Monthly Archives: August 2018

Sen. Orrin Hatch vows (again) to intro federal sports betting rules

US Senator Orrin Hatch has vowed (again) to introduce federal sports betting legislation before his nearly 42-year run in the Senate concludes at the end of the current term.

On Thursday, Hatch (R-UT) gave a speech on the Senate floor in which he decried the state-level sports betting legislative “race to the bottom” that has transpired since the US Supreme Court struck down the federal betting prohibition in May.

Hatch, who was one of the authors of that unconstitutional prohibition, the Professional and Amateur Sports Protection Act (PASPA), said America required “a set of fundamental, federal standards that will protect the integrity of the games, that will protect consumers and the sports wagering market.”

Hatch ruefully noted that sports betting discussion has been “conspicuously absent” from federal dialogue following the Court ruling. The House of Representatives judiciary committee had scheduled a hearing on sports betting but this hearing was postponed for unknown reasons, much to Hatch’s dismay.

The Star claims it’s Australia’s biggest VIP gambling operator

Australian casino operator The Star Entertainment Group is celebrating its fiscal year results despite taking a beating from VIP gamblers on a hot streak.

On Thursday, The Star delivered its preliminary final report on its performance in the 12 months ending June 30, which saw revenue rise 6% year-on-year to a record AU$2.6b (US$1.9b), while earnings slipped 19.2% to AU$484.4m and net profit after tax (NPAT) tumbled 44% to AU$148.1m.

In addition to their statutory figures, Aussie gaming firms utilize a metric known as ‘normalized’ results, which assumes a constant VIP gambling win rate, on the assertion that this provides a more accurate picture of the situation. Applying this filter, The Star’s revenue was up 15.3%, earnings gained 14.3% and NPAT rose 20.3%.

The Star also noted that its statutory NPAT suffered from AU$37m in significant items, including debt restructuring and expenses related to the launch of its refurbished Gold Coast property.