News & Updates 14/3/11

Caesar’s Palace WSOP Circuit Event Results

The first March WSOP Circuit tournament has just been completed at Caesar’s Palace in Las Vegas and some aggressive play by New Yorker Brian Ali enabled him to finish the day on top, winning $139,284 in the process.

The main event took three days to complete and moving into the final day the chip leader was Patrick Houchins but Ali pressed almost constantly, gradually knocking the other players out almost single handedly until only he and John Andress remained.  The final hand gave Andress two pairs and Ali a straight and suddenly it was all over. This was how the final nine looked:

The next circuit event is already underway at Harrah’s in San Diego.  Results when they’re available.

Las Vegas Sands Subpoenaed By SEC

Las Vegas Sands, and especially Sheldon Adelson, has been all over the news recently following their quest for world domination via the plans to build casino resorts in Spain, Florida, Japan and who knows where else but the latest news is less welcome.

Las Vegas Sands has been subpoenaed and in fact has already appeared before the Securities

Adelson & Jacobs

and Exchange Commission to answer questions arising from its Macau enterprise.  It will also have to answer questions from the Department of Justice.  Last year, Sands China CEO Steven Jacobs was fired.  He claims he was dismissed because he refused to partake in bribery and other dubious business practices.  Las Vegas Sands claim it was the other way around and that he was fired because he was involved in these practices.

Jacobs subsequently filed a claim for wrongful dismissal and it was this claim which brought to light the bribery engaged in by one or other of the parties.  As a publicly listed company, all this information was included in Sands recently released annual report and as a result share in Sands China Ltd took a southward plunge, dropping more than 6%.

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News & Updates – 4/3/11

Christie Vetoes NJ Gambling Bill

4th March was always D-day as far as the NJ gambling legislation bill was concerned and

Raymond Lesniak

despite all the benefits that the change in law would bring to the financially struggling state, James ‘Chris’ Christie has decided to veto the bill.  It’s also been vetoed with such vehemence that State Senator Raymond Lesniak, who introduced the bill, says he doesn’t believe there’s any chance of it being revived. One could compare this decision to the host the World Cup in Qatar.  All the sensible options were ignored and the most ridiculous one was chosen.  Or the one that seemed ridiculous until you checked the background.

So what happened?  Well firstly it should be noted that the Senate (29-5) and the State Assembly (63-11) voted overwhelmingly for this new bill, so why did Christie feel obliged to ignore the wishes of his democratically elected Senators and Assembly members?  Why did he ignore the massive tax revenue and huge job creation that would have been brought to New Jersey had the bill passed?  Why did he think Atlantic City wouldn’t want their share of the revenue due to that city for being the technological hub for the new network?

Well, he is a Republican but in this case he doesn’t seem to have vetoed gambling as part of

Christie

some puritanical “won’t-somebody-think-of-the-children” screech.  In fact we can probably look no further than the organisation which contributed millions of dollars to Christie’s campaign to run for governor, hired his campaign manager and also sponsored a report Christie commissioned regarding sports betting.  Step forward Caesar’s Entertainment (formerly Harrah’s).

So why would a Nevada casino giant not want another state to legalise gambling, especially when they would have been providing the network hub (and making money) themselves from Atlantic City?  A cynic might suggest that Las Vegas is currently fighting a rearguard battle.  It’s facing competition domestically and internationally and is years behind the curve when it comes to online betting.  It currently appears prepared to do anything to slow down the inevitable creeping legalisation and development that will occur eventually.

Christie also fancies himself as a rising star of the GOP and perhaps he doesn’t want something as unedifying as gambling legalisation being on his CV.

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News & Updates 25/2/11

Live Online Poker A Step Close

888 Holdings, one of the pioneers of online poker and also one of the world’s biggest operators has introduced its Pokercam technology which will allow players at home to play at tables where they can see and hear each other via the use of their own webcams.

It’s unlikely that this will be a popular development with all home players, especially those who value their anonymity and who do not want to be burdened with the extra mental and physical constraints of a live table but those who enjoy the social aspect of poker will love it.

Hili Shakked, 888′s Director of Poker Offering says that the Skype-like technology has been a year in the perfecting and they are extremely pleased with the result.

European Poker Awards Briefing

The 10th Annual European Poker Awards were held at the Queenie Club in Paris recently and a glamorous occasion it was too.  While a couple of the big winners could not be in attendance because of the Pokerstars UK and Ireland Poker Tour happening in Nottingham at the same time there was enough European poker royalty there to make a great occasion.

The big winners were Englishman Jake Cody who scooped both Rookie of the Year and Player of the Year, Englishwoman Liv Boeree for the leading lady and the lifetime award deservedly went to Nic Szeremeta.  Nic, as well as organising this event, was the driving force behind Late Night Poker on TV, a former Secretary of the European Poker Players Association and former editor or Poker Europa magazine, among other achievements.

Italy On The Up

Italy has now firmly established itself, along with the UK, as the European centre of online gambling.  Revenue was more than €60 billion in 2010, 13% higher than 2009 and the recent passing of laws to legalise cash poker and casino games will only help this revenue total in the coming year.

It’s a prescient time for Italy to be making some taxable revenue following the country’s disproportionate suffering in the recent economic crisis.

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News & Updates 21/2/11

Team UB Signing Younger Professionals

Team UB is one of the strongest and best known online poker teams currently on the circuit

Maria Ho of Team UB

today.  They have recently added Prahlad Freidman to their line up along with the re-signing of Eric Baldwin for an additional two years.  Baldwin is currently one of the most successful players on any tour with over $1.4 million in live tournaments alone in 2010.

The acquisitions are a welcome piece of good news for UB as they have recently parted company with poker legends Annie Duke and Phil Hellmuth, two giants of the game who have made UB into one of the most successful online poker rooms in the world.  Cynics may say that UB is looking for a younger line-up these days and that Duke and Hellmuth, although still successful, may be portraying the wrong image.  But that’s just cynics.

UIGEA Law May Have a New Challenger

If it’s February it must be a time for an update to the long running saga regarding gambling in the U.S.A. and the Unlawful Internet Gambling Enforcement Act (UIGEA).  2006 saw an abrupt cessation of business for all online sites operating from inside the U.S. and a significant drop in profits for those global operators who lost huge chunks of their trade when citizens of the greatest democracy on Earth were banned from having an online flutter.  In fact the law was worded in a way which made it illegal for financial institutions (mostly credit card companies)  to transfer funds to online gambling sites.

So that was that.  Recent times however (times of recession) have meant a rethink in some quarters with New Jersey especially at the forefront of efforts to legalise gambling to raise tax revenue for ailing state economies.  An attack from another direction was launched in recent weeks and this one seeks to be reinforced by the governments initiative to act against laws that stifle economic growth. Clearly the UIGEA does this and The Safe and Secure Internet Gambling Initiative has already approached the UIGEA regarding this matter.

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