Monthly Archives: May 2017

Florida gambling legislation hopes “dead” for another year

Florida legislators have given up hope of approving new gambling laws this year, offering further evidence that senior citizens aren’t the only things that go to Florida to die.

Tuesday saw key figures in the state House and Senate declare gambling negotiations “dead” for the current legislative session, which concludes on Friday. And so concludes yet another failed effort to achieve consensus among the state’s commercial and tribal gaming operators, as well as anti-gambling types trying to limit the industry’s further expansion.

Lawmakers were attempting to resolve differences between a Senate proposal to authorize slot machines at pari-mutuel racing operators outside South Florida while the House sought to keep slots within Miami-Dade and Broward counties. The possible addition of a major commercial casino in Miami was also thrown into the mix.

A compromise appeared to be in play late last week but Rep. Jose Felix Diaz told reporters Tuesday that the parties were still “too far apart.” Diaz cited the pari-mutuel slots expansion as “the big divide” that ultimately scuttled a deal getting done.

Gamblers better than stock traders at handling losses

A new study suggests most gamblers are responsible enough to take smaller risks after a big loss, while also reducing their exposure when betting with ‘house money’.

A survey of over 5k horserace bettors drawn from Finland’s former horse betting monopoly Fintoto – since unified along with Finland’s two other gaming monopolies under the Veikkaus brand – has poked holes in the prevailing wisdom that gamblers are prone to ‘chasing losses’ to compensate for a recent losing wager.

The survey, which was conducted by the University of Eastern Finland Business School and published in Management Science, found that “bettors become more cautious after losses,” according to co-author Niko Suhonen. The findings run contrary to earlier studies involving increased risky behavior following losses by investors in the financial and housing markets.

The bettors in the survey were also likely to increase the size of their wagers following a winning bet, but the size of these followup bets didn’t exceed the amount recently won. In other words, bettors were keen to bet with ‘house money’ so long as they weren’t jeopardizing their original bankroll.

Spaniard Adrian Mateos Takes Down PokerStars Championship Monte Carlo €50K Single Day High Roller

The PokerStars Championship,  presented by Monte-Carlo Casino in the chic enclave on the French Riviera, hosted a €50,000 ($54.5K) Single-Day High Roller, which attracted 52 unique players, which included a […]

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Imperial Pacific VIP turnover falls as worker protests continue

Saipan casino operator Imperial Pacific International Holdings (IPI) saw its VIP turnover take a hit in April while angry workers tasked with building IPI’s permanent gaming venue took their protests to the Chinese government.

On Tuesday, IPI announced that unaudited VIP turnover at its temporary Saipan casino Best Sunshine Live hit $2.15b in April, down from $2.96b in March 2017 and from $3.2b in April 2016. So far this year, IPI’s monthly turnover has ranged as low as $1.67b in February and as high as $5.6b in January.

Meanwhile, a group of Chinese construction workers continue to protest against the dodgy contractors IPI enlisted to build its permanent Saipan gaming venue, the Imperial Pacific Resort. On Friday, nearly 100 workers formerly employed by Gold Mantis Construction staged a protest march to the site of the unfinished Imperial Pacific Resort to complain about unpaid wages and unsafe working conditions.

The workers were among the nearly 200 Chinese nationals who were detained by Commonwealth of the Northern Mariana Islands (CNMI) labor officials a month ago based on the workers’ lack of proper work visas. The 91 workers claim Gold Mantis failed to pay their final month’s wages and also failed to provide their food and lodging.

UK fines BGO Entertainment £300k for misleading marketing

The UK Gambling Commission (UKGC) has levied its first – but likely not last – six-figure fine against an online gambling operator for advertising that led punters down the garden path.

On Tuesday, the UKGC announced that it had imposed a £300k penalty against BGO Entertainment Ltd for “misleading advertising on its own and its affiliates’ websites.” The UKGC cited nine adverts on BGO’s website and 14 more ads on BGO-affiliated third party websites that were deemed to have breached social responsibility codes.

The notice indicates that the UKGC began probing BGO’s marketing following the 2015 imposition of new social responsibility code provisions as a condition for holding a UKGC license. These new requirements made it plain that advertisements “must state significant limitations and qualifications.”

The new conditions also insisted that marketing material – including social media and affiliate marketing – “must not amount to or involve misleading actions or misleading omissions.” UKGC licensees were deemed responsible for the actions and behaviors of third parties with whom they contract.