13 Mar Nevada Gaming Control Board Ponders Wagering Accounts
Nevada Gaming Control Board Chairman AG Burnett is considering amendments towards the board’s laws that could authorize wagering that is prepaid at Nevada casinos.
The Nevada Gaming Control Board (GCB) is calling on the state’s land-based casinos to adapt e-commerce measures to make video gaming more user-friendly.
On August 11, the GCB held a public workshop in Carson City to receive input on possibly changing how slots and table games accept bets in the united kingdom’s gambling capital.
At issue is the GCB’s very own regulations and whether amendments should be implemented to allow casino patrons to gamble utilizing accounts that are prepaid.
According to Nevada Senate Bill 9 passed in 2015 that pressured the GCB to adapt such regulations, the board is considering allowing casinos to implement systems at their tables and machines that offer customers utilizing the option to gamble with funds linked to commitment cards.
Regulation 5 and Regulation 5A are the two tips in question. The former previously barred players from gambling on prepaid accounts, while the later authorized credited accounts for their state’s interactive gaming networks.
The proposed Regulation 5 includes ‘wagering account’ information and principles that are regulatory how the cards would operate. The GCB dictates that the customer desperate to fund a commitment card account would need to first personally register in the casino with photo identification.
‘It would provide patrons what they expect with the ability to fund video gaming from sources they are increasingly more comfortable with,’ GCB Chairman AG Burnett told the Las Vegas Review-Journal.
Practice Made Perfect
Opponents to electronically linked gambling accounts believe the practice shall lead to higher incidences of problem gambling. But the wagering system being considered is far different from simply players that are permitting gamble making use of their debit and credit cards.
In fact, account wagering is already being practiced in Nevada.
As well as interactive online and gaming that is mobile, Nevada sportsbooks presently allow bettors to create prepaid gambling cards.
The state legislature thinks the amendments will interest the technological millennial demographic and bring the Silver State’s gambling enterprises into modern times.
‘ The growth that is continued success of the gaming industry into the State of Nevada varies according to the fostering of a business and regulatory environment that promotes continued advances in the usage of technology in video gaming, which improves the entertainment experience, encourages innovation and supports expansion of the domestic technology sector,’ Senate Bill 9 states.
Though this indicates likely the GCB will soon adapt the prepaid gambling amendments, Burnett said additional time will become necessary before officially executing the modification.
The Nevada Council on Problem Gambling lent its help of prepaid gaming accounts, though with a conditions that are few.
Executive Director Carol O’Hare stated signage that is appropriate the dangers of issue gaming should be prominently displayed in areas where gamblers would refund their electronic accounts. Casinos have long been forced to do just that near cages and ATMs, but O’Hare desires the GCB to simply take measures that are additional.
‘It would seem that in 2016 while you adopt regulations, procedures and rules for wagering accounts . . . some effort that is reasonable be made to align the newest responsible gaming options become consistent with the current stands.’
O’Hare said she looks forward to working because of the GCB on the updated regulations and language that is drafting mandate such problem gambling stipulations.
Six-Year Prison Sentence for Ex-CEO Kennon Whaley in Alabama, Gambled Away $100K in Insurance Funds
Former Alabama metal magnate Kennon Whaley is headed to prison. This week, the Auburn resident was sentenced to 72 months in federal prison, after he was convicted in May for using an insurance payment to cover down over $100,000 in gambling debts.
Former Alabama metal business CEO Kennon Whaley will now see a whole lot of metal of a different kind, after being sentenced to six years behind bars for insurance fraud. Whaley used bankruptcy settlements to spend down gambling debts. (Image: insurancequotesfast.com)
Whaley was when the CEO of Southeastern Stud & Components, A montgomery-based manufacturer of light gauge steel framing services and products. Founded in 1999, the company generated $34 million in revenues in 2005 and used 125 full-time workers.
But following economic collapse in 2007, Whaley filed for Chapter 11 bankruptcy protection in 2009. He received $260,000 in insurance claims, but instead of using it to assist in their business’ transition, Whaley went on a gambling binge.
The now 51-year-old visited the Wynn casino in Las Vegas, where he racked up a debt of $100,000. After utilizing the insurance cash to pay off Wynn, Whaley returned to Vegas again, where he incurred another $20,000 loss.
Chapter 11 provides companies protection from creditors, but the business that is bankrupt reveal all financial transactions. And in addition, Whaley neglected to abide by that condition.
‘ At that right time, Southeastern Stud had been still in bankruptcy and approximately 70 percent of its employees had lost their jobs,’ the United States Attorney’s Office for the center District of Alabama said in a release.
Paper Trail Proves Guilt
Whaley’s lawyer stated during his trial which he was an ‘absentee owner’ that wasn’t conscious of the business’s downturn. But whenever going got tough, Whaley got going with risky maneuvers.
According to court records, Whaley instructed an employee to falsify papers in a make an effort to conceal where in actuality the insurance payments disappeared to.
‘That’s the textbook concept of bankruptcy fraud,’ Assistant US Attorney Brandon Essig stated.
While the Wynn likely wined and dined Whaley on his two high-roller visits, the Strip resort cooperated with authorities to detail Whaley’s criminal activity. Documents from the casino presented his four-day jaunt to Sin City and show a man living the VIP lifestyle while his company was riddled in debt.
The US Great Recession that lasted from 2007 through 2009 presented a hard economy for businesses across the country. The chances were stacked against many small and medium-sized companies, but Whaley went to Las Vegas and found also worse odds for his money.
Ironically, Whaley writes on their LinkedIn profile summary, ‘HARD WORK WINS.
In Good Bad Company
Whaley isn’t the first person to hit the casino floor with illicit funds of late, needless to say.
A ago, former Oklahoma State Senator Rick Brinkley (R-District 34) was convicted of swindling $1.8 million from the Eastern Oklahoma Better Business Bureau to support his gambling habit year.
And month that is just last financial scam artist Andrew Caspersen pled guilty to using a Ponzi scheme to swindle $38 million from investors to fund his gambling addiction.
Atlantic City Casino Income Soars in Borgata Enjoys Record Month july
Atlantic City casino revenue jumped 6.9 percent in July when compared with the month that is same 2015. The city’s eight casinos still in operation taken in $275.2 million, $17.7 million greater than a year earlier.
Atlantic City casino revenues were up at most properties during but Carl Icahn’s Trump Taj Mahal was an exception july. The long-troubled casino will turn off permanently in less than per month following a long struggle with unions. (Image: Heidi Gutman/Getty Images)
The headliner associated with income report may be the Borgata Hotel Casino, which recently became wholly owned by MGM Resorts.
Atlantic City’s most profitable resort had its best month in its 13-year history. With gross revenues totaling $84.8 million in July, Borgata eclipsed its previous record that is monthly took full benefit of the a supplementary weekend and Independence Day holiday.
‘we are very pleased with a record-breaking month,’ Borgata Senior Vice President Joe Lupo told the Associated Press while we expected a good month with five full weekends.
Taj Mahal Trumped
Along with Borgata, four for the other seven casinos that are land-based percentage gains in July. The one that don’t had not been interestingly the Trump Taj Mahal.
The Unite-HERE Local 54 union attack commenced on July 1 over health insurance and pension benefits at the formerly Trump-owned property. More recently bought by the GOP candidate’s billionaire friend Carl Icahn, the casino tallied incomes of just $17.5 million, eight percent less than in 2015.
Icahn says he’ll end the casino’s 26-year run following a Labor Day week-end. Video Gaming officials state the thirty days had been positive, regardless associated with the statement that yet another Atlantic City casino is closing.
‘July had been a solid thirty days, also though several properties faced challenges including a strike by union employees,’ New Jersey Casino Control Commission Chairman Matt Levinson said.
Bally’s (4.8 percent) and Harrah’s (5.2 per cent) were the other two casino properties that posted losses in July.
Table games were the best performers percentage-wise, with a nearly $7.5 million relative boost to $75.7 million. Slots still pulled in the vast majority of casino income per se, nonetheless, with a $182.2 million win.
Year-to-date, Atlantic City casino income is up 1.5 %, and a complete of 3.2 percent when the state’s Internet gaming is factored in.
Online Gambling Strong
The summer that is long of July brought tourists and money to Atlantic City, but on line, the economy was also sunny.
Internet gaming totaled $17,368,984 during July. That’s a 38.6 per cent increase from 2015 and a brand new monthly high for that segment.
Borgata maintained its lead on the five casino operators involved in iGaming, but the gap is closing. Borgata’s online platforms grossed $3,971,138. The Golden Nugget, up 36 per cent in .
The online world gaming market in New Jersey appears to be moving towards equal disbursement. Once dominated by Borgata, final month the smallest stakeholder was Resorts with $3,052,298, a difference of less than $1 million. The Tropicana generated $3.24 million, while Caesars gathered $3.39 million.
Resorts has swiftly become a player that is major New Jersey’s on line gaming sector. Many Thanks to the arrival of its poker network PokerStars, the casino climbed from $558,000 in revenue in July 2015 to $3 million month that is last.
The world’s biggest Internet poker operator hit the Garden State last March after having a long vetting process by this new Jersey Department https://myfreepokies.com/pelican-pete/ of Gaming Enforcement (DGE). It’s currently fighting neck-and-neck with WSOP/888 for the name of New Jersey’s online poker market leader.
Michael Phelps Finishes Olympic Career With 23rd Gold Medal
The one that is great finished. After 23 gold medals, American swimmer Michael Phelps says his racing career is over. (Image: Clive Rose/Getty Images)
Michael Phelps has swum his Olympic that is last race. That is when you believe the athlete that is legendary.
Sixteen years since their very first Olympiad and 28 medals later on, Phelps says the medley that is 4x100m was the last leg in his storied career.
Probably the most decorated Olympian ever, Phelps is adamant in post-race interviews that he’s completed. He said the thing that is same the 2012 London Olympics, but the 31-year-old says this time is different.
‘Done, done, done, and this right time i mean it,’ Phelps told Matt Lauer. ‘I wished to come back and finish my job how I wanted and also this was the cherry on top for the cake.’
With 23 gold medals, Phelps has 14 more than any other Olympian. Their 28 total medals are 10 more than Larisa Latynina’s 18, the second most ornamented Olympic athlete.
History into the Books
Nevada and Las Vegas got in on the game for the Olympics in 2016. For the first time since 2000, sportsbooks offered lines on a number of Olympic disciplines as a result of the Nevada Gaming Control Board amending regulations in 2015.
For the oddsmakers, that meant learning a host of unfamiliar sports. But when it arrived to Phelps and the pool, the decisions were pretty simple.
If you desired to win any substantial money without placing a substantial bet, you would require to go against Phelps.
Phelps won five of the six events he entered. He placed first in the 200m butterfly, 200m medley, 4x100m freestyle, 4x200m freestyle, and 4x100m medley.
He was understandably a favorite that is heavy the books in the Silver State. For instance, the 4×200 freestyle team event was requiring bettors to wager the maximum amount of as $700 on the US for a return of just $100.
The event that is lone did not win, the 100m specific butterfly, had Phelps listed at -140 before the sprint.
Those who bet on Singapore’s Joseph Schooling to win gold had been handsomely rewarded. A $100 bet for a Schooling upset of Phelps came back about $1,000 at most Nevada sportsbooks.
Another swimmer that is americann’t have quite the same success in Brazil as Phelps. Ryan Lochte, A olympic that is 12-time medalist their own right, had a significantly disappointing 2016 Summer Games.
He took part in only two activities, and while he had been section of Phelps’ 4x200m freestyle gold relay group, he failed to medal into the individual 200m medley.
Things only got even worse following a conclusion regarding the swimming competition. Within the weekend, Lochte and teammates that are several robbed at gunpoint by thugs in Rio de Janeiro.
‘We got pulled over in our taxi and these guys arrived out with a badge, an authorities badge. No lights, no nothing, just a police badge. They pulled us over, they pulled out their firearms,’ Lochte told NBC.
‘And then the guy pulled out his weapon, he cocked it, put it to my forehead in which he stated, ‘Get down,’ and I put my hands up . . . He took our money, he took my wallet.’
Rio happens to be riddled with controversy in its hosting and preparation of the 2016 Olympics. With six days to get until shutting ceremonies, Lochte’s run-in with street criminals will have everybody on an also greater alert.