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June 1, 2014

Investors Stand to Gain from Arbitrage Betting

Filed under: Casino — Tags: , — OCE News @ 7:01 am

Betting comes with risk; that’s the thrill of it for a lot of people. For people who see betting as a way to make money though that risk might end up being more than the investor is comfortable with. That’s where the concept of arbitrage betting comes in.

What is Arbitrage Betting?

In a nut shell arbitrage betting is when an individual places a bet on every potential outcome of a given situation, thus guaranteeing a profit no matter the outcome. This is most commonly done with sports betting, since only one team or the other can win a match. The bettor simply places different bets with different bookies on different teams, thus guaranteeing that no matter who wins the bettor comes out ahead and makes a profit.

Is Arbing For Wimps?

Professor Leighton Vaughan Williams, the top academic expert on the gaming industry in the UK, called out those who use arbitrage betting as wimps for their preferred method of investing. The view Williams endorses is that sports betting is for those who want to put their money where their mouths are to support their teams, or to go head to head with bookmakers using analytic techniques to beat them at their own games. From his perspective arbitrage betting is nothing more than calculation, cheating the odds whether someone even cares about the game in question. Win or lose no one stands to lose anything when it comes to arbitrage betting.

That’s The Point

Those who have fired back at the professor point out that those who place arbitrage bets really don’t have any interest in the thrill of a game or the love of a team; these people are investors, pure and simple. In this case arbitrage betting is a sure fire method of earning, and as such it’s a better bet than using the stock market, the forex market, or a vehicle like a savings account, government bond, or CD. Losing bets can even be written off on one’s taxes if an individual makes enough money on arbitrage betting to consider it a taxable source of income. In addition to all this arbitrage bettors don’t even jeopardize a single book over any other, as they tend to place their bets on a variety of different books in order to make sure they have the best possible odds on any given event.

The argument, and one that is met with less and less ridicule, is that arbitrage bettors aren’t gamblers at all; they’re investors. While the thrill of risk and the pride in a team defines the old school way of looking at sport, these individuals see sports and the betting system that surrounds them, as a way to make a valid income stream. Whether it’s football or Olympic wrestling, the Tour De France or the NBA playoffs, if there’s a game going on there is going to be someone weighing the odds and figuring out how to make the most money off of it with the least risk.

January 9, 2013

Notorious Macau Gaming Leader Set to Be Released From Prison

Filed under: Casino — Tags: , , — OCE News @ 3:22 am

The Macau area has always been quite famous for the notorious gangs that run the gaming district throughout Hong Kong. When one of the most notorious leaders of the Macau crime syndicates, known as Broken Tooth Koi was arrested 15 years ago, the arrest was received much celebration by individuals in the area that had been forced to experience the reign of the mob leader throughout the area. After serving nearly 15 years in prison, the notorious leader is now set for release from prison. He will hardly recognize the city that he and his associates terrorize throughout the 1990s with their brutal war. He is scheduled to walk free from a Coloane Prison soon after being behind bars for more than 15 years, according to a Macau government official.

When he was originally sent to prison, he was convicted of loansharking, money laundering, and being a gang leader. This was in 1999, a month before Portugal handed control over the colony that it had been in charge of for nearly 40 years, back over to China. He had been responsible for brutal war with rival triads, and various organized crime gangs that were present throughout the area during that time. He also had a dominance of the lucrative casinos throughout the area, collecting money for many.

He was arrested shortly after a bomb was used in the car, which went on to attempt to kill the director of investigative police, Antonio Marques Baptista, who had been investigating the gangs. He had been jogging when the bomb went off, and was not hurt in the attack.

According to reports, officials in the area have been warning casinos and advising them to invest in security, and keep close eye on him after he gets out. The worry is, is that he will attempt to seize control of the organized crime in the area again, which has seen an uptick in recent years after number of brutal wars between rival gangs. Leaders in the area have also warned Wan to behave himself following his release, and it is reported that a close I will be kept on him to make sure that he does not rekindle the ties to organized crime that he once had.

The fear is that his return to the area would lead to the gang violence that rocked the area and claimed hundreds of lives during the 1990s in Macau. Some worry that he is scheming, attempting to get in on the junkets, which is in operation allows money to big-time gamblers, and make big profits by collecting on the debt that is created. Analysts say that when he leaves prison, you will find that he has lost much of the power and influence that he had in the 1990s, during his time in prison. Of course, the environment throughout the area is quite different than when he went to prison as well, with organized crime not having the same stranglehold that it once did on the whole of Macau.

January 5, 2013

Gaming Partners International Corp. Announces Dividend For All Company Shareholders

Filed under: Casino — Tags: , — OCE News @ 3:18 am

Gaming Partners International Corp. has now announced a special dividend that they are going to be releasing. The company announced that they were planning on returning a total of $1.48 million, to shareholders. The dividend is going to be paid out to her one-time special dividend of 18.25 cents per share, which is going to be made payable on December 18. The company is responsible for making gaming supplies, and has products that are used in a variety of different casinos throughout the area. There are responsible for making dice, playing cards, table game layouts, table games supplies, and a wide range of other products that are available in casinos around the world. The plans were approved by the Board of Directors, shortly after the earnings of the third quarter were returned.

The plan that was approved by the board of directors as part of a share buyback program, in which the company is looking to purchase back 88,561 shares of the company. This means that the number of shares authorized for repurchase will rise to 400,000. This equates to 4.9% of the company’s outstanding common stock, which some analysts were worried was too large of a number.

In a statement that was released by the CEO, Greg Gronau, he detailed exactly why the buyback was happening, and said that because the profitability that the company had seen over the course of the previous year, they had made the special cash dividend possible in 2012. The dividend utilizes cash that was provided by the company’s profitability, and increases the number of shares that were authorized under the share repurchase program that the company announced some time ago.

“The board determined that it is in the stockholders’ best interests to pay a special cash dividend for 2012. The dividend…utilizes cash provided by the company’s continued profitability during 2012,” CEO Greg Gronau said. “Additionally, the increase of shares authorized under our share repurchase program provides us with the flexibility to return additional value to our stockholders. After using funds for both the dividend and the share repurchase program, we will continue to have adequate resources for future initiatives.”

The announcement shows that GPI is one of a number of different companies that have been able to distribute cash to shareholders before the end of the year. Many believe that this was done in advance of the potential income tax hikes that could become available next month. In an attempt to avoid having the money fall under the new income tax, many companies have provided similar dividend programs, in order to avoid having the money more heavily taxed as the government continues to negotiate about the upcoming potential fiscal cliff.

Last month, GPI announced that it had been able to earn a total of $1.3 million, a total of $.15 per share in the third quarter. This was up from just $477,000, a total of six cents per share just a year ago. The company also announced a huge growth in revenue, from $13.8 million, to a total of $16.9 million overall.

January 3, 2013

Nevada Sports Operator Faces Regulatory Issues That Stifle New Business

Filed under: Casino — Tags: , , — OCE News @ 3:17 am

The State Gaming Control Board is an organization that oversees the gaming regulations and practices of all companies within the Las Vegas and Nevada area. They have now filed a complaint against the Old Leroy’s Race and Sports Book Chain after discovering that they had received unauthorized acceptance of a number of bets during the 2012 Kentucky Derby, by certain locations within the company. This represents a huge misstep on the part of the company, and is open them up to possible discipline being handed down by the Gaming Control Board.

The violations were first brought forward on November 29 and made public shortly thereafter. They have been self-reported, and reportedly took place before Leroy’s was acquired by William Hill PLC, a gaming company that is huge and the United Kingdom.

The takeover of the company was approved by the the Nevada gaming commission on June 21. Now, the Gaming Control Board is asking that a fine be applied to the company, for the violations that were spelled out clearly in the complaint. The complaint states that on May 9, Leroy is reported to the board that on May 5 that had accepted Kentucky Derby bets, at four different locations, all of which were licensed to accept sports wagers, but were not licensed to accept race wagers. These locations included Colorado Belle in Laughlin, Hooters in Las Vegas, Stockmen’s in Elko, and Poker Palace in Northern Las Vegas.

The complaint goes on to state that this appears to be a repeated theme throughout the history of the company. A similar incident took place in 2003, when the company also accepted Kentucky Derby bets set locations that were not authorized. The complaint also states that when the company found a scheme targeting betting kiosks at more than 30 locations, they made changes to their software without first gaining approval from the Gaming Control Board.

The scheme involved the NCAA men’s basketball tournament in March. Many of the kiosks had weaknesses in the betting software, and the schemer or schemers would repeatedly hit the deposit button on the kiosks after inserting cash, causing for multiple wagers to be placed. These double beds, meant that they were inserting an amount of cash, but were being treated as if they had that double or triple that amount, depending on how many times the deposit was registered in the kiosks. Before making software modifications, all gambling companies are required to speak with the Gaming Control Board and get all of those modifications approved before going into place. However, all of the bets that were placed on the Kentucky Derby were done so without the use of kiosks, and were direct violation of law. It will be interesting to see what kind of fine is handed down, and whether or not the new management is going to be held responsible for the past owners mistakes. With a history of mistakes revolving around the company, you can expect to find to be handed down at some point, to make it clear that the rules have to be followed and that even small software modifications must be approved and everything properly licensed.

January 1, 2013

Gaming CEO Takes Lawsuit Into Own Hands, Releases Open Letter

Filed under: Casino — Tags: — OCE News @ 3:16 am

Galaxy Gaming Inc., is a gaming supply company that is responsible for supplying many of the casinos in the Las Vegas area. They are also a company that recently had a lawsuit filed against them by Bank of America. In order to respond to the lawsuit, the CEO of the company released an open letter on their website they complained about the legal action. The company, which makes table games and other gaming supplies, was sued in October in the Clark County District Court, by Bank of America. The bank claims that it was involved in a fraudulent transfer of assets, totaling $1.1 million. False information was submitted to the company, which caused them to be approved for a loan, that Bank of America says they otherwise would not have been approved for. The allegations have been strongly denied by both Galaxy Gaming Inc. and the CEO of the company, Robert Saucier, but the release of the open letter shows that they are looking to take their fight to the public.

The letter that was posted on the website was addressed to the Bank of America CEO Brian Moynihan. In the letter, he complained that the company had been up-to-date with all of the payments on the loan, and there were no miss payments at the time. He also stated that the allegations that they raised were misrepresentations of the truth, claiming that no fraudulent transfer had taken place. The suit also cited the declining property values in Las Vegas, to show that the collateral that the company had placed in the backing of the loan was not worth nearly as much as once was. The collateral that they had used include the Galaxy Gaming Inc. headquarters office space, that the company had been leasing from a trust.

Saucier, in the letter, went on to detail various aspects of why he believed the lawsuit to be needless. Nevada had the local real estate crash in 2008, which resulted in many foreclosures. The company, he said, was staying in a building that became worth a fraction of its former value, which greatly change the collateral that they put forward. He also stated that he was extremely troubled by the choices that Bank of America had made, given the conversations that he had had with executives at the company prior to the loan.

Saucier argues that since they had been able to keep up with the loan to this point, and had been loyal to Bank of America, there should be no issues between the two companies. He argued that the loyalty that his company had shown to Bank of America was not returned, when they decided to follow through with a lawsuit, despite the fact that Galaxy Gaming Inc. had never missed a payment on the loan, and were contributing to the growth of the local economy as best they could. Bank of America quickly responded to the letter stating “It would be inappropriate to comment because we are involved in litigation against Galaxy Gaming seeking payment of defaulted debt.”

It looks as though the lawsuit is destined to move forward despite the pleas from Saucier and the case that he laid out in the open letter that was released. It is clear that Galaxy Gaming Inc. would like to get ahead of the story, and shape the public opinion of the lawsuit moving forward.

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