The proposed budget that came out of the New York Senate includes the legalization of both online poker and sports wagering. The top line for online poker, sports betting Those provisions’ inclusion in one version of the budget for NY’s next fiscal year is not necessarily a harbinger that they’re going to become law. It’s the third […]
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Estimates by PRO put GVC’s net gaming revenue in online poker at almost €100 million.
Net gaming revenue at partypoker reached €98.2 million in 2017, estimates exclusive to Poker Industry PRO show, returning the vertical to levels not observed since 2014.
The latest figures, based on historical online poker numbers reported at bwin.party and extrapolated from statements made by GVC executives since acquisition, will likely exceed that of 888’s full year revenue figures in online poker for the first time in half a decade. Its recent success makes GVC the second largest online poker operation in terms of net gaming revenue in the regulated markets, behind only The Stars Group.
PokerStars is hosting a country-specific promotion giving players in Latin America, Austria, Bulgaria, Germany, Liechtenstein and the United Kingdom five opportunities to freeroll a “Trip to Vegas” worth $5,000. There is also more than $5,000 in cash prizes up for grabs over five Freeroll Finals.
GVC reported total net gaming revenue for the full year of 2017 at €925.6 million, excluding the discontinued parts of the business, notably its operations in Turkey. On a pro-forma basis—calculated as if bwin.party were acquired in January 2016 rather than February—this represents growth of 17% year-over-year.
Every major business saw revenue gains. The sports labels continue to dominate with growth of 20% as revenue rose to €664 million from €554 million in the year prior. The sports labels increased its share of B2C business by a single percent point to 74.4%.
David Pham has won the 2018 World Series of Poker Circuit Bicycle Hotel and Casino $1,675 no-limit hold’em main event, defeating a field of 705 total entries to win the …
Dating back to last year, New York state Sen. John Bonacic started dropping hints he had sports betting on the brain. Last month, a copy of the rumored official bill even surfaced.
No more speculating though. Bonacic dropped the official bill in NY state Senate last week. Keep in mind, New York lawmakers already greenlit sports betting in the Empire State if the federal ban on sports betting is ever lifted. However, there is not much to measure beyond making it legal.
What this new bill does is starts to establish a legal framework and regulations for the New York sports betting industry.
The bill is S7900. Bonacic’s bill is pretty similar to the leaked draft of a bill released in February. Some of the major elements of the bill are:
While the point of this bill is to clarify where betting can take place, it is still pretty vague. The language says casinos, but it is not clear if that is strictly commercial casinos or if tribal casinos are part of the deal.
Given the shaky relationship between tribes and Gov. Andrew Cuomo, this is something to keep an eye on. Tribal casinos are already upset about the new commercial casinos are cutting into their profits. Many in the casino industry, both tribal and commercial, say the situation in New York might not be sustainable.
One group of casinos, those owned by the Seneca Nation, even stopped payment to the state. The arbitration between Seneca Nation and the state is ongoing. Perhaps sports betting might be one of the bargaining chips?
While the tribal relationship to this bill is up in the air, the major sports leagues are clearly in a much cozier position. While the groups did not get the full one percent of handle as an “integrity fee” that they lobbied for elsewhere, they did get a cut from the state.
The .25 percent of handle (all money wagered) does cap out at two percent of total revenue. But it is also arguably money for nothing. In Nevada, where sports betting has run without issue for decades, no money from any betting goes to the leagues.
Additionally, the bill sets up league control over the information bettors use to place wagers. This sets up the potential for leagues to maintain a monopoly on that info.
In a statement released with the bill, Bonacic stressed the importance of acting proactively versus reactively. He stated:
“New York State has historically been behind the curve in dealing with developments in the gaming world, and it has been to our detriment. If allowed, sports betting will be a revenue enhancer for education in New York. We have the chance to ensure our sports betting statute is fully developed and addresses the needs of the state and all stakeholders so we can hit the ground running if and when we can authorize and regulate sports betting.”
This bill is a step in the right direction for New York to be ready to roll when and if federal law changes. However, the bill is not without its flaws and the tribal casino question is one to address sooner rather than later.
The post NY Sports Betting Bill Cozies Ups To Leagues, But Leaves Tribes Wondering appeared first on Play NY.
Las Vegas police have arrested a man accused of robbing a Strip casino back in January. Authorities said that Cameron James Kennedy has been charged in federal court with “interference …
NJ sports betting won’t happen in time for this year’s NCAA tournament, but there’s a real possibility it could be available next season. So what would March Madness look like in New Jersey?
The post March Madness In New Jersey: What Will NJ Sports Betting Look Like in Years to Come? appeared first on Play NJ.
The Pennsylvania Gaming Control Board will try again after failing to draw a single bid at its latest mini-casino auction.
In fact, the board announced last week a subsequent round of Category 4 casino auctions will begin on March 21 after the state’s fifth mini casino license auction ended with no bids received.
According to board procedures the initial round ended when there were no bids at the latest auction. However, state law allows for a subsequent round of auctions if all 10 available licenses are not auctioned off in the initial round.
Now, Category 3 slot machine license holders Valley Forge Casino Resort and Lady Luck Casino Nemacolin will be able to bid. Additionally, they will be able do so alongside all Category 1 and 2 license holders, even if those who have already won a mini casino auction.
Mountainview Thoroughbred Racing Association, LLC, which operates Hollywood Casino at Penn National Race Course, was the high bidder in the first auction Jan. 10. It won with a with a bid of $50,100,000 to build in the Borough of Yoe in York County.
Stadium Casino, LLC, the group in the middle of construction on a second Philadelphia casino, was the high bidder in the second action Jan. 24. It won with a $40,100,005 bid to build a mini-casino in Derry Township in Westmoreland County.
Mount Airy #1, LLC, operator of the Mount Airy Casino Resort, was the high bidder in the third auction Feb. 8. It bid $21,188,888.88 to build in the City of New Castle in Lawrence County.
Finally, Greenwood Gaming and Entertainment Inc., which operates Parx Casino, was the awarded bidder in the fourth auction Feb. 22.
Sands Bethlehem‘s $9.9 million bid to build in Hempfield Township in Mercer County was the highest at auction. However, the board invalidated the bid because it infringed on the 15-mile radius around Mount Airy’s winning bid.
Greenwood Gaming’s $8,111,000 bid to construct a satellite casino in South Newton Township in Cumberland County was the next highest.
The March 9 auction saw no bids put forward.
The subsequent round of auctions will be held in the board’s Office of Hearings and Appeals in Harrisburg. It is located on the second floor of the Strawberry Square Complex adjacent to the food court.
The first auction will begin at 10 a.m. local time March 21.
The board will continue to hold further auctions past this date. However, it will only do so if qualified bids of at least $7.5 million are received.
The schedule of the second round of auctions is as follows:
The board will stream the auctions live on its website.
State lawmakers authorized the issue of up to 10 satellite casino licenses in October 2017. This initiative came as part of a comprehensive gambling expansion package that also included online gambling.
If the subsequent round of auctions runs out of bidders, the process would go to a third and final round of auctions. These would open up bidding to qualified groups outside of Pennsylvania.
Each satellite casino can host up to 750 slot machines and 30 table games.
The post Round Two Of Mini-Casino Auctions Start March 21 appeared first on Play Pennsylvania.
The Pennsylvania Gaming Control Board met to discuss temporary regulations for online gambling, marking another move toward launching iGaming.
The post The Regulatory Tea Leaves Are Lining Up For PA Gambling Expansion appeared first on PA Online Casino News.