Online Gambling Reviews

As times get tougher and gamblers tighten the hold on their wallets, Vegas is going to continue to lose players to online gambling sites. Some might feel that since the recession has hit so many people that gambling will slow down. As a whole it has not, but what it has done is shift business. According to sources, Las Vegas has been reporting serious declines in patronage to the gambling capital. In an attempt to earn business, the hotels and resorts have begun slashing the cost for rooms and even offering added bonuses such as food and other perks to motivate consumers. Thus far, gambling in Vegas has dropped by seventeen percent over the summer and is continuing to fall.

Where have the gamblers gone if they are still spending money? The answer is that they have turned to Internet sites for their gambling needs. The idea is that if the gambler were planning to go on a trip to Vegas they would have to spend on food, lodging and transportation, all of which take away from what they can spend in the casino. Not only can gamblers save on the superfluous things, but they can also enjoy the same selection of games as they would have in a traditional casino and in some cases an even greater assortment of styles and titles.

Vegas has not given up. Local officials have been discussing what they describe as huge plans to earn the business back from consumers. Only time will tell if they can lure clients from the comfort of their own home back to the glitz and glamour of Las Vegas.

Although we are coming into the slower part of the year when most people slow down their spending, PartyGaming is reporting that their online casinos are doing remarkably well, noting revenue increases. This growth is being attributed to the higher number of games at the fingertips of the players on their main site Party Casino. In fact, all of the games that this firm offers have shown an increase in revenue, aside from poker, which historically slows down with the change of season and has overwhelming competition from United States based competitors. Sports revenues have slipped slightly as well due to the end of the European football season. According to sources, PartyGaming is not the only firm seeing sports revenue decline; it is a trend that shows across the board.

PartyGaming CEO is reported as saying that despite the economic issues that many around the world are facing, their firm is consistently seeing revenue increases in the double digits. He went on to say that he is very pleased that the seeds they planted years ago are finally starting to grow and bear fruit. The firm is also enjoying a share increase of over two percent in the recent months reinforcing the validity of what the Chief Executive Officer says.

It has recently been reported that Gala Coral, one of the larger gaming groups, could be dismantled and sold off in its pieces to generate revenue for the business owners of this private firm. The reason for this restructuring is the need for cash in order to pay off the massive debt, which the company has accumulated over the recent years. The deadlines are approaching quickly and owners are under the gun to get cash to their creditors. It is reported that the owners, Candover, Cinven and Permira, owe an estimated £80,000,000 to an assortment of vendors due this year and another £150,000,000 due next year.

How much does Gala Coral owe in total? It is estimated that the firm owes a total of £2.7 billion. Although the Royal Bank of Scotland has very little to lose on the company they do play a crucial role since it is the agent for the majority of the firm’s main creditors. Lucky for Gala Coral, they have chosen to hire on the investment bank Lazard to take care of the formulation and execution of their restructuring which will include such ideas as debt-for-equity swaps.

According to reports, Gala Coral is not looking at selling off their assets or to break the group apart since they have £2 million on the balance sheet and have no desire to gain an equity injection. Looking out for their own interests, the Royal Bank of Scotland has sought after investors that would be looking to invest in the Gala Coral’s betting shops, casinos, Internet interests or even purchase a stake in the company as a whole. The Royal Bank simply feels that Gala Coral has to be willing to look at all options with regard to raising cash so that they can start settling the large amounts of debt they have.

Reports have been made of potential investors willing to plunk down upwards of £250 million for a non-controlling stake in the firm. This is good for not only Gala Coral but for the investors since the liability for the debt would not transfer to the investors. The Observer has also reported that as recently as the past year, £125 million was given to the firm by three different backers as a sort of rescue effort to help them refinance their operation. Since the money was given, all three investors have reported that their investments are now valued at zero. According to independent sources, the Gala Coral Company’s buyout debt is basically trading severely decreased amounts in the secondary market. This information is not lost on potential investors, but if history teaches us anything, someone will take a big chance on Gala Coral with the hopes of hitting it big with a huge payoff.

A court of appeals in America, a country with a ban on internet gambling, just recently upheld that ban. Strangely enough, the appellate court may have actually set up some of the US states to have more influence on policy than ever before. This all stems from a third circuit US Appellate court denying a claim from a company named Interactive Media Entertainment and Gaming association that stated that the current law is unconstitutional and that it infringes on the privacy rights.

The timing of this case is impeccable, as the Justice Department currently faces the prospect of a few Congressmen attempting to actually take steps towards having the ban laws overturned, citing that in this tough economic time the revenue that could be generated by internet gambling is enormous. One congressman was reported to have said that they are very disappointed that the court did not overturn the law, but they have now have a ton of useful information to utilize moving forward.

According to documents, the court has stated that the act does not explicitly state that any particular type of gambling is illegal. The court goes on to say that Interactive’s actions can be considered unlawful only if the states where the bettor resides would treat the bet in question as illegal. There are currently only six states that cite Internet gambling would go against the law and in the other 44 states there is still a chance to make it so Internet gambling is regulated and legal. Internet gambling sites are nervous to go forward and test the system as authorities in the United States have become even stricter about enforcing gambling violations and go so far as to freeze bank accounts belonging to thousands of internet poker players. A few months ago a court actually seized over one hundred websites that they claim were operating illegally.

There are many arguments against online gambling with the major one being the influence that it can have on children. While this may be a valid point, advocates of Internet gambling say that the laws are too vague to keep it illegal. The American Gaming Association is stuck in the middle with no agreement amongst their members about which of the many options to look at and employ. Most recently, Senator Barney Frank has tried to push legislation to overturn the ban so that it can be legal and regulated so that the government can benefit from the huge tax revenue and be able to protect the consumers that participate. Only time will tell if that will be successful and we will keep watching.

Australia is working on developing a new approach to online gambling in order to take a chunk of the $634,000,000 that native Australians spend on online gambling sites that are based all over the world. These sites are not controlled in any way by the Australian government which means that there is no money from the residents going back into the country. As the laws stand right now the country is allowed to run online gambling operations with regard to horse racing and similar sports but cannot currently run traditional casino games like poker, roulette and blackjack.

According to the Financial Times, a statement from the Australian Commission on Productivity released said that they are concerned about online gambling due to a number of drawbacks. The fact that online gaming is available 24 hours a day allows people to bet money from credit cards, holds no betting limit size, has limited ability to monitor the activities of the gamblers including underage gambling, all leaving the governing body open to problems. On the positive side of the argument, the Australian government taking part in this activity will increase not only the competitive nature of the industry but will also provide additional, much needed, tax revenue.

At 73 years of age, the creator of the Stanley Leisure Group chain has passed away. Lord Steinberg started a small, unlicensed betting shop in the back of a run down milk shop in Belfast many years ago, and eventually grew it into an empire. Steinberg, who was born in Belfast to a family of immigrants, was not unaccustomed to tragedy and friction. As his success grew so did the attention that was put on him. Steinberg was shot five times while he was in his forties as part of a push from the IRA to eliminate economic targets.

Doing what he could to avoid further injury, Steinberg moved to Manchester to work on the growth of his betting shops and gaming casinos and expanded his reach as far as Birmingham. The next step was to tackle the stock exchange in 1986, which ultimately led to the sale of the company to a couple of different casino investment companies.

Steinberg was not only big in the gaming business but he also liked to put a lot of his time into Jewish and even non-Jewish causes. He was a leader in groups such as the Manchester Jewish Federation and did much good handling at least one thousand hardship cases at a given time. He not only donated a lot of his time but also much of his wealth. He made numerous party contributions and even became the deputy treasurer of the conservative party in 1999. Steinberg died in London in early November but his memory will live on forever in the hearts of the many that he touched over his 73 years of life.

Since Internet gambling is currently not legal in the United States, individuals hoping to bring it about will have to gain massive support from current traditional gambling companies. To help accomplish this, New Jersey representative Robert Menendez is presenting a bill that would make games like poker, chess and backgammon, also called games of skill untouchable by legislation. This is done as a follow-up to a plan that was put up previously by Barney Frank, the house committee chair.

The Financial Times has pointed out that even if certain procedures create a slowing effect on the plans that ultimately the decision of any Internet gambling law rests on the shoulders of the majority leader Harry Reid. Without the consent of Reid, nothing will pass. Since it is widely accepted that Reid is crucial to any Internet gambling law passing, the hopes are to educate him on the benefits of online gambling in the Untied States and to quash any concerns about the stated risks.

Another huge part of this debate is the traditional offline gambling industry leaders. Harrah’s and MGM are on board with the concept of Internet gambling, stating that they are excited to break into a new part of the industry that they had no access to previously, while other leaders such as Wynn and others are dead set against it claiming that it will destroy their piece of the industry that they have fought tooth and nail for. This is a topic that is in hot debate right now and is showing no signs of slowing. There is a lot of money to be made by some and lost by others and nobody is going to go down without a fight.

Many people have heard of NetPlay TV but few have heard that the gaming company, known for its interactive television platform, now controls the largest and most influential gaming businesses and the industry. According to ProActive Investors, they looked at NetPlay and decided that they will go ahead with the development of gaming on mobile electronics as well gambling over the television. According to reports from partners such as Turner Media, STV, Five and even Virgin media, there is no limit to the growth potential of this market.

Always looking to expand, this company is quickly assessing the available broadcasting options in front of them and are really focusing on supercasino.com, bingo quizzes and draw games, in addition to a number of other formats that have not been tapped into yet. Though the company is holding many of their future plans close to the vest, they did say that there are a couple of things they are working on that will make some of the more popular games usable on products like cellular phones and even personal digital assistants.

ProActive feels that their move into this new direction will take the technology into a new era and that they will easily solidify their position as the industry leader as they continue to expand into uncharted territory.