A legal battle between Miomni Games and Delaware North Games (dNG) has been brewing for some time. The former partners, who split after a fishy failure of Miomni’s sports betting platform, are now duking it out in the state of Delaware. Calvinayre.com has gotten a peak at the complaints and counter complaints, and received some inside analysis to what it all means.

DNG, owner of Wheeling Island Casino and Mardi Gras Casino, are the plaintiff in the case, and accuse Miomni of entering into a Joint Venture (JV) agreement to establish BetLucky, while giving DNG a picture of the platform that was “knowingly false.” Specifically, they argue that EnterG Software Solutions owned a part of this platform, and that Miomni never divulged this.

As we’ve covered before, Miomni have gone to court in the U.K. to prove that EnterG set them up to fail with DNG. EnterG was contracted to simply work on a part of the platform, but installed kill switches. Through a U.K. High Court Justice ruling, Miomni have been deemed the sole owner of their platform, and total control of their platform.

In their response to DNGs complaint, Miomni denied any false representation in the JV agreement. They pointed to a lucrative partnership prior to EnterG’s kill switches turned off operations, their U.K. ruling, and their intent to return to a profitable status quo.

This is a guest contribution by Coinpoint.net‘s CEO Oron Barber. If you would like to submit a contribution please contact Bill Beatty for submission details. Thank you.

Bitcoin SV (BSV) has been helping enterprises build decentralized applications or dApps on the BSV Blockchain. With the distributed ledger’s qualities of stability, scalability, and security, many have been realizing how dApps can be used to ease transactions across different fields, including the iGaming sector.

A case in point along online betting is Peergame. Peergame.com is a gaming platform and dApp built on the BSV Blockchain. The application was launched in August 2019 and has since been offering provably fair gambling to its users.

Users of this BSV dApp need to use MoneyButton to make bets, just like how Ethereum dApp users use MetaMask. MoneyButton, although a separate platform, serves as the in-game wallet from where bets will come from and where winning will be deposited into.

Philippines President Rodrigo Duterte’s show of support for the Philippine Offshore Gambling Operator (POGO) industry on March 9 came at a time when several senators were calling for investigations, and possible shutdown the sector entirely. Although Duterte’s decision was made based on economic factors, and on advice from the Philippine Amusement and Gaming Corporation (PAGCOR), at least one senator is suggesting he should reconsider.

Senator Richard Gordon took to the media on March 10 to plead with Duterte publically. Regarding comments Duterte made, dismissing concerns that POGOs may be involved with money laundering, Gordon said:

“I wish the President wouldn’t make remarks like that especially since a co-equal branch of government is investigating a very, very serious situation where hundreds of millions of dollars are coming into our country.” He added, “I think he’s being misled. Mr. President, you are being misled by your people. You better check, you’re a lawyer as well, most respectfully.”

Duterte had just recently declared he would not shut down POGOs, citing their economic importance to the country. He also specifically dismissed allegations of money laundering, claiming he saw no evidence of that activity.

While a Massachusetts legislative considers a bill that would allow for a proposed racetrack and casino to be built in Wareham, one group seems to be solidly behind the legislation. The South Shore Chamber of Commerce Board of Directors have provided their endorsement for House Bill 4070.

In a letter written to Representative Susan Williams-Gifford, author of the bill, South Shore Chamber President and CEO Peter Forman wrote:

“We find it troubling that Southeastern Massachusetts is almost effectively blocked under current law from even considering a gaming option. Your legislation will enable an open and competitive process that will lead to the best possible solution for the region, one that compliments the tourism industry and the region’s economic strength.”

The bill would grant the Gaming Commission the authority to offer a slots-only license for a business in the South Coast and Cape Cod Region. It would also have the option to grant a full scale casino license, but not both.

2019 would have been a pretty ho-hum year for bet-at-home, but unexepected tax bills changed that. The company released its yearly financial report on March 9, keen to note they had reached their highest betting and gaming volume in the history of the company, surpassing €3.2 billion.

They also reported gross betting and gaming revenue reaching €143.3 million, which was just short of the €143.4 million in gross betting and gaming revenue for 2018. This gave the company a ‘static corporate performance’ for 2019.

There were additional positive numbers for the company. Net betting and game revenue increased by 2% over 2018, going from €115.1 million to a total of €117.5 million.

However, some numbers declined. Betting fees and gaming levees decreased slightly from €21 million to a total of €20.9 million, while EBITDA went from €36.2 million down to €35.2 million this last year.

Macau could face a defecit of MOP48 billion ($5.99 billion) in 2020, according to the University of Macau Chair Professor in Accounting and Finance Jean Chen. Her assessment matches one previously provided by Secretary for Economy and Finance Lei Wai Nong last week.

This, of course, is due to decreases in revenue at casino concessionaires, who have already seen sharp declines in gross gaming revenues (GGR). To alleviate the economic impact of this downturn, it’s expected the government will have to step up and support struggling businesses.

In a statement provided by the economist, she explained:

“This kind of dramatic change due to unexpected emergency is not necessarily leading to a long-term drop in revenue. A temporary deficit is normal for any country suffering from some dramatic events […] A careful cost-benefit analysis is necessary rather than one single indicator.”

With coronavirus expanding its reach globally, several high-traffic locations are trying to take steps to reduce the risk to customers. Atlantic City has now become one such area, as several casino operators are providing information as to how they will protect customers from Covid-19.

MGM Resorts International, who operates Borgata Hotel Casino & Spa, issued a statement explaining, “We are proactively communicating with our employees on the guidance from the CDC regarding prevention. We have enhanced our cleaning protocols that include placing hand sanitizer dispensing station in high-traffic areas, reinforcing proactive cleaning and increasing the frequency of disinfectant procedures. We continue to follow the CDC’s guidelines and are closely monitoring for updates.”

Added Tom Pohlman, Executive Vice President, and General Manager Golden Nugget Atlantic City, “We have taken proactive measures to help minimize customer concerns including, frequently sanitizing surfaces in high-traffic areas, adding hand sanitizers throughout the casino, encouraging good hygiene practices amongst our staff, requiring employees who have traveled to certain areas to stay home for 21 days before returning to work and following all other CDC recommended guidelines.”

All of the casinos are implementing procedures to try to reduce potential risks. Boardwalk Hall General Manager Jim McDonald told reporters that his staff is working extremely hard to keep the facility clean. “Our cleaning processes are very thorough, we’ll continue to do that as well as additional rounds of cleaning.” He added that 30,000 people will pass through the facility on a given weekend, making it necessary that they “follow directions from the experts and implement” their recommendations.

Kentucky is obviously in no rush to approve, or reject, sports gambling legislation. It was the middle of January when the state’s House Licensing, Occupations, and Administrative Regulations Committee approved House Bill 137 (HB 137), but, since then, not much movement has been seen, except possibly by the cleaning staff dusting the furniture.  That approval took place when the session was just starting to get underway, and lawmakers had renewed energy from the break.  It appears they have already run out of juice in their batteries, as almost no one seems to be ready to force the issue.  With just a month to go before legislators get another break, it’s time to light a fire.

Kentucky’s newly-appointed governor, Andy Beshear, is completely behind sports gambling, which should make lawmakers’ work easier.  They don’t have to worry about spending time on a bill that might ultimately get vetoed at the top, as has been seen in other states.  Still, The House of Representatives has been in session for 44 days now, and doesn’t seem to be any closer to putting the bill to a full floor vote.  It has to do so by April 1 if HB 137 is to find approval this year.

Once a bill is approved by the Kentucky House, there is a ten-day veto period allowed.  After this, provided no objections are entered, the bill moves to the General Assembly, which, since it’s going on break on April 15, will have only two days to respond to any vetoes or pass the legislation.  Two days is, in reality, just one, since the last day is spent making plans on where lawmakers are going to go fishing and vacationing with the family.

Representative Adam Koenig, who sponsored the bill along with 40 other legislators, remains optimistic that HB 137 will be greenlighted in time. Last week, the House passed a state budget that was then presented to the Senate, which will not only take it under advisement, but will also formulate its own plan.  Koenig explained to Casino.org that, when legislators become frazzled over the lack of revenue to cover expenses, they might be more willing to sign off on the bill.  He asserted to the media outlet, “When the Senate comes up with a budget, which will be at least somewhat different than ours and they have different priorities, and when everyone’s looking to figure out how everyone can get what they want and an extra $45 million in the budget might help that.”

Eldorado Resorts CEO Tom Reeg has called the acquisition of Caesars Entertainment a “home run for all of our stakeholders.” However, that home run may turn into a strikeout if the market doesn’t recover quickly. Financial institutions that have pledged to put up more than $7 billion in loans could find selling the idea to investors difficult, thanks to the coronavirus and what it has done to the global financial markets.

Bloomberg points out that Credit Suisse Group AG, JPMorgan Chase & Co. and Macquarie Group Ltd. have been onboard the acquisition, agreeing in June of last year to provide the necessary financing. As the deal appears to be close to being finalized, with only a couple more regulatory approvals needed, the banks only have a little time left to convince bond and loan buyers that the “highly leveraged” deal makes sense.

Because of the coronavirus, stock trading was temporarily halted this week in order to prevent a further slide into a full-blown recession. Still, trouble remains and the gaming industry, as a whole, is feeling the effects of the coronavirus. Federal relief, in the form of stimulus incentives, may be coming, but it could be too little too late for a rebound in time for the proposed acquisition.

Gene Neavin, a senior investment analyst and portfolio manager at Federated Hermes, explains, “The best comparison might be 9/11, when people were scared to fly. Now people may be scared not only to travel but also to be in a casino with thousands of people.”

The at-a-glance list of gaming manufacturers’ stock performances took a nosedive last month. The AGEM Index, which is provided by the Association of Gaming Equipment Manufacturers (AGEM), closed at 468.91 points for the month, representing a 13.2% decline as it slimmed down by 71.59 points. The drop was put squarely on the shoulders of the coronavirus outbreak, but there was a little bit of good news. The stock prices of major publicly-listed manufacturers actually saw an uptick of 1.1% compared to February 2019.

In providing the monthly update, AGEM asserts that the drop was a result of weaker performances of all  “13 AGEM Index companies as markets around the globe reacted to the uncertainty surrounding the Covid-19 outbreak.” It adds, “All three major United States stock indices decreased as the Dow Jones Industrial Average and the S&P 500 experienced monthly declines of 10.1 percent and 8.4 percent, respectively. The Nasdaq also experienced a drop of 6.4 percent.“

There were a couple of companies that saw huge losses in the month. Scientific Games Corp., which provides games for lotteries and retail and online casinos, was down 26.6% from January and 37.2% from a year earlier. That change forced the Index down 8.42%.  International Game Technology, a company dedicated primarily to slot machines and lotteries, dropped 21.1% from one month to the next, and 38.3% year-on-year. However, its performance resulted in just an 8.56-point drop in the Index.

Aristocrat Leisure out of Australia saw a slightly different story. It fell only 8.5% from January to February; however, this forced the Index down by 28.12 points. On a positive note, the company’s stock value had increased by 34.5% when compared to February of last year.

Are you ready to grasp at straws as the financial world collapses all around us? Here’s a nice thick meaty one to grasp. Changyou.com Limited (CYOU), a Chinese producer of online games, reported really positive earnings yesterday while pretty much everything else was in total freefall. It was enough to keep the stock stable yesterday. Apparently, the coronavirus is juicing at-home gambling behavior. People under quarantine have nothing better to do. On that logic, it looks like the adult entertainment industry could also get a nice corona bump, but the only public porn company I know of that you can invest in is RCI Hospitality (RICK), and that one was down 16% yesterday. Problem is, RCI operates adult nightclubs, off limits to those in quarantine. Unless, of course, the U.S. gets entirely locked down like Italy and creative customers and dancers start self-quarantining at strip clubs for a month. That would be entertaining.

Anyway, let’s address the elephant in the room. Everyone is now panicking. Regular readers of this column may remember an esoteric essay I put together last September entitled “On cryptocurrencies, gold, quantum financial mechanics and fiat black holes”. The point of that article was that if and when the Federal Reserve forces interest rates on the U.S. dollar into negative territory, then all commodity markets – which are all dollar-denominated – would be locked into permanent backwardations. Negative dollar interest rates would be a disincentive to hold dollars through time, so anyone with any cash would prefer to hold real assets instead, only using cash itself for immediate expenses. The result would be sudden unexpected consumer price inflation and a financial black hole would form that would suck all fiat currencies into nothingness.

I am only one flawed imperfect human and I could be wrong. I have no crystal ball. But from what I am seeing right now we look to be only one final step away from this financial black hole actually forming. The only thing missing is an announcement of global, coordinated central bank action to unleash a torrent of liquidity to “help markets” and ensure “economic growth”. That would most likely push the dollar officially into negative interest rate territory. The dollar is already circling that would-be event horizon, judging by the collapsing dollar index over the last two weeks.

If there is an announcement of this sort from the world’s monetary cartels, which could happen any day now judging by the level of global market panic right now, all debt that can be sold to central banks, will be. The fiat currency that sellers of this debt will get from central banks in that event will then be traded for real assets in a flood to tangible value, and central banks will completely lose control of everything faster than they can even realize what the hell is going on. The saddest part is, for all their Econ PhDs, they won’t even come close to ever understanding why any of this happened at all. They are all completely clueless.