shift to working from home.

The symptoms of burnout include fatigue, anxiety, exhaustion and frequent illness. When the little everyday chores start to blow-up into a major drama it’s time to seek out some help. Here are some tips to help you avoid burnout in 2021.

Burnout is something that is recognised by psychologists as a genuine condition; left untreated it can lead to serious health issues like heart disease, diabetes and even depression. It’s something that won’t disappear on its own and requires the help of a doctor.

Bedrest is a solution

SJM employees in Macau to get annual bonuses as expected

SJM Holdings had a difficult 2020 because of COVID-19, but it isn’t going to let a little thing like money trouble get in the way of the casino operator continuing its plan to offer annual “living subsidies” to its Macau employees. It, like other casino operators in the city, has given annual bonuses to its workers over the years and has confirmed that it is ready to start distributing checks once again. The pay will be split into two parts, with the first payment expected to be made this week. 

SJM announced the payment scheme today, explaining that it will distribute the first half of the subsidy this Wednesday and the second half in July. Daisy Ho Chiu Fung, the company’s chairperson, added in the announcement, “We would like to thank our staff members for their diligent work and dedicated support amidst the challenges of the Covid-19 pandemic.”

Those company employees who earn $2,505 or less will be given a bonus of two months’ salary, according to GGRAsia. Those who earn above that mark will pick up a bonus of one-and-a-half times their monthly salary or $5,000, whichever is higher. The bonus is valid for all eligible employees, even those who have worked for the company for less than a year; however, those who fall in the latter category will find their bonuses prorated based on the amount of time they have been with SJM. The living subsidy scheme has been in place for six years and SJM confirmed in 2019 that it doesn’t anticipate making any changes for at least another year. That, of course, was pre-COVID-19, but the global pandemic hasn’t forced it to alter its course too drastically. 

SJM just picked up a new chief financial officer, who will help ensure the company can continue to make good on its promises and bounce back from the coronavirus issues. Toh Hup Hock is taking over for Robert Earle McBain, who decided it was time to retire. Toh officially started last Friday, having most recently served as the Chief Operating Officer (Finance and Development) for SJM’s Macau operations. Prior to that, he spent almost six years with Sands China, from 2010-2016, and about three years with Shangri-La Asia Limited, from April 2016 to March 2019.

PAGCOR remittances to government cut in half for 2020

The Philippine Amusement and Gaming Corporation (PAGCOR) may have had a pretty rough year in 2020, but it still helped the government’s coffers quite a bit. The regulator and casino operator contributed P17 billion ($353.7 million) to the Bureau of the Treasury through 15 December 2020, making it the country’s third biggest contributor, but only delivering half of what they did in 2019.

As PAGCOR is a Government-owned or controlled corporation (GOCC), it’s mandated to hand over 50% of it’s net earnings to the treasury. The P17billion was enough to rank it only behind the country’s central bank, the Bangko Sentral ng Pilipinas (BSP), which contributed P40.53 billion ($843.4 million), and the Philippine Deposit Insurance Corp. (PDIC) with P17.98 billion ($374.1 million).

 In a statement, the Department of Finance noted that GOCC contributions would help fight Covid-19, as well as help restart the economy and help those in need.

The contribution from PAGCOR, while admirable, is still a far cry from what they contributed in 2019. In that year, they sent P35.93 billion ($706.38 million) to the treasury. But so many difficulties resulted in revenues being a far cry from what they once were.

Better Collective becomes majority owner in Mindway AI

Better Collective increases its ownership to 90% of the shares in Mindway AI that specialises in software solutions based on artificial intelligence and neuroscience for identifying, preventing and intervening in at-risk and problem gambling. The investment supports Better Collective’s ambition to make betting more safe. 

As of January 1st 2021, Better Collective has exercised its option to acquire a further 70% of the shares in Mindway AI for a total price of 17 million DKK. The acquisition follows a preliminary investment made in 2019 where Better Collective acquired 19.99% of the company for 4 million DKK. With the new investment, Better Collective now holds 90% of the shares in Mindway AI, whereas the reimaing 10% is held by Kim Mouridsen, Founder of Mindway AI and Professor at Aarhus University. 

CEO of Mindway AI, Rasmus Kjærgaard, who has played an instrumental part in commercialising the business during its growth phase over the last 12 months, continues in his current position. Kjærgaard joined Mindway AI in December 2019 from Danish IT company, Signaturgruppen A/S, where he spent over four years as VP of Sales. Also, Professor Kim Mouridsen stays on board in the role as Chief Scientific Officer and member of the board of the company. Mindway AI will continue to operate as a stand-alone company within the Better Collective Group. 

Jesper Søgaard, CEO of Better Collective, says:

Genting HK sale/leaseback deal for cruise ship canceled

Genting HK had a lot of success finding support for its cruise ship business, having previously entered into a sale/leaseback scheme for its Genting Dream floating casino. However, that was pre-COVID-19 and the new order of business caused by the global pandemic is significantly altering the gaming paradigm. Plans to follow the same Genting Dream protocol with another ship, the anticipated Crystal Endeavor, have been canceled and new ways to fund the vessel are going to need to be sourced. 

Genting HK has had a lot of difficulty because of the coronavirus, which came just as the company was trying to get its casino cruise arm set for launch. It has already begun to face serious cash crunches and even its chairman, Lim Lok Thay, is doing whatever he can to keep the company afloat. However, things are probably going to get tougher before they get better, and Genting HK said in December that it was being forced to terminate the sale/leaseback agreement because of a “substantial delay in construction and delivery of the vessel due to the impact of Covid-19 as well as the worldwide freeze of cruise operations and the uncertainty in relation to new constraints to allow the operations to resume.”

Crystal Endeavor, which is owned by Genting HK subsidiary Crystal Endeavor SAS, was to sell the ship for about $388.2 million, according to an announcement made just over a year ago. However, it was also going to finance the purchase by giving the purchaser, SNC Endeavor Leasing, a loan of $368 million at an interest rate of 7% annually. Because of how 2020 unfolded, the entities were forced to call off the arrangement, and the cancellation was made retroactive to the beginning of last year. 

Genting HK added in its new filing, “The parties agreed that the first instalment to be refunded to the purchaser under the acquisition contract shall be set off against the subordinated loan to be repaid to the seller under the subordinated loan agreement.” It further explained that any previous drawdowns “shall be deemed not to have occurred,” and that Crystal has agreed to waive its “rights of payments of any interest under the subordinated loan.”

Damian Salas is the 2020 WSOP Main Event Champion

Damian Salas defeated Joseph Hebert in a marathon heads-up match to win the 2020 WSOP Main Event title, and an extra $1 million in cash. The champ also takes home the coveted gold bracelet and is officially the reigning world champion of poker.

Damian Salas is your 2020 World Series of Poker champion. (Image: WSOP.com)

It took more than five hours for Salas to finish off his opponent. Even once the blinds got so big that there weren’t many decisions left to be made, play still resumed for quite some time. Neither player was willing to give in as there was so much riding on this match.

Both players had already won just north of $1.5 million for beating their respective final tables. But they each were chasing that extra $1 million paid to the winner of Sunday’s heads-up finale. And the player who lost the heads-up match took received nothing beyond the $1.5 million already won.

Aristocrat Technologies, Inc. introduces “Aristocrat Future Leaders” program

Robust Rotational Program provides unique opportunities for recent graduates.

LAS VEGAS, Nev. January 4, 2020) – Aristocrat Technologies, Inc. has launched its Aristocrat Future Leaders (AFL) program. AFL features a comprehensive educational track that creates a unique opportunity for recent graduate students in the United States to learn the land-based gaming industry from the leading slot manufacturer.

The AFL rotational program offers full-time job opportunities for recent college graduates. In this role, participants will rotate through a variety of major commercial departments including finance, operations, marketing, and others. Each graduate will spend approximately eight months in each department for an immersive educational experience. The rotational program offers competitive benefits and compensation sure to attract nationwide applicants.

“We’re excited to invest in the future of gaming with the introduction of Aristocrat Future Leaders,” said Hector Fernandez, president of Aristocrat Gaming. “By prioritizing education and placing the gaming supplier industry at the forefront of career opportunities, we look forward to welcoming top talent that will grow their career with Aristocrat for the long term.”

Malta Gaming Authority seeks new CEO: Here’s why Bitcoin SV knowledge is critical

This article originally appeared on CoinGeek.

The Malta Gaming Authority (MGA) is on the hunt for a new chief executive. In its job post, the watchdog stated that it’s looking for a “dynamic, passionate and a highly influential strategic thinker” to lead its regulatory efforts.

The successful applicant will define the regulator’s strategy, lead and manage all its initiatives, sustain and reformulate its branding strategy, monitor its financial performance and cultivate effective communication between the board and all other stakeholders.

MGA is the gaming control board in the Southern European island country. It regulates all forms of gambling in the country, from land-based casinos, lotteries and fantasy sports to the rapidly growing online gambling sector. The CEO will therefore have to be vastly knowledgeable on the technologies that will define the future of gaming, and none more than blockchain, specifically Bitcoin SV.

NFL season comes to end with spectacular upsets

2020 was an interesting year for sports, with COVID-19 causing all kinds of grief for leagues everywhere. At the same time, though, sports fans were also kept entertained with some unexpected outcomes. The NFL season is close to the finish line, having survived a couple of coronavirus scares, with the Super Bowl coming up in just about a month. The final lineup for the postseason was cemented this past weekend as Week 17 games concluded and football fans can now get busy wagering on who’s going to advance in the playoffs and who’s going home. 

There was some doubt whether the Tampa Bay Buccaneers would be able to survive to make it to the playoffs this year, despite the fact that they brought on five-time Super Bowl winner Tom Brady to lead the charge. They made it, but showed yesterday that they still have work to do in order to become a championship team. The Bucs, at times, looking like they might lose to the Atlanta Falcons, who were able to rebound and come to within three points with just over eight minutes left in the game. However, relying on the veteran QB, the Bucs kept it together and ended up clinching the fifth seed in the NFC as Brady pushed his team to a 44-27 victory. It was good enough for an NFC wild-card spot, and the Bucs will meet the Washington Football Team (WFT) in the wild card game next week.

The WFT gets to head to the playoffs in spectacular fashion. The team has had to deal with major adversities this season, from its owner being blasted for sexual misconduct to its head coach going through treatment for cancer. It survived all of it, though, taking the NFC East yesterday against the Philadelphia Eagles, 20-14, for its first playoff appearance since 2015. Not bad for a team that finished the season at 7-9. The WFT is the first team ever in the NFL to hit the postseason after starting the regular season 2-7.

The Miami Dolphins were on the verge of making it to the playoffs, but fell apart yesterday against the Buffalo Bills. Several interceptions and bad plays, coupled with an outstanding performance by Bills QB Josh Allen, left the Fins on the sidelines as they fell 56-26. The Bills will hope Allen, who is in contention for an NFL MVP award, will keep up his performance in the playoffs, as the number-two AFC seed take on the Indianapolis Colts in the wild-card round. 

Lee Davy wants to help others kick addiction: The Long Con

[youtube https://www.youtube.com/watch?v=Dmu0vUMKynk?feature=oembed&w=640&h=360]

Long-time readers of Calvinayre.com will be familiar with Lee Davy, who wrote for the site for years, providing great coverage of the Poker world. He’s come back to speak with our Becky Liggero Fontana on this week’s episode of The Long Con about his new project, 1000 Days Sober, and how everyone can live a better life by embracing sobriety.

Davy talks about his introduction to addiction through smoking, and how he gradually developed a drinking problem too. He’s made it his life passion to help others struggling with addiction, and explained where he gets his wisdom:

“It’s called the STRIVE method for addiction, and it’s an experience that is born out of my personal experience, and the teaching and training that I’ve learned from everybody along the way. It’s based on the Transtheoretical Behavioral Model of Addiction by a guy called James Prochaska, who wrote an amazing book called ‘Changing for Good,’ which basically says there are six stages of addiction. So addiction is a subjective experience for all of us, but his research showed that there are six specific phases, and that allowed me to think okay I kind of get this.”

David ‘ODB’ Baker, Mark Gregorich Win Westgate SuperContest for $435K

David “ODB” Baker and Mark Gregorich teamed together to win the famous Las Vegas Westgate SuperContest sports betting competition for $435,000. The poker duo also took second in another major sports betting contest at the Circa in Las Vegas for $200,000.

David Baker and Mark Gregorich took down the famous Las Vegas Westgate SuperContest. (Image: World Poker Tour)

Baker is a two-time WSOP bracelet winner and the 2019 WPT LA Poker Classic champion. In total, he has over $5 million in live tournament cashes. Gregorich, the author of “52 Tips for Texas Hold’em Poker,” is also an accomplished poker player. He has 70 cashes in bracelet events, but is still looking for his first WSOP title.

The two poker pros teamed together for the top NFL football betting contests in the world. And they showed the gambling community they’re skilled at more than just poker.

Huck Seed inducted to Poker Hall of Fame

It’s taken over a decade, but Huck Seed is finally a member of the Poker Hall of Fame.

Just a few weeks ago, when the list if potential inductees was released, we ourselves favoured the induction of Las Vegas poker superstar, Main Event champion and prop bet legend Huckleberry Seed. Despite that, it didn’t seem likely to happen. Others threw their weight behind the considerable talents of Lon McEachern and Norman Chad, for example. Plenty of other big names were up for nominations, too, such as Antonio Esfandiari and Mike Matusow. Sure, Chris Ferguson looked like an empty slot, but many other had high hopes.

In the end, however, Huck Seed made it into the Poker Hall of Fame during this strangest of years with an overwhelming voting advantage. Here’s how the final vote stood, as confirmed by the World Series of Poker’s announcement of Seed’s induction.

Huck Seed (winner) – 76 votes

Chris Quits, but is this the end of the Moneymaker Effect?

There can be no doubt that over the last 17 years, one player’s name has been uttered more than any other. From the initial miraculous heralding of a champion to a constant energy at live festivals and a permanent influence on the game of poker itself, the legend that is Chris Moneymaker has personally defined poker more than any other player in recent times.

Other than that butterfly that Ashton Kutcher couldn’t stop going on about, who else can lay claim to having spawned an ‘effect’?

Since his epoch-making victory in the 2003 World Series of Poker Main Event Chris Moneymaker has been patched up as part of the PokerStars Team Pros.

In the years since his ambassadorial reign began, of course, many things have changed in poker. The way the game is played is very different, as is the coverage that surrounds it, the money involved and sponsorships have been hugely influenced by the ‘Moneymaker Effect’. 

New Year Premier League Review

In what has become a period of Premier League football to be ridden out like a rollercoaster, some sides have clung on for dear life and others have seen their hopes turned upside down.

Over the weekend, both Manchester clubs were victorious as they triumphed against quality opposition to re-establish their assaults on Liverpool’s Premier League lead.

Manchester United 2-1 Aston Villa

A thrilling game took place at Old Trafford as the Red Devils overcame a stubborn Villa side who looked every bit as threatening as their Premier League position suggested ahead of kick-off.