He was a businessman with the alter ego of a con artist. As always happens, though, the fraudster was finally caught and has to answer for his crimes. Englishman Chris Beek and his fraudulent betting operation netted him around $520,000, but cost many their entire livelihoods. In total, almost 100 victims have been identified and some believe that others are out there, unwilling to step forward.

Beek was sentenced last week to just under six years in prison for his actions, which included a number of false identities he created in order to try and cover his tracks. He ensnared a number of people in his trap, promising them all outstanding and lucrative returns on their investments.

According to the judge who sentenced him, “It was a three-year sophisticated fraud. The web of lies has been hard to unravel. There was a bewildering cast of fictitious persons, betting systems, internet accounts, and then, using your own name and six other names, you wove a web of deception.”

To show how bold Beek was, he actually created a private detective character, played by himself, who was recommended to the investors in order to try and locate the real Beek when the investors realized they had lost their money. Obviously, the private detective Beek could never locate the real Beek.

He was a businessman with the alter ego of a con artist. As always happens, though, the fraudster was finally caught and has to answer for his crimes. Englishman Chris Beek and his fraudulent betting operation netted him around $520,000, but cost many their entire livelihoods. In total, almost 100 victims have been identified and some believe that others are out there, unwilling to step forward.

Beek was sentenced last week to just under six years in prison for his actions, which included a number of false identities he created in order to try and cover his tracks. He ensnared a number of people in his trap, promising them all outstanding and lucrative returns on their investments.

According to the judge who sentenced him, “It was a three-year sophisticated fraud. The web of lies has been hard to unravel. There was a bewildering cast of fictitious persons, betting systems, internet accounts, and then, using your own name and six other names, you wove a web of deception.”

To show how bold Beek was, he actually created a private detective character, played by himself, who was recommended to the investors in order to try and locate the real Beek when the investors realized they had lost their money. Obviously, the private detective Beek could never locate the real Beek.

Massachusetts lawmakers have decided to pump the brakes on sports gambling legislation for now. The state’s budget debate has gotten underway and, although sports gambling revenue was going to be a part of the income package, Governor Charlie Baker and sports gambling proponents in the legislation are going to have to look elsewhere for sources to fatten the state’s wallet.

Baker had anticipated Massachusetts earning as much as $35 million from legalized sports gambling and had already put it into the budget. However, according to a report by the news outlet South Coast Today, it now appears that the House Democrats have suspended all talk of sports gambling while the budget is being negotiated. This means that not one of the many bills on the topic – one of which had assistance from Baker himself – cannot be considered at the moment and the budget cannot rely on any sports gambling revenue.

Democratic House Speaker Robert DeLeo asserts, I don’t think it’s as easy as some people suspect it may be. I’ve already found some different viewpoints on how we should proceed with it.”

The idea that the issue isn’t “easy” certainly seems a little odd. A number of other states have been able to address the issue with relative ease. Obviously there are different viewpoints – there always are – but lawmakers are there to serve the wishes of the majority. When organized appropriately, making important decisions should be pretty straightforward.

Massachusetts lawmakers have decided to pump the brakes on sports gambling legislation for now. The state’s budget debate has gotten underway and, although sports gambling revenue was going to be a part of the income package, Governor Charlie Baker and sports gambling proponents in the legislation are going to have to look elsewhere for sources to fatten the state’s wallet.

Baker had anticipated Massachusetts earning as much as $35 million from legalized sports gambling and had already put it into the budget. However, according to a report by the news outlet South Coast Today, it now appears that the House Democrats have suspended all talk of sports gambling while the budget is being negotiated. This means that not one of the many bills on the topic – one of which had assistance from Baker himself – cannot be considered at the moment and the budget cannot rely on any sports gambling revenue.

Democratic House Speaker Robert DeLeo asserts, I don’t think it’s as easy as some people suspect it may be. I’ve already found some different viewpoints on how we should proceed with it.”

The idea that the issue isn’t “easy” certainly seems a little odd. A number of other states have been able to address the issue with relative ease. Obviously there are different viewpoints – there always are – but lawmakers are there to serve the wishes of the majority. When organized appropriately, making important decisions should be pretty straightforward.

This past Sunday, a number of cities across Japan held local elections to choose their new leaders. In virtually all the locations that have shown favor toward an integrated resort (IR), the cities have chosen to keep or bring in pro-IR candidates. This will almost certainly give those cities a leg up when the IR bidding war truly heats up.

According to a report by GGR, Tomakomai in the Hokkaido prefecture now has better IR support in the city council. The city has an “IR promotion group” that is backed by individuals of different parties and which will now be strengthened to further its campaign.

Tomakomai is located on the southern coast of Japan’s most northern island. It has long been viewed by the area as the perfect spot for an IR and this was reiterated in March by an advisory panel commissioned by the local government.

Sasebo in Nagasaki also saw an increase in its IR support when it reelected incumbent mayor Nori Tomonaga. The mayor received 78.2% of the vote and is backed by the Liberal Democratic Party and Komeito, both of which are the currently ruling parties in Japan.

This past Sunday, a number of cities across Japan held local elections to choose their new leaders. In virtually all the locations that have shown favor toward an integrated resort (IR), the cities have chosen to keep or bring in pro-IR candidates. This will almost certainly give those cities a leg up when the IR bidding war truly heats up.

According to a report by GGR, Tomakomai in the Hokkaido prefecture now has better IR support in the city council. The city has an “IR promotion group” that is backed by individuals of different parties and which will now be strengthened to further its campaign.

Tomakomai is located on the southern coast of Japan’s most northern island. It has long been viewed by the area as the perfect spot for an IR and this was reiterated in March by an advisory panel commissioned by the local government.

Sasebo in Nagasaki also saw an increase in its IR support when it reelected incumbent mayor Nori Tomonaga. The mayor received 78.2% of the vote and is backed by the Liberal Democratic Party and Komeito, both of which are the currently ruling parties in Japan.

PokerStars may be best known for its online poker, but the company has been trying to diversify itself to grab bits and pieces of virtually any gambling market possible. After the US Supreme Court defeated the Professional and Amateur Sports Protection Act of 1992 (PASPA) last May, the company decided it would get into sports gambling and has seen moderate success. It has also seen its share of problems and the latest comes via New Jersey, which has slapped PokerStars with a fine for illegal gambling.

The New Jersey Division of Gaming Enforcement (DGE) presented PokerStars with a $10,000 fine earlier this month for receiving bets involving two universities in the state. Collegiate level gambling action is off the table in New Jersey and The Stars Group, owner of PokerStars, should have had better control over its software. The New Jersey law on sports gambling prohibits wagers on any “collegiate sport or athletic event that takes place in New Jersey or any individual sporting or athletic event in which any New Jersey college team directly participates regardless of where the event takes place.”

PokerStars reportedly accepted a total of 216 bets worth $2,756 for a basketball game in November of last year between Rutgers University and Eastern Michigan University. The site also received one bet on a basketball game between Monmouth University and University of Pennsylvania held on New Year’s Eve.

The Stars Group admitted that it was at fault and that it had violated New Jersey gambling laws. It reportedly voided the bets and refunded all wagers prior to the games being played.

Gaming activity in Macau may have slipped in the first quarter of the year, but tax revenue didn’t. According to the Financial Services Bureau, the city collected over $3.67 million in revenue thanks to the gaming industry in the quarter, an increase of 6.1% over the same period last year.

It’s common for there to be a discrepancy in the gaming revenue and the gaming tax revenue in a given quarter. There is often a delay between the recording of gross gaming revenue (GGR) and the recording of tax revenue on that GGR.

Gaming still accounts for the majority of the tax revenue in the city. So far this year, gamblers have provided 87.6% of the $4.18 billion the city has taken in across the board and, as is expected, this trend will continue throughout the year.

GGR for the quarter slipped 0.5% year-on-year, coming in at $9.42 billion. January saw the first decline in GGR since 2016, but March also recorded the second monthly drop of the year. GGR is taxed at 35%, but additional taxes are added that make the effective tax rate 39%. The gaming sector covers casinos, instant and Chinese lotteries, horse races and commissions that promoters of gambling junkets earn.

It was meant to be a formidable competitor on the Las Vegas skyline, attracting the Asian market that was grossly underrepresented, according to its developers. However, in January of last year, less than a year after opening, the Lucky Dragon Casino & Hotel shut down its gambling operations and permanently closed eight months later. Since then, it has been looking for someone willing to take a big gamble on the unlucky property, only to not find a single suitor – until now.

Six months after it closed for not paying its bills, the Lucky Dragon has a new owner, and, in terms of Las Vegas prices, the property was purchased for pennies. Don Ahren, the chairman and CEO of a construction equipment rental company in Vegas, purchased the property for just $36 million. It cost $160 million to build two years ago.

Ahren expects to relaunch the property has a non-gaming hotel, capitalizing on the 203 keys originally offered by the venue. The casino space, which measures 27,500 square feet, will be converted into conference and meeting areas. That falls in line with the current campaign underway in Las Vegas to attract visitors for activities other than gaming. Ahren adds that the Lucky Dragon name will definitely be stripped away, but he has yet to decide on a replacement. History shows that he should stay away from names that contain “lucky” or “13.”

The Lucky Dragon was unlucky for a great number of individuals. Investments were collected from a number of Chinese nationals who were offered residency in the US in exchange for their money. That scheme was facilitated through a visa program offered in the US, the EB-5 visa program, that allows individuals to apply for residency in exchange for investments of $500,000 or more in certain industries. However, because the Lucky Dragon never really got off the ground, those investors have lost their money, as well as the shot at residency in the US.

The alarming story of a British problem gambler is causing a new wave of negative media attention for two online operators. Casumo and LeoVegas are coming under fire once again for allegedly ignoring red flags of a 42-year-old woman who lost hundreds of thousands on their sites.

The Guardian reports the anonymous woman, formerly a successful accountant, started playing on Casumo, and evidence seen by the outlet clearly shows she had symptoms of problem gambling. She would have transactions blocked by her bank, cancel withdrawals so she could continue playing, and at one point told a representative at the site that she had suicidal feelings.

Apparently ignoring that behavior, Casumo gave her VIP status, offered her tickets to events, and allowed her to lose thousands. Her account was finally closed hours after she revealed her suicidal thoughts.

Later in the year, she opened an account with LeoVegas. Despite nearly the same behavior, she quickly gained VIP status there as well, and lost over £100,000 ($130,000) in less than a month. Once they discovered she had a problem, the operator offered to pay some of her rehabilitation costs.

Yes, PASPA has been overturned and we’re all very happy about it. But investment gains are not made on news that the entire market is already aware of with expectations already high. Putting capital to work in the U.S. now is a bet on long term U.S. gambling growth prospects with only minor short term hiccups down the road. If this is your view, then by all means. Sportsbook growth in the U.S. will only add to it, if that is your base case.

A snapshot of the overall industry though shows that even the bullish case of $5.2B in gross gaming revenue over the next 5 years for U.S. sportsbook doesn’t add that much revenue by percentage. Even assuming no downturn in the U.S. economy over the next 5 years, a projection I consider to be way off base, total GGR in the US would be somewhere in the vicinity of $90B. If we add the bullish case of $5.2B in 5 years for sportsbook, total sportsbook contribution well be below 6%.

Sportsbook alone is not going to compensate for any downturn that may occur. What it will do is make the way back up that much quicker, especially for firms that are exercising maximum financial prudence now. It will be all the more reason to buy the U.S. once the next downturn is over.

I’ll spend a few paragraphs discussing Boyd here in a minute, but first, two big elephants in the room to watch over the next month that should indicate whether a U.S. downturn is in store this year or if it will be postponed for at least another year. The first is not something I typically mention here, and that is the effective federal funds rate, what banks charge one another to borrow excess reserves overnight. This is one of the most, if not the most important interest rate in the world, the benchmark against which almost all other rates in the world are set. It of course affects the gambling market as much as any other. When you hear about Fed hikes or cuts, this is the actual rate they’re talking about. And the Fed is losing control of it as we speak. It’s up 3 basis points in the last three days, from 2.41% to 2.44%.