Authorities in Vietnam have broken up an illegal online gambling ring that used virtual credits for wagering purposes.

On Wednesday, Vietnamese media reported that police in the northern province of Bắc Ninh had arrested nine individuals, including a 31-year-old ringleader, for their connections to a gambling ring that allowed arcade visitors to access online gambling sites via computer terminals. Raids on six arcades found 18 individuals involved in this type of gambling.

Police say gamblers were required to exchange VND1m (US$44) for VND1.1m worth of virtual credits. Assuming gamblers had money left over after their game play, these credits could be converted back into real cash at a rate of VND1m in credits for VND800k ($35) in real money.

Given those unfavorable exchange rates, it comes as some surprise that police claimed the ring had exchanged VND152b ($6.7m) worth of currency since January. (Have these gamblers never heard of dealing directly with internationally licensed gambling sites?)

Macau’s gaming regulator has dismissed the likelihood of the world’s largest casino hub authorizing any cryptocurrency-related gaming operations anytime soon.

On Wednesday, Paulo Martins Chan, director of Macau’s Gaming Inspection and Coordination Bureau (DICJ), informed G2E Asia Conference attendees that the regulator had no plans to allow its gaming licensees to transact in cryptocurrencies “in the near future.”

Macau Business quoted Chan (pictured) saying no casinos were currently accepting cryptocurrency payments because “these products have not been officially introduced in Macau.” Chan went on to say that the Macao Monetary Authority (AMCM) “does not encourage” the use of cryptocurrency products, “especially in the gaming sector.”

The use of cryptocurrencies such as Bitcoin to facilitate deals between private individuals isn’t illegal in Macau, but the AMCM recently issued a statement saying a virtual currency was a ‘virtual commodity’ and as such was “neither a legal currency nor a financial instrument.”

Casino and race betting operator Churchill Downs Incorporated (CDI) has struck deals to enter New Jersey’s online gambling market and to position itself for other US online and sports betting opportunities.

On Wednesday, CDI announced that it had reached a deal with Golden Nugget Atlantic City to enter New Jersey’s regulated online gambling market, as well as regulated sports betting operations in the state, pending wagering legislation and gaming license approvals. CDI says it expects to launch in New Jersey by Q1 2019.

CDI already operates online horserace betting through its TwinSpires advance deposit wagering site and CEO Bill Carstanjen said his firm planned to use knowledge gleaned from operating “the largest legal online horseracing wagering business in the US.”

CDI has long coveted the opportunity to operate in New Jersey’s online market, having made a failed attempt to become the “exclusive online vendor” of Atlantic City’s since-shuttered Showboat casino in 2014.

Bridgeport casino proponents vowed to return to Connecticut’s state capitol next year and prod lawmakers to pass a bill that would allow casino operators to compete in an open license bidding process.

The Hartford Courant reported that the casino backers have already started their campaign to allow the opening of $675 Million MGM resort casino on the Bridgeport waterfront just a week after the state senate decided to shelve the bill.

Bridgeport Mayor Joseph Ganim led lawmakers and Bridgeport casino supporters in a gathering at the office of Bridgeport Landing Development on Tuesday as they celebrated their ‘win’ in the General Assembly, even though they failed to muster enough support in the Senate.

Ganim, a candidate for the Democratic nomination for governor, said their victory in the lower chamber of Congress is huge since it is the first time in 25 years that any piece of gaming legislation has gotten out of the House chamber.

Australia-listed gambling operator Tabcorp Holdings hit the jackpot in Victoria when the state decided to impose a lower online gambling point-of-consumption tax, according to several financial analysts.

The Sydney Morning Herald reported that Tabcorp stands to get rebates on the product fees it remits to the Victorian racing industry to counteract the 8 percent online gambling tax that the state will impose starting next year.

International brokerage UBS predicts a 1.5 percent increase in Tabcorp’s average tax rate in Victoria because of the new tax on digital wagering. Australia’s gambling behemoth currently remits 6.5 percent tax on revenue to the state. The good news for Tabcorp is that the firm may see an offset “for tax already paid through its retail license,” according to UBS analyst Matt Ryan.

Analysts from international investment bank Credit Suisse also expect that “other facets of racing industry funding will be reviewed” to the benefit of Tabcorp.

Bookmaker Paddy Power Betfair (PPB) is seeking to expand its business in the United States through a possible merger with daily fantasy sports giant FanDuel.

The UK-listed gambling operator made the announcement just days after the historic U.S. Supreme Court decision to strike down the controversial Professional and Amateur Sports Protection Act of 1992 and lift the federal sports betting ban.

PPB, valued on the public markets at £6.5 billion (US$8.8 billion), cautioned that it’s too early to tell whether an agreement will be reached by both parties.

“Paddy Power Betfair plc notes the media speculation, and confirms it is in discussions, regarding a potential combination of the Group’s US business and FanDuel to create a combined business to target the prospective US sports betting market,” PPB said in a statement posted on its website. “Discussions are ongoing and there is no certainty as to whether agreement will be reached, or as to the terms or timing of any transaction.”

Employees of British bookmaker Betfred are bracing for the possible impact of UK’s policy on fixed-odds betting terminals (FOBTs), which is expected to be announced this week.

SkyNews reported that at least 4,500 Betfred workers are at risk of losing their jobs should the UK government decide to impose a new maximum stake limit of £2 ($2.70) on FOBTs. At present, the maximum stake on FOBTs stands at £100 ($135.08).

Betfred Managing Director Mark Stebbings pointed out the government can only blame itself for the possible mass layoff since the firm will be left with no choice but to close almost 900 of its loss-making betting shops to stop a potential financial bleeding once the FOBT reform is implemented.

In a letter to members of the home affairs sub-committee, Stebbings offered a compromise that will see a more reasonable reduction of FOBT stake between £20 ($27.02) and £30 ($40.52).The Betfred executive estimated that the company stands to lose £50 million ($67.54 million) should the ministers insist on slashing the FOBT stake limit.

Valentin Vornicu extends his World Series of Poker Circuit gold ring record to 12-wins after back-to-back successes in New Orleans, and Phil Ivey tells PokerNews that he will compete in the World Series of Poker in the summer.

To win a live poker tournament is a beautiful thing. There is a deeply dippy dreaminess about leaving the dregs behind and competing in the end zone. To do it twice, on the bounce, one after another – now that’s something entirely different.

“Is this real?”

The Neo-like question came from the lips of Valentin Vornicu after winning back-to-back $365 buy-in World Series of Poker Circuit (WSOPC) side events at Harrah’s New Orleans.

Riga, Latvia’s City Council is under siege. Not literally, but certainly figuratively. Over 40 casinos in Riga’s historical district are fighting the council over its move to shut down all gambling facilities in the area. The move comes after a Latvia Supreme Court ruling in February that limited casino opening permits and which is designed to restructure Riga’s historic center.

The casinos have launched legal action against the City Council, filing numerous lawsuits in courts. The courts are diplomatically accepting the actions while readying a big, red “Rejected” stamp. According to Aira Smelde, a council representative, the courts have already heard six cases, all of which were rejected. Two of the cases were appealed to the Riga’s administrative regional court. One of those appeals was withdrawn by its plaintiff.

In September 2017, Riga City Council revoked the operating licenses of nine casinos and was in the process of considering additional closures. A month later, the council gave its nod to a measure that sought to close 33 gambling operations in the center of the city.

The only exceptions would be given to those casinos operated out of four- and five-star hotels. Each closure has to be voted on by the city council and, once a casino is selected, it has five years to wind down operations before permanently shutting its doors.

Two days before he would have seen shareholders decide his fate at the company, John Hagenbuch resigned from the board of directors at Wynn Resorts. It was a surprise turn of events in the fight between the company’s largest shareholder, Elaine Wynn, and the “legacy board” which she has vehemently been trying to change. Hagenbuch was joined by fellow board member Robert Miller, a former Nevada governor, in tendering his resignation.

Hagenbuch is a real estate investor who Elaine Wynn has said should be ousted from the embattled casino company due to his long-standing friendship with former CEO Steve Wynn. In a statement regarding his resignation, Hagenbuch tried to deflect the reason for his departure, stating, “I do not want my candidacy to detract from the important progress we have made throughout the organization, including the ongoing refreshment process this board has initiated.” Several rumors indicated that it was a face-saving measure, and that he would not have survived the shareholder vote.

Wynn Resorts is trying to climb out of a deep hole dug be the former CEO. Steve Wynn has been accused of a string of sexual improprieties by former employees that have resulted in lawsuits against him, as well as the company and other board members. Wynn Resorts has also faced intense scrutiny in several locations where it operates casinos, including Nevada, Massachusetts and Macau.

The departure of both Hagenbuch and Miller, combined with previous resignations, results in 60% of the board having been changed since February. This is good news for Ms. Wynn, as she has been fighting to replace the old board with younger members who can bring a fresh perspective to the company. Her struggle hasn’t been easy, and she has repeatedly butted heads with long-standing board members intent on maintaining their positions.