The Sacramento Bee reports that Senator Dianne Fienstein (from San Francisco), wrote Attorney General Eric Holder, asking him to support a bill to ban online gambling. This is the same politician that thinks the Second Amendment should be stripped away, so your right to keep and bear arms would be removed, although she would still be able to keep hers.
Somehow in her weird view of the world, internet gambling is a huge threat to the US, but all those hundreds of thousands of invaders streaming in to the southern US, with their gang members and diseases aren't.
What is wrong with these people? Oh, that's right, she's from San Francisco. Never mind.
California - truly the land of fruits and nuts...
Showing posts with label politics. Show all posts
Showing posts with label politics. Show all posts
Thursday, July 31, 2014
Wednesday, February 5, 2014
Big Money Heavyweights Fight Over Gambling
Fighting over gambling usually isn't about gambling, it's about who gets the money from gambling. There are a couple of recent news articles that highlight this fact very well. The first is an article about a couple of casino heavyweights (Genting and Las Vegas Sands) fighting for expanded gambling in Florida. That article can be found here. Now, the opposite side is Disney, which although not exactly pro-gambling, is pro-theme park and wanting to maintain their stronghold without new competition for tourism and convention dollars from additional casino gambling venues. This no doubt is a money fight. The argument isn't really if gambling is good or bad as Florida does allow casino gambling (eight Indian casinos are authorized). However, a study did purport to state that new full-service casino resorts would generate an additional $1.5 billion in spending. You know who is really winning in this fight? Politicians and lobbyists. Money is coming into the political fight big time. The saying goes, "money is the mother's milk of politics" and milk is surely flowing into Florida's gambling expansion battle. Note that Las Vegas Sands, controlled by Sheldon Adelson, is on the pro-gambling side in Florida.
Now the same Sheldon Adelson is backing the front group Coalition to Stop Internet Gambling, which is attempting to get Washington DC politicians to stop internet gambling. So fight for gambling in Florida, but fight against gambling in Washington DC. I'm confused...
Now, this coalition is being opposed by the Coalition for Consumer and Online Protection, backed by MGM Resorts and the American Gaming Association. The story on that development can be found here. Isn't it interesting that these players construct these proxies with names that sound good, but aren't really what they are about? What if these industry heavyweights named their front groups in a way more in line with their objectives? What if you had groups named Group that Opposes My Competitors From Making Money That I Can't Capture Because I Didn't Grasp the Market Opportunity or Group that Opposes Anything that Might be Good for that Guy Because Perhaps I Don't Like Him and it's Personal? Wouldn't that be refreshing?
Again, lobbyists and politicians are loving it as the money is coming in! Do you think this fight will be over soon? As long as the money is coming in, the politicians and lobbyists really don't have an incentive to see this issue get resolved. Stay tuned.
Now the same Sheldon Adelson is backing the front group Coalition to Stop Internet Gambling, which is attempting to get Washington DC politicians to stop internet gambling. So fight for gambling in Florida, but fight against gambling in Washington DC. I'm confused...
Now, this coalition is being opposed by the Coalition for Consumer and Online Protection, backed by MGM Resorts and the American Gaming Association. The story on that development can be found here. Isn't it interesting that these players construct these proxies with names that sound good, but aren't really what they are about? What if these industry heavyweights named their front groups in a way more in line with their objectives? What if you had groups named Group that Opposes My Competitors From Making Money That I Can't Capture Because I Didn't Grasp the Market Opportunity or Group that Opposes Anything that Might be Good for that Guy Because Perhaps I Don't Like Him and it's Personal? Wouldn't that be refreshing?
Again, lobbyists and politicians are loving it as the money is coming in! Do you think this fight will be over soon? As long as the money is coming in, the politicians and lobbyists really don't have an incentive to see this issue get resolved. Stay tuned.
Saturday, June 8, 2013
Federal Online Poker Legislation Reintroduced
New York Representative Peter King has reintroduced legislation attempting to federally regulate online poker. This version is likely different than the version pushed by Senate Majority Leader Harry Reid of Nevada. His preference is to have federal regulation and licensing, but biased toward the large Nevada casino companies being the only companies to be able to provide the games.
My view is that if the legislation can't be crafted to lock in the big Nevada casino companies as being the only online poker operators nationally, no federal bill will pass. The fallback for the large operators will be a state by state approach, where the size of their checkbook will buy the licenses, keeping out competition, particularly foreign operators.
Foreign operators would be better served by trying to enter the US market by finding unique US-based opportunities to be their beachhead and not take on the large Nevada gaming companies head on.
The renewed efforts do show that online gaming and gambling is becoming more mainstream and as governments look for more sources of revenue, gambling suddenly becomes palatable.
The story can be found here.
My view is that if the legislation can't be crafted to lock in the big Nevada casino companies as being the only online poker operators nationally, no federal bill will pass. The fallback for the large operators will be a state by state approach, where the size of their checkbook will buy the licenses, keeping out competition, particularly foreign operators.
Foreign operators would be better served by trying to enter the US market by finding unique US-based opportunities to be their beachhead and not take on the large Nevada gaming companies head on.
The renewed efforts do show that online gaming and gambling is becoming more mainstream and as governments look for more sources of revenue, gambling suddenly becomes palatable.
The story can be found here.
Saturday, March 30, 2013
Nevada Lawmaker Seeks To Allow Betting on Presidential Elections
A Nevada senator introduced legislation to allow casinos to accept bets on US political elections. Wagering on elections would be new in the US, but is common in other countries such as the UK. The Las Vegas Sun article covering the story reports that the Irish online gambling company, Paddy Power, took $1.6 million in wagers over last year's presidential election.
The legislation would potentially allow wagering on more than just the presidential election. Quoting from the article, "the law would allow betting on Senate, congressional and presidential campaigns. Segerblom said he would be open to allow bets on state elections as well, and said the law could also allow bets on the Academy Awards and other cultural events."
This is great news for YouGaming's patented pari-mutuel fantasy concept. The concept, covered by three US Patents, covers pari-mutuel fantasy wagering on any human event or contest in both a skill game and a wagering game implementation. To try out the feasibility of these kind of games, YouGaming's skill game website, ProContest.com, crafted a US Presidential fantasy game and an Academy Awards fantasy game on the site and tested game logic.
The wagering games being proposed in Nevada can easily be implemented in both a fixed odds as well as a pari-mutuel format. The pari-mutuel format will allow the casinos to offer games freely without the worry of loss due to the setting of an improper payout odds or betting line. In pari-mutuel wagering, the house just takes its percentage off the top, with the rest being paid to the winning bettors. In these new game areas, pari-mutel will be a safer approach for the casinos and very likely more profitable, due to the higher takeout percentage.
Read more: http://www.lasvegassun.com/news/2013/mar/25/betting-presidential-elections-nevada-state-senato/#ixzz2P28l0Ckc
The legislation would potentially allow wagering on more than just the presidential election. Quoting from the article, "the law would allow betting on Senate, congressional and presidential campaigns. Segerblom said he would be open to allow bets on state elections as well, and said the law could also allow bets on the Academy Awards and other cultural events."
This is great news for YouGaming's patented pari-mutuel fantasy concept. The concept, covered by three US Patents, covers pari-mutuel fantasy wagering on any human event or contest in both a skill game and a wagering game implementation. To try out the feasibility of these kind of games, YouGaming's skill game website, ProContest.com, crafted a US Presidential fantasy game and an Academy Awards fantasy game on the site and tested game logic.
The wagering games being proposed in Nevada can easily be implemented in both a fixed odds as well as a pari-mutuel format. The pari-mutuel format will allow the casinos to offer games freely without the worry of loss due to the setting of an improper payout odds or betting line. In pari-mutuel wagering, the house just takes its percentage off the top, with the rest being paid to the winning bettors. In these new game areas, pari-mutel will be a safer approach for the casinos and very likely more profitable, due to the higher takeout percentage.
Read more: http://www.lasvegassun.com/news/2013/mar/25/betting-presidential-elections-nevada-state-senato/#ixzz2P28l0Ckc
Saturday, May 26, 2012
California Sports Betting Bill Moves Forward
The California Senate Appropriations Committee passed SB 1390, a bill authorizing sports betting in California, out of committee to the Senate floor for vote. This is a big step, following on the heels of New Jersey's passing of a sports betting law in January. As explained by the bill's author, California needs to have a sports betting law on the books so when the anticipated legal battle between New Jersey and the US Department of Justice is fought over the constitutionality of the Professional and Amateur Sports Protection Act (PASPA), California will also have an interest in the outcome.
What has been unexpected has been the bi-partisan support for this measure. The bill had to pass through both the Governmental Organization and Appropriations Committees, with votes required to move them out (Appropriations actually needed votes to move in and to move out). All three votes were unanimous, with no abstentions. Both Republicans and Democrats are in support. This bill has a real chance of getting through. To track the bill's progress, you can use this link.
Nevada, currently the state with the de facto monopoly on sports betting, has got to be concerned. If New Jersey implemented sports betting, yes, that would have some impact on Nevada. If California implemented sports betting, what does Nevada have left as an attractant to California customers, still a major source of gaming revenue? There was a previous post that posited an idea to help the northern Nevada casinos deal with increased gaming competition from California. If sports betting comes to California, all of Nevada may need to consider this.
What has been unexpected has been the bi-partisan support for this measure. The bill had to pass through both the Governmental Organization and Appropriations Committees, with votes required to move them out (Appropriations actually needed votes to move in and to move out). All three votes were unanimous, with no abstentions. Both Republicans and Democrats are in support. This bill has a real chance of getting through. To track the bill's progress, you can use this link.
Nevada, currently the state with the de facto monopoly on sports betting, has got to be concerned. If New Jersey implemented sports betting, yes, that would have some impact on Nevada. If California implemented sports betting, what does Nevada have left as an attractant to California customers, still a major source of gaming revenue? There was a previous post that posited an idea to help the northern Nevada casinos deal with increased gaming competition from California. If sports betting comes to California, all of Nevada may need to consider this.
Sunday, March 27, 2011
Wynn and Caesars Online Poker Push
In a sign that the major brick and mortar casino operators in the US are making the move toward internet gambling, both Wynn Resorts and Caesars Entertainment lock up deals with internet gaming companies. Wynn announced a partnership with PokerStars and Caesars received Nevada Gaming Commission approval of a relationship with subsidiaries of 888 Holdings.
There shouldn't be any doubt that the trend in the US is that in the not too distant future, internet poker will be legalized. From that point, only a few years will pass and I anticipate full internet gambling (with the exception of sports betting) will be legal. If New Jersey prevails in its lawsuit against the US Government over the constitutionality of PASPA, sports betting could also become legal. This won't happen overnight, but the big US players are getting ready.
The Wynn Resorts story can be found here and the Caesars Entertainment story can be found here.
There shouldn't be any doubt that the trend in the US is that in the not too distant future, internet poker will be legalized. From that point, only a few years will pass and I anticipate full internet gambling (with the exception of sports betting) will be legal. If New Jersey prevails in its lawsuit against the US Government over the constitutionality of PASPA, sports betting could also become legal. This won't happen overnight, but the big US players are getting ready.
The Wynn Resorts story can be found here and the Caesars Entertainment story can be found here.
Monday, September 28, 2009
NBA Owner Seeks to Build Casino
Sports leagues generally oppose gambling. UNLESS...they get a piece of the action.
The Cleveland Plain Dealer reports that the majority owner of the Cleveland Cavaliers would be in the catbird seat with regard to casinos in major Ohio metro areas if Issue 3 passes in November.
The article states that the proposed casino in Cleveland would cost approximately $600 million, so not a small investment. As a comparison, Forbes.com estimated the value of the Cleveland Cavaliers NBA franchise at approximately $477 million. The Cavaliers are listed as the 5th most valuable franchise, after the Knicks, Lakers, Bulls and Pistons.
So when you see sports leagues wring their hands regarding the evils of gambling, can you be certain that the angst has more to with their inability to get their hands on that gambling money rather than the gambling itself?
The Cleveland Plain Dealer reports that the majority owner of the Cleveland Cavaliers would be in the catbird seat with regard to casinos in major Ohio metro areas if Issue 3 passes in November.
The article states that the proposed casino in Cleveland would cost approximately $600 million, so not a small investment. As a comparison, Forbes.com estimated the value of the Cleveland Cavaliers NBA franchise at approximately $477 million. The Cavaliers are listed as the 5th most valuable franchise, after the Knicks, Lakers, Bulls and Pistons.
So when you see sports leagues wring their hands regarding the evils of gambling, can you be certain that the angst has more to with their inability to get their hands on that gambling money rather than the gambling itself?
Subscribe to:
Posts (Atom)
