
Live casino revenue in Atlantic City drops by more than 3 percent, but revenue that is online steady the ship.
Atlantic City’s network of live casinos suffered another downswing in October according to the newest results released by the nj-new jersey Division of Gaming Enforcement (DGE).
Wearing down the newest financial happenings inside AC’s brick and mortar gaming venues, the DGE’s report don’t make pleasant reading for those involved in the industry.
As a collective, AC’s eight live casinos experienced a 3.1 percent year-on-year decline in October, 2015.
Having a closer look at the numbers, AC’s venues raked in $191.6 million compared to $197.7 million in 2014 october.
Seasonal and Operational Modifications
Despite being lower than expected, gaming experts insisted that the decrease had been as a result of regular facets and that fact it ended up being the end of the summertime.
However, it’s important to note that October ended up being the first month that is fully comparable 2014. Between January and September, 2014, the AC casino community destroyed four venues which meant the year-on-year analysis has since had to be adjusted to account for the reduced number of operators.
Nonetheless, the landscape hasn’t changed since October 2014 which means that the fall in revenue is even more poignant as it represents a direct comparison between days gone by and the present.
Falling the hardest throughout the last 12 months based on the latest report that is financial Caesars.
In 2014 the place posted monthly takings of $30.2 million; however, just 12 months later on the figure reported was 25.2 per cent lower at $22.6 million.
Glimmers of Hope
As the picture that is overall gloomy for Atlantic City, there were some patches of light that broke through.
The Borgata (10.5 percent), the Golden Nugget (10.6 per cent), Resorts (21 percent) and also the Tropicana (4.4 per cent) all posted better numbers in 2015 than they did in 2014.
Additionally, things regarding the side that is virtual of casino industry also revealed signs of enhancement in October. Accompanying the newest casino that is live had been a breakdown of the virtual world’s earnings.
In total New Jersey’s collection of online casino sites and pokers raked in $12.9 million throughout the thirty days of October; an 8 percent increase on September’s takings. Earning the most and enjoying a 170 percent revenue increase had been the Golden Nugget.
However, inspite of the Golden Nugget and its peers experiencing a 46 percent jump in revenue in October, the poker that is online continued to falter.
As outlined by the DGE’s report, online poker suffered a year-on-year fall of 3 percent after banking just $1.9 million.
Although that figure is much better compared to the amount generated in September, 2015, it’s important to that month was the worst month in nj-new jersey’s iGaming history.
Gambling Atlantic City, moreover brand New Jersey, continues to its own beat.
Every positive appears to be tinged by having a negative and every negative seems to be negated with a good.
While there might be worse situations, it’s tough for those mixed up in freeslotsnodownload-ca.com industry getting too excited about the state’s video gaming future predicated on this dynamic.
New York AG Eric Schneiderman Asks Judge to Thwart DraftKings and FanDuels Ops in Empire State
New York AG Eric Schneiderman has filed a request by having a Manhattan judge to shut down the two major DFS sites in his state today. DraftKings has accused Schneiderman of ‘misreading New York gambling laws,’ as the legal battle escalates. (Image: Lucas Jackson/Reuters)
New York State Attorney General Eric Schneiderman moved the daily fantasy sports battle to a new level today, asking an Empire State judge to force industry leaders FanDuel and DraftKings to shut down in his state.
This, simply a day after the two businesses had filed a joint request that would keep the AG from doing what he simply did.
FanDuel and DraftKings had clearly failed in a joint bid that is legal have short-term restraining order (TRO) imposed on the New York Attorney General’s office.
How We Surely Got to This
A week ago, Schneiderman wrote ‘cease-and-desist’ letters to the two market-leading daily dream sports (DFS) web sites, informing them that their operations constitute ‘illegal gambling’ under New York State law, and noting that they must stop offering their games to residents of the state.
The motion filed by FanDuel and DraftKings had been designed to prevent the AG’s office from launching an appropriate injunction up against the site’s operations prior to the matter could be resolved at a judicial hearing. The sites’ additional obtain an urgent situation hearing was awarded on Monday and is scheduled for next Wednesday.
How Schneiderman’s latest actions will affect all this stays to be seen, but the AG minced no words in New York to his filing’s Supreme Court today:
‘The Attorney General seeks a preliminary injunction prohibiting DraftKings and FanDuel from continuing to work an illegal sports gambling business in brand New York, in defiance of the state constitution, the penal law and other statutes,’ said the requested injunction, which was filed in a Manhattan courtroom today.
DraftKings had claimed in a statement on Monday that the AG’s office stated in court that it will never launch action against the two organizations before the date of the official hearing, although a spokesperson for the AG apparently told CNBC that no such assurance had been provided.
‘Chilling Effect’
The hearing next week is important for the DFS web sites, as it will determine whether they will likely be able to get a preliminary injunction that will allow them to continue operations whilst the instance is pending.
‘A shutdown would have a chilling effect on DraftKings’ power to attract new investors and partners and would impede its cap ability to continue its relationships featuring its existing investors and partners,’ argued the company in court on Monday.
‘All of this harm would not be confined to ny, but would cause a cascading effect throughout the nation, including in the dozens of states where DraftKings continues to operate lawfully, adversely affecting its client base and vendors, customers to its business relations, and regulators.’
‘Bullying’ Tactics
Both organizations have already come out fighting following the AG’s cease-and-desist letters. While FanDuel said on Friday that it would limit deposits that are new New York customers, DraftKings is continuing its operations as normal within the Empire State.
Both have launched split legal action against nyc State’s prohibition of its operations. DraftKings’ filing accuses Schneiderman of ‘misreading nyc’s gambling guidelines’ and of attempting to ‘bully’ the company into shutting down before it has ‘had the possibility to defend itself.’
Meanwhile, FanDuel has publicly accused the AG’s workplace of contacting its third-party payment processors and pressuring them into denying transactions for New York customers. The AG’s office has strenuously rejected this claim.
But in a courtroom in Boston on DraftKings was successful in convincing a judge to allow payment companies to process transactions from New York customers monday. The judge agreed with the DFS site, telling the processing outfits they cannot refuse to handle legally these payments.
$78 Billion Online Gambling Ring Smashed by Chinese Police
Police arrest a member that is suspected of gambling syndicate which is believed to have managed some $15 billion in revenue per month. (Image: Asia Police Daily)
A $78 billion online gambling syndicate with tentacles distributing across Asia has been smashed by Chinese police.
Authorities said that the ring oversaw more than 500 websites with more than a million signed-up customers on the mainland that is chinese.
Web sites mainly operated illegal lotteries.
While the crackdown, code-named Operation 109, made its first arrests in July, when some 84 people based in China had been taken into custody, the news headlines was just made public this week by the nation’s Ministry of Public Security.
Police named the kingpin of the gambling ring being a man named Xu from Chaoshan in the eastern Guangdong province. He proceeded the run over the summer but was arrested in September.
The syndicate formed an incredibly complex network of operations. Xu rented out most of the websites to smaller syndicates which netted him some $2 million per month together with what he made from his very own gambling site.
Like Online Banking
With a host based in Taiwan, the sites had been closed systems requiring log-ins.
Each syndicate had their particular agents to greatly help develop a customer base, while users would access web sites by logging in, bypassing a search software and then entering further protection codes, much like an internet banking system.
Meanwhile, a Cantonese and customer that is putonghua-speaking team had been located in Hong Kong, Thailand and the Philippines.
‘Due to people searching for huge benefits, and loopholes in social management, large numbers of men and women have become addicted to gambling, posing a serious hazard to family harmony and social stability,’ said the Ministry of Public Security.
Illegal Global Betting Markets
It is believed that over 90 percent of the gambling that is global are unlawful operations, many centered in Asia.
At an un meeting earlier this year, independent betting expert Patrick Jay told delegates that, while it is extremely hard to quantify, the worldwide market could easily be worth $3 trillion.
China, where up to $1 billion is wagered illegally on a single game of soccer, has get to be the epicenter regarding the market, he said.
Xu’s syndicate was uncovered in August 2014 when police from the Hunan province stumbled upon a gambler logged into a suspicious web site in an internet café.
Every month from there they were able to unpick the entire network, which, they discovered, was handling over $15 billion in revenue.
While the operation was advanced, with winnings compensated promptly into customers’ bank accounts, those whom didn’t pay their debts were hounded by debt collectors.
Police said a Hunan province girl in her sixties committed committing suicide early in the day this after being harassed by the syndicates’ enforcers year.