Monthly Archives: March 2015

Bill preserves anonymity for big lotto winners

North Carolina law compels winners of significant lottery prizes to reveal their identities, but a proposal in the legislature would keep that information confidential unless the winner says otherwise. The bill was filed by Rep. Darren Jackson, D-Wake, whose father won a $1 million Powerball jackpot in 2007.

Lottery Winner Sued By Store Owner Who Sold The Ticket, Because She Didn't Get A Share

A lawsuit filed against a $1 million lottery winner in California alleges that the lotery winner promised half of the jackpot to the liquor store owner who sold her the ticket. UPI has more: Laxmi Bhardwaj, owner of USA Liquors in Milpitas, filed a lawsuit alleging he loaned Eva Reyes, 53, of San Jose, money to purchase lottery tickets, and in exchange she offered to split any winnings evenly.

Photos: Thurman-Guerrero Final Presser Mega Gallery

The final press conference for the inaugural Premier Boxing Champions on NBC show took place today at MGM Grand as fighters, announcers and executives spoke to the media ahead of their primetime network television debut on Saturday, March 7 at the MGM Grand Garden Arena. Photos by Naoki Fukuda Tickets for the live event are priced at $400, $300, $100 and $50, not including applicable service charges and taxes, are on sale now.

Amaya insider trading probe looking at close friend of CEO David Baazov

Probes into unusual stock trades involving Amaya Gaming prior to its acquisition of PokerStars have roped in a friend of Amaya CEO David Baazov.

On Friday, the Globe and Mail reported that the search warrant served on Amaya’s Montreal HQ in December by Quebec securities regulator Autorité des Marches Financiers (AMF) was seeking records related to Yoel Altman, an accountant described as a close friend of Baazov.

Altman has invested in a number of technology companies over the years and provided a $5m bridge loan that allowed Amaya to purchase software developers Cryptologic in 2012. He was described by the company as a “long-term strategic adviser.”

Altman’s name is also among the 300 investors being investigated by the Financial Industry Regulatory Authority (FINRA), a US-based self-regulatory body. Like the AMF, FINRA’s probe is examining trading of Amaya stock prior to the company’s June 2014 acquisition of the Rational Group, the parent company of Stars and Full Tilt.

Amaya’s stock went on a tear in the weeks preceding the acquisition, suggesting the deal was common knowledge among certain investors long before CalvinAyre.com first broke the news that the companies were talking.

Other names on the FINRA list have links with Intertain, the Canadian company that purchased Amaya’s WagerLogic division in 2013, and in which Amaya holds a 5.8% stake. These names include a stock promoter named Robert Chalmers, who until March 1 was Intertain’s spokesman, and who previously worked at Amaya’s investment banker Cannacord Genuity. Chalmers and Altman are both directors at a company called Portvesta Holdings inc.

Intertain director John Fielding earned his way onto FINRA’s list by purchasing $2m worth of Amaya stock in the months leading up to the Rational acquisition. Fielding told the Globe he wasn’t privy to any inside info and had purchased the shares on the advice of his broker.

Darren Phua heading home to Malaysia after plea deal on sports betting charges

Darren Phua is headed home to Malaysia after pleading guilty to participating in an illegal online sports betting operation, but his father will continue to fight his own charges.

Darren Phua is the 23-year-old son of noted high-stakes poker player Wei Seng ‘Paul’ Phua, and both father and son were among the eight individuals arrested last July at three luxury villas at Caesars Palace in Las Vegas. Five other defendants have already reached plea deals, while charges against a sixth defendant were dropped.

On Friday, Darren Phua pled guilty to a single charge of transmitting wagering information, for which he was fined $100k and ordered to forfeit $125k. As with the other plea deals, Phua was put on five years probation, during which time he has to give the US of A a wide berth.

News of Darren’s plea deal first surfaced on Thursday when his attorneys told US District Judge Andrew Gordon that their Malaysian-born client had grown homesick after spending the past seven months under house arrest in Las Vegas. On Friday, Phua’s attorney Richard Schonfeld said his client felt he was trapped in “a nightmare that he has been unable to wake up from.”

The Phuas were arrested after the FBI shut off the villas’ internet connection, then sent in agents disguised as tech support equipped with hidden body cameras to obtain proof of the suspected bookmaking operation. Phua’s attorneys have argued that these tactics violated their clients’ constitutional protection from unreasonable search and seizure.

In February, US Magistrate Judge Peggy Leen recommended tossing the evidence obtained during the FBI raid. Prosecutors are attempting to have Leen’s recommendation overturned, as they aren’t confident of securing a conviction without this evidence.

On Friday, Schonfeld said that “as a result of the legal successes in this case, Darren was presented with an opportunity to accept a lesser charge. While we are all confident in the strength of our case and believe we would have ultimately prevailed, this is the best outcome for Darren.”

Las Vegas Sands hit with $250k penalty over Steve Jacobs’ document shenanigans

Casino operator Las Vegas Sands has been ordered to pay a $250k penalty for redacting documents related to an ongoing court case.

District Judge Elizabeth Gonzalez levied the penalty after determining that Sands had willfully violated her order to turn over documents relating to the wrongful termination suit brought by Steve Jacobs (pictured on the right), the former CEO of Sands China. Jacobs was unceremoniously dismissed in 2010 and the two parties have been locked in a bitter legal tussle ever since.

Sands had previously claimed it couldn’t produce the documents because Macau privacy laws prohibited the exportation of data from the special administrative region. This excuse rang hollow after the court learned that Sands itself had exported the same data to the US so its Nevada-based attorneys could check it over (a process that cost Sands $2.4m in legal fees). When Sands did turn over the data, about 7,900 of the 100k emails and other files had been redacted.

In her ruling on Friday, Gonzalez ordered Sands to turn over the documents free of redactions. Sands must also pay Jacobs’ significant court costs relating to the “needless” document squabble. Not that this will satisfy Jacobs or his attorney Todd Bice, who had previously warned Gonzalez that the filthy rich Sands’ plan was to “spend us all into the grave.”

Still to be decided is the question of whether the Nevada courts have jurisdiction to decide a matter relating to Sands China. Jacobs has alleged that Sands China’s decision making was ultimately subject to approval by its parent company in Nevada.

Jacobs says he was sacked for objecting to Sands’ alleged efforts to dig up dirt on Macau public officials for use as leverage in future negotiations. Jacobs also claims that he objected to a “prostitution strategy” personally endorsed by Sands boss Sheldon Adelson, a claim that Adelson and Sands have vehemently denied.

SANDS CHINA TO CURTAIL NON-ASIAN ENTERTAINMENT?

Mike Sexton Criticizes Some WSOP Policies

Mike Sexton is one of the most respected names in the poker community. So when he makes a point of suggesting changes to one of the most revered institutions in the game, it’s certain to get some notice. Sexton wrote a blog post at partypoker.com in which he laid out some of his concerns over […]

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Anthony Zinno Wins Back-to-Back WPT Main Event Titles

The World Poker Tour isn’t an easy place to win. Each event features a field that includes many of the world’s top players, making each title a cherished victory. That makes it all the more incredible when a player manages to win two WPT events in a row, the feat Anthony Zinno just managed to […]

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Fortuna’s online betting kicking ass but shares tumble on dividend revamp

Czech Republic betting operator Fortuna Entertainment Group saw its online gambling revenue rise nearly one-third in 2014.

Fortuna’s combined operations in its home market as well as the Slovak Republic and Poland reported overall gambling turnover up 18.5% to €672.4m, while sports betting turnover rose 19% to €655.7m largely due to the 2014 FIFA World Cup. Lottery stakes rose 4.1% to €16.7m.

Fortuna’s revenue rose 13.9% to €132.6m thanks to a 31.7% rise in online betting revenue to €67m. The online numbers were goosed by enhanced live betting offers and live streaming courtesy of a Bwin.party feed project. By contrast, retail betting revenue was up only 0.5% to €58m. Lottery operations contributed the remaining €7.5m.

Fortuna’s 2014 earnings rose 6.4% to €28.4m and would have been up 13.6% were it not for a one-off value-added tax claim in Poland. Profit rose 2.3% to €15.9m, slightly below analysts’ expectations.

Despite the largely positive numbers, Fortuna’s shares fell 13% on Thursday – its biggest one-day decline in two years – after the company said it would review its dividend policy. Fortuna has been returning 70% to 100% of its profits to shareholders but warned of a “substantial reduction” in this rate as it stores up cash to fund “investments into future growth.”

Analysts suggested Fortuna’s dividend rate could fall as low as 30%, resulting in a 2% dividend yield. Fortuna promised to reveal specifics of its revised dividend scheme before the company’s annual general meeting in May.

Fortuna has been funneling around €3-4m per year into growth investments but CFO Jaroslava Hirschova said this figure would be “at least two to three times more” in 2015. Hirschova said Fortuna had no plans to increase its debt to fund these investments, but will rely on cash flow.