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MORE KOREAN RESTRICTIONS
South Korean gamers face further restrictions on their disposable income following a proposal by Korean regulators to place limits on Internet cash transactions in an attempt to curb online gambling.
The Korea Times reports that players are already limited to only $290 a month, but players have found ways to
circumvent these limitations. In future, those who make 'large' virtual cash transactions in order to gamble online could be fined up to $20 000 or imprisoned for up to two years under new laws planned by the Ministry of Culture, Sports and Tourism.
The new bill will go before lawmakers for approval this September (2008).
The newspaper claims that Korean lawmakers have turned their attention to online gambling after cracking down on video gambling arcades. Many internet cafes, or 'PC baangs' as they are known in Korea, have been converted into arcades that allow customers to win cash on virtual slot machine games.
There are 17 government-licensed casinos in Korea, but locals are permitted to use only one of them. The casinos generate approximately $500 million in income from over a million visitors to the country per year.
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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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