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NSW GOVT LOSES A$14 MILLION A YEAR TO INTERNET BETTING
The New South Wales government in Australia has been urged to seriously consider a restrained form of licensed and regulated online gambling as a step forward in keeping up with gambling trends, reports the Sydney Morning Herald this week. The newspaper was reporting on suggestions made to the NSW leaders by Alan Cameron, a former chairman of the Australian Securities and Investments Commission.
The call was made in a report on overhauling the betting and racing industry, which has fallen with the rise of internet betting. Boston Consulting Group estimated the NSW government was losing A$14 million a year in gambling tax revenue due to Internet gambling, and the racing industry a possible A$27 million. But against a backdrop of dangerous gambling, the report warns the Rees Government to act with caution so as not to offend "good taste or community expectations".
Allowing betting on the outcome of court cases or sporting tribunal hearings should not be considered, for example.
Cameron advises the government to give a newly constituted Casino, Liquor & Gaming Control Authority the power to select events for betting, "....including political elections and reality television programs". It also calls for a national overhaul of the betting industry to deal with the inroads made by Internet betting.
The veteran businessman wants online betting exchanges such as Betfair, whose Australian operations are part-owned by James Packer, to be allowed to operate in NSW, even though it has been criticised for its limited contribution to the racing industry.
Cameron was tasked with the review a year ago after the Herald disclosed that the then premier, Morris Iemma, had intervened to clear the way for Betfair's entry into NSW. Betfair succeeded in challenging advertising bans in legal action with the West Australian Government, which has opened the door for it to expand its operations.
"It is becoming increasingly problematic for any state to try operating independently with the entry of corporate bookmakers and the cross-border 'leaking' of revenue," the Gaming and Racing Minister, Kevin Greene, said when making the Cameron review recommendation public this week.
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Gambling News :
Phil Ivey Loses Borgata Casino -
Phil Ivey has lost in his four-year legal tussle with the Borgata over baccarat winnings; on Friday a US federal judge ruled that he and a companion violated New Jersey state gambling regulations in the manner in which they won nearly $10 million playing at the Atlantic City casino.
NYX Gaming in deal with Endemol -
"Endemol Shine’s IP will be a strong addition to the NYX portfolio of content and we look forward to working together to bring additional instantly recognizable brands to market.”
NEW CAMBODIAN GAMBLING LAWS -
After more than two years of debate and drafting, Cambodia may be closing in on final agreement regarding its proposed gambling law changes.
Playtech Acquires ECM Systems -
Online gambling soiftware provider Playtech plc has announced the acquisition of a ninety percent stake in UK bingo software developer ECM Systems for a consideration of GBP 14.9 million.
Marks and Spencer store Manager steals to Gamblie Online -
The Cambridge News reports that a 28-year-old manager of a Marks and Spencer store, Martin Trenor, has been jailed for three years for stealing GBP 254,538.11 in shop takings over the course of a year and spending it almost immediately at online gambling websites.
Chinese Gambling crackdown could damage high roller revenue -
Fast-moving events this week have seen Australian media reports quoting hundreds of millions of dollars wagered by Chinese high rollers in Aussie land casinos, offset to some extent by Crown claims that this whale gambler" demographic generates only 12 percent of turnover.
EvenBet Open Face Chinese Poker -
Open Face Chinese Poker online games provider EvenBet has reported that its Open Face Chinese Poker product is gaining traction with games recently integrated for desktop action at the Malta-licensed operational site Poker Grant.
2016 EPT Malta -
The European Poker Tour is off to a good start in Malta, with German pro Dietrich Fast claiming a well-earned Euro 174,000 main prize in the Euro 10,000 buy-in Single-Entry Rebuy event.
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