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Adelson on Bloomberg's business TV channels

Friday May 9,2014 :  ADELSON HOLDS FORTH IN BLOOMBERG T.V. INTERVIEW
 
But can he really be so ill-informed on internet gambling?
 
Land casino mogul Sheldon Adelson took his jihad against US online gambling to Bloomberg's business TV channels this week in an interview with Betty Liu which showed either a deliberate or ill-informed disregard for the facts.
 
Our thought the ninth wealthiest man in America came over as somewhat overbearing and even arrogant, bolstered by a confidence that has admittedly been earned by the outstanding success of his land business ventures under the Las Vegas Sands banner.
 
Readers can judge for themselves by viewing the vid here:
 
http://www.bloomberg.com/video/adelson-no-reason-exists-for-online-gambling-Fn5ejASFSWOLW5UydR9m8Q.html
 
Among the points he made that jarred:
 
* Perhaps unintentionally, he gave the snobbish impression that internet gambling was in his opinion for the "poor... working class... middle class - unfortunate people" and that his land casinos attract a better-off class of gambler. That sort of hubris does not sit well. Furthermore it's simply not true in a general sense, taking into account the numerous independent surveys that show the preponderance of well-educated young punters in the professions who entertain themselves online, and the considerable sums of money that are reflected in high stakes poker games and progressive slots online.
 
* His boast that his enterprises are larger than all the other land gambling operators combined may be true but create a perception of a braggart.
 
* One of the central themes of the Adelson jihad against online gambling is his questionable claim that the genre facilitates money laundering, and sure enough he used this one in the interview, along with his "casino in every pocket" throwaway. That criticism reeks of hypocrisy when the news that his company paid a $47 million settlement to end an investigation into money laundering claims at his Venetian property in Las Vegas is still fresh. It has similar echoes of hypocrisy to his company's involvement in online wagering on horse racing.
 
* Adelson also made the startling assertion that regulation was absent in online gambling, whilst his land enterprises are licensed in several jurisdictions. It is difficult to believe that a successful businessman like Adelson is not well enough briefed to know that online gambling is well and successfully regulated in a number of international jurisdictions across Europe, and in three states in the USA renowned for strict requirements.
 
* His claim that the technology to exclude under-age and problem gamblers is inadequate, and that he can better vet and track players in his land-based establishments is also arguable.
 
* Adelson claims that he is not motivated in his fight against online gambling by protectionism for his land based casinos, saying that internet players are not his sort of market. That undermines the already debunked arguments from other anti-online gambling bodies that internet gambling cannibalises land casino revenues.
 
Adelson was at least modest in answering Liu's question on whether he is a good blackjack player (he admits he is not).
 
He reiterated in the interview his intent to spend "whatever it takes" to outlaw US online gambling; that has repeatedly been backed by media reports on his hiring of politicians and lobbyists, along with the funding of the Coalition to Stop Internet Gambling.
 
Asked by Liu how much he has spent so far on his tilt at the online gambling windmill, Adelson flatly declined to respond.

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Ladbrokes Appoints Annemarie Durbin - Durbin, a qualified lawyer with over two decades of international banking experience, will also take up membership of the Audit, Remuneration, Social Responsibility and Nomination Committees with effect from March 1, 2017.

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Divine Fortune SLot Launches - NetEnt has launched a new local jackpot title “Divine Fortune”, a five-reel, 3-row, twenty-fixed line video slot themed on ancient Greece and a world of mythical creatures, legendary riches, and golden coins.

BetatHome profit guidance for the 2016 financial year - bet-at-home.com AG has lifted its profit guidance for the 2016 financial year following what it terms a “supremely positive business development in the fourth quarter”.

Aussie Millions $1,150 buy-in No-limit Hold’em Accumulator Results - In the latest Aussie Millions event - the A$1,150 buy-in No-limit Hold’em Accumulator, local poker pro Bridges Roe prevailed against a field of 721 to claim the main prize of A$160,725, despite starting the final day at the bottom of the chip counts.

2 Huge Wins at Bovada Casino - Paul D. from Boston, MA, scored really big, earning $808,529.80 playing the Food Fight progressive jackpot slot on the Bovada online casino on a wager of $11.25. Unfortunately Bovada's press release does not give any further details.

China Internet Clean Up Campaigns - The advisory revealed that the current drive will run through to the end of March 2018, and that online gambling and other inappropriate or unacceptable content must be blocked because:

AOPA to campaign for poker to be left alone - The threat that amendments to the federal Australian Interactive Gaming Act aimed at stopping in-play action could spill over into an online poker ban has motivated Aussie players to form an action group in support of the game.

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