Monthly Archives: August 2016

Tony G Poker and Casino Site Adds Bitcoin Transaction Option, Jurisdictions Becoming More Accepting of Currency

Lithuanian-Australian businessman and ever-quirky poker pro Tony G, whose real name is Antanas Guoga, has added a Bitcoin transaction option to his poker, sports book, and casino site, TonyBet.com. The site has joined forces with SpectroCoin, a pre-fab Bitcoin e-wallet. Earlier this month, the UK Gambling Commission (UKGC) moved to accept the controversial cryptocurrency as one […]

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MGM launches Ad blitz vs. Bradley Airport Casino project

MGM Resorts International has declared war against a proposed casino at Bradley International Airport, which will be a direct competitor to its $950 million Springfield, Massachusetts casino.

And for its opening salvo, MGM launched a new online advertisement attacking the Connecticut Airport Authority for making a “bad deal” to open a proposed casino at the airport.

The ad also issued a warning to residents that the casino project of airport authorities and the Mashantucket Pequot and Mohegan tribes will “scam” taxpayers, according to WAMC Northeast Public Radio.

Casino industry expert Clyde Barrow says that MGM’s attacks on a would-be competition is not at all surprising in order to sustain its business interest in the area. He pointed out that MGM has to go all out to halt a third Connecticut casino since the casino operator made a big gamble in the Springfield project.

Billionaire Dermot Desmond plunks $1.7M to bankroll GAN’s product development plans

Gaming technology firm Game Account Network (GAN) has secured a £1.3 million ($1.7 million) from Irish billionaire Dermot Desmond.

The investment was in the form of 3.25 million ordinary shares that GAN issued at 40 pence each to Desmond’s International Investment and Underwriting (IIU). The share placing represents 4.6 percent of the online gaming technology firm’s enlarged issued share capital, in which IIU is already a major investor.

The company, headed by Dermot Smurfit Junior, said it plans to use the net proceeds to accelerate product development and new client delivery following a surge in U.S. corporate demand for its products.

“Additional capital allows us to accelerate the development of our technical capability to deliver the product requirements of our growing list of corporate clients and bring new clients online,” Smurfit said in a statement. “The positive and unexpected surge in US corporate demand for GAN’s unique services requires increased delivery capability.”

Casino closures trigger Atlantic City workers’ exodus

The exodus of workers in Atlantic City remains unabated as New Jersey’s gambling hub sheds more casino jobs.

According to the Press of Atlantic City, the workers’ flight out of Atlantic City will remain a trend especially with the impending closure of the Trump Taj Mahal – the fifth such closing in three years.

It cited the latest Stockton University’s South Jersey Economic Review which showed that the total employment in the country has slightly declined to 350 jobs for the first half of 2016. Since the first quarter of 2014, employment in the casino hotel industry has dipped by about 5,400 jobs, or 20 percent total in the city’s metropolitan area.

The bi-annual report noted that these decline was triggered by the closure of Atlantic Club, Revel, Showboat and Trump Plaza in 2014.

Merger costs leave Paddy Power Betfair with over $65M loss, but revenue jumps

Bookmaker Paddy Power racked up more than $65 million in losses at the end of June as the gambling company shelled £200 million ($264.41 million) to cover the cost of its merger with Betfair.

Reporting on its interim results, the combined group said it lost £49.3 million ($65.18 million) in the first six months of 2016 compared with the £106 million ($140.14 million) profit it posted in the same period last year on the back of £195 million ($257.8 million) in merger expenses.

The loss came despite the 18 percent spike in revenues at the betting company to £759 million ($1.003 billion) from £642 million ($848.76 million) the previous year. Online revenues increased 20% to £440 million ($581.7 million), courtesy of a 21% and 20% jump in sportsbook and gaming revenues respectively.

Australia-facing Sportsbet also posted a 17 percent year-on-year increase in revenues, although the company’s adverse sports results led to a 10% decrease in underlying EBITDA.

Philippines eyes merger of PAGCOR and state lottery operator

The Philippine government is mulling on merging the Philippine Amusement and Gaming Corporation (PAGCOR) and the government’s state lottery operator as part of President Rodrigo Duterte’s plans to realign the state-regulator’s social responsibility funds.

During a budget briefing at the Philippines’ House of Representatives, PAGCOR chair Andrea Domingo confirmed the plan to combine the state regulator with the Philippine Charity Sweepstakes Office (PCSO), which operates the government’s sweepstakes and lottery.

When she was asked on her stand about the merger, Domingo said that they will abide by President Duterte’s orders if he wishes to combine both agencies.

“If it is the policy of the national government, I will not object it,” Domingo told the legislators, according to the report of Rappler.