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Fast Track Licensing for brand New Jersey Online Casino Operators

Fast Track Licensing for brand New Jersey Online Casino Operators

It’s ready, set, opt for the main players in New Jersey’s on-line casino game; major provisional licensing has now been issued (Image source: thelicenseplatesite.com)

It is T-minus-two-weeks and counting for New Jersey’s big online casino launch, and time for you to get the show traveling, as they say. With that in mind, more of the key online gaming operators were awarded their Internet licensing, without which nothing moves forward.

Susceptible to Further Approval

Noting that they’re ‘transactional waivers’ meaning these companies could yet be subjected to more regulatory nosing around New Jersey’s gaming commissioners granted licensing to PartyPoker’s parent company, Bwin.Party Digital Entertainment, the company formed last year whenever Bwin then a recreations betting firm merged with the major on line poker site PartyPoker to form the entity that is new. The new Bwin is the world’s biggest publicly traded on line gambling company.

Just before 2006, when Congress introduced the Internet that is unlawful Gambling Act (UIGEA), PartyPoker was the #1 online cash game poker web site in america, a position it held onto for a long time. The business complied with the strengthened online laws when they were initiated, but was nonetheless later on penalized with a $105 million ‘fine’ in a non-prosecutorial agreement with the U.S. Department of Justice, while admitting to violating pre-existing wire fraud statutes that were on the publications since 1961.

Along with Bwin, competitor 888 Holdings was also awarded the conditional licensing. 888 will be working as the online presence for Caesars Entertainment Corp.’s Interactive division, along with Amaya Gaming, which was additionally given licensing. Also issued the licensing were Ultimate Poker (which is already online in Nevada) and Betfair; all these businesses will now be able to participate in hawaii’s Nov. 21 launch that is soft ahead of the planned Nov. 26 official launch date for the public.

‘Bad Actor’ Kicked Off Stage

Not on the approval list, of course, was PokerStars, whose ‘bad star’ status precluded its addition; for now, anyway. This decision that is latest although it could ultimately be turned around de facto keeps PokerStars from the legal American market as of this time; the company can’t be licensed for online poker in Nevada for at least the next five years.

Undeterred, Eric Hollreiser, a PokerStars spokesman, claimed their business’s application ‘remains under review’ and that ‘we remain committed to working with them to accomplish the process.’

Meanwhile, the gambling industry’s main lobbying team, the American Gaming Association, touted the New Jersey online that is impending launch.

‘We’re excited to see the launch of online video gaming in nj,’ said United states Gaming Association chief executive Geoff Freeman. ‘New Jersey will be sending a message that is strong all states.’

Hopefully, that message will be that legal online gambling is a moneymaker that is big states’ coffers; to date in Nevada, the legal and regulated online poker launch happens to be tepid, to say the least.

The AGA says on the website that millions of Americans now use thousands of gambling sites that are headquartered offshore; in fact, the lobbying group claims it is as many as 1,700 offshore web sites that accept bets from American players, and says that market comprises a $4 to $6 billion payday. Freeman says this represents about 1/10th of the worldwide online gaming market of some $33 billion.

Nj-new jersey will become the third U.S. state with online appropriate gaming; Nevada was first with poker only, and Delaware snuck quietly online on October 31 with a fuller array of casino game offerings. Both those states have relatively small resident populations with Nevada at under 3 million and Delaware at under 1 million so analysts are excited to see what brand New Jersey’s 9 million in residents (plus possibly millions more in weekend site visitors) will bring, revenue-wise, to the table.

Possible bills are also being considered in California, Pennsylvania and Massachusetts, though all those states experienced major issues with infighting of gambling factions and slow and tiresome regulatory dilemmas for even land casinos at this point.

Sportsbook William Hill Pegs Hillary Clinton Fave that is 2-1 for Prez

Bookmaker William Hill likes Hillary Clinton as the odds-on favorite to win the 2016 U.S. elections that are presidential

You can bet on lots more than football or golf at an activities book; many consume bets for all types of crazy chances, from who’ll win an Oscar to Lindsay Lohan’s possibilities of going to rehab. So why don’t you place your bets for the next president that is american?

Whom’s upcoming in Line to the White House Throne?

Yup, it may be three years off yet, but it’s not too early to put your money on the prospect you believe is most likely to succeed Barack Obama’s second and thus last term. Famous bookmaker William Hill may well be more than huuuge review happy to take your money, plus they’ve even set the current odds to help you decide if you’d like to go high-risk or away on a limb.

If you’d like to win large, of course, you have got to bet large. Take a Londoner who’s already risked $2,400 for a 5-2 bet that previous Secretary of State Hillary Clinton will be taking within the White House in the 2016 elections; William Hill says that thus far, that is their wager that is largest, but hey, with 3 years and who knows what kind of news stories yet to come, this battle continues to be spacious.

A 2-1 favorite, moving up from 5-2 earlier as of now, William Hill has Ms. Clinton.

‘This bet on Hillary Clinton, together with a run of support for [New Jersey Gov.] Chris Christie, reducing their odds from 20-1 to 10-1, seems to signal the presidential race coming under beginner’s orders as far as political punters are concerned,’ William Hill spokesman Graham Sharpe said.

Odds Are In

If you would like know where the it’s likely as associated with the begin of this here’s the recap week:

Hillary Clinton (D), 2-1

Sen. Marco Rubio, (R-Fla.), 6-1

Former Florida Gov. Jeb Bush (R), 9-1

NJ Gov. Chris Christie (R), 10-1;

New York Gov. Andrew Cuomo (D), 12-1;

Rep. Paul Ryan, (R-Wis.), 16-1.

So while the Democratic contenders may be less, their key and a lot of likely prospect leads the pack. So far. But William Hill notes that right now, they are actually tied at 10-11 for either one to win; the real long shot would be a possible independent, with a current 100-1 bet against if you tally all the odds of both parties.

Bookie competitor Ladbrokes also has Clinton favored, but at slightly various odds of 9-4; their take on Christie is the identical as William Hill’s: 10-1. Another recreations guide, Paddy Power, has Clinton at 15-8 and Christie at a slightly better 9-1 shot.

If you prefer to take super high-risk odds, how about either the always smooth-tempered Alec Baldwin or former ‘Desperate Housewife’ Eva Longoria, whom come in at a surprisingly optimistic 300-1 each.

By the way, although William Hill has a presence that is healthy Nevada between sports books, mobile betting apps and kiosks, don’t make an effort to place some of these bets using them here; it is illegal for U.S. bookmakers to take action. That bill was tossed out by May although Nevada’s Senate Judiciary Committee did try to push through a bill earlier this year that would have opened the door for presidential election pari-mutuel wagering.

Atlantic City’s Revel Casino Considering ‘Strategic Alternatives’

As Revel Casino in Atlantic City explores its step that is next least they may take comfort knowing their execs will not find yourself in debtors’ prison. (Image source: Bettmann/CORBIS)

When most gamblers think of strategic alternatives, they’re considering whether to boost or phone during the poker table. But for the Revel Casino Hotel in Atlantic City, that term may actually signal that the owners that are current deciding how they want to fold their hand.

According to numerous reports, the revel that is current (a group led by Chatham Asset Management) are pursuing those ‘strategic alternatives’ when it comes to the struggling casino. In the world of the gaming industry, that phrase rarely means any such thing good, with common results being that a venue is being shopped around on the market or that the company is considering filing for Chapter 13 bankruptcy. That said, the company has tried to make it clear that they have not made any company choices yet.

Long-Winded Declaration

‘Revel has not made any decision to pursue any specific transaction that is strategic alternative, and there can be no assurance that the exploration of strategic alternatives will result in the consummation of any transaction,’ Revel said in a declaration. ‘Revel does not intend to comment further regarding its assessment of strategic options until such time once the board has determined the outcome of the process or otherwise has deemed that disclosure is appropriate.’

They need hired a former white house speechwriter for that one.

Any time soon, Revel hasn’t simply been sitting on its hands while that statement may have been a long, long, long way of saying that the company won’t be saying anything. The company also announced that they will be increasing their first-lien credit agreement, essentially doubling their credit line from $75 million to $150 million ( taking a page from the Caesars Entertainment ‘How to Manage Your Out-of-Control Debt for Dummies’ best-seller, apparently). The original $75 million credit line has been increased to $100 million, while a principal level of $50 million has been taken out with JPMorgan Chase.

These techniques come just months after Revel went through Chapter 11 bankruptcy court so that you can restructure their debt, which triggered lenders using significantly more than an 80 per cent ownership stake in the company. That move allowed the cancellation of $1.2 billion in debt, which gave the casino life that is new.

Poorly Thought-Out Promotion

However the Revel don’t leave that bankruptcy restructuring all that well, despite the most useful efforts of management. The casino received some bad press once they attempted to draw in customers having a ‘can’t lose’ slots advertising that promised gamblers their money back if they lost on the devices. But players were disappointed to find out that they wouldn’t get their losses back in money or as credit they could make use of whenever you want; instead, they were permitted to get credit on future visits, a couple of percents at a period, and only by coming on specified weeks after the promotion ended.

Nevertheless, promotions like that one could signal a shift in the Revel’s strategy. When envisioned as a non-smoking luxury resort for high-end gamblers, you can find signs that the casino is prepared to open its customer base up to a wider array of clients, including those on a spending plan and, of course, smokers. Just a day before their statement on the potential usage of strategic options, Revel had a notably less prominent press launch that pointed out their low-cost dining alternatives, including a $3.99 morning meal deal.

To date this Revel has come in at #8 in terms of gambling winnings of the 12 Atlantic City casinos, having taken in $116.3 million from gamblers through the first three quarters year. As of now, the company will not be playing New Jersey’s online casino launch come 26, either; only they and Atlantic Club which has also filed for bankruptcy and is now up for auction will not be represented online among the city’s 12 land casinos november.