As we roll full steam ahead in the prime sports betting season so does the news. Another great week for news in an industry primed to be entertaining.
The legal gaming industry is bringing in big money and big taxes which is attracting the states and therefore legitimacy. The prior illegal gaming entities such as the maffia domestically and abroad have been making the transition into legal gaming. I believe this is shaping up to be the most entertaining industry of all-time. Yes, I said it…THE GOAT. And the reason I say this is due to an experience with some Las Vegas casino whales and managers on a country club driving range once.
The gamesmanship is off the charts. Team blind draws that are rigged, one guy, driving the course ahead of time to move the par 3 markers to yardage perfect for him just to name a few. This is what we are beginning to see in the industry such as the story we listed a few weeks back about a company the Italian mob owns in Europe ripping off the state of Oregan on a gambling technology deal.
This week we have the UK’s highest-paid boss hitting a $300 million-plus jackpot, the US’s former AG Whitaker reiterating the Wire Act wasn’t corrupt, Casino Royal type news in Indonesia plus a few more tidbits.
Casino Royale: Regional Heads Caught With Overseas Gambling Accounts
The name is Widodo, President Jack Widodo but call me “Jokowi”. President Jokowi condemned regional heads of Indonesia for owning high roller accounts in casinos abroad bringing up obvious suspicions of money laundering. This is a ploy to make the money being laundered look like casinos winnings. Gambling is illegal in Indonesia but not if you do it abroad. In total there was about $3.6 million in the account.
https://jakartaglobe.id/news/casino-royale-regional-heads-caught-with-overseas-gambling-accounts
Wire Act Reinterpretation Was Not ‘Corrupted’, Mathew Whitaker Says
Whitaker has strongly denied last Friday he had any influence over the recent reinterpretation law on the Wire Act. New Jersey’s Gurbir Grewal and Pennsylvania’s Josh Shapiro challenge the Justice Departments’ reinterpretation of the law and claim the Wire Act threatens jobs and state tax revenues generated by state lottery sales and online gambling.
https://dentondaily.com/wire-act-reinterpretation-was-not-corrupted-matthew-whitaker-says/
Bet 365: UK’s Best Paid Boss Hits $323 Million Jackpot:
Denise Coates owns Bet365, she bought it in 2000 because she saw the future of online gambling. Now she gets to pay herself a $300 million pound salary. Bet365 made roughly $800 million pounds in revenue this year up from $660 last year and paid $93 million pounds in dividends, half of which went to her. One of the biggest criticisms of Bet365 is they promote child gambling. Probably just noise from the haters.
https://www.bbc.com/news/business-50834994
TIDBITS:
- Fanduel gets the green light for the online racebook in Massachusetts and California.
- The SEC has stepped into a gambling arena under “Investment Contract” violations.
- Court battle over questionably legal “skill game” machines especially in bars.
- Joe Biden says the federal government and the states should ‘cooperate’ on sports betting, gambling.
- Michigan nears the finish line to legal gambling.
Just like last week, we are always excited to bring you gambling news that will help you understand the industry. There isn’t much time for the BS, we try to give you the real deal info.
