Gambling News

  • 02 December 2009

    $28.2 Million Fine For BetOnSports

    If you are keeping score, mark one up for the government. On Tuesday, BetOnSports, the giant gambling house brought down by federal prosecutors, was sentenced to probation and a fine of $28.2 million. However, BetOnSports is in debt up to it’s eyeballs, owing many millions more than it has, so it is doubtful it will pay any of the fine according to lawyers on both sides. It is estimated that it still owes seven to eight million dollars to U.S. gamblers; and that amount may be quite understated.

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  • 01 December 2009

    Internet Gambling Ban Delayed Update

    We are all very hopeful for the online gambling industry! This turn of events is definitely in our favor. According to the Associate Press Agencies cite support for new legislation to clarify the current laws in the UIGEA Bill. The Treasury Department and the Federal Reserve are giving U.S. financial institutions an additional six months to comply with regulations designed to ban Internet gambling. The two agencies said Friday that the new rules, which were to take effect on Dec.

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  • 27 November 2009

    Barney Frank Got Implementation of UIGEA Postponed!!!

    I say a big KUDOS to Barney Frank!!!! This is good news for the online industry for sure! Let us all stand behind him and what he is trying to do for all of us!

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  • 26 November 2009

    Online Gambling Ban Hearing for December 3rd

    And the fight is on!!! Barney Frank is scheduled to go before the Financial Services Committee on December the 3rd.There will be testimony to repeal the UIGEA and to stop the regulations from going into effect on Dec. 1st. Frank is the Chairman and will lead the hearing. Frank is for licensing and regulating online gambling. Both sides will be heard but no vote is expected at the hearing.

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  • 25 November 2009

    Chapter 11 Filed by Gary Casino

    Sometimes it makes you wonder what these companies are really up to. If this works they way they are thinking, does that mean more of this same thing coming from others? I guess time will tell. According to the Chicago Tribune and the Associated Press, this is what they are doing. Majestic Star Casino LLC, owner of two casinos in Gary, has filed for bankruptcy protection after defaulting on its debt obligations.

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  • 24 November 2009

    Preemptive Strike on the UIGEA Rules by Barney Frank

    With only about six weeks left before the UIGEA rules go into effect, Rep. Barney Frank, is finally picking the ball back up. Rep. Frank and 18 other representatives have sent a letter to Treasury Secretary Timothy Geithner and Federal Reserve Chairman Ben Bernanke. A similar letter was sent earlier by the Poker Players Alliance (PPA) along with the National Thoroughbred Racing Association and the American Greuyhound Track Operators Association, to the same persons.

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  • 19 November 2009

    Israeli Online Gambling Ring Busted

    Straight from the Jerusalem Post, the police along with help from the Lahav 433 Unit bust an online Gambling ring On Monday! Over 300 police officers and Tax Authority officials raided the homes of 37 suspects across the country, taking dozens of gamblers in for questioning, and seizing assets worth tens of millions of shekels.

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  • 18 November 2009

    Revenue from US Casinos Slips for Third Quarter

    This shows all of us just how bad the economy has gotten. I think at times the government does not want us to know everything, and I am sure they don’t. This article from the Associated Press scares me. It should wake us up as to just how bad things are. LAS VEGAS – LAS VEGAS (AP) — U.S. commercial casinos took in $7.94 billion in revenue during the third quarter, 5.5 percent less than a year earlier, the head of the American Gaming Association said Tuesday.

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  • 17 November 2009

    UIGEA Deadline Is Approaching

    Looks like the time is coming for an impossible law to come into effect that will put terrible hardships on banks in this country! We are hoping it will get postponed, but time is getting short. In a couple of weeks financial institutions will be obligated to abide by the UIGEA regulations.

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  • 16 November 2009

    Indiana Woman With Gambling Addiction Sues Casino

    A very interesting case has made its way to the Indiana State Supreme Court. The case hinges around a woman gambler who says she has a compulsive gambling problem. She claims that an Indiana casino went out of its way to lure her to come into the casino and gamble.Her attorneys claim that the casino’s have a responsibility to protect the problem players from themselves. Courts have long rejected this idea.

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