Who is poker’s greatest enigma? Viktor ‘Isildur1’ Blom might have had a legitimate claim to that title before his cover was blown live at the PokerStars Caribbean Adventure. Phil Ivey’s mystique is timeless and while the high roller set count him as one of their own it’s said that very few ever get close to truly knowing the man with 10 WSOP bracelets. Dan ‘Jungleman’ Cates, however, might just be one on his own in the poker world. Is he, however, about to leave poker behind?
No-one really knows much of what goes through Jungleman’s mind most of the time, but that isn’t usually a problem. Poker fans normally just want to see ‘Jungle’ in his element, in a high roller cash game or nosebleed-entry tournament.
Recent events have changed that popular opinion a lot.
Last week, Jungleman was accused by playing in a high stakes poker game against players including but not limited to Bill Perkins. When Perkins blew the whistle, the accusation was clear: Jungleman had used another players account to beat Perkins under a false name.
UK National Lottery operator Camelot enjoyed record sales in its most recent fiscal year as digital sales exceeded the £2b mark for the first time.
Figures released Tuesday by Camelot UK Lotteries Ltd show the company generated sales of £7.9b in the 12 months ending March 31, an increase of nearly 10% from 2018-19’s £7.2b. The gains came despite the “disruption” at the tail end of the most recent fiscal year due to COVID-19, particularly at the retail level.
Overall retail sales in 2019-20 totaled £5.45b, representing nearly 70% of annual sales. However, retail sales were up only £74.3m from the previous year, only marginally better than the £73.8m increase reported in 2018-19.
The minimal gains are something of a disappointment given Camelot’s efforts to shore up its land-based business, including adding self-checkout sales at hundreds of Aldi and Asda stores and a trial run at the 800-store Iceland supermarket chain.
It’s not too often that a women’s fight headlines a major UFC card, but that will be the case Saturday night from the organization’s Apex facility in Las Vegas with a featherweight bout between two-division champion Amanda Nunes and Felicia Spencer in the main event of UFC 250. Once again, no fans will be in attendance or this would have been held at T-Mobile Arena in Sin City.
Jon Jones is considered the baddest male mixed martial arts fighter on the planet and is the UFC’s pound-for-pound king. Nunes (19-4) is the female version of both. She has become the new Ronda Rousey of the sport in terms of the most dominant and most popular fighter on the women’s side.
The 32-year-old “Lioness” is from Brazil and hasn’t lost since way back in September 2014 at UFC 178 to Cat Zingano. Nunes won the 135-pound bantamweight title in 2016 with a first-round submission of Miesha Tate, and added the featherweight belt in 2018 with a stunning first-round knockout of another female all-time great, Cris Cyborg – Nunes was a +140 underdog. She became the first woman to become a two-division UFC champion.
The following is about legalized sports betting and its future in the US, by BonusSeeker.com’s Brian Sausa.
It has been over two years since the legalization of sports betting in the United States and in that time, the industry has quickly entered the mainstream and begun an expansion that is seemingly boundless. In total, 22 states (plus Washington D.C.) have legalized wagering on sporting events in some form or another and now, that revenue will come in handy.
Across the U.S., states are enduring financial hardship due to the response effort required to battle the COVID-19 pandemic. The approach that some states have taken toward the legalization of sports betting has enabled the industry to be a vehicle toward financial recovery during trying times.
But while some states have done all they can to help open up revenue streams and bring in tax dollars, others aren’t maximizing the revenue potential of the industry.
Of the nearly two-dozen states with legislation enacted, only six offer full mobile (or online) sports betting, which allows players to wager from any geographic location inside state lines. The rest have partial online betting or physical-only wagering, which forces players to be present in a casino in order to wager and generally leads to far less revenue and tax dollars.
Whatever the reason for not including online wagering via mobile devices, the states are missing out on additional sources of tax income. And any states that choose to stay out of the industry entirely or legalize betting without the mobile component will be doing the same thing.
Mobile Sports Betting Advantages
Whether you look at it from the point of view of the bettor or a state looking to generate revenue from the industry, it doesn’t take much detective work to uncover the benefits of online sports betting for all parties. Of the 22 states with legislation in place, the following six have full online sports betting:
New Jersey Pennsylvania Colorado Indiana West Virginia New Hampshire Simply put, the above states are able to offer a few things that the rest cannot, and it’s led to substantial taxes being raised via sports betting revenue.
In comparison to the seven states with only physical sportsbooks, the operations running in states which allow mobile betting are unsurprisingly reaping more monetary benefits. There are several pros to allowing folks to wager from anywhere, but here are the three key benefits:
Convenience
Online sports betting is by far, the most convenient way to wager. This means bettors can place wagers from any location of their choosing whether in the comfort of their own home, out at the supermarket, or anywhere else.
As long as you are physically located inside the state, which is verified by the sportsbook’s geolocation feature, you’re eligible to bet. There’s absolutely no contest between being able to bet from anywhere and being forced to drive all the way to a brick-and-mortar casino and line up at the window just to place a wager. It also saves bettors some money right off the bet by removing travel costs.
Live Betting
The growth of mobile betting has paved the way for new ways to wager, including live betting. Previously, bettors could only get action before a game, or possible at intermissions such as the end of quarters or halves.
Thanks to live betting, constantly-adjusting lines are available to wager on throughout the length of an entire game. The ease with which players can wager on live odds via mobile is unmatched, making this another feature of online betting that cannot be replicated by a land-based venue.
More Betting Options
In addition to live betting, the emergence of online sports gambling has led to an explosion in the number of markets offered across a wide range of sports. Bet types such as props and futures have catapulted into an entirely new stratosphere in terms of both quantity and specificity, providing options for every kind of bettor.
The usage of online sports betting apps is also a boon for the players themselves, who are given the option of shopping around for a specific market or the most advantageous line possible.
All of the above factors add up to make online sports betting with mobile devices a much more lucrative way to do things for states hoping to add revenue. But rather than taking it from us, let’s allow the numbers to do the talking.
New York vs. New Jersey – The Case For Mobile Sports Betting
If you’re wondering about the difference between a state which has full mobile sports betting and one that doesn’t, look no further than the tri-state area.
New York and New Jersey are not only neighboring states with nearly equal populations. A comparison between the two also serves as the perfect example of just how lucrative online betting can be to the areas which allow it, and what the states without it are missing out on.
New Jersey Thriving With Online Sports Betting
New Jersey online sports betting first launched live during June 2018, shortly following the federal repeal of PASPA, which gave states the ability to decide for themselves whether to allow legal wagering on sports.
In the time since then, the Garden State has emerged as the blueprint for states looking for healthy revenue creation via sports betting.
In its first few months since going live, New Jersey closed 2018 by generating nearly $54 million in revenue. Now compare those numbers with New York, a state in dire need of revenue streams. Empire State sportsbooks began taking wagers almost exactly one year later in July 2019 and in the six months which closed 2019, New York produced just under $7 million in revenue.
Now let’s look at the first full year of mobile sports betting in the Garden State was 2019, and this is where the gap between the two widens by an almost laughable margin. New Jersey saw nearly $4.6 billion in sports wagers, which resulted in around $300 million in total revenue.
Once factoring in taxes, $36 million went straight to the state and local governments to help with addiction issues, educational programs, and job creation. Keep in mind that nearly 90 percent of the state’s wagers are placed online.
It’s bad enough that New York only has in-person sports wagering, but it adds insult to injury that the simplicity of the mobile component actually has the Empire State losing out on the potential for revenue from its own residents.
Nobody knows this better than state Senator Joseph Addabbo, who is the author of the legislation to legalize mobile wagering in the state and chairman of the New York Racing, Gaming and Wagering Committee.
“People look for convenience. They look for what’s safe for them, what’s legal, but they look for convenience…they go across the border to [New] Jersey because it’s simple,” Addabbo told BonusSeeker.com’s Brian Sausa. “That’s why Jersey took $837 million of our money last year. Because it’s easy.”
What Addabbo is referring to is a study conducted by Eilers & Krejcik Gaming, which estimated that New Yorkers accounted for over $837 million of the sports wagering handle in New Jersey. That means operators in the Garden State earned almost $60 million while the state pulled in about $6 million in tax revenue from New York residents alone.
The study also estimated that New York, which is on its way to being $13 billion in debt, is missing out on over $200 million per year by leaving online sports betting off the table.
Revenue Says Online Is The Future Of Sports Betting
It should come as no surprise that when looking at places with the most sports betting revenue generated, most of the states littering the top of the list are ones with online wagering as part of the equation.
Even Nevada, the state most synonymous with land-based gambling, has partial sports betting. The Silver State pulled in a massive $5.3 billion handle from sports betting in 2019 with revenues nearing $330, although there’s no way of knowing just how much came from online since the state doesn’t release breakdowns.
The point remains that if a state making hand-over-fist cash at brick-and-mortar casinos can still see value in the inclusion of mobile sports betting, what is everyone else waiting for?
Due to Nevada’s intertwinement with the industry and it only having partial online betting, there are better models to look at. As mentioned, New Jersey has become the poster child for what a sports betting launch is supposed to look like.
The Garden State’s total earnings are second only to Nevada, and New Jersey even became the first state to take in a higher betting handle in the Silver State during May 2019. In the first two months of 2020 (prior to COVID-19), New Jersey pulled in over $60 million in total sports betting revenue to just barely out-earn Nevada.
While New Jersey is a difficult target to aim at, several states have copied the blueprint and as a result, seen positive results thanks to online wagering.
Pennsylvania
Pennsylvania is largely regarded as third behind Nevada and New Jersey. Its extremely high 36 percent tax rate has resulted in a huge boon for the state, even if one could argue it has limited the number of operators to launch. Even still, the state saw a $3.4 billion handle and $84 million in revenue, although mobile betting didn’t launch until the summer of 2019.
For a clearer picture, let’s look at some 2020 Keystone State sports betting revenue numbers according to the Pennsylvania Gaming Control Board. In January, online wagering brought in a handle over $150 million while the retail handle was about $3 million. In February, it was $138 million spent online and just $2.5 million in person.
That means that in just the first two months of 2020, online made over $10 million in revenue while land-based sports betting acquainted for $1.3 million.
New Hampshire
Things aren’t much different in New Hampshire, where a massive 51 percent tax rate on mobile wagers (50 percent on retail wagers) means that the Granite State benefits more from sports betting than any other.
At first, the state went live without mobile wagering before DraftKings joined the party as the only non-lottery operator. Until COVID-19, New Hampshire was the latest state to surpass early expectations following its December 2019 launch.
West Virginia
West Virginia introduced sports betting in 2018 but it disappeared before reappearing in August 2019. Due to only having a few months to work with, it is the only state with full mobile wagering to make more revenue from retail.
In 2020, however, early signs point to online wagering pulling in much more than land-based in its first full year. As of mid-April, about two-thirds of the handle and revenue has come from online.
Colorado & Indiana
Sports betting in Colorado just launched as the calendar flipped to May 2020 so there are no official numbers, although projections say the state could eventually take billions of dollars every year in handle and dozens of millions in potential tax revenue.
Indiana sports betting went live in 2019 just before the start of NFL season and the timing could not have been better. The Hoosier State saw $436 million in wagers during its first four months to close the year, with nearly 70 percent of bets coming online and that number expected to rise.
Will Mobile Sports Betting Be Included Going Forward?
The past two years are sufficient evidence that sports betting is more popular than ever before, and it’s unlikely to end anytime soon. Rather than slowing down, the industry is more like a freight train moving downhill.
By 2022, most states will have at least voted on legislation regarding the industry, and much sooner rather than later, the number of states without legal wagering will be in the minority. It is believed that by 2024, 80 percent of the country’s states could allow some form of sports betting.
Before we get too far ahead, however, let’s focus on the states that are launching next. Since the summer of 2019, there are five additional locations which passed sports betting legislation but haven’t yet gone live:
North Carolina Tennessee Virginia Washington Washington D.C. Just by looking at the legislation that has passed, we can determine which states have the brightest future ahead.
Despite all the evidence pointing to online wagering being the best way to generate the most revenue possible, some states are unfortunately still leaving considerable money on the table.
New States Are Limiting Sports Betting
Both North Carolina and Washington have passed bills and should be able to commence operations shortly, although it won’t be living up to its potential.
Sports betting won’t do much for North Carolina, which is limiting wagering to just two tribal casinos that are in the western half of the state. They are both over three hours from Charlotte and over five hours from Raleigh, the state’s two most populous cities.
Washington became the first state to pass betting in 2020, although this some more pretty restrictive legislation. Following lobbying from tribal casinos to pass the bill, wagering is limited to those locations. To make matters worse, bettors in the Evergreen State won’t even be able to wager on teams that play in Washington.
Sports Betting Launching The Right Way In Tennessee, Virginia, And Washington D.C.
Thankfully, there are a few locations that are passing sports betting in its most ideal form and including the online component, starting with our nation’s capital. Washington D.C. approved sports betting back in 2018 but amended its original plans to include mobile wagering and should launch in the wake of COVID-19.
Tennessee is set to become the first mobile-only sports betting state by the time it launches and should see massive success due to its proximity to several states that don’t yet have betting. Virginia is launching both mobile and in-person sports betting and is expected to attract similar operator competition as New Jersey, which has nearly 20 sports betting sites.
If all goes according to plan, the three territories above will make it nine of the 23 in total with full online sports betting included in its legislation. While the percentage of states with the mobile feature included is improving, there are still far too many millions being left on the table.
At a time where nobody should be turning down new streams of revenue, future states would do well to follow the money and the blueprint laid out by those which are pulling in the most tax dollars.
Undoubtedly, mobile sports betting will continue being a common denominator among the most successful in the industry.
If California voters approve online and retail sports betting in November it will open the door to a market that has the potential to generate more than $30 billion in wagers annually, according to projections from PlayCA.com, which analyzes legalized gambling in California. Those wagers would generate some $2 billion in operator revenue and $300 million in state taxes each year.
“California is the holy grail of sports betting markets, and not just because of its sheer size,” said Dustin Gouker, chief analyst for PlayCA.com. “It appears that legislators are working to put in place a structure that will make California uniquely attractive to every major operator. And because it has the potential to be the largest legal sports betting market in the U.S., ultimately it represents a seismic shift in the industry.”
The California assembly took a significant step toward the legalization of online and retail sports betting in the Golden State on Thursday by adding implementation details to ACA 16 and SCA 6. The new language in the bills, which were originally introduced in June 2019 by Sen. Bill Dodd (D-Napa) and Assemblyman Adam Gray (D-Merced), would amend the state constitution to:
Authorize retail and online sports betting at the state’s tribal casinos and racetracks if approved by voters, but not at the state’s cardrooms.
Set a tax rate of 10% on gross revenue for in-person wagering and a 15% tax for mobile or online wagering.
Impose taxes on the platform operators rather than directly by the tribes, to avoid sovereignty issues.
The tax rates are reasonable within the context of legal U.S. sports betting jurisdictions. By comparison, New Jersey, the nation’s largest online sports betting market, levies a 13% tax on online sports betting revenue and 9.75% tax on revenue from retail sportsbooks. Pennsylvania levies a 36% rate, by far the highest in the nation.
With the proposed tax rate, California could generate $240 million in operator revenue and $36 million in state taxes annually from online sports betting and another $60 million in operator revenue and $6 million in taxes a year from in-person betting, according to PlayCA.com estimates.
“The tax rates are fair for both operators and the state, and would be competitive with many of the states that have already legalized sports betting,” Gouker said. “The rate certainly won’t scare off sportsbook operators, who are all eager to enter California. This balanced approach should help the market ramp-up quickly once the industry launches, which is ideal considering California’s budget crunch.”
The state assembly and senate still must approve the bill, and then it must be signed by Gov. Gavin Newsom, before it can make its way to ballots this fall. But with a $50 million shortfall in California’s budget, and deep cuts expected, there is pressure on lawmakers to find new sources of revenue.
“The structure of these bills seems sound, and it should help the state eventually realize its revenue goals to the benefit of all of California,” Gouker said. “As for the gaming industry, if sports betting is approved by voters, it stands to change the face of sports betting across the country,”
The race to win this season’s Premier League title may effectively have been over since Boxing Day 2019, but there are still EPL futures markets to bet on. One of the best is who will be the season’s top scorer and win the Golden Boot.
First off, let’s look at the ten leading goal scorers and some statistics from their seasons so far.
It seems like a lot longer than three years since Antonio Conte led Chelsea to the most recent of their sixth top-flight title. If it seems like an improbable achievement now, then in the summer of 2016, it must have seemed like a pipe dream.
The Blues had put up one of the worst title defences in post-war football, finishing a frankly disgraceful 10th, 13 points behind Southampton in 6th place, and a million miles behind eventual champions Leicester. Mourinho paid for the shambles with his job, and when Antonio Conte came into the job in the summer of 2016, he made four big signings in £40m Michy Batshuayi, £23m Marcos Alonso, returning player David Luiz (£30m from Paris St. Germain) and £30m N’Golo Kante.
Clearly the most important of the two signings, Kante’s cut-price arrival from reigning champions Leicester got Chelsea off to a great start in the league, with three straight wins at the start of the campaign against West Ham (2-1), Watford (2-1) and Burnley (3-0) getting the West London side off to the perfect start against easy opposition.
At that stage, however, Chelsea encountered the first tricky spell of what would be ultimately be an amazingly successful season. A scrabbled 2-2 draw at Swansea was followed by consecutive league defeats. A home defeat by Liverpool was followed by another defeat, and this time a resounding one away at Arsenal. It was a humbling 3-0 display that saw Chelsea ripped to pieces by half-time.
Australian Rules Football (AFL) is bravely hoping to follow in the footsteps of the NRL, with a resumption of the 2020 season confirmed for June 11. AFL bosses are in the unfamiliar role of having to play catch-up with the National Rugby League (NRL), who enjoyed monster TV ratings after a being first footy code in the Australian market to return to the field on May 28. Following that success, the AFL is hoping that a sports starved public will deliver them a badly needed TV ratings win.
With state border restrictions still in place, interstate sides are being relocated for the remaining 17-games of the season. A hub style set-up has been created in Queensland for the opening four rounds. West Coast, Fremantle, The Power and the Crows, will move to Queensland to square-off in a round-robin series against the Gold Coast Suns and Brisbane Lions.
AFL CEO Gillon McLachlan stressed that the league will release games in blocks of four to six rounds “to maintain flexibility as the situation continues to evolve.” The AFL boss was adamant that the 17-round season could be completed, with the Grand Final to be played at the Melbourne Cricket Ground in “mid-to-late October.”
As border restrictions are eased across Australia, AFL bosses are hoping that the four interstate clubs in Queensland will be able to return to their tradition homes in Perth and Adelaide.
Nevada gambling operators have been waiting patiently to get back to work and begin accepting guests again. The Covid-19 pandemic has meant for everyone’s safety, large resorts and small slot rooms have had to stay closed. Now, as most are hoping to reopen in the next week, massive protests and the presence of the National Guard have shone a new light on the entire affair.
In response to the death of George Floyd, which sparked massive protests across the U.S., the Nevada Resort Association, joined by MGM Resorts International acting CEO Bill Hornbuckle and Wynn Resorts CEO Matt Maddox, put out statements decrying racism. Hornbuckle wrote:
“The devastating events and destructive scenes unfolding around our nation are gut wrenching to observe. They fill us with pain and sadness, fear and anger and they renew our proven commitment as an organization to stand for equality and respect for all humanity. We unequivocally reject racism, in any form.”
“The Wynn family is made up of every race, color and creed — representing the very best of Las Vegas and Boston,” Maddox said.
In order for New York State to even consider making provisions for legal online sports gambling, Spectrum Gaming Group must first submit a study on the subject commissioned by the New York State Gaming Commission (NYSGC). The debate over whether or not the activity should be allowed, or if it’s even possible without a constitutional amendment, has been raging for more than a year, and the Empire State isn’t any closer now than it was 12 months ago. Blaming the coronavirus for the decision, the NYSGC has decided to give Spectrum more time to complete its study, which is only going to prolong the inability of the state to start its economic recovery.
The NYSGC announced yesterday that it would give Spectrum more time to complete the study, which has been in the works already for a significant amount of time. The company was given permission to conduct the study last November and the results were supposed to be delivered yesterday. However, it apparently hasn’t been able to conclude its activities and needs more time. A new deadline for the presentation of the report isn’t known.
Sports Handle received an email from the regulator’s spokesman, Brad Maione, which said, “The potential impacts of this pandemic on the future of existing gaming and its implications on future development need to be fully considered. Accordingly, we have agreed to provide the additional time necessary to fully measure this issue.”
The fact that it has shuffled its feet on the subject for so long – it’s been two years since the U.S. Supreme Court axed PASPA – has been bad enough. Plenty of other states in the country have been able to establish regulated sports gambling activity, including New York neighbor New Jersey. The Garden State now commands a market that picked up a sports gambling handle of $4.5 billion last year, part of which undoubtedly was fueled by New Yorkers looking to place wagers on sports. That handle resulted in about $300 million in revenue for the sportsbooks, and around $36 million for the state, but New York hasn’t been able to get its act together to find a path to legalized sports gambling.
More than possibly any other time in recent history, people need a vacation. Between global pandemics and massive riots, stress levels are at a new high and getting away from it all might just be what the doctor ordered. Fortunately, planning a trip could be more economically feasible now, which is welcome news to everyone who has been forced to lead more frugal lives. For many looking to get away from it all, there’s good news – some travel agencies are offering discounts of up to 65%.
It’s worth pointing out that the discounts may not be available for everyone in all geographic regions, so “your mileage may vary.” However, the Daily Mail points out that it has found a number of travel agencies offering significant cuts in package deals that will certainly make travelers happy. For example, it provides an example of a two-night trip to Paris (the one in France, not the one in Texas) from Travel Zoo that will run the traveler just £79 ($99), which is up to 64% off the normal price. In addition, UK travel agency Tui has a three-night all-inclusive trip to Bulgaria in July for £296 ($371), instead of the normal £543 ($680). Want to head to Spain’s Canary Islands? £394 ($493), not £606 ($759) like it normally costs.
Of course, there is still reason to be a little reluctant to plan any travel. While international travel is beginning to see daylight again, it hasn’t yet been completely authorized without restrictions, and some travelers may find that their vacation plans are forced to be called off if the situation doesn’t improve rapidly. According to Rory Boland of Which? Travel, “If consumers are keen to book something now they should go into it with their eyes open. If the FCO (Foreign and Commonwealth Office) advice is still in place when their holiday is due to take place, they will get a refund, but there’s a good chance they will be waiting a long time. Holiday providers need to make it clear to their customers that these holidays may not take place.”
If anyone decides to take advantage of any available discounts, they need to make sure they know the rules before making a purchase. Ask about refund policies if the trip is canceled due to changes in government responses to the coronavirus, as well as any potential quarantine requirements or other restrictions. If a travel agency isn’t willing to share the information or doesn’t know, it would be a good idea to take business elsewhere.
Time is running out if the US is to see any professional baseball in 2020. The back-and-forth between MLB team owners and players continues, with one proposal after another being sent – and rejected. The MLB had presented an economic plan to restart the season to the MLB Players Association (MLBPA) a week ago, which was immediately rejected by the union. A counterproposal was then sent back with the rejection, which, while not completely tossed in the trash can, wasn’t totally accepted, either. A new counter-counterproposal is now on the table, but a decision has to be made soon if there is going to be MLB baseball this year.
In the MLBPA’s counterproposal, a longer regular season and deferred salaries were included, items that many knew would meet a brick wall with team owners. Now, owners are suggesting a much shorter season – somewhere around 50 games (the previous numbers have been anywhere from 82 to 114) – in order to try to maintain a schedule that will allow the league to stay on track going forward. The good news is that the owners are willing to support the ide of prorating players’ 2020 salaries, depending on the number of games that are ultimately played.
According to ESPN’s Jeff Passan, “Major League Baseball intends to propose a shorter season in which they would pay players a full prorated share of their salaries, sources told ESPN. The league believes the late March agreement allows it to set the schedule, and that this would fulfill players’ pro rata desire.”
The owners aren’t totally responsible for the movement on the negotiations – league commissioner Rob Manfred has the legal authority to alter the length of the season, and could have been involved in coming up with the latest figures. When the MLB and the MLBPA signed an agreement following the suspension of the season because of COVID-19, that contract included a clause that would allow Manfred to designate the number of regular-season games and pay players 1/162 of their regular salary per game played. The relative part of that agreement reads, “Based on that feedback received from the Players Association, the Office of the Commissioner will construct and provide to the Players Association, as promptly as possible, a proposed 2020 championship season and postseason schedule (or multiple schedule options) using best efforts to play as many games as possible, while taking into account player safety and health, rescheduling needs, competitive considerations, stadium availability, and the economic feasibility of various alternatives.”
After months of being closed due to the Covid-19 pandemic, Nevada is hoping to get gambling operations running again on June 4. That plan, which was approved on May 27, may now be in some doubt due to the ongoing unrest in America caused by the death of George Floyd, but looks like it’s still likely to push through in one form or another. Our Becky Liggero Fontana caught up with Nevada Gaming Control Board (NGCB) Chairwoman Sandra Douglass Morgan to understand the plan, and how it’s expected to go down.
“We’re in such unprecedented times, but with those unprecedented times definitely require unprecedented measures,” Douglass Morgan said. “And so the Gaming Control Board issued an industry notice setting forth two policies, one for our larger properties that we call non-restrictive licensees, and one for the smaller ones, bars and taverns with 15 machines or less, telling them that they would have to affirm that they would comply with those guidelines, and for the larger properties they would need to submit a plan. And so our goal was to create universal standards through these policies that could cover the largest integrated resort and the smallest one, but putting an employee training and safety, and patron safety, first and foremost that’s the most important thing for our policies and our plan.”
https://www.youtube.com/watch?v=a29Ksam2mpgVideo can’t be loaded because JavaScript is disabled: Sandra Douglass Morgan: Nevada is ready to offer world class service again (https://www.youtube.com/watch?v=a29Ksam2mpg)
The first priority is to ensure the risk of Covid-19 spreading is as low as possible. “And so obviously all properties would have to be deep, deep cleaned and disinfected prior to reopening, but I just had to reiterate time and time again employee training and safety, you know we are the capital for hospitality and we know that when people come to Las Vegas and even Nevada as a hole that they know they’re going to receive that high level customer service, and customer service includes also feeling safe and being safe,” she said. “And we’ve seen some of our operators already published some of their plans that show that they’re really going to give the white glove treatment to people who come to their properties, and so we know that we’re going to do this right we’re going to make sure that people are safe and prepared and hopefully it’ll be, it will be a little different than I think what people are used to, but Nevada is known for recreating and doing new and innovative things, I’m sure people will still have a good time.”
According to its own affirmation, Sands China was sitting on around $2.4 billion in liquidity at the end of last month. That’s enough to allow the Asian arm of Las Vegas Sands to “survive 12 months of a no-revenue environment,” even as it continues its renovation projects at a couple of venues in Macau. However, the casino operator, taking a page from Sheldon Adelson’s playbook, would prefer to play with other people’s money, and has announced a new initiative to place an unspecified number of senior notes to professional investors. The old adage “Don’t spend your own money when you can spend someone else’s” is apparently deeply embedded in the company’s business model.
In a filing (in pdf) with the Hong Kong Stock Exchange (HKSE) today, Sands China says it needs the money for “incremental liquidity and general corporate purposes.” The company has already been in touch with Bank of America Securities, Barclays Capital and Goldman Sachs and Co, who will act as joint book runners for the funding. The notes’ pricing is still in the air and will be “determined through a book building exercise to be conducted by the joint book runners.” Once the pricing is established, Sands China will put the notes on the HKSE, where it has already received a letter of eligibility for the offering. However, Sands China adds that the endeavor is only in its initial phase and could be canceled before the trigger is pulled.
The company has been impacted by the coronavirus in Asia, just like its parent company has suffered in the U.S. According to an update (in pdf) from Sands China on Monday, it lost $180 million in April due to extended travel restrictions in the region and the subsequent lack of activity at its Macau venues. Operating costs at the company are reportedly right around $110 million, but the revenue it received for the month was just $9 million. It asserts that it also had to make good on another $65-million expense related to “maintenance capital expenditures” and an additional $25 million for “interest expense.”
April’s losses were greater than expected and amounted to more than what the company lost for the entire first quarter of the year. It doesn’t expect May to be any better and asserts, “Based on the preliminary information available, net revenues, operating loss, net loss and adjusted property EBITDA loss in May 2020 were not materially different relative” to the previous month. Because of this, and the fact that the company cannot determine with confidence when COVID-19 will be under control, Sands China wants to see others shore up its finances, instead of having to dig deeper into its own liquidity.
The expected melding of two of the largest casino operators in the U.S., Caesars Entertainment and Eldorado Resorts, is going to take a little longer to be completed. The merger of the two companies has been in the works already for quite some time, and they have been making their rounds across the country to get the necessary approvals. Nevada, Indiana and New Jersey are three of the last states where regulators need to sign off on the deal, and it now appears that New Jersey won’t be ready to debate the issue for at least another month. The New Jersey Casino Control Commission (CCC) will meet in a week, but the merger is not included on the agenda.
The coronavirus has shifted priorities across the U.S., as well as the world, and New Jersey is no exception. High-level, important meetings have been delayed or canceled, and the Garden State has already pushed back the merger discussions once. Previously, it was thought that New Jersey gambling regulators might be able to reach a decision on the subject sometime last month. However, that goal came and went without the topic even becoming a blip on the regulatory radar.
Next up, it’s possible that the CCC could decide to hold an emergency meeting to discuss the merger sometime later this month. Alternatively, it might just opt for the topic to be tabled until July, which would be the same month that casinos are expected to reopen in the state. It isn’t clear which direction regulators may lean.
The problem with New Jersey is that its casino industry is in a veritable state of disarray. Casino revenue has been sporadic and the local political scene offensive. The Eldorado/Caesars deal has far-reaching implications that require a lot of discussion in the state. If the deal is approved, the newly-formed company will be the largest casino operator in the U.S. and will control four of nine casinos in Atlantic City. This has led some to raise concerns over the new entity being able to set the gambling rules in the city.
Like every other company that operates inside the gambling bubble, Boyd Gaming is suffering because of the coronavirus pandemic. It recently reported that its first-quarter figures were well below previous expectations, with the casino operator seeing a net loss of $18.3 million – a year earlier, it had a profit of $45.5 million. While land-based gambling losses were slightly offset by Boyd’s online initiatives, these weren’t enough to cover the entire deficit, and the continued casino outage in the US is chipping away at the company’s foundation. Despite some states allowing their casinos to come back online, the recovery process is going to be long and arduous, and Boyd isn’t convinced it will emerge unscathed. It has announced that it will need to let a number of employees go, and some properties could lose as much as 60% of their workforce.
At the end of last week, Boyd announced that it was ready to get the familiar sights and sounds going again at 13 of its properties – nine of which are in Las Vegas. The other four are found in Missouri and Iowa. Las Vegas is expected to begin to see casino action this Thursday, although those plans will more than likely be altered due to the ongoing riots and protests following the death of George Floyd while being arrested by police. Nevertheless, Boyd is anxious to get things going.
The relaunch will be too little too late for many company employees, though. Boyd sent a letter to some of its employees this week (which is just slightly better than leaving a voicemail) to inform them that it is going to be forced to permanently get rid of “between 25 percent and 60 percent” of employees. The rest of the employees, those fortunate enough to be selected to continue, will more than likely stay on furlough for at least six months more.
The letter is reportedly dated May 22, and a copy was also sent to labor officials in Nevada. The company explains that the layoffs are necessary due to the “mandatory closures, guest limitations imposed by various regulatory authorities, and overall economic conditions” resulting from the current pandemic. Employees can expect to start receiving their pink slips anywhere from July 1 to July 14, and there may be more than 10,300 workers who will receive their notice.
In the fast moving world of gambling, sometimes you might miss news that could be important to you. To make sure you’re all caught up on gaming industry news, be it online or brick and mortar, we’re rounding up the some of the announcements and partnerships from the last week that you might have missed.
ORYX Gaming secures deal with Superbet in Romania
ORYX Gaming, a Bragg Gaming Group company (TSXV: BRAG, OTC:BRGGF), has struck a distribution deal with leading Romanian operator Superbet.
The agreement will give Superbet access to ORYX’s RGS library including proprietary ORYX content and titles from partnered studios such as Gamomat, Kalamba Games, Golden Hero and Givme Games, as well as newly-added CandleBets.
Philippine casino operator Bloomberry Resorts took hits on two different legal fronts on Monday, with one case the company can’t reopen and another it can’t shake.
In March, Bloomberry was celebrating a US District Court’s dismissal of a civil suit filed by the Central Bank of Bangladesh regarding the 2016 theft of $81m from its accounts at the Federal Reserve Bank of New York by parties unknown, who then funneled the money through Manila casinos, including Bloomberry’s Solaire Resort & Casino.
In April, Bangladesh filed an appeal of that ruling, and on Monday, Bloomberry informed investors that the Bank had filed a new civil complaint against the Rizal Commercial Banking Corporation (RCBC) and 16 other Philippine persons/firms, including Bloomberry in New York State Court.
The new complaint alleges conversion/theft/misappropriation; aiding and abetting the same; conspiracy to commit the same; fraud (against RCBC); aiding and abetting and conspiracy to commit fraud; conspiracy to commit trespass against chattels; unjust enrichment; and return of money received.
UK-listed gambling technology supplier Playtech has received approval to start supplying New Jersey-licensed operators with online casino products.
On Monday, Playtech announced that it had received regulatory approval from the New Jersey Division of Gaming Enforcement (DGE) to supply online casino products to DGE-licensed operators. Playtech said it would launch its products in New Jersey “soon” through its existing deals with local licensees Bet365 and Hard Rock Atlantic City.
Playtech added that it expects to launch with other DGE-approved online operators “in the near future” and is working on securing similar approvals in “other US jurisdictions.” Besides New Jersey, online casino products are so far only active in Delaware and Pennsylvania, while West Virginia has approved but yet to launch any online casinos.
Playtech CEO Mor Weizer called the New Jersey casino approval “a major milestone” for his company. Weizer said Playtech would also look to launch its sports betting, live casino and platform products “over time.” Weizer called the US “a highly strategic market” for the company and predicted there would be “significant demand” for Playtech products going forward.
Australian online sports betting operator Sportsbet is once again suing a rival operator for daring to combine the words ‘sports’ and ‘betting’ in their brand.
Sportsbet, which is owned by UK-listed gambling behemoth Flutter Entertainment, has filed a trademark infringement suit in Federal Court against Sportsbetting.com.au Pty Ltd, whose brand Sportsbet claims is too similar to its own.
The Sydney Morning Herald reported that Sportsbet attempted to resolve the matter on an amicable basis outside the legal arena but was apparently rebuffed. Sportsbet is now seeking a permanent injunction against Sportsbetting.com.au using its current name, arguing that “the resemblance between Sportsbet and Sportsbetting is undeniable.”
Sportsbetting.com.au Pty Ltd and Sportsbet Pty Ltd both hold licenses issued by the Northern Territory Racing Commission. That said, the latter company holds a much larger share of Australia’s online betting market and is set to grow even larger following its parent company’s recent deal-making.
