The movement of money in the world can seriously affect a nations financial status from time to time. A recent report by the Wealth Bulletin said tax amnesties, hostile governments and tougher economic conditions are encouraging Europe’s wealthy to play it safe. An estimated 25% of offshore funds, or $520bn (€383bn), has left offshore centres in Europe since the beginning of 2008 according to the Wealth Bulletin's research department.

“Offshore centres have to wake up to a new reality where more and more of the wealthy decide to bank onshore.” said Graham Harvey of the London-based consultancy Scorpio Partnership. The movement of funds back to the country of origin is made in some cases to meet capital needs for cash-strapped companies. The Channel Islands and The Isle of Man which are both centers for the online gambling industry and U.K. crown dependencies have lost around 16% of their offshore assets since 2008 says the Wealth Bulletin research. They suffered from the fallout of the collapse of the Icelandic bank in late 2008 which had account holders in Guernsey and the Isle of Man. The episode raised questions over whether the crown dependencies would be covered by deposit guarantee schemes. The crown dependencies have gone on the offensive and looked at new ways of attracting money. Jersey has been at the forefront of this with its foundations law a new initiative in structuring trusts. It has also signed 15 tax information exchange agreements, with others on the schedule. The U.K.'s overseas dependency Gibraltar, which has developed a reputation as a centre for offshore online gambling operations, has barely been affected by the crackdown on offshore banking centres. Perhaps disclosure agreements within the European Union nations will force the wealthy to move their money to places like Singapore or Panama. Online gambling is always looking for places where the tax laws are most favourable in order to remain competitive in this demanding industry.

 

 

 

Related news

The European Union is at best struggling with years of traditions and differences in cultural morals and ethics within it's vastly diverse member nations. Online gambling seems to be a bone of contention in just a few of the members legislative agendas. Recently there have been numerous legal actions set in motion in the countries of Germany and Portugal and now there is trouble with the law regarding e commerce in Spain. The European Commission has an issue with Spain when it comes to the gambling laws in that country.

Players who win money through lotteries and games of chance that are offered by certain domestic operators do not have to pay any tax on their winnings. Where as players who win through offshore or foreign lotteries and games of chance must pay taxes on their winnings. Spain decided recently that it would change it's requirements for gambling operators in the country. It has moved to the privatization of the industry. New gambling legislation was introduced in an attempt to reduce the corruption in the government among officials that deal with the gambling finances. Under the new laws more than 4,000 lottery administrations and other similar businesses will be required to change their legal status. The state will cease to control 2% of the well over €30 billion market that would usually go to the Treasury. In a land where it citizens spend twice as much on gambling as is spent in the UK the government insists that the tax breaks come down to a matter of social policy, since the exempt games are all offered by charitable organizations. The European Court of Justice has noted that if this were the case, the tax exemption should equally apply to games offered by similar entities in other E.U. countries. The ECJ notes that this practice unjustly discriminates against foreign operators, and disregards the E.U. mandated free trade policy across national borders.

Related news

The California State Governmental Organization Committee is looking for the pot of gold at the end of the rainbow where the dream of having online gambling legal in the state is alive and well for thousands of online gamblers. State residents may soon be able to go online to legally wager on intrastate poker. This informational hearing has brought in players from many various gambling activities not just the poker playing community. Swedish and Australian gaming operators were called in for their opinions each with their own agendas that speak to the rich and lucrative potential market presented in the USA. P President of BetFair USA, Gerard Cunnigham, which owns and operates the TVG horse racing network, has suggested that online poker in California could generate an approximate $900 million in revenue annually to the state. Fully represented by all the factions looking to gain something at the hearings were California card rooms, racetracks, tribal gaming, legal experts, gaming experts, international gaming companies, problem gamblers groups and the political right. The Native tribes that currently pay big dollars in taxes to the government for the exclusive right to offer slots to the gambling public, are divided on the issue of legalizing poker in California. The executive director of the California Tribal Business Alliance, Alison Harvey has stated a number of times, that the introduction of Internet Poker would violate the current agreements and thus, the state would not be able to collect the $365 million that the tribes currently pay annually. The hearing heard from off shore gaming companies that were referred to as ‘illegals’ during the proceedings. International gaming interests such as Ladbrokes Betfair and Ireland's Paddy Power all announced that they were ‘legal companies’, reminding the officials that they had never taken bets from U.S. citizens.

John Pappas from the Poker Players Alliance defended companies that currently offer poker to US citizens stating and restated that these are companies that are legal and licensed in their jurisdiction and they are not operating illegally. It was understood by the committee that Californians are playing poker on the internet and the government is not profiting from the activity, reason enough to create regulations and tax it.

Related news

Youth in the world of online poker is becoming more prevalent than ever these days. Online poker sites are blossoming with younger and more interesting poker professionals all the time with many young players taking the top honours and making the most money. A good example of this trend is

Cole South who currently, is online poker's biggest winner of the year as he has profited over $2.7 million since the beginning of January 2K10. South is a strong player that just added $558,000 to his bankroll. Then there is the recent Borgata Winter Poker Open winner cool customer Jeff Madsen who finished in first place out of 766 players in the $3,500 No Limit Hold' em tournament, pocketing the winner's prize of $625,006 to push his career earnings to over the $3 million mark. Jeff Madsen is only twenty four years old now and lives in Las Vegas, Nevada, USA where cards are king. Vegas is close to Los Angeles, where he will be playing in the next few weeks in the L.A. Poker Classic at Commerce Casino in the City of Commerce. Madsen has enjoyed remarkable success so far, but he knows he must keep practicing so he stays mentally sharp. He began honing his skills during his freshman year at UC Santa Barbara, playing primarily at the Chumash Indian Casino in Santa Ynez where the legal gambling age is only 18. "I'll probably play 80 to 120 tournaments in a year, depending on how much I win," Madsen said. "I've played all of the best players by now and I hold my own. They're my buddies. Sure, the more I play them the more they know me but I know them better too so it works both ways." "It's just like any other sport in that you have to keep improving and working on your game," he said. "Especially now with the internet there's forums, chat rooms and online poker so you're always trying to stay one step ahead."

Related news

The Nordic Poker Awards 2010 have just been announced with Patrik Antonius taking the title of best Finnish online player. Meanwhile online poker star Ilari “Ziigmund” Sahamies helps develop a cult like status among his fans with the two players dominating the Nordic poker stars game rankings. A moderately off the wall gambler, “Ziigmund” and the most laid back Antonius have been gathering momentum in the tournaments. With Antonius pulling ahead with his Full Tilt Poker profits sitting at around the $20,000,000 mark, making him one of the biggest winners of all time.

Ville Wahlbeck another Finnish pro phenomenon has been awarded the Best Live Tournament Player from Finland after making the whole world take notice at the 2009 WSOP completing three major buy-in final tables. Peter Eastgate a Danish player a former WSOP Main Event champion also garnered award winning status when he took the best live tournament player award for his performance at the recent Pokerstars Caribbean Adventure. Eastgate also managed to take home the best performance award for his continued success on the live circuit since his historic win at the 2008 WSOP final table. Jesper Hougaard who won the best Danish online player after dominating the poker tables on all the major sites for the past year. Competition is strong and the matches take a lot of stamina and strength of will to keep on top of things. The quality of talent available for the judges at the awards is a testament to the standard of poker play across Europe. Many experts hold fast to the notion that the USA is still producing the best of the best poker stars but for some who see the writing on the wall there is little doubt that the Europeans are coming up fast and will soon be the leaders of the game.

 

Related news

It looks as if a few of the worlds top poker players had a little fun wagering on the Super Bowl football game between the favoured Indianapolis Colts and the underdog New Orleans Saints who had never played a Super Bowl game. Even those who are not football fans were treated to an exceptional game that thrilled and chilled with the outcome being a surprise win by the New Orleans Saints.

If you were a punter who put their money on the favoured Colts you probably want to just forget the whole thing. Professional online poker legend Phil Ivey was one of those who wagered on the big game last week and is in the process of recovering after it was revealed he and betting expert Billy Walters collaborated in a bet of $2 million on the now vanquished Colts. Walters, who is a very well known Las Vegas sports bettor, and Ivey placed the huge bet straight up on the money line at a price of about -200, with the vast majority of the punting experts favouring Indianapolis to win. As with betting in every instance there is always the possibility that things won't go your way though the bet looked good before the actual kick off the Saints made a mockery of the sports books predictions and won the game in a 31 to 17 final, upsetting a lot of Colts fans a the Miami Sun Life Stadium venue leaving Ivey and Walters with a large loss to cope with. Ivey who is an American football fan is also the top earner in the online poker world whose fortune is thought to be around the $13 million mark that has now taken a bit of a hit. It is speculated without real numbers that the pair placed their wager at a Las Vegas strip sports booker, with the MGM Mirage. Jay Rood, MGM sports book director confirmed that a large wager had been placed at the casino, stating after the Saints had finally won their first Super Bowl, “We took a seven-figure bet on the Colts money line.” Everybody knows you can't win them all and even the guys who do it for a living are not always right.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Related news

South Africa is in still in legal limbo when it come to online gambling legislation and it looks like it will remain that way until a commission has concluded its findings and presented them to Parliament. South Africa's Department of Trade and Industry's chief director of policy and legislation, Nomfundo Maseti, explains, “online gambling is not allowed in S.A .at the moment”. There are an estimated half a million online gamblers in the country and the department does not have any information on how much money is being won or lost illegally in S.A. Maseti, also said, that there are no regulations in place to regulate the industry and that South Africans gambling online are doing so illegally and could forfeit their winnings. “It's a risk that they take... you've engaged in an illegal activity.”

President Jacob Zuma has yet to sign into law the National Gambling Amendment Bill which is expected to clamp down on illegal online gambling operators that target South African punters. People gambling illegally on internet sites from outside the country face stiff penalties should they be caught they could be punished with a R10 million fine or 10 years in jail. The department called the Parliamentary Portfolio Committee on Trade and Industry has requested a delay in implementation so that the proposed laws could be reviewed. An industry wide Gambling Review Commission, is reviewing all aspects of gambling, with the report is due to be tabled sometime in 2010 with anticipated debate insuring another wait before both levels of the parliament make conclusions and vote on changes. Online gambling has the potential to be a revenue generator for the government. Should the government decide to regulate and licence online gambling, the National Gambling Board has considered issuing only 10 licences. Gambling operators would be required to prove they have a physical presence in South Africa and their financial transactions would have to be located within the country's borders. Maseti explained there have been a number applications for licences in South Africa and with delay after delay the concerned companies are getting frustrated. Maseti said, “They can't wait forever.” The government is dithering and in the mean time with an absence of clear responsible rules laid out punters are basically just doing whatever they want.

 

 

 

 

 

 

 

 

 

Related news

PokerStars has the reputation as being one of the most popular poker rooms on the internet today and it has the goal to be even more popular. PokerStars has become the biggest firm in the worldwide online poker market and has an estimated annual revenue of $1.4 billion and some $500 million in profits. This financial success is in part due to the revenue generated from the rake that PokerStars is able to charge players for hosting poker games or tournaments.

In Richmond Hill, just north of Toronto, Ontario, Canada in a non descript office on the third floor of a suburban building there resides PYR Software, which considers itself the software development company that helps “customers worldwide to retain industry leadership.”

PYR Software has one very important client in it's portfolio, PokerStars. The prime directive for PYR Software is to develop and maintain the software used to operate the huge PokerStars network. Isai Scheinberg a former IBM programmer started the firm in 2000 and in turn helped his son Mark, create PokerStars, which is now headquartered in the Isle of Man jurisdiction legally hosting online poker games for people around the globe. PokerStars at one time dominated the US online poker market but was brought down by the prohibition on online gambling in the States. PokerStars still looks to the US as a source of revenue and has maintained it USA connections all along. PokerStars says it has legal opinions from several U.S. law firms that are confirming it is not violating U.S. law. “PokerStars believes that the passage of UIGEA in 2006 did nothing to change the legality of real money online poker in the U.S.,” The PokerStars official statement says, “It is PokerStars’ position that both the plain language and the legislative intent of the Wire Act strictly limits its application to sports wagering.”

 

 

 

 

Related news

Gambling in the 21st Century and the Implications of Technology for Policy, Practice and Research, will be hosted by the AUT Gambling and Addictions Research Centre, the Hapai Te Hauora Tapui Maori Public Health organization and the Problem Gambling Foundation of New Zealand. The AUT university Gambling and Addictions Research Centre was established in 2003 within the National Institute for Public Health and Mental Health Research. However, Auckland University of Technology has been significantly involved in gambling research since 1991. The emphasis of the Centre is on the conduct of applied research that informs policy and professional practice in public education, population health and primary and secondary health care.

The 2010 International Gambling Conference, is being held at Auckland's Crowne Plaza Hotel from 24th to 26th of February, and will explore the impact of technology on gambling. Leading international and local academics and researchers will share their expertise at the Conference which promises to bring into sharp focus how the face of gambling is changing with new and emerging technologies. The growth of online gambling promises to be a topic of some interest with Professor Robert Williams from the Alberta Gaming Research Institute, University of Lethbridge, Canada, presenting the results of a comprehensive review on internet gambling and an online study of 12,500 international online gamblers. The programme for the event will include papers, workshops and posters with a technology focus and other innovative practices for research that advances knowledge on gambling policy and professional practice both for the industry leaders and politicians. Over 250 delegates are expected at the Conference from around New Zealand and overseas, including Australia, Canada, USA, Singapore, Finland, The Netherlands, Sweden and the United Kingdom. Graham Aitken from the Problem Gambling Foundation was excited to have the Hapai Te Hauora Tapui Maori Public Health organization as one of the hosts for this year's congress, adding that several speakers will talk about problem gambling and how it impacts indigenous communities.

 

 

Related news

Australia is on the verge of making life for the online gambling industry just a little more complicated in that country. The Productivity Commission report is due out soon with the usual amount of anticipation within the gambling industry's ranks. Gambling industry executives are getting ready for whatever the Commission puts on the table. The issue of filtering has garnered a lot of critical press and opponents to censorship on the internet from around the world.

Australia’s gambling industries are taking a serious overhaul from the present government in the hope of making Australian gamblers safer and less prone to going overboard. Conferences are scheduled that will keep operators, academics, researchers, technicians, all informed about the latest and newest changes in the Australian gambling market. Gaming, Racing & Wagering Australia 2010 a conference to provide a forum for regulators, lawyers, politicians and industry to debate the implications of key harm minimisation measures, privatisation and the breaking up of monopolies, and how consolidation and globalisation is affecting the competitive landscape. Day one of the event will be about the future of gaming machine standards, the potential for liberalisation of online gaming, and compliance with relevant laws, including anti-money laundering and counter-terrorism financing. Day two will review changes to wagering licences, funding models for racing, how product fees are likely to be designed and collected, strategies for increasing competitiveness and gaining market share, and opportunities for live and mobile wagering. From the 22nd of March until the 23rd of March 2010 at Star City in Sydney Australia senior level executives from clubs pubs hotels and software suppliers will interact listen to the gurus of the industry in the land down under. All those interested in getting the experts’ view on how the industry is likely to develop, potential match ups and new opportunities due to regulatory changes will be in attendance for this one.

 

Related news

Pages