Sunday, October 15, 2023

Media Man Gaming Blog: News

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Media Man Group Blog


Casino and Sports News






USA Gaming and Gambling News


G2E: Financing available for forthcoming casino projects, though at a premium


Wall Street investors continue to be interested in investing in quality casino-resort projects despite tight capital markets, but operators will pay a premium in markets like New York City, where there will be a lot of competition for customers. New York has authorized three casino licenses for the downstate region centered on New York City, for which 11 applicants are vying, including Caesars Entertainment, Wynn Resorts, MGM Resorts International, and Las Vegas Sands. “A U.S. Treasury is a risk-free investment at 5% and if I’m thinking about investing in a brand-new New York greenfield project that costs $5 billion, that’s going to require a pretty big premium above 5% for me to get excited,” said Howard Wang, managing director at Ares Management during a panel session at the Global Gaming Expo.





Workers picket Harrah’s Philadelphia for first time since casino opened


Amidst the banging of drums and shaking of bells in front of the Harrah’s Philadelphia Casino and Racetrack parking garage, approximately 150 members of three unions shouted, “No contract, no peace.” “It’s the first time we’ve ever taken public action at this property since it opened,” Ben Albert, secretary/treasurer of Unite Here Local 54, said. “The wages lag way behind the rest of the industry and are not where they should be based on how the company is doing”… Members of Unite Here 54, Laborers Local 413 and Teamsters Local 107 picketed in front of the facility Friday.


The Sphere wasn’t built for sports. The biggest players want in anyway


After just one U2 concert at Las Vegas’ new $2.3 billion Sphere, UFC president Dana White described himself as “obsessed” with the venue and the prospect of getting the mixed-martial arts property there as soon as possible. “The Sphere is a whole other level,” White said. “I don’t run the Sphere, and it’s not my company, but it’s so good that for at least the first year, they should do nothing but incredible experiences. … I will put on the greatest live combat sports event anybody has ever seen at the Sphere. I’m so in on this, it’s not even funny. The first live transmission from there should be us.”


Caesars’ Virginia revenue dips slightly in September, but ahead of Hard Rock in Bristol; Rivers Portsmouth leads state


Gaming revenue for the Danville Casino dipped slightly again last month, but remained well above its counterpart in Bristol. The temporary facility brought in about $19.14 million in September, down from the $19.63 million posted in August. The Virginia Lottery released the figures Friday. The casino in Bristol — another temporary site with more slots and tables — brought in $12.71 million.


Arizona: DraftKings Sportsbook at TPC Scottsdale to open this week


It’s only a matter of days until the DraftKings Sportsbook at TPC Scottsdale has its grand opening. The sportsbook will open its doors on Oct. 20, according to a Monday press release. A ribbon-cutting ceremony will commence at 1 p.m. with PGA Tour and DraftKings executives. Arizona Cardinals legend Larry Fitzgerald will place the ceremonial first bet. The DraftKings Sportsbook, which sits across the street from the TPC Scottsdale Champions Course clubhouse, was developed under a first-of-its-kind agreement with the PGA Tour.


High roller offers $500K reward, says he was drugged while gambling at MGM Grand

A California real estate executive and sports agent who has high-roller status with MGM Resorts International has sued the company after he says he was drugged with a substance used by veterinarians to sedate animals while playing blackjack in the MGM Grand’s private gambling salon. Dwight Manley, 57, who filed the amended complaint in July, on Thursday offered a $500,000 reward for information leading to the arrest and conviction of the persons responsible for drugging him.


NCAA’s attitude toward sports betting takes dramatic shift, more focused on athlete protections than punishments

A few years ago, the NCAA’s stance on sports wagering was clear: Don’t bet. The organization didn’t want players and coaches wagering, and the NCAA also wasn’t thrilled about having any relationship with regulated sports betting. That attitude seems to be shifting, as NCAA officials are aware of the increased fan engagement legalized betting brings. A changing attitude toward sports betting doesn’t just include a growing appreciation for the external benefits of sports wagering, such as increasing fan interest.


Disney goes all in on sports betting with ESPN Bet

In early 2019, an analyst asked Disney Chief Executive Bob Iger if sports betting could coexist with the House of Mouse’s brand. He said he didn’t see the company facilitating gambling in any way. Just four years later, the world’s most beloved name in family entertainment is going all-in on sports betting. In August, the company struck a 10-year deal with sports-betting company Penn Entertainment to bring gambling to Disney’s ESPN sports network. Sports fans will be able to wager on games on their phones through a new app called ESPN Bet that accepts bets through Penn’s sportsbook.


‘Creepy’ feeling around Atlantic City casinos in wake of cyberattacks

The eerie calm that has washed over Atlantic City casinos the last few weeks has nothing to do with Halloween or the changing of the seasons. It is not even because most of the gambling industry is gathered in Las Vegas this week for the Global Gaming Expo (G2E). The recent cyberattacks on two of the largest US casino operators have noticeably impacted Atlantic City casinos. Or at least that is the general feeling in town lately. New Jersey gambling regulators will publish September’s revenue results for the AC casino industry on Oct. 16.


After cyberattacks crippled casino companies, how vulnerable is Las Vegas?

Las Vegas has always prided itself on its economy of leisure. In the span of a weekend, visitors can dine at the finest restaurants, witness world-class entertainment and sporting events and shop at top luxury brands without leaving the Strip—sometimes, without leaving their hotel. All that came to a standstill last month as two casino giants fell prey to revenue-crippling cyberattacks that have left us wondering: How vulnerable is Vegas, really? Casino-goers attempting to use mobile check-in, digital keys, credit cards, ATMs, slot machines and other services at some MGM Resorts properties were shocked to find widespread outages on September 11.


Mets owner seeking to construct casino outside Citi Field

New York (New York City) - Chantz Martin, Fox News - Steve Cohen spent a record amount on the New York Mets payroll heading into the 2023 regular season. Now, the billionaire who purchased the franchise ahead of the 2021 season hopes to build attractions around the team's home ballpark in Queens. Cohen suggested that a casino would give fans options before and after games. "The fans want something to do before the game, after the game," Cohen said.


Champagne, private shopping, $1.5M in jewel, luxury retailers prepare for F1

Nevada (Las Vegas) - McKenna Ross, Review-Journal - The Regis Galerie has long marketed itself as the spot on the Strip for top Italian art, Spanish porcelain and worldly fine jewelry – even legendary pop star Michael Jackson shopped at the boutique in The Venetian’s Grand Canal Shoppes. But Ike Dweck, vice president of the art gallery, is kicking it into overdrive to cash in on the immense activity expected in November… Dweck’s place — and hundreds of other luxury retailers on the Strip — are preparing for an influx of high net-worth shoppers in Las Vegas during the Formula One Grand Prix on Nov. 16 to 18, which is projected to bring 120,000 visitors to the region.


iGaming Ontario releases Q2 market- performance report

Canada (Ontario/igaming) - Mark Keast, CDC Gaming Reports - The regulated Ontario igaming market continues to experience growth, according to a quarter-two fiscal-year 2023-24 (July 1 through September 30). Ontario reached $14.2 billion in total wagers in Q2, not including promotional wagers (bonuses). That’s up from $14 billion in Q1 (April 1 to June 30, 2023). Ontario saw $540 million in total gaming revenue in Q2, down from $545 million in Q1.


Best Bookies ceases Price Pty Ltd service following ACMA warning

Oceania (Australia) - Jessie Sale, SBC News - Best Bookies’ Price Pty Ltd has been issued a formal warning from the Australian Communications and Media Authority (AMCA) for operating an unlicensed online wagering service. The group is described as an ‘internet site allowing punters to securely bet with a range of independent licensed Australian bookmakers using a single betting account’. However, it has been found that the service allowed customers to compare betting odds across licensed wagering operators and placed bets with those operators on their behalf…Best Bookies’ Price Pty Ltd has now ceased providing this service.


Amy Howe, Jason Robins examine growth of sports betting

Nevada (Las Vegas/G2E) - Rege Behe, CDC Gaming Reports - A conversation that touched on Taylor Swift and Travis Kelce, pickleball, Formula 1 racing, and a flurry of field goals in the National Football League seems like it could have taken place in one of the coffee shops, bars, or hallways at the Global Gaming Expo in Las Vegas. Instead, those topics were broached, some in depth, others lightly, during the Wednesday keynote session “The Playmakers” moderated by CNBC’s Contessa Brewer and featuring the CEOs Amy Howe of FanDuel and Jason Robins of DraftKings.


Indigenous women defy odds in Tribal leadership

Nevada (Las Vegas/G2E) - Rege Behe, CDC Gaming Reports - Monday was Indigenous People’s Day and Indian Gaming Association Chairman Ernie Steven wanted to make sure it was celebrated correctly. At the Global Gaming Expo education session “Shattering Ceilings: Women Leaders in Tribal Gaming,” Stevens introduced three tribal women who could “tell people who we are, tell people our true history,” he said. Holly Cook Macarro, an expert on political matters focused on tribal legislative and policy and principal at The Angle; Porch Band of Creek Indians Tribal Chair Stephanie Bryan; and Melanie Benjamin, the Chief Executive/Chairwoman of the Mille Lacs Band of Ojibwe, told stories of how they came to become tribal leaders, despite odds often stacked against them.


Female slot players a growing demographic

Nevada (Las Vegas/G2E) - Buck Wargo, CDC Gaming Reports - The number of female slot players continues to grow in the U.S., but game designers shouldn’t try to appeal to them by use of the color pink or flowers. Instead, they should make games that are fun for everyone to play. That was the message from a Global Gaming Expo educational session, “How Female Designers Are Influencing Game Design,” moderated by Carolyn Tomcyzyk, senior director of art design at Konami Gaming. Francine Maric, better known as “Lady Luck HQ” on social media, said that her followers online look for games that are simple and have vitality. “They want to see action. They want to see jackpots,” Maric said.


Las Vegas Grand Prix to begin at 10 p.m.

Nevada (Las Vegas) - Mick Akers, Review-Journal - The Las Vegas Grand Prix, scheduled to be contested on the third-longest circuit on Formula One’s 2023 schedule, will begin as expected at 10 p.m. on Saturday, Nov. 18, race organizers confirmed. The late start is to allow the race to feature the renowned lights of the Las Vegas Strip. The circuit will be brightly lit via lighting trusses that are already being installed on the Strip and other areas of the track.


Gambler ups the ante with federal lawsuit against Resorts World

Nevada (Las Vegas) - John L. Smith, CDC Gaming Reports - A gambler’s protracted battle with Resorts World Las Vegas reached a new level Monday with a lawsuit filed in U.S. District Court that accuses the Strip casino-resort company and its former president of negligence and the infliction of emotional distress for failing to prevent known fraudsters and persons convicted of gambling-related crimes from playing in the casino. The lawsuit filed by attorneys Marshall Cole and David Merrill on behalf of California resident Robert J. Cipriani, who goes by the moniker “Robin Hood 702” on social media, comes following the ouster of Resorts World Las Vegas President Scott Sibella for a violation of company policy amid press reports of an ongoing investigation by IRS Criminal Investigations and U.S. Homeland Security agents of Las Vegas hotels, including Resorts World.


Odesza at Zouk, Disco Kiss Mondays at Cathédrale and more

Nevada (Las Vegas) - The Weekly Staff - Las Vegas nightlife scion and rising star Dustin Drai has been promoted to president of Drai’s Management Group. He will now oversee the marketing and entertainment efforts and initiatives of Drai’s Beachclub, Nightclub and After Hours at the Cromwell, as well as the company’s expansion to Texas with Drai’s Dallas, set to open in late 2024. Electronic music duo Odesza’s first-ever nightclub performance will be part of New Year’s Eve weekend at Zouk Nightclub at Resorts World.


MGM sends special offers in wake of September cyberattack

National (cyberattack) - McKenna Ross, Review-Journal - MGM Resorts International has begun sending out loyalty rewards to customers affected by the September cyberattack on the company. A promotion shared by a popular social media blogger shows an offer for a complimentary stay for that MGM Rewards loyalty member.


Rise of mobile betting increases revenue, more problem gambling

New York (igaming) - Connor Smith, Spectrum News - Taxes on mobile sports betting in New York generated $727.4 million in the 2022-23 fiscal year and have continued to grow in the first quarter of the current fiscal year, according to a new report from state Comptroller Thomas DiNapoli. The rise of mobile sports betting, though, also led to a 26% rise in problem gambling-related calls to the Office of the Addiction Services and Supports from 2021-2022, according to the New York State Gaming Commission. This, DiNapoli said, should lead to more attention on the impacts of mobile sports betting — particularly on younger people.


Atlantic City Dave & Buster's expected to open in December

New Jersey (Atlantic City) - Selena Vazquez, The Press - The opening of the Dave & Buster's entertainment center at the former site of rapper Jay-Z's 40/40 Club has been pushed back to December, city officials said. "According to our Director of Licensing and Inspection Dale Finch, we are looking at an anticipated opening date of early December," said Alexxus Young, a spokesperson for the city, adding the license that Dave & Buster's is requesting requires City Council approval. The North American chain of combination arcade, sports bar, restaurant and entertainment complexes has 155 locations in the United States, according to the company.


122-year-old Atlantic City property turning into apartments

New Jersey (Atlantic City) - Selena Vazquez, The Press - For the past decade, the former Morris Guards Armory at 10 S. New York Ave. has been vacant, but that is set to change over the next couple of months. John Longacre and his real estate development company, LPMG Companies, expect to put about 32 studio, one-bedroom and two-bedroom apartment units, along with other retail spaces, on the real estate market by the end of the year. The building was constructed in 1901 and was used as an armory for the city's independent volunteer military club, the Morris Guards, until 1983. "We're trying to get people to see Atlantic City in a different way," Longacre said.


Huge Powerball jackpot goes to lucky lottery player in California

National (lottery) - Jim Salter, Associated Press - A player in California won a $1.765 billion Powerball jackpot Wednesday night, ending a long stretch without a winner of the top prize… Before someone won the giant prize, there had been 35 consecutive drawings without a big winner, stretching back to July 19 when a player in California matched all six numbers and won $1.08 billion.


New Catawba chief rejects deal to break up with casino developer

North Carolina (Indian gaming) - Gavin Off, Charlotte Observer - The Catawba Nation’s new chief rejects the cost of a financial deal that would break most ties with a company that’s been instrumental in launching its Two Kings Casino outside Charlotte. The deal, approved by the tribe’s previous administration, would require the Catawba to pay SkyBoat, LLC a $125 million payout, Chief Brian Harris said…But it’s too much money, said Harris, who was elected chief this summer and must sign the agreement for it to be finalized.



New coalition forms to weigh in on gaming compact negotiations


New York (Indian gaming) - Ryan Whalen, Spectrum News - Existing non-native casinos and racinos in the Finger Lakes and Western New York and unions representing their employees are formally launching a coalition to have a voice in the ongoing negotiations for a new gaming compact between the state and the Seneca Nation of Indians. The Fair Compact for All Coalition includes representatives from del Lago Resort and Casino, Finger Lakes Gaming and Racetrack, Hamburg Gaming and Batavia Downs. They want to ensure any new Seneca gaming compact t protects the future of their operations and the communities they say have come to depend on their success.


The Shoshone-Bannock Casino announces hunting packages

Idaho (Indian gaming) - Idaho State Journal - The Shoshone-Bannock Casino Hotel, in conjunction with the Tribes’ Fish & Game, invites hunting enthusiasts to join in on some of the best waterfowl and pheasant hunting in Idaho on the Fort Hall Indian Reservation now through December. Hunters can choose from one-day and two-day packages, allowing them to immerse themselves in the natural beauty and wildlife of the Fort Hall Indian Reservation while also enjoying comfortable accommodations in the hotel and delectable dining options.


State Confronts Indian Boarding School Past with New Committee

Washington (Indian Country) - Jenna Kunze, Native News - Washington State’s Attorney General’s office has formed a Truth & Reconciliation Tribal Advisory Committee to collect oral testimonies and recommend how the state can address present-day harms caused by Indian boarding school policies. Washington, a state home to 29 federally recognized tribes, hosted 17 of the nation’s more than 500 Indian Boarding Schools, according to an up-to-date list from the Native American Boarding School Healing Coalition. The institutions operated from the 1800s through 1970 with the aim to forcibly assimilate Native children into white society.


Osage Casinos Celebrate Grand Opening of New Casino Hotel in Pawhuska

Oklahoma (Indian gaming) - Indian Gaming Magazine - Osage Casinos recently celebrated the grand opening of a new state-of-the-art casino and hotel in Pawhuska. This long-awaited property has been under construction since 2021 and is now open to the public following a ribbon-cutting celebration…On the day the new casino officially opened, the existing location closed. With a transformation from a 8,335 sq. ft. venue to this expansive new facility, the Pawhuska community is excited for the update. A





Casino News Media


Why Knowledge is Power: Navigating the World of Regulated Online Gambling


Every top casino search will feature an online casino's bonus offerings, payment methods and at least a blurb as to what differentiates their product from the rest of what's out there.  We know Slotland, Mansion and Mr. Green are reputable per their longevity in the realm of online gambling. But what about those sites that do not appear on such listings?


Online Casino Complaints


The fact is, the longer a casino has been around, the more likely you'll be able to find a handful of complaints about said casino.  Even a site like Mansion there are bound to be dissatisfied customers.  There is no avoiding this fact.


But when one stumbles upon multiple complaints about a particular online casino, that becomes a problem.


There are many websites that feature forums where players share their bad experiences.  These include long established Casino Meister (older than Gambling911) and, on the poker side, TwoPlusTwo.


Additionally, conduct searches via Google and other search engines.  And remember to be careful.  Some companies, usually those that are a little on the rogue side, employ services that ensure only positive supposed "real customer" experiences appear at the top of review pages.  Scroll down or filter and you'll almost always find the real truth, one single star review listed after the other.


A Word About Regulated Online Casinos


Yes there are a few benefits to playing with a regulated casino or online sportsbook, the top being the ability to reach out to a commission or other licensing body.  This doesn't always mean they are safe.  Gambling911.com warned that 5Dimes was going to shut down.  That site claimed otherwise.  We notified their regulatory body.  They did nothing.  5Dimes closed weeks later.  The regulatory body simply removed their company from its list of licensees and players were screwed out of any futures bets.


Online Casino Pluses


Once you land on a review page, the benefits are clear and easy to compare.  Promos will be pushed the most.  Here are just some of the great promotional offers we stumbled upon.


Matching deposit bonuses

100 to 200+ free spins

Bitcoin only deposits (see below)


Free bets


Be careful.  You don't just deposit money, get free money, then request it all back.  Each casino and sportsbook implements its own rollover/play requirement.  10X is one of the best rollovers.  This means your initial $20 will need to be played through ten times before you can request the free bonus money.  If 10X is a turnoff, casino gambling might not be your thing.  Some play through requirements do not permit withdrawal during this period and this may be a legitimate turnoff to some.  Why can't you request a withdrawal on winnings while still working on your play requirement. It is important to read the Q&A section of the web casino site.  Avoid any online casino that does not feature a Q&A page or Terms and Agreement section.


You'll Need to Fund Your Online Gambling Account


Some online casino payment methods are better than others.  By better, we mean faster.


Yes, Bitcoin is among the best but it’s akin to learning how to ride a bicycle.  There is a learning curve at first but funding with Bitcoin and similar cryptocurrencies will become second nature by the 4th or 5th time.  Just ALWAYS check that your Bitcoin stamp matches at the start and end of the string and you should not have any problem.   Gambling sites often have no problem sending five figure amounts through Bitcoin wallets.  This payout, often received in a matter of hours seven days a week, can then be converted to your favorite currency via the Bitcoin exchange.  


Remember too that there are fees involved with all payout methods employed.  Wires and ePayments may be quick but costly.  Each site lists varying fees for the same payment method and not all are competitive.  Many online gambling sites offer “Bitcoin Only” bonuses with more lucrative incentives.  One loosely guarded secret that the online casinos won’t advertise: They hate credit card transactions.  Gamblers are notorious for charging back.   Hence the rationale for pushing Bitcoin deposits.





Why Knowledge is Power: Navigating the World of Regulated Online Gambling


Every top casino search will feature an online casino's bonus offerings, payment methods and at least a blurb as to what differentiates their product from the rest of what's out there.  We know Slotland, Mansion and Mr. Green are reputable per their longevity in the realm of online gambling. But what about those sites that do not appear on such listings?


Online Casino Complaints


The fact is, the longer a casino has been around, the more likely you'll be able to find a handful of complaints about said casino.  Even a site like Mansion there are bound to be dissatisfied customers.  There is no avoiding this fact.


But when one stumbles upon multiple complaints about a particular online casino, that becomes a problem.


There are many websites that feature forums where players share their bad experiences.  These include long established Casino Meister (older than Gambling911) and, on the poker side, TwoPlusTwo.


Additionally, conduct searches via Google and other search engines.  And remember to be careful.  Some companies, usually those that are a little on the rogue side, employ services that ensure only positive supposed "real customer" experiences appear at the top of review pages.  Scroll down or filter and you'll almost always find the real truth, one single star review listed after the other.


A Word About Regulated Online Casinos


Yes there are a few benefits to playing with a regulated casino or online sportsbook, the top being the ability to reach out to a commission or other licensing body.  This doesn't always mean they are safe.  Gambling911.com warned that 5Dimes was going to shut down.  That site claimed otherwise.  We notified their regulatory body.  They did nothing.  5Dimes closed weeks later.  The regulatory body simply removed their company from its list of licensees and players were screwed out of any futures bets.


Online Casino Pluses


Once you land on a review page, the benefits are clear and easy to compare.  Promos will be pushed the most.  Here are just some of the great promotional offers we stumbled upon.


Matching deposit bonuses

100 to 200+ free spins

Bitcoin only deposits (see below)


Free bets

Be careful.  You don't just deposit money, get free money, then request it all back.  Each casino and sportsbook implements its own rollover/play requirement.  10X is one of the best rollovers.  This means your initial $20 will need to be played through ten times before you can request the free bonus money.  If 10X is a turnoff, casino gambling might not be your thing.  Some play through requirements do not permit withdrawal during this period and this may be a legitimate turnoff to some.  Why can't you request a withdrawal on winnings while still working on your play requirement. It is important to read the Q&A section of the web casino site.  Avoid any online casino that does not feature a Q&A page or Terms and Agreement section.


You'll Need to Fund Your Online Gambling Account


Some online casino payment methods are better than others.  By better, we mean faster.


Yes, Bitcoin is among the best but it’s akin to learning how to ride a bicycle.  There is a learning curve at first but funding with Bitcoin and similar cryptocurrencies will become second nature by the 4th or 5th time.  Just ALWAYS check that your Bitcoin stamp matches at the start and end of the string and you should not have any problem.   Gambling sites often have no problem sending five figure amounts through Bitcoin wallets.  This payout, often received in a matter of hours seven days a week, can then be converted to your favorite currency via the Bitcoin exchange.  


Remember too that there are fees involved with all payout methods employed.  Wires and ePayments may be quick but costly.  Each site lists varying fees for the same payment method and not all are competitive.  Many online gambling sites offer “Bitcoin Only” bonuses with more lucrative incentives.  One loosely guarded secret that the online casinos won’t advertise: They hate credit card transactions.  Gamblers are notorious for charging back.   Hence the rationale for pushing Bitcoin deposits.






Flashback circa 2011

Entertainment news, WWE current and future legends, NWO, Hollywood, Australia, Sin City, Las Vegas, Olympics, gaming and more...





Kevin Nash teases NWO - New World Order return...

Kevin Nash, who was likely joking, teased an nWo reunion on his Twitter account recently, writing, "A lot of you wanted an NWO reunion,there will be one.As you know we only come in take over mode.Stay tuned!!!" The message was then re-tweeted by TNA Executive Eric Bischoff.
Nash later wrote, "Rock will never walk out of the Rumble with the belt we got Phils back... Sorry @CMPunk we got your back!!!!"

Nash also stated that Punk would be the leader and that the nWo army would be there "to protect the gold."


Wrestling legend Rey wants Pacquiao-Floyd in WWE ring...

During Rey Mysterio's tour stop in Manila, Philippines, Mysterio teased a mixed tag match with top boxing stars Manny Pacquiao and Floyd Mayweather, Jr., who "competed" at WrestleMania 24 four years ago. “I love Manny. In fact, Manny, if you’re watching right now, I’m inviting you to join forces with Rey Mysterio in the WWE to take on “Money” (Floyd) Mayweather," Rey said on Manila TV, playing off Mayweather and Pacquiao unable to come together on a dream boxing fight. "I know you don’t need me to take him on but this is just a teaser: me and you versus him and Alberto Del Rio."


'Stone Cold' Steve Austin and 'Iron' Mike Tyson at WWE Summerslam weekend function...

WWE Hall of Famers "Stone Cold" Steve Austin and Mike Tyson are scheduled to attend a Summerslam Weekend function in Los Angeles, according to WWE announcer Jim Ross. Ross wrote in his latest blog on jrsbarbq.com: "If you see me wandering around L.A. Summerslam weekend, I'm there for a major, THQ function at the Grammy Museum the night before the PPV. Among those scheduled to attend the private affair are @steveaustinBSR and @miketyson, among many others."


WWE Announcer Legend Jim Ross Blog Update...

WWE Hall of Famer Jim Ross is back with his latest blog about Monday's 1,000th episode of RAW, here are just a few highlights:

RAW 1000: "Memorable week especially kicking it off with RAW1000 in St Louis. No guarantees that any of us will be around for RAW2000 so I particularly enjoyed my experiences Monday night.

"The reality of the matter is this...it is highly unlikely, thanks Gorilla, that exact collection of performers will EVER be under the same roof again. I look back upon my attendance at RAW1000 as a privilege and am grateful to have had the opportunity to see so many old friends that have meant a great deal to me over my long career."

Inducting Mick Foley in the WWE Hall of Fame: "@RealMickFoley when asked who would induct him if/when Mick goes into the WWE HOF mentioned Terry Funk and yours truly. While I would love to honor Mick on that special occasion, there is no way that I would ever put myself in the same category with Terry Funk. Terry mentored Mick and treated Mick like a son. While I'd love to induct Mrs. Foley's Baby Boy into the WWE HOF, I think that Terry Funk is the best choice. However, I stand ready if called upon."

If CM Punk would reform the nWo: "A follower on @JRsBBQ on Twitter asked if I thought @CMPunk would reform the nWo. I have no idea if this topic is any thing more than speculation based on my friend Kevin Nash having some fun with the subject on Twitter. Bottom line is that I don't know but I would be surprised if Punk headed up a faction at this time because he seems to be such a solitary man. The only way that I see that ever happening at this stage of Punk's career is if he had complete control on who comprised the group."


Pro Wrestling giant Great Khali has tumor removed...

WWE wrestler Great Khali (Dalip Singh) had a tumor removed on Wednesday, which will put him out of action for 2-3 months. The tumor was on Khali's pituitary gland, which caused him to increase in height to over seven-feet-tall. However, if left untreated, the tumor could have been fatal, according to WWE's chief medical director, Dr. Joseph Maroon. It's the same issue that affected Andre the Giant. Surgery was performed at UPMC Presbyterian in Pittsburgh, Pa.


TNA Video: Funny or Die Olympic training featuring Kurt Angle and Rob Van Dam...

TNA stars Kurt Angle and Rob Van Dam are featured in Funny or Die video. The theme is Angle returning to the Olympics with RVD as his trainer. You can check out the video at http://www.funnyordie.com/videos/636c3d08e1/olympic-trials-with-kurt-angle?playlist=featured_videos


‘Squirrelly’ move puts U.S. wrestler on map...

LONDON — It began as a goof — two brothers horsing around, dreaming up exotic wrestling moves straight out of the Vince McMahon WWE handbook and trying them out on each other.

The move has since gone viral as a YouTube sensation, become a nickname and, before the 2012 London Games are over, it might become part of U.S. Olympic lore — a highlight burned into our minds forever.

Ellis Coleman and his older brother, Lillashawn, used to wrestle with each other at their high school outside of Chicago when they would dial up crazy moves to use on each other.

The best of them was called the “Flying Squirrel.’’ Ellis never forgot it, and now has turned it into a cottage industry for himself.

Coleman, at age 21 the youngest member of the six-man U.S. Olympic Greco-Roman wrestling team, has used the move about a dozen times in competition.

Perhaps the highest profile time he used it was in last year’s Junior World Championships to come back and beat his opponent in the semifinals. ESPN ranked the move third on its “Best of the Best Highlights’’ for 2011.

“It’s been crazy,’’ Coleman said yesterday. “Every time someone sees it, kids are reaching out to me on Facebook and Twitter asking me to show them the move.’’

In the words of Coleman, one of a host of athletes at these Olympic Games representing the New York Athletic Club, here’s how the move is executed: “You snap the opponent’s head down, leap over him and, as you land on your feet, you grab his waist, pull him over, pick him up and throw him down.’’

In Greco-Roman wrestling, the competitors get points for their various moves. Five points is the most you can get for one move. Coleman said he has used the move about a dozen times and usually gets at least three points for it.

He first unveiled it out of desperation in a match he was losing, stunned his opponent with it and went on to win it.

Coleman said he likes to use the move as an element of surprise and isn’t sure if he will use it in the Olympics.

“If I’m losing, though, you’ll definitely see it,’’ he said. “It’s a risky move. It’s a spur-of-the-moment thing. It’s so sudden you can’t stop it. I always pictured myself, even in the Olympic setting and losing in the finals match, third period with 15 seconds left, hitting the ‘Flying Squirrel’ and everyone going crazy. I still picture it.”

Though Coleman’s teammates chide him for the move, they also embrace his guts for using it.

“They should probably put him on medication for even trying that,” teammate Justin Lester said jokingly. “He’s crazy for doing it, but that’s what’s going to make him good in the long run. You’ve got guys like him who are innovative and aren’t afraid to wrestle.’’

“It’s definitely a move of desperation,’’ said Dremiel Byers, the elder statesman and heavyweight of the Greco-Roman team at age 37.

“It’s his wild card. It lets the opponent know he’ll do anything to win.’’

U.S. Wrestling Greco-Roman coach Steve Fraser said Coleman’s flash has “brought a lot of attention to wrestling and Greco. He’s talented, hungry and young … and a pleasure to work with. He’s a very coachable kid. We love him.”

The “Flying Squirrel’’ craze reached such a pitch that Coleman recently bought himself a live flying squirrel pet and named him Rocky, who is about 45 days old and eats lot of apples and seeds.

“They bond with their owners,’’ Coleman said. “He sleeps during the day and is very nocturnal, so I’ll take him out of his cage and he’ll crawl on me and fly to the curtains. Eventually, when he bonds with me, I’ll be able to take him out in my pocket and he’ll stay there without flying away.’’

Coleman dreams of flying away from these Olympics with some hardware. Something gold, perhaps. (The New York Post)


NSW govt investigates 'floating casino'...

The NSW government is investigating whether cruise company P&O operated an illegal floating casino off the NSW coast.

Hospitality Minister George Souris on Wednesday said a government authority was investigating an allegation that passengers could play blackjack, pontoon, poker and roulette on a cruise that left Sydney on Friday night.

The cruise ship also had 40 poker machines onboard and let passengers charge $5000 on their credit cards for gambling, News Ltd reported.

"I've asked the Office of Liquor and Gaming to investigate whether a casino operation was under way in NSW territorial waters or whether gambling operations were under way in commonwealth waters," he told reporters in Sydney.

"It may be that NSW jurisdiction was breached, it may be that the commonwealth jurisdiction was breached. It may be even that both were breached."

He said NSW had no jurisdiction beyond 12 nautical miles from shore.

"Those are international waters," he said.

"In international shipping after the 12-nautical-mile limit it opens boats to gambling but also to duty-free liquor sales."


James Packer to speak at tourism conference in Canberra...

Billionare James Packer will be the drawcard for hoteliers, resort operators and owners attending a tourism conference in Canberra in late October. Mr Packer will open the Tourism & Transport Forum's annual "Leadership 2012" conference.

The gaming tycoon is a major tourism player given his Crown resorts in Perth and Melbourne attract 25 million visitors a year...


Jackman to Begin Filming ‘Wolverine’ in Australia...

Hollywood star Hugh Jackman will begin filming the next installment of his “X-Men” spin-off movies in Sydney next week, even though the female lead is yet to be confirmed.

Jackman, who admitted struggling to get into shape after packing on the pounds to play Jean Valjean in “Les Miserables,” said his role as Wolverine, which he first played 12 years ago, was “the backbone of my career.”

“I love the character. I still love the character,” he said. “I had no choice at the time, I was going to take anything that came along, but I happened to have walked into probably the most interesting and complex of the superhero characters.”

“I’ve always loved playing it and when I stop loving it I’ll stop doing it,” he added.


Melco Crown Project Gets Red Light on Casino...

Macau casino operator Melco Crown Entertainment Ltd. MPEL +2.32% still doesn't have permission to build a casino at its latest project, according to a revised government contract published Wednesday.

The Macao Studio City project, in which Melco Crown has a 60% equity interest, is designated for a five-star hotel and film facilities, indicates the latest government contract detailing various revisions to the agreement. But the document doesn't mention any casino facilities despite the company's earlier statements they hope to open up to 400 gambling tables at the property. It's possible the government could give the green-light on a casino later, but the uncertainty could complicate the company's efforts to finance the project.

Melco Crown, backed by Lawrence Ho and James Packer—the sons of Macau gambling tycoon Stanley Ho and the late Australian casino-and-media magnate Kerry Packer—is one of six casino license holders in Macau, where it already runs two casino-resort properties in the world's largest gambling hub.

A representative for Melco Crown didn't respond to requests for comment.

In June 2011, Melco Crown signed a $360 million deal to gain control over the Macao Studio City project, resolving a bitter dispute between the project's earlier partners that had escalated to the Hong Kong courts, stalling development for years. New Cotai Holdings LLC, an arm of U.S. investment firms Oaktree Capital Management L.P. and Silver Point Capital L.P., retained its 40% stake in the project.

Earlier this month Melco Crown announced plans to enter the burgeoning Philippines market by teaming up with local property developer Belle Corp. BEL.PH -0.20% to partner on a casino resort that will cost at least $1 billion in an area the Philippines hopes will become Manila's version of the Las Vegas Strip. (The Wall Street Journal)


First Second unveils André the Giant comic...

First Second has confirmed its André the Giant biography.

Cartoonist Box Brown is working on the book charting the life of the professional wrestler and actor, reports ICv2.

André Roussimoff was a star and one-time champion of the World Wrestling Federation (now WWE).

He is also known for his role in cult classic movie The Princess Bride.

Roussimoff has the condition acromegaly, which saw him grow to 7'4" in height. He died of heart failure in 1993 at the age of 46.

Box is the author of Xeric grant-funded graphic novel Love Is a Peculiar Type of Thing.

The untitled André the Giant biography is scheduled for release in 2014. (Digital Spy)


The Expendables 2 slapped with R rating for extreme violence...

Action star-laden sequel The Expendables 2 has been given an R rating for its violent and sexual content in the US.

Bruce Willis, Sylvester Stallone, Arnold Schwarzenegger and co will even be throwing some bad language into the mix as they bat off hostile attackers in this follow-up to the 2010 action-packed extravaganza.

Lionsgate was rumoured to have been considering a PG-13 rating for the film, which is due for release in the States on August 17th.

Once again, Stallone assembles his hardened team of old-school mercenaries for a special mission - taking revenge after one of their squad is murdered on the job.

Director Simon West was never in any doubt that the film would receive such a high rating, given the 'very hard' violence and language perpetrated by the all-star cast throughout the film.

'I'm sure there were some financial people who wanted it to be PG-13 because they thought it would somehow make more money or have a broader audience, but there was no way,' he told wegotthiscovered.com.

'When you get these guys on the set, they can't say a line without putting the F-bomb in it, and they can't pick up a gun without blowing several limbs off.' (Metro)


Wednesday, October 11, 2023

Media Man Gaming Blog: Casino and Bitcoin News

Media Man Gaming Blog


News Media


Casino industry spurs $329 billion in U.S. economic activity


ATLANTIC CITY, N.J. 


The casino gambling industry in the U.S. generates nearly $329 billion a year in economic activity, according to a new study by the industry’s national trade association.


The American Gaming Association released a study Monday showing the industry’s economic impact in 2022 was up 26% from 2017, before the COVID-19 pandemic hit.


Commercial and tribal casinos support 1.8 million jobs, including 700,000 jobs at casinos themselves or related businesses, about the same as in 2017. Those jobs generated $104 billion in wages across the country, up 40% from 2017, according to the study.


The industry paid $52.7 billion last year in taxes to federal, state and local governments, up 29% since 2017, the report said.


The report was the first such study released by the association since 2018, which presented 2017 data.


Bill Miller, president and CEO of the association, said the numbers show the casino industry’s “resiliency and continued strength” since the pandemic first hit.



“Think back to where we were a few years ago with nearly 1,000 casinos, almost all of them closed,” he said. “Today, we’re seeing record revenue in the industry.”


Miller said the association will use numbers from the survey to press its case to lawmakers in favor of gambling industry goals, including a government crackdown on unlicensed gambling operations.


The U.S. casino industry is having its best year ever this year in terms of the amount of money won from gamblers. It is on a pace to exceed the $60 billion it won from gamblers last year.


“I think it speaks to the continuing popularity of casino gambling in the United States,” said David Schwartz, a gambling historian at the University of Nevada Las Vegas. “Despite some economic headwinds, casinos remain powerful drivers of economic activity.”


Jane Bokunewicz, director of the Lloyd Levenson Institute at New Jersey’s Stockton University, which studies the Atlantic City gambling industry, said money won by casinos is just part of their overall contribution to the nation’s economy.


“Casinos are often the largest employers in a region, with major commitments in terms of wages and benefits,” she said. “People employed by casinos use those wages and benefits to purchase additional goods and services, generating secondary economic impact.”


Bokunewicz said casinos spend significant sums on operating costs, including purchases of goods and services like food, linen, hotel room amenities, laundry services, and building maintenance. They also hire local builders and vendors for construction and ongoing capital improvements.


The survey examined money won from gamblers or spent at non-gambling casino businesses like restaurants and stores, including traditional casino games, sports betting and online gambling. Also surveyed was capital investment, including the building and opening of new casinos or renovations to existing ones, and spending by manufacturers of gambling devices including slot machines.


It included supply chain spending by casinos, and spending by casino workers on non-gambling items. And it also included $13.5 billion in so-called catalytic spending by casino patrons outside casinos, on things like transportation to and from a casino resort, and money spent at restaurants that are not part of casinos.


Commercial casinos employed almost 332,000 workers last year, who earned $16.3 billion in wages and benefits, and tribal casinos employed almost 265,000 workers, who earned $8 billion in wages and benefits. There also were almost 89,000 jobs at businesses serving casino patrons during trips or in casino construction and renovations, and more than 23,000 jobs at gambling equipment manufacturers.


Non-gambling revenue accounted for nearly 17% of casino revenue last year, including money from food and beverage sales, hotel rooms and other items.



‘Mr. Bitcoin Is About to Go Down Big’: Jim Cramer Expects Lower Prices - October 12, 2023


Former hedge fund manager and host of CNBC’s Mad Money, Jim Cramer Tuesday evening continued with his recent bearish stance on crypto, a stark contrast to what another hedge funder said earlier that day on CNBC.


“I can’t go out with gold because gold is not good; I can’t go out with bitcoin [BTC] because I can’t be in something where Mr. Bitcoin is about to go down big,” said Cramer.


It’s unclear if “Mr. Bitcoin” was in reference to the ongoing trial of Sam Bankman-Fried, or to bitcoin in general, but Cramer’s bearishness was evident.


Although bitcoin is far off its all-time high of $68,000 reached in 2021’s bull market, the cryptocurrency is still trading up 68% since the start of the year.


Cramer had previously stated in June 2021 that he had sold most of his bitcoin holdings following China’s crackdown on crypto miners. He also said during the same time period that bitcoin had structural issues and its price would likely fall further.


Appearing on CNBC earlier on Tuesday, billionaire hedge fund giant Paul Tudor Jones said he’s a fan of both bitcoin and gold due to the combination of extensive geopolitical risk and rising U.S. government debt levels.




SBF's ex-girlfriend: He 'directed me' to steal billions from FTX - October 11, 2023


Caroline Ellison was one of Sam Bankman-Fried’s top deputies and his onetime romantic partner. On Tuesday she testified that Bankman-Fried "directed me" to steal billions from customers of his cryptocurrency exchange.


Ellison ran day-to-day operations for Alameda Research, a crypto trading firm also controlled by Bankman-Fried. She said Alameda took "around $14 billion" from FTX customers to repay debts Alameda had accumulated.


She said she also sent information to Alameda's lenders "from Sam" that made Alameda's balance look better than it was.


The crimes she said she committed at Alameda weren't done on her own. "They were committed with Sam. ... He directed me to commit these crimes."



The testimony from the 29-year-old Ellison marked her first public comments about what transpired as the FTX cryptocurrency exchange imploded last November, an unraveling that led to the arrest and indictment of the 31-year-old Bankman-Fried.


Prosecutors are arguing that Bankman-Fried embezzled billions in FTX customer funds while also defrauding investors and lenders.


Ellison, their star witness, corroborated earlier testimony from FTX and Alameda co-founder Gary Wang, who said Alameda had essentially unlimited access to FTX customer funds.


Bankman-Fried "was the one who set up these systems," Ellison said of Alameda's ability to tap into FTX customer deposits.


Ellison is one of several members of Bankman Fried's inner circle who pleaded guilty to criminal charges and agreed to testify against Bankman-Fried, including Wang and chief engineer Nishad Singh.


She appeared in court Tuesday wearing glasses, a reddish-orange dress with black tights, and a black blazer. When asked to identify Bankman-Fried, she stood up and struggled to find him in the sea of people filling the courtroom.


Bankman-Fried’s team could try to pin some blame on Ellison too. His defense attorney argued last week that when Bankman-Fried became concerned about crypto prices going down, he urged Ellison to put on a hedge. Yet she didn’t do it, according to the attorney.


Bankman-Fried made a similar claim in a series of his unsent Twitter posts and writings that Bankman-Fried shared with crypto blogger Tiffany Fong while on house arrest.


"She continually avoided talking about risk management — dodging my suggestions — until it was too late," Bankman-Fried wrote, according to the New York Times.


The US district court judge overseeing his case, Lewis Kaplan, concluded Bankman-Fried engaged in witness tampering by leaking those diary-like writings to the New York Times. In August, he ordered Bankman-Fried to await trial at a Brooklyn administrative prison known for grueling conditions.


Bankman-Fried has pleaded not guilty to all charges, and his defense attorney has said he didn't steal money from FTX because he believed in "good faith" that Alameda could use funds on deposit with his cryptocurrency exchange.


'The auditors aren’t going to look at that'

Ellison and Bankman-Fried first met at a New York trading firm called Jane Street Capital, where she worked as a quantitative trader.


After Bankman-Fried co-founded Alameda, a hedge fund firm that specialized in quantitative crypto trading, he eventually hired Ellison in 2018. He named her as co-CEO in 2021 and sole CEO in 2022. She was paid $200,000 in salary per year and received two bonuses of $20 million and $100,000.


She said she didn’t feel particularly equipped for the CEO position but Bankman-Fried said it made sense and there wasn’t anyone better for the job.


Ellison testified that she and Bankman-Fried would have regular conversations about Alameda and FTX. It was a "big priority" for Bankman-Fried to increase Alameda’s borrowing capabilities so that the company could make more trades, investments, and acquisitions.


“Sam was directing us to borrow as much money as we could,” Ellison said.


Early on in her time at Alameda, Ellison said, the company would take loans from third-party lenders, and by 2021 the amount was $10 billion-15 billion. Those loans, however, were open-term loans that if recalled would need to be paid back immediately.


For that reason, she said, she was asked by Bankman-Fried to create spreadsheets showing various scenarios that would impact Alameda’s ability to continue taking out loans, as well as repay them. Ellison said Bankman-Fried told her at one point that FTX funds would be a "good source of capital" for Alameda.


FTX cryptocurrency assets were the first types of assets Alameda used from the cryptocurrency exchange, she said. Later on, she said, Alameda began to tap FTX’s fiat currency deposits. The reason to use the funds, she said, was so that Alameda could make investments and execute arbitrage trades in various cryptocurrencies.


Ellison testified she first raised concerns about using FTX customer funds during an audit of FTX.


"No don’t worry. The auditors aren’t going to look at that,” she said Bankman-Fried told her. 


'I didn't feel good about it'

Ellison said she also learned that FTX had made multimillion-dollar loans to FTX executives, including Bankman-Fried, some of which she signed on behalf of Alameda. The purpose of the loans, she said, was so Alameda could invest in a gambling startup and so political donations could be made.


Ellison said the illiquid nature of Alameda’s long-term investments and debt made her concerned about Alameda’s ability to pay the open-term loans if they were called.


“I didn’t feel good about it,” Ellison said.


In the fall of 2021 Ellison began sharing analyses for worst-case and bad-case scenarios in the event that Alameda’s loans needed to be repaid — selling cryptocurrencies, raising more capital, adding more loans — all of which showed significant risk for Alameda.


She was asked Tuesday while testifying how she would repay the loans if they were called.


"I assumed we would use customer funds."



Crypto FTX co-founder admits ‘we did it’ - October 6, 2023


New York | FTX co-founder Gary Wang took the stand at Sam Bankman-Fried’s trial on Thursday (Friday AEDT) and admitted he and his former MIT roommate committed a multibillion-dollar fraud by secretly shifting customer funds to trading company Alameda Research.


Mr Wang, who was also FTX’s chief technology officer, told the federal court that Mr Bankman-Fried directed him to alter the cryptocurrency exchange’s code so that Alameda was able to draw a $US65 billion ($102 billion) line of credit.


“When customers deposited money on FTX, the money went to Alameda instead,” Mr Wang said, adding that Alameda “withdrew so much that FTX was not able to pay customers who tried to withdraw”.


Mr Wang is testifying as a government witness against his onetime friend. Prosecutors claim Mr Bankman-Fried committed fraud and conspiracy after the FTX cryptocurrency exchange he co-founded went bankrupt last year, owing its 50 biggest creditors almost $US3.1 billion ($4.6 billion).


His hotly anticipated trial started this week, with Mr Wang one of the key witnesses after he pleaded guilty to fraud and agreed to co-operate against his former house-mate. Prosecutors promised, before the trial started, to use testimony from Mr Bankman-Fried’s “trusted inner circle” to prove he intentionally stole from customers and investors and then lied about it.


In contrast, defence lawyers told the court this week that Mr Bankman-Fried had no criminal intent as he took actions to try to save his businesses after the cryptocurrency market collapsed.


Bankman-Fried visibly shaking

Mr Wang, 30, said Mr Bankman-Fried instructed him to sign documents allowing up to $US300 million in funds from FTX customer accounts to be transferred to Alameda to trade cryptocurrencies, sometimes at an unfair advantage to other FTX customers.


Asked by the prosecution whether he and other FTX executives committed fraud, Mr Wang immediately answered “yes” and said the crimes were “wire fraud, securities fraud, and commodities fraud”. He then pointed out Mr Bankman-Fried who was sitting in the courtroom visibly shaking.


He said Caroline Ellison, Alameda’s former chief executive and Mr Bankman-Fried’s former girlfriend, and Nishad Singh, the former engineering director at FTX, were also involved in the fraud.


Mr Wang’s testimony potentially undercuts Mr Bankman-Fried’s contention that he was not closely involved with the running of Alameda and relied instead on ex-girlfriend Ms Ellison.


Mr Wang said FTX gave special privileges to Alameda, allowing the “withdrawal of unlimited funds for the platform, and we hid that from the public”.


He said Alameda was allowed to take any position it wanted “without any limit” and had the “ability to place orders on the platform slightly faster than other customers”.


Mr Wang, who was once a billionaire with 10 per cent ownership of Alameda Research and a 17 per cent equity stake in FTX, was asked about the genesis of the name of the affiliated hedge fund.


He said the word research was important because it “sounded prestigious”.


“It’s also better if the name didn’t include cryptocurrency because that would make it easier to get office leases and things like that,” Mr Wang said.


A video was played of Mr Bankman-Fried talking about the evolution of the names and how calling the company “Shit Coin Day Trader” would not have helped it get loans from a bank.


Prosecutors are expected to hear testimony from Ms Ellison on how he orchestrated a conspiracy to use $US10 billion of FTX’s customers funds for uses that were kept secret.


Also giving evidence was Matt Huang, co-founder of crypto investment firm Paradigm, who told of his company’s $US278 million in investments in FTX and FTX US. He said he did not know FTX was using customer funds to lend out to Alameda to trade cryptocurrencies and that he “would have wanted to know more”.


Mr Huang also said he did not know Alameda had been made exempt from a special FTX feature known as the “liquidation engine” which prevented FTX customers from not being able to cover any losses. The exemption, which was written into FTX code, allowed Alameda to continually increase its line of credit until it grew to about $US8 billion.


Earlier in the day, Adam Yedidia, another Massachusetts Institute of Technology classmate who went to work at FTX, testified that Mr Bankman-Fried was aware and concerned about a huge potential shortfall at FTX from loans to Alameda five months before both companies collapsed. Mr Yedidia told jurors he was testifying under a grant of immunity from prosecution.



Fred Schebesta’s Finder claims its crypto product wasn’t money - October 9, 2023


Lawyers for Fred Schebesta’s Finder.com have laid out why the comparison website’s now-defunct crypto savings product was not caught by existing laws, arguing digital assets count as property rather than money.


The corporate regulator sued a subsidiary of Finder.com last year, alleging the comparison website provided unlawful financial advice and put customers at risk by offering its Finder Earn product without a proper licence.


The lawsuit is one of three the Australian Securities and Investments Commission has brought against local crypto businesses experimenting with new product types built using blockchain technology.


Sydney-based Block Earner and Gold Coast-based BPS Financial are also defending the release of their crypto-based products against similar litigation from ASIC.


The trio of cases will test the regulator’s power to oversee crypto products, mirroring a lawsuit from the US Securities and Exchange Commission against the listed token exchange Coinbase.


Finder, which is currently seeking fresh funding, argues it did not need a financial services licence to offer its Finder Earn product, which paid out investors a “guaranteed” 4 per cent interest rate in return for deposits.


ASIC argues the product was a debenture, which is a long-term security that yields a fixed interest rate and is often used by companies to borrow money.


But Finder disagrees, noting that ASIC itself has maintained its overarching position is that digital assets are property rather than money. ASIC says the process by which Finder Earn operates interacts with fiat currency.


“Although cryptocurrencies share features in common with money in that they can be stores of value and are fungible, they are not money, they are property,” Finder’s lawyers told Justice Bridgette Markovic in the Federal Court last Wednesday.


“This is important because a fundamental part of a debenture is the depositing or lending of money.”


Finder Earn customers deposited Australian dollars into a Finder Wallet, which was then converted to a stablecoin called TrueAUD, which the company said was backed by Australian dollars.


The Finder Earn product was shuttered before the lawsuit began, but it was marketed across morning television shows and in slick digital campaigns targeting young “savers”.


Its launch was the result of an explosion of interest in decentralised finance, or DeFi, where investors were often paid high-interest rates to “lock up” their capital in various systems that mimic banking functions.


These products contributed to the crypto market crash in 2022, when the companies took the customer deposits and lost them in risky trades designed to generate the “guaranteed” interests.


In the absence of any new federal legislation, ASIC has cracked down on crypto businesses using existing financial markets regulation over the past 12 months.


Although Finder is licensed to provide financial services as a representative of Centra Wealth, a disclaimer on the Finder website explained that its Earn product was not offered under that or any other licence.


Regulators brought a similar action against Block Earner, which also offered a high-yield crypto-based product, for allegedly offering unlicensed financial services.


ASIC sued Gold Coast-based BPS Financial over a crypto product known as Qoin in October, alleging unlicensed conduct and the misleading promotion of crypto asset.


The judgment for ASIC’s case against Finder Wallet is expected in the coming months. Mr Schebesta stepped down as Finder chief executive last December but remains executive chair.



Bitcoin Mining Industry Is at a ‘Crucible Moment,’ JPMorgan Says - October 2023


The bitcoin (BTC) mining industry is at a crucible moment, as the approval of a spot BTC exchange-traded-fund (ETF) could catalyze a rally against a backdrop of record hashrates and the impending block reward halving that threaten the industry's revenues and profitability, JPMorgan (JPM) said in a research report Wednesday.


The bank favors mining operators that offer the best relative value in light of their “existing hashrate, operational efficiency, power contracts, funded growth plans and liquidity,” analysts Reginald Smith and Charles Pearce wrote.


JPMorgan initiates coverage of CleanSpark (CLSK) with an overweight rating and a price target of $5.50; Marathon Digital (MARA) at underweight with a $5 target; Riot Platforms (RIOT) at underweight with a $6.50 target, and Cipher Mining (CIFR) at neutral. The bank also upgraded Iris Energy (IREN) to overweight from neutral.


The U.S. Securities and Exchange Commission (SEC) has delayed its decision on whether or not to approve a spot bitcoin ETF until this month. The crypto market is hopeful that any approval will trigger a flood of mainstream money into the sector.


CleanSpark is the bank’s top pick, offering the best balance of “scale, growth potential, power costs and relative value.”


The analysts said that Marathon is the largest mining operator but has the highest energy costs and lowest margins. Meanwhile, Riot has relatively low power costs and liquidity but is the most expensive stock in their coverage universe.


Among the peers, Cipher Mining has the lowest power costs but is “growth constrained,” the report noted.


The bank estimates the four-year block reward opportunity at around $20 billion at current bitcoin prices. However, the looming block reward halving, expected in the second quarter of 2024, could impact profitability. It estimates that as much as 20% of the network hashrate is at risk from halving as less efficient mining computers are decommissioned.



Calvin's Corner: 'Ya...Nothing to See Here' Calvin Quips in Regard to Slew of Crypto Murders - September 2023



These are the latest tweets and news from Web influencer and billionaire Calvin Ayre, a proponent of the BSV blockchain, an environmentally friendly, fast, and robust choice for enterprise-grade applications.


Billionaire investor and BSV influencer Calvin Ayre is the latest to chime in on a series of high profile murders that have recently taken place in the world of cryptocurrencies.


And the deaths have been nothing short of gruesome.


"Stuffed down toilets, dismembered in suitcases — crypto has been the common denominator for several gruesome murders and mysterious deaths this year," blares the headline from Coin Telegraph Magazine.


Plumbers in Bulgaria discovered the decomposing remains of 41-year-old United States crypto mogul Christian Peev — suspected to have been battered to death with a dumbbell by a friend out of jealousy.


In Buenos Aries, crypto millionaire Fernando Pérez Algaba's body was discovered chopped up in a suitcase near a river bank by a group of children.


It doesn't end there. 


Others involved in the world of cryptocurrencies have been killed in a helicopter crash in France and a fatal stabbing in the U.S.  There was also a suspected suicide in South Korea.


Since November of 2022 we've seen ten suspicious deaths of those in the cryptocurrency community, and these are just the cases we know of.


Ken Gamble, the co-founder and executive chairman of financial crime intelligence firm IFW Global, tells the magazine he believes most of these deaths are linked to organized crime making its way into the world of digital currencies.


“What’s happening is that these organized crime groups, particularly the Chinese, have suddenly come into masses of money. They have had more money now than they’ve ever had traditionally,” said Gamble.


“They’re making so much money that it’s become extremely dangerous now […] they have to now reach out to more groups and more people to try and move the money — broadening their money laundering capabilities,” he added. 


May be time to beef up the security and might want to avoid pissing off the wrong person as to not end up floating around inside the pipes of someone's toilet.



Calvin Announces New BSV Site and Encourages Consumers to Become Better Educated (September 12, 2023)

"BSVBlockchain.org has a new site up that is the best place in the world to go to learn about this amazing tech now. Still more stuff coming but the Association has done a great job on this already."


The new site can be found here.


The BSV Blockchain is billed as "Reliable open source software, providing the fundamental requirements for enterprise grade blockchain applications."


It focuses on the following three pillars:


Unified Compliance Approach

Explore our unified approach to regulatory compliance, recognizing that existing laws apply to all tokens on blockchain platforms. At BSV, we prioritize adherence to the comprehensive legal framework.


Streamlined Legal Compliance

Learn how BSV integrates legal compliance seamlessly into its blockchain ecosystem. We ensure that all transactions and interactions on our platform adhere to existing property, security, and criminal laws.


Transparent Regulatory Measures

Discover the transparency in our regulatory measures. We provide clear visibility into how we enforce compliance and uphold existing regulations to create a secure and trusted environment for our users.


BSV About to Change the World? (August 31, 2023)

Julian Goddard (the technical product lead at @nChainGlobal) nChain has been working on CBDC solutions for several months, with Goddard playing a part in the company’s projects since last year, he revealed.


One of the company’s guiding principles is flexibility, aware that governments will only integrate blockchain technology if it fits into their existing systems.


“We’re always trying to meet our customers’ requirements first, and where they don’t know [about blockchain nitty-gritty], we try to build our products as flexible as possible.”


As the technical product lead, Goddard is at the forefront of exploring new products that nChain develops. He says the company is currently working on “a new product that’s very exciting and is going to help change the world. It will make a difference to the way things work in the world.”


CoinDesk Compromised?  (August 28, 2023)

Calvin on Monday retweeted a question concerning whether the popular crypto news site CoinDesk may be compromised. 


Bitfinex'ed made the original tweet, noting the site appears to be removing a number of negative articles of late.




Anti Crypto Revolution offered this suggestion:


"Need UK's new FCA rules on crypto media and marketing here in the USA asap. Crypto shillers/media must pay for billions of losses and Americans' savings being hacked to fund NK's nukes. Egregious."


Binance Seeks Protective Order....Against SEC? (August 15, 2023)

If you follow our good friend Calvin Ayre regularly as we do here at Gambling911.com, you'll realize pretty quickly there is no love lost between him and the cryptocurrency exchange Binance.


"Binance is bad news—is anyone still surprised?," he tweeted back in January. 


At the time Ayre's popular website CoinGeek reported that  a special agent for the Federal Bureau of Investigation (FBI), Daniel M. Sirmons, claimed under sworn deposition that "according to his knowledge, training, and experience, ransomware attackers frequently use digital currency exchanges like Binance to launder or obfuscate their ill-gotten gains."


Ayre's site was the first to report on the skullduggery taking place at the FTX Exchange a good year plus before they went into free fall this past December.


The billionaire investor was quick to tweet out how Binance on Tuesday filed for a protective order against the U.S. Securities and Exchange Commission (SEC) saying the regulator's requests for information were "over broad" and "unduly burdensome".


Binance is claiming that the SEC is demanding it produce all communications dating back to November 2022 for “dozens of topics — many of which have nothing to do with customer assets.”


Stay tuned.


Calvin's Corner: Billionaire Launches New Site to 'More Accurately Explain What My Multinational Business Group Does' (August 10, 2023)

On Thursday, online gambling and blockchain pioneer Calvin Ayre announced his new website that he described as more accurately demonstrating what his investment firm encompasses.


Ayre Group was launched just days after his global investment group purchased nChain, the global leader in blockchain and Web3 technology.


Ayre Group invests in building ventures in real estate, blockchain technology, media, publishing, health & wellness and travel & leisure.


The new site proclaims: "Led by entrepreneur and philanthropist Calvin Ayre, Ayre Group is a multi-faceted global operation funding real estate projects, businesses and technologies that break down barriers to entry, democratize opportunity and positively enhance peoples’ lives."


Suits Can (Will) Be Brought in Regard to Micropayment Technology (August 2, 2023)

We've had an opportunity to speak with those closely associated with the BSV Blockchain and one thing is abundantly clear, Web3 and micropayments are the future.


Calvin tweeted (or X'd) on Tuesday that he believed this article to be fair.


And it appears that Ayre's investment firm's announcement it has taken a majority stake in nChain (announced Tuesday) will make as a priority the aggressive legal pursuit of those who violate nChain's patents pertaining to micropayment technology.  Of note is that this technology will become the future of iGaming, in particular sports wagering.


In response, someone tweeted:


"He (Calvin) is bullish that the BSV chain is the blockchain to unite all blockchains. He points to the scaling technology solutions offered by BSV to be its superpower and the nano transactions possible putting the token firmly in the utility section and not as a security.

The scaling and rate of transactions on BSV according to Ayre are so substantial as to make the Proof of Work (POW) blockchain green."


And then there is this tweet:


“There isn’t a single blockchain or Web3 project out there that isn’t standing on the shoulders of nChain’s patent library—the earliest, largest, and highest quality collection in this space.”


'Crypto Scammers Running Around Asking for Clarity' (August 1, 2023)

Responding to an article featured on Fortune: "Coinbase boss Brian Armstrong: SEC suggested change that would have triggered the end of the crypto industry in America".


"These crypto scammers are so funny...they run around asking for Clarity...they were clarified and then they just refuse to accept it. They don't want clarity in the law, they want exception from existing law."



Coinbase chief executive Brian Armstrong told the Financial Times that the SEC made recommendations to halt trading in all cryptocurrencies other than bitcoin before launching legal action against the Nasdaq-listed company last month for failing to register as a broker.


From the Financial Times article:


The SEC’s case identified 13 mostly lightly traded cryptocurrencies on Coinbase’s platform as securities, asserting that by offering them to customers the exchange fell under the regulator’s remit.


SEC charges HEX founder Richard Heart with fraud (August 1, 2023)

Hex founder Richard Heart’s luck finally ran out after America’s securities regulator slapped fraud charges on the bling-loving conman.


CoinGeek's Steven Stradbrooke reports on these developments.


On Monday, the U.S. Securities and Exchange Commission (SEC) brought civil charges against Heart, aka Richard Schueler, and his Hex, PulseChain and PulseX entities for offering unregistered securities that raised over $1 billion from customers.


The SEC is also alleging Heart committed fraud by “misappropriating at least $12 million” of the funds raised to buy luxury goods, apparently to perpetuate the illusion of wealth that his marks might one day enjoy. The SEC wants Heart to forfeit all his ill-gotten gains and to be permanently enjoined from ever taking part in any future digital asset scams.


Stradbrooke writes that customers were urged to buy HEX with ETH and stake their HEX—as a ‘Blockchain Certificate of Deposit’—with the expectation that they’d receive even more HEX down the road, by which time the value of each HEX would have soared. Allegedly.


Ayre: 'Everything But BSV is a Security Including BTC', CoinBase Ordered to Only Trade Bitcoin (July 31, 2023)

One of the world's largest cryptocurrency exchanges was told by the SEC to stop trading in everything except for Bitcoin, according to Coinbase CEO Brian Armstrong.


This is viewed as a sign of the agency's intent to assert regulatory authority over a broader slice of the market, according to Scott Chipolina of the Financial Times, which broke the story.


The SEC sued Coinbase soon afterwards.


“They came back to us, and they said . . . we believe every asset other than bitcoin is a security,” Armstrong revealed. “And, we said, well how are you coming to that conclusion, because that’s not our interpretation of the law. And they said, we’re not going to explain it to you, you need to delist every asset other than bitcoin.”


Armstrong claimed any such action would signal the end of the cryptocurrency industry as we know it.


Calvin Ayre, who is a proponent of the BSV Blockchain, offered his assessment of the situation.


"Everything but BSV is a security including BTC," he asserted.




Almost twice as many students using AI than employees: report - September 2023


Experts warn AI will “rapidly and significantly” disrupt more than $600 billion of economic activity.


More than a quarter of the Australian economy will be significantly disrupted by AI technologies, experts have warned, as businesses and workers remain hesitant of new advancements.


The report by consultancy firm Deloitte Australia found about $600 billion in economic activity stands be to be “rapidly and significantly” disrupted by new generative AI technology.


More than 2500 students and employees from 18 industries were surveyed on their use of AI as part of the report, including from the IT, media, education, and wholesale trade sectors.


Deloitte Australia CEO Adam Powick said business leaders needed to accept their role in “harnessing and guiding the responsible application of generative AI”, rather than turning a blind eye.


“We need to rapidly educate ourselves on the potential of AI in our settings, and actively encourage adoption, innovation and the sharing of ideas and concepts across our organisations,” he said.


The report also revealed the generational gap between large business, of which less than 10 per cent have officially adopted AI, and the 58 per cent of students already using it.


Students were almost twice as likely to use generative AI tools such as ChatGPT than employees, with only 1.4 per cent of all Australian businesses currently utilising AI officially.


Deloitte Australia Lead Strategy and Business Design Partner and AI Institute Lead Dr Kellie Nuttall said individuals naturally embrace advancements in tech faster than businesses.


“But, generative AI has seen this happen faster than ever before, broadening the gap between a business and its workforce,” Mr Nuttal said ahead of the reports release on Sunday.


“Yes, this leads to a disruptive threat; but it leads to an even bigger opportunity. Let’s not forget businesses are made up of lots of individuals, each with the power to disrupt.”


For many, the rapid advancement of AI technologies has presented concern about its place in the workforce, sparking protests such as the current SAG-AFTRA strike in the US.


The actors and screen writers guilds in the United States voted to strike earlier this year over pay issues and fears that AI technology could subsume or reduce workplace jobs.


The Deloitte report – titled “Generation AI: Ready or not, here we come!” – found about 75 per cent of employees were concerned about AI’s use, including with personal data.


Just over 30 per cent said they already used some form of generative AI for work purposes, of which about two thirds stating they believed their managers did not know about it.


Big crackdown on gambling in video games - September 2023


Video games which offer in-game gambling will be restricted as part of big changes to the industry, the Albanese government has announced.


Video games which offer simulated gambling will be branded adults-only under big changes to the industry announced by the Albanese government.


After a meeting of the Standing Council of Attorneys-General on Friday, all states agreed to reforms which will see new age restrictions placed on games which offer gambling-like content.


The states agreed to updated guidelines, which will come into effect in September next year, giving the industry time to adjust.


Under the changes, computer games which simulate gambling, such as virtual casinos, will receive an adults-only R18+ classification.


Games which offer in-game purchases which involve elements of chance, such as paid loot boxes, will be classified as M and not recommended for children under 15.


he government said it was responding to potential harm caused by children being exposed to gambling-like content in video games.


It pointed to research by the Australian Institute of Family Studies, which found young people who were exposed to simulated gambling in video games were 40 per cent more likely to gamble later in life.


“The Albanese Government is determined to protect vulnerable Australians from gambling harms — including children who may be exposed to gambling through video games,” Communications Minister Michelle Rowland said.


“Research shows that children exposed to gambling-like content may be more vulnerable to gambling harm later in life – and we are determined to intervene early to keep children safe.”



Call of Duty rolls out AI-powered voice chat monitoring to crack down on hate speech


One of the world’s most popular video games has taken a drastic step to crack down on hate speech and other “toxic” behaviour.


Call of Duty players will have their in-game voice chat monitored by artificial intelligence in real-time as part of a major crackdown on hate speech and other harmful behaviour.


Activision announced in a blog post on Wednesday that it had partnered with tech firm Modulate to roll out its AI-powered voice chat moderation tool ToxMod, to “identify in real-time and enforce against toxic speech — including hate speech, discriminatory language, harassment and more”.


An initial beta rollout of the new system began on Wednesday to North American players of the popular online shooter series, which includes Call of Duty: Modern Warfare II and Call of Duty: Warzone.


The AI tool will be released worldwide — excluding Asia — on November 10, coinciding with the launch of the Call of Duty: Modern Warfare III on November 10.


Support will begin in English with additional languages to follow at a later date.


“This new development will bolster the ongoing moderation systems led by the Call of Duty anti-toxicity team, which includes text-based filtering across 14 languages for in-game text (chat and usernames) as well as a robust in-game player reporting system,” Activision said.


“Since the launch of Modern Warfare II, Call of Duty’s existing anti-toxicity moderation has restricted voice and/or text chat to over one million accounts detected to have violated the Call of Duty Code of Conduct. Consistently updated text and username filtering technology has established better real-time rejection of harmful language.”


Activision said data showed 20 per cent of players “did not reoffend after receiving a first warning”.


“Those who did reoffend were met with account penalties, which include but are not limited to feature restrictions (such as voice and text chat bans) and temporary account restrictions,” it said.


“This positive impact aligns with our strategy to work with players in providing clear feedback for their behaviour. Teams across Call of Duty are dedicated to combating toxicity within our games. Utilising new technology, developing critical partnerships, and evolving our methodologies is key in this ongoing commitment. As always, we look forward to working with our community to continue to make Call of Duty fair and fun for all.”


In a question-and-answer section, Activision said in-game voice chat was monitored and recorded “for the express purpose of moderation”.


“Call of Duty’s voice chat moderation system is focused on detecting harm within voice chat versus specific keywords,” it said.


“Players that do not wish to have their voice moderated can disable in-game voice chat in the settings menu.”


While the AI tool detects and flags toxic language in real-time “categorised by its type of behaviour and a rated level of severity based on an evolving model”, Activision will still be responsible for enforcement decisions.


“Detected violations of the Code of Conduct may require additional reviews of associated recordings to identify context before enforcement is determined,” it said.


“Therefore, actions taken will not be instantaneous. As the system grows, our processes and response times will evolve.”


The gaming giant clarified that “trash talk” was not banned.


“The system helps enforce the existing Code of Conduct, which allows for ‘trash-talk’ and friendly banter,” it said. “Hate speech, discrimination, sexism, and other types of harmful language, as outlined in the Code of Conduct, will not be tolerated.”


Activision chief technology officer Michael Vance said in a statement that there was “no place for disruptive behaviour or harassment in games ever”. “Tackling disruptive voice chat particularly has long been an extraordinary challenge across gaming,” he said.


“With this collaboration, we are now bringing Modulate’s state of the art machine learning technology that can scale in real-time for a global level of enforcement. This is a critical step forward to creating and maintaining a fun, fair and welcoming experience for all players.”


Mike Pappas, chief executive of Modulate, said the company was “enormously excited to team with Activision to push forward the cutting edge of trust and safety”.


“This is a big step forward in supporting a player community the size and scale of Call of Duty, and further reinforces Activision’s ongoing commitment to lead in this effort.”


According to Modulate, ToxMod does not just detect flagged words but “analyses the tone, context, and perceived intention of those filtered conversations using its advanced machine learning processes”.


“ToxMod’s powerful toxicity analysis assesses the tone, timbre, emotion, and context of a conversation to determine the type and severity of toxic behaviour,” it says on its website.


“ToxMod is the only voice moderation tool built on advanced machine learning models that go beyond keyword matching to provide true understanding of each instance of toxicity. ToxMod’s machine learning technology can understand emotion and nuance cues to help differentiate between friendly banter and genuine bad behaviour.”


ToxMod’s ethics policy states that it may also take into account the race, gender identity, sexuality or other demographics of the speaker to determine whether certain behaviour is acceptable.


“We do occasionally consider an individual’s demographics when determining the severity of a harm,” it says.


“We … recognise that certain behaviours may be fundamentally different depending on the demographics of the participants.”


For example, “while the n-word is typically considered a vile slur, many players who identify as black or brown have reclaimed it and use it positively within their communities”.


“While Modulate does not detect or identify the ethnicity of individual speakers, it will listen to conversational cues to determine how others in the conversation are reacting to the use of such terms,” it says.


“If someone says the n-word and clearly offends others in the chat, that will be rated much more severely than what appears to be reclaimed usage that is incorporated naturally into a conversation.”



Star witness at US crypto trial says Bankman-Fried ordered fraud - October 11, 2023


Disgraced crypto wunderkind Sam Bankman-Fried was the mastermind behind a scheme to defraud FTX clients of billions of dollars, the star witness in his US trial testified on Tuesday.


Caroline Ellison, Bankman-Fried's former business partner and girlfriend, said that they had stolen "around $14 billion" from clients of the cryptocurrency trading platform before it collapsed into bankruptcy late last year.


The 31-year-old Bankman-Fried, co-founder and former CEO of FTX, has been charged with seven counts of fraud, embezzlement and criminal conspiracy, and if convicted could face a de facto life sentence of more than 100 years in prison.


In November 2022, the platform imploded, unable to cope with massive withdrawal requests from customers panicked to learn that some of FTX's funds had been committed to risky operations by Alameda Research, Bankman-Fried's personal hedge fund.


Ellison, a Stanford University mathematics graduate, was appointed by Bankman-Fried in 2021 to head Alameda, whose activities were largely financed by money from customers of FTX -- without their knowledge.


She has pleaded guilty to fraud charges and agreed to cooperate with the prosecution as have two other close associates of Bankman-Fried.


After taking a good 10 seconds to identify her former romantic partner in the courtroom, Ellison said he was "the owner of Alameda and he directed me to commit those crimes."


Bankman-Fried "was the one who set up the system" that saw Alameda take the client money from FTX and use it "for investments and to pay back debts," she said.


"For major decisions, I ran it by Sam. He was the person I officially reported to. He was the owner of Alameda. He could have fired me if he wanted to," she said.


- 'Awkward situations' -


A former analyst who developed mathematical models for market finance, Ellison said she expressed her reservations about the relationship between FTX and Alameda.


"I was somewhat concerned because it was something that customers weren't aware of and they wouldn't be happy if they'd learned about it," she said.


Bankman-Fried's lawyers are expected to argue against this depiction, saying that their client had little handle on the inner workings of Alameda's business and placing the blame at Ellison for the alleged fraud.


In the court on Tuesday, Ellison said that she and Bankman-Fried "dated for a couple years." 


"He was also my boss, which created a lot of awkward situations," she said.


The on and off again couple and other FTX executives lived in a luxury apartment complex in the Bahamas until Bankman-Fried was arrested and extradited to the United States late last year.


Zixiao "Gary" Wang, another associate of Bankman-Fried, on Friday described the FTX co-founder as willing to break the law and lie to enable the company and Alameda to post strong growth.

Saturday, September 23, 2023

Media Man Gaming Blog: Casino News

Media Man Gaming Blog



Casino News


High Stakes: The ‘life-or-death’ battle over a company name



Two stars of Australia’s new economy – the similarly named share trading platform Stake and online cryptocurrency casino juggernaut stake.com – are locked in a life-or-death court battle over naming rights amid growing concerns the gambling outfit has major plans for its home country.


Stake the share platform launched legal action in the Federal Court in August seeking to enforce its trademarks and stop stake.com, a multibillion-dollar enterprise, from using that name for its business in Australia.


The fast-growing Sydney-based share trading platform, the third-largest broker in the country, alleges that the casino group stake.com has been breaking Australian consumer law and has misled consumers through the use of its brand in Australia and its marketing, including its sponsorship of the Alfa Romeo team and the sale of apparel.


Stake the share trading platform, which owns the URL stake.com.au, alleges stake.com’s use of the name in Australia has potentially led to consumers believing the two brands are related when they are not.


The share trading platform Stake, founded in 2017 by entrepreneurs Dan Silver and Matt Leibowitz, alleges there is a threat that more consumers could be misled if stake.com is allowed to continue with its plans to grow its business significantly in Australia under the brand name Stake.


The casino group, led by Melbourne-based twenty-somethings billionaires Ed Craven and Bijan Tehrani, is expected to seek to have the matter summarily dismissed.


A spokesperson for stake.com said: “We are aware of a frivolous claim lodged in the Federal Court by Stakeshop, which in part claims that our global Formula One team sponsorship impinges on their ability to sell trucker hats.”


“We are proud of the global stake.com brand. As a group, we abide by the laws of the countries in which we operate, and do not offer our stake.com platform to Australian customers. We believe the claim has no legal merit and will vigorously defend our rights.”


The court case has shed new light on stake.com’s expansion plans for Australia, where it remains blocked to Australian users.


Court documents reveal the casino group has sought to buy the stake.com.au website from the sharemarket trading platform business. According to the court documents, the casino group has also registered several Australian website domains for its Australian expansion and applied to register a slew of trademarks including Stake Australia, Stake Bet and Stake Casino.


The Federal Court action comes after years of simmering tensions between the two groups over the use of stake.com’s name in Australia.


Stake.com was established in 2017 but flew under the radar in Australia until late 2021, when this masthead revealed the local origins of the business that had grown to be one of world’s largest online casinos, processing hundreds of billions of bets on sports, virtual table games and online slot machines.


In early 2022, stake.com signed hip-hop megastar Drake as its lead ambassador. Later in 2022 it signed a multi-year deal to become lead jersey sponsor for English Premier League team Everton FC as well as its sponsorship of Alfa Romeo’s F1 team.


The significant increase in stake.com’s marketing and media presence was noticed at the share trading platform group that built its user base during the COVID-inspired boom in Gen Y and Gen Z investors, thanks in part to its ultra-low cost brokerage fee model, savvy marketing and the broadening into other financial services including a superannuation product.


A spokesman for Stake the share trading platform said that since the group was founded in Australia it had built a client base of more than 500,000 and more than $2.5 billion in assets under management.


“Over the past six years, we have established a trusted and culturally relevant Australian brand that reflects our dedication to meeting customer needs. It permeates all parts of our business, spanning products, content, internal culture, customer interactions and much more, making it our most valuable asset. We are committed to protecting the Stake brand and the high level of consumer trust associated with it,” the spokesman said.


“We are concerned by the threatened use of the Stake brand in Australia by stake.com in relation to gambling, casino and sports betting services, due to the potential for customer confusion and damage to our brand and reputation.”


Stake.com is not available in Australia but according to court documents, the group is already making arrangements for a major expansion in this country and is seeking a sports betting licence.


In October 2022, stake.com casino executive Brais Pena Sanchez contacted Stake share trading founder Silver on LinkedIn and arranged a video conference meeting where the pair discussed Stake the share platform selling its Australian URL, stake.com.au, to the Curacao-registered, Australian-operated casino group.


During those discussions, Sanchez – the casino group’s chief strategy officer – informed Silver that stake.com planned to launch in Australia under the name Stakebet, or similar, according to court documents. A deal never ensued and the website remains owned by the share trading platform.


Tensions flared again in early 2023 after stake.com the casino was announced as the new team sponsor for Formula 1 team Alfa Romeo, sparking a flurry of legal letters between the two groups ahead of the Melbourne race.


According to the court documents, the casino group’s lawyers assured the share trading Stake that it would not use its logo in conjunction with the Melbourne Grand Prix and did not intend to display the name on any vehicles or uniforms or as part of the Alfa Romeo team name.


However, the share trading Stake alleges that during the four days of the Grand Prix, Stake casino logos appeared on banners for official team merchandise, the team display and on signs at the event and in the race program.


In May, Stake.com was applying to register a large number of new trademarks for goods and services. This included Stake Australia, Stake Bookie, Stake Betting, Stake Gaming, Stake Esports, Stake Casino, Stake Sportsbook, Stake Bet, Stake Punt, Stake Sports, Stake Pokes and Stake Slots.


The casino group has also registered a series of Australian website names under the “.au” domain including stakebet.au; stakecasino.au, stakesports.au and playstake.au.


The case continues.



Crown to launch digital self-exclusion scheme for casinos - July 2023




People with gambling problems will be able to ban themselves from Crown casinos over the internet instead of having to do so in person, as part of a wider overhaul of the group’s approach to harm minimisation.


Crown Resorts’ new safer gambling program also includes the establishment of a dedicated gambling policy team, which will monitor customer playing behaviour and create interventions to better prevent gambling harm from occurring.


Crown boss Ciaran Carruthers joined the business last year following an overhaul of Crown’s management, after a series of bruising inquiries into the company. Carruthers, who has led other global casino groups including Wynn Macau, said the new leadership of Crown was committed to making gambling safer, even if it meant less turnover in its casinos.


“I have been in this business for 34 years and I can tell you – no one does this,” Carruthers said.


“It is critically important to me that when I look at the long-term viability of this business that people see our resorts as entertainment to enjoy safely.”


Under the changes, customers will be able to block themselves from entering a Crown casino through a new digital self-exclusion portal. Those who wanted to ban themselves from Crown venues were previously required to visit, in person, a designated responsible gambling centre run by the group.


The group has also moved to cashless gaming at Crown Melbourne and Crown Sydney – a condition of its temporary gaming licences in NSW and Victoria– as well as introducing $10 maximum bet limits on poker machines at Crown Perth. The technological overhaul required to facilitate the changes has so far cost the business $13 million.


Carruthers pointed to changes Crown has already made which go beyond government regulation, such as encouraging customers to take breaks every three hours, as an indicator of its commitment to shifting problem gambling patterns.


The group said it wanted to establish advisory panels to work with state regulators and community groups to improve gambling harm education and share its research.


Carruthers conceded some aspects of its new approach to harm minimisation, called Crown PlaySafe, would not be welcomed by heavy gamblers. But he argued the changes would make the casinos more appealing to the general public.


Crown’s new head of gambling policy research, Dr Jamie Wiebe, said the most critical shift in the groups gambling policy was a move away from harm minimisation to prevention.


“We want to prevent a problem from ever happening,” she said.


The new program was unveiled just weeks after the Federal Court determined Crown will pay one of the biggest penalties in Australian corporate history to the financial crimes watchdog, after past anti-money laundering and counter-terrorism failings in its Perth and Melbourne casinos.


The $450 million fine is about five per cent of Crown’s last listed market capitalisation before it was taken private by Blackstone Capital for $8.9 billion in May last year.


In 2019, an investigation by this masthead and 60 Minutes revealed Crown had been infiltrated by international criminal syndicates and money launderers.


Crown was forced to overhaul its board, management and procedures to satisfy the regulators, who approved a conditional licence for Crown to operate its Barangaroo casino in June 2022. The conditional licence is valid until the end of this year.


Carruthers said the integrated hospitality offerings at Crown meant the casino could afford to embrace the shift.


“I want people to enjoy the experience of our casinos whether they’re coming for dining, casino or retail. I’m fairly agnostic across which one of those experience or how many of those experiences you want to enjoy,” he said.



Reclusive Sydney gambling mogul emerges as kingmaker in South Africa - September 2023


Reclusive online gambling mogul Martin Moshal is playing an increasingly influential role in a push to oust the South African government.


Mr Moshal, who lives on the exclusive Sydney Harbour row of Camp Cove alongside shopping centre billionaire Steven Lowy, is not on many rich lists but has made a fortune from online casino technology.


Herman Mashaba is the leader of ActionSA, one of a handful of opposition parties Mr Moshal has backed in the lead up to the 2024 South African national election. Mr Mashaba, known for taking a tough line on immigration and endorsing hard labour for prisoners, is hoping the gambling tycoon will continue his support.


“I wish he won’t give up on us and help us democratically remove the [incumbent African National Congress] and bring about a peaceful transition... please help ActionSA,” Mr Mashaba said in an interview with The Australian Financial Review.


“I have been lucky to have known Martin long before I went into politics,” he added. “I approached him and he was willing to back me up because he knows me as a capitalist... Martin was one of the first to come to the party.”


President Cyril Ramaphosa’s social democratic African National Congress party is set to come under pressure next year amid South Africa’s dire economic troubles. A senior party official has warned the country could become a failed state.


Mr Moshal is the largest individual political donor in South Africa in the last two years. He has given 46.5 million rand ($3.8 million), according to electoral records analysed by My Vote Counts, a non-profit advocating for more transparency in politics.


“Given the amounts donated it has become clear to us he now has a large stake in our politics,” said Robyn Pasensie, a researcher at the organisation.


The size of Mr Moshal’s wealth is unknown. He is extremely private and only admitted to his ownership of online gambling giant Betway after UK journalists traced his ownership back to offshore trusts. Mr Moshal did not respond to a request for comment.


Aside from ActionSA, Mr Moshal has donated to the Democratic Alliance (DA), Build One South Africa and said he also intends to support the Inkatha Freedom Party. Mr Moshal is ActionSA’s biggest backer. The Australian Financial Review is not suggesting Mr Moshal supports the party’s policies.


“I’m not saying these parties are all perfect, but we shouldn’t let perfect be the enemy of good... They are all far better than the government we have today,” Mr Moshal told The Jewish Report earlier this year.


“Pirkei Avot was my late dad – John Moshal’s – favourite part of the Talmud within which Rabbi Tarfon is quoted as saying, ‘It’s not up to you to finish the task, but you aren’t free to avoid it’.”


Mr Moshal said he believed South Africa needed a new government and was on its way to becoming a failed state.


“[This is a] government that’s corrupt, cannot provide basic security and opportunity to its citizens... we need the change of government and leadership that these parties can provide.”


ActionSA is known for advocating for life sentences and hard labour for serious offenders and also wants to repeal the ANC’s Broad-based Black Economic Empowerment (B-BBEE) policy, a form of affirmative action introduced post-apartheid.


“Martin knows my views on racial policies and how dangerous they are,” said Mr Mashaba, who started off in business and was the founder of African hair care brand, Black Like Me.


ActionSA has also been vocal on immigration, views labelled as “xenophobic” by some critics and politicians.


“We recognise that South Africa was built... on the back of migrants,” said Mr Mashaba. “But they must come here legally... you break our laws, we will send you back to your country, the country where you came from.”


One of South Africa’s main economic problems is mismanagement and corruption inside the country’s electricity utility Eskom. The utility has been forced to implement rolling blackouts, which have further stymied economic growth.


“If Eskom cannot run on a commercial basis then it must die a natural death,” Mr Mashaba said, adding changes were needed to give other companies the opportunity to compete.


Mr Moshal’s Entrée Capital is one of Israel’s most active funds in the Israeli VC space. He is the beneficiary of a trust which is the largest individual shareholder in Super Group, which became the parent of Betway and online casino brand Spin after a 2022 listing. The group reported net gaming revenue of €1.3 billion ($2.1 billion) in 2022.


“Moshal is one of the least visible betting entrepreneurs in the world,” Guardian reporter Rob Davis wrote in his book Jackpot: How Gambling Conquered Britain.


“Moshal made much of his fortune from his home in Durban where he patented a series of technological solutions for the online gambling world and developed them via his company Microgaming. The company has since become one of the industry’s leading software players”


A philanthropist, he sits on the capital management advisory committee of Sydney’s Moriah College, alongside Steven Lowy and former Babcock & Brown chief executive Phil Green. He is also a life trustee of the Moriah Foundation and previously donated to Israel’s SpaceIL project attempting to land spacecraft on the moon.



SkyCity puts aside $45m for potential AUSTRAC penalty - August 2023


SkyCity Entertainment set aside $45 million for a penalty if it is convicted of breaches of anti-money laundering and counterterrorism laws.


The financial crimes watchdog, AUSTRAC, lodged proceedings against SkyCity in December over alleged serious and systemic non-compliance with the laws at its Adelaide casino.


SkyCity said on Monday it was difficult to determine the size and timing of the penalty, given the proceedings are in the early stages. But it decided to lodge a $45 million provision on the basis that each breach attracts a maximum civil penalty of between $18 million and $22.2 million.


“Estimating the potential exposure to penalties with any degree of accuracy at this stage of that ongoing process remains challenging, particularly given the outcome is highly dependent on a range of factors which are not yet known,” a statement said.


AUSTRAC has alleged “serious noncompliance” with anti-money laundering laws against SkyCity, claiming the company allowed 59 suspicious patrons to churn more than $4 billion in dirty cash through its Adelaide casino. The independent review is on hold because of the Federal Court action.


The company cut full-year earnings expectations at an investor day in May, with a slowdown in revenue from the international business and rising legal and compliance costs related to a crackdown on money laundering weighing on its bottom line. Analysts have provisioned about $50 million for the AUSTRAC fine, but there is no guarantee that will be enough.


In late May, SkyCity announced it would hire an independent expert to review its anti-money laundering and counter-terrorism programs. It is still waiting for South Australia’s investigation into whether it should hold a casino licence to recommence.


“Judgements in civil penalty proceedings bought by AUSTRAC to date demonstrate that the Court’s determination of the appropriate penalty ... is very specific to the fact in each case and that the Court will have regard to a broad range of factors,” SkyCity said.


SkyCity’s provision announcement coincided with a $45.6 million write-down of the Adelaide casino licence, which was attributed to the value and timing of future discounted cash flows.


The company said the impairment and provision were non-cash and would not affect earnings for fiscal year 2023. Earnings before interest, tax, depreciation and amortisation remain in line with guidance of $NZ300 million ($276.6 million) to $NZ310 million.


SkyCity’s provision comes a month after the federal court agreed on rival casino operator Crown’s $450 million fine for breaches of anti-money laundering and counter-terrorism laws. The fine is being paid over a two-year period without interest.


Shares closed on Friday at $2.09.



Hotel room rates plummet for F1 Las Vegas Grand Prix weekend - September 2023


Hotel room rates for Las Vegas Grand Prix weekend have fallen by nearly 60 percent in some cases since they were first posted last fall. But an industry expert says that does not necessarily mean interest in the event is failing to meet expectation.


When select Las Vegas resorts in November 2022 opened their booking schedules for race weekend, listed prices were as high as they have been seen in the city’s history. While still at higher than normal rates, a major decrease has occurred.


When a drop in booking pace occurs, it automatically triggers revenue management systems to suggest the lowering of room rates, according to Dr. Mehmet Erdem, professor of hotel operations and technology at UNLV’s William F. Harrah College of Hospitality.



Pennsylvania online casinos cross $5 billion in lifetime revenue - September 2023


Business is booming in Pennsylvania. The Keystone State is the clear market leader when it comes to online casino revenue within the US. After August’s total of $171.9 million, Pennsylvania surpassed the $5 billion threshold for lifetime revenue.


Pennsylvania online casinos are constantly upgrading and adding new content, and customers are responding. It doesn’t appear the market will be slowing down anytime soon, either.


Pennsylvania has set the US online casino revenue record four times over the last 11 months, and almost did so again. August’s revenue total of $171.9 million came second to March’s figure of $181.5 million. It was the second-best month of all time for any state with legal online casinos.


Atlantic City: Five-year turnaround of Ocean Casino Resort among city’s greatest successes - September 2023


In the winter of 2019, if any New Jersey sportsbook had tried to offer odds on the Atlantic City casino hotel then known as Ocean Resort Casino making it through another summer, no gambler in their right mind would have taken the bet.


Fast forward to the end of summer 2023, and the property now called Ocean Casino Resort is one of the city’s best performers. In fact, an argument can be made that Ocean’s rise to the upper echelon of the Atlantic City casino market is the most remarkable turnaround of any gambling parlor in history.


From its failed origins as Revel Casino Hotel to its seemingly doomed trajectory in February 2019, the $2.4 billion casino at the north end of the AC Boardwalk felt almost cursed (if you believe in that kind of stuff). But, apparently, the gambling gods decided Ocean was deserving of a better fate.


Once shunned by casino operators, responsible gaming campaign turns 25


At a time when problem gambling matters were rarely mentioned in gaming company boardrooms, Harrah’s Entertainment decided the issue needed to be raised on casino floors.


But it wasn’t just rival corporate executives that looked askance at the idea of employees learning how to spot signs that a customer might have a gambling problem.


“Our own lawyers tried to block it,” recalled Jan Jones Blackhurst, who was then a Harrah’s senior vice president. With the support of company CEO Phil Satre, she led Harrah’s launch of the casino industry’s first responsible gaming initiative in the mid-1990s.


“We had employees that wanted to be educated on the subject. They wanted to be able to help,” said Jones Blackhurst, who completed two terms as Las Vegas mayor before joining Harrah’s. “Maybe because I came out of politics. You have a responsibility to your communities, your customers and your employees. We believed it was the right thing to do.”


Sportsbooks ratchet up targeted advertising at start of NFL season


Shortly after the NFL forged authorized gaming partnerships with a host of leading sportsbooks in the 2021 offseason, operators began flooding the airwaves with a series of humorous spots that featured celebrities hawking their products.


Caesars Sportsbook spent lavishly on an ad package starring the Manning Brothers and actor J.B. Smoove as the eponymous emperor. During Super Bowl LVII last February, Kevin Hart expressed his displeasure for “taking the under” in a DraftKings spot while standing mere feet from WWE wrestler The Undertaker. Another commercial from FanDuel featured a live field goal attempt by former New England Patriots tight end Rob Gronkowski, one that drifted wide left of the upright at the last second.


Former lieutenant governor calls for Nevada Gaming Commission cyber briefing after MGM and Caesars hacks - September 2023


In light of cyberattacks on MGM Resorts International and Caesars Entertainment, former Nevada Lt. Gov. Brian Krolicki, now a Nevada Gaming Commission member, called for a briefing on the hacking incident to shed more light on what happened and how it can be prevented in the future.


The suggestion comes the same day the Massachusetts Gaming Commission met in executive session “to consider information related to an MGM cybersecurity issue.” It held a similar closed meeting on Monday.


After it returned to the public session on Thursday, the Commission entered into an executive session regarding security at MGM Springfield, according to the Commission agenda.


Krolicki made his comments at the end of Thursday’s five-hour meeting of the Nevada Gaming Commission. Since it was made during the public comment session, the commission could not take up the matter, but it’s likely the issue will return to the Commission and the Nevada Gaming Control Board at some point.


In the latest cyberattack that started being felt Sept. 10 and went into this week, hackers knocked slot machines out of commission and created havoc with ATMs and computer systems. MGM, which is reported by a Wall Street analyst to have lost between $4.2 million and $8.4 million a day with the hack, said its systems were operating normally across their properties nationwide as of Wednesday. Caesars reported it was hacked in late August and had customer information stolen but paid a $15 million ransom that avoided any shutdowns.


In December, the Commission approved cybersecurity regulations for the state’s gaming industry to protect operators’ information systems from attacks that could shutter casinos and compromise customer data. The rules went into effect Jan. 1. That approval came right after BetMGM reported that its customers’ personal information – including Social Security numbers – was obtained in an unauthorized manner and included information on their transactions.


In the regulations, casinos were required to do a risk assessment of their systems by the end of 2023 and take any necessary steps on an ongoing basis to ward off an attack. If any breach was successful that compromised player data, credit card information and other records, including that of employees, properties would be required to report it to gaming regulators within 72 hours.


“It would be important and enlightening given the recent events of the past week regarding cyber security and ransomware in particular at MGM and our friends at Caesars and look at how it impacts our world and regulatory responsibilities,” Krolicki said, later adding,  “I think at some point in time when there’s the energy and understanding of what just happened if we could get some kind of briefing of what transpired that’s appropriate for public record and perhaps policies going forward of how do we avoid these things and if they do happen whether the reporting schemes on whether it was immediately reported to the Gaming Control Board. There are a lot of questions and a lot of publicity. It’s a global story, and I just think it would behoove all of us to get a good handle on what just happened.”


The Nevada Gaming Control Board released a statement on Sept. 13 saying Gov. Joe Lombardo and the board “are monitoring the cybersecurity incident with MGM Resorts and are in communication with company executives. Additionally, the Nevada Gaming Control Board remains in communication with other law enforcement agencies.”


Casino consultant Brendan Bussmann, managing partner of B Global, which tracks gaming boards and commissions, said the Massachusetts hearing won’t be the last and expects states across the country to hold similar sessions wanting to hear from MGM executives.


“Nevada is the second regulator that I know has raised their hand on this after Massachusetts,” Bussmann said. “It should be about what happened and how it happened, which should be considered confidential information. This is going to be a question that every regulator for both commercial gaming and tribal gaming is going to be concerned about. Since we’re still trying to figure out what happened, then we can see what tools we need as an industry to beef up our efforts on cyber-related events.”


While everyone is focused today on MGM and Caesars, this is not the first cyber attack, Bussmann said.


“This can go back to the Las Vegas Sands attacks in 2014 from the Iranians and any other data breaches that happened between then and now,” Bussmann said. “I would expect every state at a minimum has MGM and Caesars in it to at least say what happened and what can we do regulatory to help this and what can we do with testing and what can we do IT and host of things.”


Bussmann said the regulators can’t be reactionary but instead should get evidence on how it happened and use the best resources outside of the casino industry, such as security firms, to do it right.


“There’s no one better suited to regulate Nevada on this issue than the Gaming Control Board in working with law enforcement partners across the country,” Bussmann said.