Bitcoin’s speed breakthrough will see the price of the digital currency soar to the $4,800 level, according to an analyst for investment bank Goldman Sachs.

In a client note distributed on Sunday, technical analyst Sheba Jafari suggested that the price of bitcoin could shoot as high as $4,827 as the digital currency rides a “fifth wave” of an “impulsive” rally, CNBC reported. Jafari predicted that bitcoin will breach the $3,600 level in late July.

Jafari, however, cautioned of an approaching market correction, which could take the digital currency down to below $3,000.

“Once a full five-wave sequence is in place, the market should in theory enter a corrective phase,” Jafari said, according to the news outlet. The market correction is expected to last “at least one-third of the time it took to complete the preceding advance.”

Casino revenues of Atlantic City have dipped by 2.7 percent in July but it isn’t enough to make the state gaming officials push the panic button.

In fact, New Jersey Division of Gaming Enforcement David Rebuck finds the figure “encouraging” since it only reflects the continued stabilization of the casino industry in Atlantic City.

The Press of Atlantic City reported that Atlantic City chalked an overall gambling revenue – including internet gambling and the shuttered Trump Taj Mahal Casino Resort – of $267.8 million last month. The figures was lower than the $275.2 million in July 2016, according to the figures.

Excluding the Taj Mahal, July’s casino revenue figures would have been higher compared to last year. Data showed that the city’s seven remaining casinos posted $267.8 million last month compared with $257.7 million in July 2016.

Aussie sports betting operator TopBetta is setting foot in the United States.

On Monday, the Australian Stock Exchange-listed company announced that its two subsidiaries—TopBetta Pty and The Global Tote—have been granted operational licenses in the United States.

Alderney-based Global Tote has received licensing approval to operate an international tote in the US. The license, according to TopBetta, will allow U.S.-licensed wagering operators to access global pools provided by The Global Tote, as long as the operators have the approvals from relevant racing bodies to offer betting on their racing content.

Meanwhile, the North Dakota Racing Commission has awarded an Advance-Deposit Wagering license to TopBetta, which will allow the company to offer pari-mutuel betting to the U.S. public within the 35 U.S. states, where the license applies and which currently allow online wagering.

The sharp drop in approval ratings is causing some members of the ruling Liberal Democratic Party’s (LDP) coalition partner, Komeito, to be wary of moving Japan’s casino plans forward.

After enacting the Integrated Resorts (IR) Promotion bill in December, Japanese lawmakers are currently working on the second piece of legislation—the IR Implementation bill—which will contain all of the necessary details needed for a casino resort development, including how casinos are regulated, the number of licenses issued, and the taxation regime that will be applied.

Japanese legislators, however, appear unsure about their prospects for pushing the IR Implementation bill through the Diet, given the Japanese public’s unease regarding the effect of casino gambling on a population already struggling with problem gamblers who can’t handle the nation’s pachinko parlors.

Low approval ratings

Melco International Development just put up a trial balloon to gauge interest in a possible initial public offering for Studio City Macau. It probably won’t happen. It you thought Caesars had a complicated corporate structure, wait until you get a look at Studio City’s fractionated ownership map. An IPO would make it even more complicated, and that alone is enough to discourage investors from buying shares at decent premiums. If an IPO does take place, it will be very difficult to figure out who owns what and how much. Of course it’ll be known according to law, but shares that represent a fraction of a percentage of a stake of a subsidiary that you have to do a whole equation to figure out exactly what they are, do not generally inspire much IPO excitement.

Here’s how it works…maybe. Studio City is 60% owned by Melco Resorts & Entertainment. 40% is owned by private firm New Cotai Holdings, which is jointly owned by Silver Point Capital and Oaktree Capital Management. Oaktree Capital Management (OAK) is itself an NYSE-listed company, meaning some part of the shares are owned by a publicly-traded owner of a private entity that owns part of another private entity that is 40% owned by another publicly-traded entity. It you think that sentence is hard to understand, try writing it.

Given all this corporate mess, who is going to buy shares? You won’t even really know what you’re getting exactly, so it’s very difficult to put a price on the shares rationally. Other media outlets are putting the wacky corporate organization lightly. “…[I]t creates additional complexity for Melco, a company which is already complicated, by Macau standards,” writes the South China Morning Post. Tell me about it.

The IPO news being floated could actually be precisely because of the confusing structure here. The main owners may want to know a ball park of how the market values any shares the public can collectively buy, and from there they would have a better idea of how much they actually have from their stake, and how much they can sell it for if need be. It doesn’t cost much to file a private document with the SEC, say something about offering shares when market conditions are right, and give no general price points or estimates on the number of shares being offered. Plus, conditions in Macau right now are delicate, not the best time to move forward with IPOs. A trade war between the US and China looks more and more likely, and the whole North Korea situation, which thank goodness calmed down a bit yesterday, could still boil over again any day.

HongKong-listed casino operator Melco International Development is seeking a spin-off and separate listing of Studio City International Holdings Ltd. in the U.S.

In a regulatory filing, Melco announced that it has submitted a draft registration statement for an initial public offering (IPO) of its American Depositary Shares (“ADSs”) representing ordinary shares on the Nasdaq Global Market or the New York Stock Exchange.

The number and dollar amount of ADSs proposed to be offered and sold have not yet been determined, according to Melco.

Studio City is 60 percent owned by Melco Resorts & Entertainment Ltd. while the remaining 40 percent are held by New Cotai Holdings LLC, an entity controlled by United States-based investment firms Silver Point Capital LP and Oaktree Capital Management LP.

Back in April, we posed the question: How long will it take before an innovative new poker room decides to move to blockchain to provide the ultimate transparency and trust?

The answer came four months later, with the introduction of Cash Poker Pro.

Online casino and poker sites currently use a centralized random number generator (RNG), which is influenced from the outside. This, however, paves way for distrust among users who may have seen incidents where cheating with cards or “bloody hand” in card games occurred.

In a bid to solve this problem, Russian start-up Cash Poker Pro set out to create a decentralized online poker room that users can trust.

The continued exodus of online gambling locators from First Cagayan Leisure and Resort Corp. (FCLRC) has dragged the net income of Philippine-listed holding company Leisure and Resorts World Corporation (LRWC) even further.

In a disclosure to the Philippine Stock Exchange on Monday, LRWC reported that the company’s net income plunged 72 percent to PHP88 million (US$1.71 million) in the April to June 2017 period, extending its losing streak in the second consecutive quarter.

LRWC once again attributed the net income decline “to the significant loss of First Cagayan revenues when PAGCOR issued POGO licenses and the decline experienced by ABLE due to challenges in the regulatory environment.”

Its consolidated net income for the first six months of the year is at PHP362 million (US$ 7.01 million), 40 percent lower than the previous year as result of the reduction in FCLRC’s income from hosting fees.

The AI research unit OpenAI has developed an AI capable of beating the world’s best Dota 2 players, prompting Elon Musk to send out a warning that we should be more frightened of AI than North Korea.

Elon Musk is one smart cookie, so when he says something, I tend to believe him, and over the weekend, the Tesla and SpaceX owner, told the world, via Twitter, that we should be more concerned about Artificial Intelligence (AI) safety, than any threat from North Korea.

Musk made the claim, after the non-profit AI research outfit he backs, OpenAI, created a bot that took the world’s best Dota 2 players to the cleaners at the recent Dota 2 The International World Championships.

Amongst those beaten by the OpenAI bot were the top pro gamer Danylo Ashutin, and Musk’s reaction was as morose as you can get, sending out a tweet of a photo of a concerned woman with the words, In The End, The Machines Will Win (the photo was an old Australian government anti-pokie campaign photo).

An Indian gaming law website has questioned the legality of Raj Kundra’s Match Indian Poker League, after revealing players have to pay an annual membership to compete against the Match IPL bot en route to participation in the tournament.

Poker in India is on the rise.

In May, Pranav Bagai launched Season 1 of the Poker Sports League (PSL) with luminaries such as Patrick Leonard, Jordan Westmorland, and Sam Razavi heading to Goa to make the event a success.

And then, India won three World Series of Poker (WSOP) bracelets, after 47-years of drawing blanks. Nipun Java won two, and his tag team partner Aditya Sushant picked up the other one.

PokerStars has partnered the world’s fastest man with the world’s fastest poker game creating Usain Bolt branded Zoom games, and PokerStars MEGASTACK moves into the Iberian Peninsula.

There is something magical about watching a sporting legend retiring at the top of their game, so it was sad to see Usain Bolt finished third in his final 100m race at the World Championships before hitting the deck in the relay due to injury.

After winning 19-global championships, we will always remember him as a sporting legend, but it’s time to move on to new things, and one of those new things is poker.

For the first time in PokerStars history, they are rolling out a celebrity branded game: Zoom Usain Bolt Edition.