Flawed Columbian Online Gambling Law Enforced

The online gambling industry has many challenges when it comes to the massive number of regulated jurisdictions that it must navigate to remain compliant and profitable. The honest operators are keeping the reputation of internet betting respectable in the public’s eye allowing for its growth and acceptance.

There are jurisdictions and market areas on the planet that online gambling operators have been having difficulty gaining traction in. The Asian market is an especially difficult market to crack for example and the Latin American internet betting market is also not an easy job. A recent post proclaiming that the country of Colombia had blocked 325 unlicensed online gambling web domains after operators were not paying the required fees reveals the other side of the coin.

Online gambling operators are being irresponsible to do this and the South American country has other issues it needs to deal with. Last October the lawmakers legalized online gambling, at a high cost to operators. A high licensing fee and almost 20 percent tax on revenue has left most operators opting to continue offering their products from offshore headquarters. Coljuegos, Columbia’s gambling regulator created an online gambling blacklist comprised of 325 prohibited websites. The list of domains includes some well known internet betting firms, including  PokerStars, Betfair, Paddy Power, and Ladbrokes, among others.

It is as if the Columbian government set itself up for failure with the punitive online gambling laws it enacted recently. The CEO of the Remote Gambling Association Clive Hawkswood, was quoted as saying back then, “All of those things add cost to entering a market that we don’t know whether is going to be viable,”

Colombia was one of the first Latin American countries to approve legislation for the online gambling industry.  Although leading the way the country has created a flawed system that now requires harsh treatment to enforce.

 

Related news

Binary Options EZTrader & Tottenham FC Part Ways

There are many comparisons done between online gambling and investing in the stock market and it is certain there are aspects that are similar. Recently the EZTrader was once considered to be a pioneer in the binary options industry founded in 2008 hit a snag in its development and acceptance.  The company invests heavily in sponsorships to attract potential investors. The company also invests in maintaining an effective customer support system with live chat and constant loyalty bonus offers. The firm sponsors Italy’s A.S. Roma football club, England’s Tottenham football club and Liverpool’s Grand National horse racing, which has changed since last November, when the US Secretaries and Exchange Commission ordered EZTrader to pay more than $17 million (€16 million) for misleading investors into trading binary options online before January 2014.

The Tottenham Hotspurs English Premier League football club has terminated its sponsorship deal with binary options company EZTrader 18 months prior of the pre-designated expiration date. The Hotspurs has removed all EZTrader data from its website, although the club has not disclosed the reasons behind the dissolving of the deal. The two-year partnership with EZTrader was expected to continue through to the end of the 2017-18 football season. Online gambling is for the most part safe and secure when using regulated legal online betting domains but the is controversy involving the inclusion of binary options trading. Traffic to EZTrader.com in the past few months has slowed considerably with the traffic now about 6 times less than in October 2016. Loosing respectability causes the same problems for online gambling operators as the binary options industry.

Looking into the company a customer may find that EZtrader has over-simplified the trading of binary options. There is a growing number of fines and warnings from regulators and complaints from their clients associated with this company.  

 

Related news

New German Legislation Fights Corruption in Sport

Integrity is the cornerstone of sporting events and betting on sports completely depends on the games being fair and secure. The Integrity body ESSA revealed in February of 2017 that it reported 130 cases of suspicious betting activity during 2016, with tennis the main sport raising concerns.  Geographically Europe attracted the most reports to ESSA with 71 cases put forward in the 12-month period, 45 related  to tennis, while Asia had 24 reported cases.

Mike O’Kane, ESSA chairman said last month, “The figures show that the dangers from the misuse of insider information and match-fixing persist for betting operators.” O’Kane continued, “ESSA will continue to be an ardent and vocal supporter of responsible regulated operators and utilise our alert system to protect our growing list of members, consumers and sports from betting related corruption.”

Efforts are being made in many parts of Europe to stem the corruption tide. Germany for example has just passed legislation aimed at curbing match fixing and betting fraud. Germany’s lower house of parliament voted to step up regulations making it a crime to conspire to corrupt sporting events.  Players, coaches, referees and others involved in organized sports now face up to three years in prison if caught fixing matches. More serious situations subject to the discretion court perpetrators could face as many as seven years in prison.

The German Justice Minister Heiko Maas, commented in a statement, “Because other measures have not worked, we have to confront such methods with the instruments available through criminal law. In this way we will ensure that sports stand only for that which makes them so special; integrity and fair competition.”

German Football League president Reinhard Raubal commented, “This law is an important building block in efforts to protect the integrity of sports.” adding, “Football too will continue to do everything it can to combat betting fraud and match fixing.”

 

 

Related news

Daily Fantasy Sports Betting Now Legal In Mississippi

The year 2017 is rapidly advancing with the first quarter almost done and internet betting showing strong growth all over the world. The law in some places is finally catching up with the public demand for safe and regulated online wagering. The newest jurisdiction to legalize daily fantasy sports is the State of Mississippi USA where the final hurdle for the legislation was met when Mississippi’s Governor Phil Bryant officially signed House Bill 967 this week.

The Mississippi Gaming Commission will now have the authority to regulate and license Fantasy Sports events online and off. State regulators will be issuing licenses to daily fantasy sports operators. Many expect DFS operators such as DraftKings, FanDuel, FantasyDraft, and Yahoo to apply for a license in Mississippi, costing an operator a meager $5,000 for three years.

Some rules apply to the license requirements such as checks and annual audits on daily fantasy sports operators with revenues from the firms required to pay an eight percent tax. An age restriction of eighteen years minimum for participants and a prohibition is placed on employee engagement in the activity.

Attorney General Jim Hood determined fantasy sports was a game of chance opening the door for legislation regarding daily fantasy sports betting in Mississippi also known as "The Magnolia State" and the "The Hospitality State. " The three million people in the State will welcome the additional revenue from online daily fantasy sports.  The revenue deficient state is expecting a $5 million annual return in taxes from Daily Fantasy Sports. It has been suggested that this amount is a overestimation of the possible returns but as proponents of the move say five million is better than no money at all. Texas is the next jurisdiction to complete debates on regulating daily fantasy sports betting which is expected to happen this year.

 

 

 

Related news

Online Poker Bots Winning The Game

Online gambling has come a long way in the relatively few years it has been available and the invention of robots has invaded the play process in ways that remain a mystery for some participants. Artificial intelligence has already conquered the human at chess when in 1997, a chess-playing computer developed by IBM, beat world chess champion Gary Kasparov, over six games: two games to one and six draws. This may have been a wakeup call for those indulgent online gambling players who thought they could outplay a machine at poker which at the time was correct.

Poker, after all is a game of imperfect information, and that makes it much harder for artificial intelligence to beat. Bots have an advantage over the average gambler, which is demonstrated as they use complex algorithms to search the wagering markets for stray odds. They search the financial markets looking for opportunities and mistakes of bookmakers which are linked directly into betting exchanges. These bots place bets without emotion and consistently faster in larger quantities than people can.  The existence of bots in online poker is alarming for some gamblers.  Poker is a zero sum game, which means when the bots beat us they take our money. Online poker operators stay vigilant using algorithms that detect bot involvement in poker games online. There are players who have installed sophisticated artificial intelligent robots to mimic real poker players and take advantage of those who can’t keep up with the stamina of a machine playing cards. Online poker bots are most commonly found playing in volume at low stakes ring games or tournaments, where they are most likely to have an advantage. Recently the MIT AI poker bot called Libratus played thousands of games of heads-up, no-limit Texas hold’em against a group of top professional poker players at Rivers Casino in Pittsburgh and it beat all of them.

 

 

Related news

Formula One Racing Betting Begins Now

There is racing and then here is gambling on racing. There are dog races and horse races and of course the ever popular motor racing. There are various types of motor racing such as drag racing, stock car racing, motorcycle racing, and the one that many fans consider the ultimate in motor racing Formula One.  

Formula One racing is one of the most glamorous and colourful of the motor racing sports and it certainly is one of the most costly to participate in. Coming up fast is this year’s  2017 Formula 1 Rolex Australian Grand Prix scheduled for 26 March 2017 in Melbourne. The Melbourne Grand Prix Circuit will test the drivers and machines for over fifty-eight laps for the first round of the 2017 FIA Formula One World Championship. The current Formula One World Champion, Nico Rosberg the winner of last year’s 2016 race in a Mercedes retired leaving the championship unguarded this year, the first time since 1994. Teams and drivers are scheduled to compete in twenty Grand Prix beginning in Australia on 26 March and ending in Abu Dhabi on 26 November for the World Drivers' and World Constructors' championships.

With the technical regulations undergoing a revision for the 2017 season, the FIA requested that every circuit on the calendar undergo revisions to update safety features. Organisers of the race introduced Techpro barriers to the run-off areas at the fastest points of the circuit, and re-profiled tire barriers.

Following each race and the outcomes is readily available online with extensive coverage of all aspects of the teams, the machines the circuits and other factors all contribute to the excitement of the final Championship outcome in November. Betting on the teams and the drivers for the duration can be rewarding from many angles. There are many online sports books that offer good odds with Lewis Hamilton in the Mercedes team leading the pack of favourites with Sebastian Vettel just behind him with his Ferrari team.

 

Related news

NRL Still Confident in Sports Betting Industry

In most successful business the potential is realized by forming partnerships with experts in the field. The internet betting industry depends on cooperation and affiliates to maintain momentum and traction. Supporting sports teams and sporting events has been something that online gambling operators have taken seriously creating a respectable image for the industry through advertizing. The clean image projected by online sports betting operators is being defended by Australia’s top rugby league competition the National Rugby League.  The league’s official betting partner Sportsbet signed an AUS$60 million ($46 million / €44 million) deal with the NRL in 2016 revealing the terms of the deal, the NRL receives a percentage of turnover from the operator.  

The recent match-fixing scandal initiated by New South Wales police claims Wests Tigers centre Tim Simona illegally placed bets on NRL games last year.

An argument that has been used before is voiced by Todd Greenberg, the NRL’s chief executive, who said integrity in sports can best be done by liaising with the betting industry. During an interview with ABC News 24 Greenberg said, "There is a really strong balance here," adding, "I made some strong comments last year you'll remember about anyone involved in match-fixing or gambling inside the game against the rules will face life bans and I stand by that because that really cuts to the absolute core of the integrity of the sport. For you and I to turn up every week to watch that contest, we need to know that's pure. Anyone who gets in the way of that will absolutely not be welcome back.

"But we do have to find a balance because people, particularly in this country, they love to have a bet. And we're not going to get away from that. So whether or not we have branding or not, people are still going to be looking to have a wager on the game.”

 

Related news

Skill Based Online Betting Available Knowledge

The name of the game on the internet is a constant search for something new and exciting. The age of information has awakened a major issue for anyone interested in knowing more about just about everything. The ability to research before a purchase or decision or bet is a valuable commodity with massive benefit for the consumer. The resources that deal with online gambling and all of its aspects can take lots of time to access but when weighing the difference between betting blind and making skillful wagers the time spent learning about casinos and online games for money usually pays off.

The time people spend on slot machines knowing that it is trusted random generated numbers and more luck than skill takes the pressure off which makes the experience fun while anticipating a possible win. The skill games such as poker are those based on tournament outcomes. Players wager real money and winners are paid a percentage of the prize pool based on their final tournament standing. A level playing field is created so players compete against opponents with a similar ranking based on win ratio, score averages and other components for specific games.

There are many types of online gambling which can be complicated or simple all requiring one important smart move called responsibility. The access to information about every game and casino including the bonuses reviews and how to play is useful only if the punter uses the services of honest web portals.

Making money at online gambling isn’t as easy as some people imagine it is possible but requires lots of skill and a determined effort to learn more. Games of chance may have some skill, and games of skill may have some chance.

 

 

 

Related news

Former Amaya CEO Baazov Lets Go Of Seven Million AYA Shares

Amaya Gaming headquartered in Quebec Canada has one interesting past which continues to disrupt many conversations relating to the online gambling industry. A few months ago late in December of 2016 the former CEO of the big internet betting business David Baazov dropped his bid for the company at $24-a-share. “The best course of action for me and Amaya would be for me to end my attempt to purchase the company,” Mr. Baazov said in a release then which caused a reduction in the stock price at the time as uncertainty spiked about the ability of Mr. Baazov to deliver on his proposal. The company  had shareholder the SpringOwl Asset Management LLC, a New York-based hedge fund, voicing public disapproval of the “significantly undervalued” bid by Mr. Baazov.  “Consistent with Mr. Baazov’s time as CEO of the company, his proposal lacks transparency,” wrote Jason Ader, CEO of SpringOwl and owner of more than a million shares.

Fromer CEO Baazov has been stepping farther away from the company by the week and a recent revelation he has just let go of seven million common shares in the company for C$133 million (€93.6 million/US$98.6 million) doesn’t surprise anyone. At this time Baazov has only around 17.6 million common shares, representing 12.1% of issued and outstanding Amaya Gaming common stock. Amaya has amended the applicable credit agreement and repriced the first lien term loans saving the company approximately 13%, or $15.4 million, of interest expense on the loans annually.

Vice-president, of finance and capital markets for Amaya, Kimberly Fitzgerald commented, “The successful completion of this transaction underscores the strength of our current business and operations, as well as the continued support of our existing lenders and interest of new lenders.” Fitzgerald added, “The transaction will help reduce our currency risk, lower our interest expense, and accelerate the payment of the remaining amounts owed on our deferred payment obligation.”

 

Related news

Institute for Liberty Calls Online Gambling Ban 'Cronyism'

Gambling in America is big business that has been dealing with the introduction of online betting since it became popular and available. The history of online gambling in the USA has been a rocky one with legal issues containing its expansion in the many jurisdictions in the States.

An ongoing argument that has focused on opposition to the use of the internet for wagering has made little traction in Congress where the Restoration of America’s Wire Act keeps coming up as an issue for politicians to debate.

Leading the anti online gambling charge Sheldon Adelson refers to online gambling as a scourge ruining the country and addicting youth to the ‘unhealthy’ activity. However the Conservative Political Action Conference recently held a poll regarding the issue which revealed efforts by Sheldon Adelson to ban online gambling at the federal level are highly unpopular. The Institute for Liberty whose mission is keeping government “from unnecessarily interfering in the daily lives of America’s entrepreneurs” recently released information gathered at the high profile conservative event.  Participants responded to a few questions about online gambling and as many as 90 percent of those who answered the poll said they oppose efforts to ban state-regulated gambling. About the same number agreed that legislation to that end — the Restoration of America’s Wire Act — “is a violation of the Tenth Amendment and an example of crony capitalism.”

Andrew Langer, the President of the Institute for Liberty commented, “Conservatives see RAWA for what it is – one of the worst forms of crony capitalism in Congress today.  RAWA is nothing short of an effort by one of the richest men in the world to ban a form of competition for his brick and mortar casino empire – and everyone knows it,” Langer continued.  “Worse yet, he is even willing to trample on the Constitution to do it.”

 

Related news

Pages