Posts Tagged ‘professional sports betting software’

Française des Jeux subsidiary LVS names Jean Christophe as new CEO

Christophe joins from FDJ, where he has served as mission director over the past two years, overseeing various IT and human resources projects.

He worked on the company’s employment and expertise strategy for 2014-18, as well as leading a strategic study on customer knowledge management and business intelligence, as well as overhauling FDJ’s IT division.

Previously he worked for another FDJ division, the LB Poker joint venture with Groupe Lucien Barriere, as chief operating officer.

In his new role he will be responsible for bringing LVS’ “sports betting in a box” solution, the ABP, to more clients. The product includes all the hardware, middleware and software required for small to medium enterprises to offer a pre-match and live sports bets.

He will look to deliver the solution to more than 25,000 shops across France, with the product having evolved from an online-only solution to an omni-channel offering since its launch in May 2013.

“LVS has proved the high performance of its key product: the Advanced Betting Platform, a solution designed on recent, yet proven, technologies,” Christophe commented. “Since 2010, LVS has turned ABP from a pure online betting platform into a future-proofed omni-channel platform.

“In 2015, Santa Casa da Misericordia de Lisboa launched land-based operations with thousands of shops in Portugal with ABP, and LVS is currently extending its online solution to an omni-channel one in Israel for the Israeli Sports Betting Board,” he continued.

“With such a track record I trust that LVS will succeed in this new project for FDJ, its parent company.”

 

Article source: http://www.gamingintelligence.com/people/36335-francaise-des-jeux-subsidiary-lvs-names-jean-christophe-new-ceo

When Software Tries to Eat Regulation

Last night Zenefits, the corporate benefits software company, announced that its CEO and founder Parker Conrad had stepped down. Chief operating officer David Sacks became CEO. In an email to employees provided to media, Sacks wrote, “The fact is that many of our internal processes, controls, and actions around compliance have been inadequate, and some decisions have just been plain wrong. As a result, Parker has resigned.”

The message was clear: Zenefits was in legal trouble, and it was Conrad’s fault. He was not given a ceremonial title. He was not given a board seat. He was not spared the blame.

Until last night, Conrad played the role of the disruptive underdog going after the big, evil corporation. As I wrote last year, Zenefits brought a buzzy excitement to an otherwise dull sector. Just two years into its life, Zenefits had already been banned, demonized, and sued. A competitor called its PR strategy “manipulative and malicious,” and insurance brokers called its business model a “threat.”

Through it all, Conrad, colorfully defended his company’s right to disrupt. I wrote at the time:

Insurance brokers? “Fucked,” he told Fortune. Regulators in Utah, which temporarily banned the company’s services? “Blatant overreaching,” Conrad says. The legislation itself? “Kafkaesque.” When Automatic Data Processing, the $40 billion HR services company, sued Zenefits in June, Conrad launched the Twitter hashtag #ADPeeved.

It created a compelling narrative to root for. Conrad himself is a bit of an underdog. He graduated from Harvard after flunking out, beat testicular cancer at 24, and was pushed out of his previous startup, SigFig, by his own co-founder. He compared Zenefits’ mission of fixing employee benefits administration to the rebel alliance in Star Wars. (Zenefits’ conference rooms even have Star Wars themes.) Today, some those fights look more like red flags than positive attributes.

When the company raised an early round of funding, it was called “the hottest deal in Silicon Valley.” When its valuation jumped 9x to $4.5 billion in one year, the company had already amassed 10,000 customers. Conrad complained he couldn’t grow the company fast enough to keep up with demand. By the end of this year, Zenefits stumbled on missed targets, layoffs, and major write-downs from its investors.

The Zenefits meltdown follows a similar pattern at other startups in highly regulated categories. First a media report raises questions about a company’s business practices. Then regulators take a closer look. Then we find out that the disruption wasn’t quite as magical—or at least, not as legal—as it seemed. It happened at blood testing startup Theranos, worth $9 billion. It happened at fantasy sports betting sites DraftKings and FanDuel, worth respective $1.2 billion and $1.3 billion. It happened at DNA testing kit 23andMe, valued at $1 billion.

How does Silicon Valley keep letting this happen?

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It’s safe to say Silicon Valley worships at the altar of disruption. TechCrunch has a whole conference named after it. Disruption is an important part of Silicon Valley’s history: Innovative companies rise and turn into giant, slow-moving bureaucratic conglomerates. New, faster-moving startups emerge to unseat them. Cue “Circle of Life.”

But the definition of disruption has changed as we’ve entered the era of “software is eating the world.” If, as prominent venture investor (and Zenefits backer) Marc Andreessen posits, every industry we know will be disrupted by software, the opportunities are all around us. Transportation, blood testing, pizza delivery, shipping containers, bras—everything is fair game for disruption!

Except the stakes are a lot higher when startups disrupt highly regulated industries like health care, lending, insurance, or investing than they are for advertising, shopping, or music.

That hasn’t stopped startup founders from going for it. Some of the hottest startups of recent years have taken on those industries. Uber is disrupting transportation. Theranos is disrupting blood testing. Zenefits and Gusto are disrupting employee benefits. Oscar is disrupting health insurance. SoFi and Credit Karma are disrupting lending. Wealthfront and Betterment are disrupting investing. The list goes on.

Many startup founders are unapologetic in their ignorance of regulations. Not knowing or purposely flouting “the rules” of an industry used to be an advantage because you brought new perspective that insiders were blind to. (The hospitality industry, for example, dismissed Airbnb as a ridiculous idea. The TV industry still likes to snub Internet advertising.)

The writer Paul Carr memorably described the phenomenon in 2012:

Increasingly, though, the conference stage was filled with brash, Millennial entrepreneurs vowing to “Disrupt” real-world laws and regulations in the same way that me stealing your dog is Disrupting the idea of pet ownership. On more than one occasion a judge would ask an entrepreneur “Is this legal?” to which the reply would inevitably come: “Not yet.” The audience would laugh and applaud. What chutzpah! So Disruptive!

It’s easy to shrug off a startup that operates in the gray area of the law when it’s just a few people and an idea. We assume they’ll figure out the regulations and comply before they get big enough to cause any real problems. But in the so-called Age of Unicorns, startups can go from zero to $1 billion in the blink of an eye. It’s become very clear we can’t assume a billion-dollar company is legit just because some venture investors said so.

But these companies are private, so information on how they work is hard to come by. It’s possible that if BuzzFeed hadn’t first revealed that Zenefits was selling insurance without the proper licenses, the company wouldn’t have come under investigation by Washington State, which ultimately led to Conrad’s ouster. Or if The Wall Street Journal hadn’t revealed problems with Theranos’ blood tests, Walgreens


wag



may not have suspended its lab testing with the company in California. But when reporters ask hard questions, Silicon Valley’s response is to call them “haters.”

Software is trying to eat some of the thornier parts of the world. I have no doubt that incredible, world-changing innovations will come out of it. But until founders figure out a way to disrupt within the existing legal framework, there will be some some ugly fights, and plenty of “haters,” along the way.

Article source: http://fortune.com/2016/02/09/zenefits-regulation-meltdown/

Richard Carter to Join SBTech as Chief Executive Officer








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LONDON, February 8, 2016 /PRNewswire/ –

<!– Paragraph before: Gaming industry leader, Richard Carter, will be appointed as SBTech’s new CEO. Carter, former Director of research at Deutsche Bank was responsible for running the highly rated European equity gaming franchise for the past 7 years.

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Gaming industry leader, Richard Carter, will be appointed as SBTech’s new CEO. Carter, former Director of research at Deutsche Bank was responsible for running the highly rated European equity gaming franchise for the past 7 years.

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<!– Paragraph before: John Anderson, Chairman of SBTech commented, “We are honored to have Richard join the team. Over the last few years, SBTech has achieved significant growth and global penetration, successfully strengthening its position as a market leader. Richard will focus on reinforcing the impressive momentum gained by SBTech; advancing the company to the next level”

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<!– Paragraph After: John Anderson, Chairman of SBTech commented, “We are honored to have Richard join the team. Over the last few years, SBTech has achieved significant growth and global penetration, successfully strengthening its position as a market leader. Richard will focus on reinforcing the impressive momentum gained by SBTech; advancing the company to the next level”

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John Anderson, Chairman of SBTech commented, “We are honored to have Richard join the team. Over the last few years, SBTech has achieved significant growth and global penetration, successfully strengthening its position as a market leader. Richard will focus on reinforcing the impressive momentum gained by SBTech; advancing the company to the next level”

<!– Paragraph before: Between 2003 and 2009, Richard worked at the London listed Stockbroker Numis Securities, as Key Member of their highly rated Leisure and Gaming team. Carter was notably positioned at the forefront of several highly renowned global online gaming companies such as 888, 32Red and Empire Online, raise equity and list on the London stock market.

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<!– Paragraph After: Between 2003 and 2009, Richard worked at the London listed Stockbroker Numis Securities, as Key Member of their highly rated Leisure and Gaming team. Carter was notably positioned at the forefront of several highly renowned global online gaming companies such as 888, 32Red and Empire Online, raise equity and list on the London stock market.

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Between 2003 and 2009, Richard worked at the London listed Stockbroker Numis Securities, as Key Member of their highly rated Leisure and Gaming team. Carter was notably positioned at the forefront of several highly renowned global online gaming companies such as 888, 32Red and Empire Online, raise equity and list on the London stock market.

<!– Paragraph before: Richard Carter commented, “I am delighted to be joining SBTech as Chief Executive, the business has exceptionally talented people and a clear strategy for becoming the industries most trusted and innovative sports betting software partner. I look forward to leading the company as it grows and delivers for its customers, its people, its partners and its shareholders.”

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<!– Paragraph After: Richard Carter commented, “I am delighted to be joining SBTech as Chief Executive, the business has exceptionally talented people and a clear strategy for becoming the industries most trusted and innovative sports betting software partner. I look forward to leading the company as it grows and delivers for its customers, its people, its partners and its shareholders.”

–>

Richard Carter commented, “I am delighted to be joining SBTech as Chief Executive, the business has exceptionally talented people and a clear strategy for becoming the industries most trusted and innovative sports betting software partner. I look forward to leading the company as it grows and delivers for its customers, its people, its partners and its shareholders.”

<!– Paragraph before: ABOUT SBTECH:

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ABOUT SBTECH: 

<!– Paragraph before: Established in 2007, SBTech is a leading provider of interactive Sportsbetting solutions and services in both traditional and regulated markets. The offering includes a comprehensive suite of innovative, dynamic and highly customizable turnkey and fully managed online, mobile and offline solutions, which pushes the interactive betting industry into new frontiers.

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<!– Paragraph After: Established in 2007, SBTech is a leading provider of interactive Sportsbetting solutions and services in both traditional and regulated markets. The offering includes a comprehensive suite of innovative, dynamic and highly customizable turnkey and fully managed online, mobile and offline solutions, which pushes the interactive betting industry into new frontiers.

–>

Established in 2007, SBTech is a leading provider of interactive Sportsbetting solutions and services in both traditional and regulated markets. The offering includes a comprehensive suite of innovative, dynamic and highly customizable turnkey and fully managed online, mobile and offline solutions, which pushes the interactive betting industry into new frontiers.

SOURCE SBTech



Article source: http://www.prnewswire.com/news-releases/richard-carter-to-join-sbtech-as-chief-executive-officer-568012561.html

Richard Carter to Join SBTech as Chief Executive Officer








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<!– Paragraph before: LONDON, February 8, 2016 /PRNewswire/ –

–><!– Paragraph After: LONDON, February 8, 2016 /PRNewswire/ –

–>

LONDON, February 8, 2016 /PRNewswire/ –

<!– Paragraph before: Gaming industry leader, Richard Carter, will be appointed as SBTech’s new CEO. Carter, former Director of research at Deutsche Bank was responsible for running the highly rated European equity gaming franchise for the past 7 years.

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<!– Paragraph After: Gaming industry leader, Richard Carter, will be appointed as SBTech’s new CEO. Carter, former Director of research at Deutsche Bank was responsible for running the highly rated European equity gaming franchise for the past 7 years.

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Gaming industry leader, Richard Carter, will be appointed as SBTech’s new CEO. Carter, former Director of research at Deutsche Bank was responsible for running the highly rated European equity gaming franchise for the past 7 years.

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     (Logo: http://photos.prnewswire.com/prnh/20160201/327805LOGO )

<!– Paragraph before: John Anderson, Chairman of SBTech commented, “We are honored to have Richard join the team. Over the last few years, SBTech has achieved significant growth and global penetration, successfully strengthening its position as a market leader. Richard will focus on reinforcing the impressive momentum gained by SBTech; advancing the company to the next level”

–>
<!– Paragraph After: John Anderson, Chairman of SBTech commented, “We are honored to have Richard join the team. Over the last few years, SBTech has achieved significant growth and global penetration, successfully strengthening its position as a market leader. Richard will focus on reinforcing the impressive momentum gained by SBTech; advancing the company to the next level”

–>

John Anderson, Chairman of SBTech commented, “We are honored to have Richard join the team. Over the last few years, SBTech has achieved significant growth and global penetration, successfully strengthening its position as a market leader. Richard will focus on reinforcing the impressive momentum gained by SBTech; advancing the company to the next level”

<!– Paragraph before: Between 2003 and 2009, Richard worked at the London listed Stockbroker Numis Securities, as Key Member of their highly rated Leisure and Gaming team. Carter was notably positioned at the forefront of several highly renowned global online gaming companies such as 888, 32Red and Empire Online, raise equity and list on the London stock market.

–>
<!– Paragraph After: Between 2003 and 2009, Richard worked at the London listed Stockbroker Numis Securities, as Key Member of their highly rated Leisure and Gaming team. Carter was notably positioned at the forefront of several highly renowned global online gaming companies such as 888, 32Red and Empire Online, raise equity and list on the London stock market.

–>

Between 2003 and 2009, Richard worked at the London listed Stockbroker Numis Securities, as Key Member of their highly rated Leisure and Gaming team. Carter was notably positioned at the forefront of several highly renowned global online gaming companies such as 888, 32Red and Empire Online, raise equity and list on the London stock market.

<!– Paragraph before: Richard Carter commented, “I am delighted to be joining SBTech as Chief Executive, the business has exceptionally talented people and a clear strategy for becoming the industries most trusted and innovative sports betting software partner. I look forward to leading the company as it grows and delivers for its customers, its people, its partners and its shareholders.”

–>
<!– Paragraph After: Richard Carter commented, “I am delighted to be joining SBTech as Chief Executive, the business has exceptionally talented people and a clear strategy for becoming the industries most trusted and innovative sports betting software partner. I look forward to leading the company as it grows and delivers for its customers, its people, its partners and its shareholders.”

–>

Richard Carter commented, “I am delighted to be joining SBTech as Chief Executive, the business has exceptionally talented people and a clear strategy for becoming the industries most trusted and innovative sports betting software partner. I look forward to leading the company as it grows and delivers for its customers, its people, its partners and its shareholders.”

<!– Paragraph before: ABOUT SBTECH:

–>
<!– Paragraph After: ABOUT SBTECH:

–>

ABOUT SBTECH: 

<!– Paragraph before: Established in 2007, SBTech is a leading provider of interactive Sportsbetting solutions and services in both traditional and regulated markets. The offering includes a comprehensive suite of innovative, dynamic and highly customizable turnkey and fully managed online, mobile and offline solutions, which pushes the interactive betting industry into new frontiers.

–>
<!– Paragraph After: Established in 2007, SBTech is a leading provider of interactive Sportsbetting solutions and services in both traditional and regulated markets. The offering includes a comprehensive suite of innovative, dynamic and highly customizable turnkey and fully managed online, mobile and offline solutions, which pushes the interactive betting industry into new frontiers.

–>

Established in 2007, SBTech is a leading provider of interactive Sportsbetting solutions and services in both traditional and regulated markets. The offering includes a comprehensive suite of innovative, dynamic and highly customizable turnkey and fully managed online, mobile and offline solutions, which pushes the interactive betting industry into new frontiers.

SOURCE SBTech



Article source: http://www.prnewswire.com/news-releases/richard-carter-to-join-sbtech-as-chief-executive-officer-568012561.html

Deutsche Bank’s Richard Carter to take over as new SBTech CEO

Carter has worked as director of research for Deutsche Bank for a number of years, covering the leisure sector, and previously worked for London-listed stockbroker Numis Securities’ leisure and gaming team.

During this time, he was instrumental in helping a number of operators such as 888, 32Red and Empire Online raise equity and list on the London Stock Exchange.

“We are honored to have Richard join the team,” SBTech chairman John Anderson commented. “Over the last few years, SBTech has achieved significant growth and global penetration, successfully strengthening its position as a market leader.

“Richard will focus on reinforcing the impressive momentum gained by SBTech; advancing the company to the next level.”

He replaces Itai Zak, who has served as SBTech CEO since August 2011. Under Zak’s leadership SBTech has significantly expanded its business, most recently agreeing new partnerships with Czech lottery Sazka, as well as entering Mexico with Promotora Latinoamericana de Entretenimiento (PLE) and Argentina via a deal with Spingol.

The company has also today expanded the range of products available through its casino platform, singing a deal to launch Quickspin’s games.

Carter will begin his new role on March 1st, and said he was delighted to be joining SBTech as its new CEO.

“[The] business has exceptionally talented people and a clear strategy for becoming the industries most trusted and innovative sports betting software partner. I look forward to leading the company as it grows and delivers for its customers, its people, its partners and its shareholders.”

Article source: http://www.gamingintelligence.com/people/36255-deutsche-bank-s-richard-carter-to-join-sbtech-as-new-chief-executive

DraftKings makes long delayed push into UK

As its industry continues to tangle with U.S. policymakers, daily fantasy sports giant DraftKings is making its long-anticipated international push with a launch Friday in the United Kingdom.

The Boston-based company was granted a license by U.K. gambling regulators in August and had hoped to launch by the end of 2015. But the release was pushed to early this year, with officials saying the website’s software was still being finalized.

“The focus has been on getting the product right,” Jeff Haas, the company’s London-based chief international officer, said by phone. “Any delays that may have occurred were not due to what was happening in the U.S.”

The legality of daily fantasy sports has been challenged in states including Hawaii, Illinois, New York and Texas. Nevada declared them gambling operations that need to be licensed. The online games involve players who pay to compete against each other for cash prizes by assembling teams of real life athletes and scoring “fantasy” points based on how they do in real games.

Matching the industry’s explosive growth in the U.S. is far from certain: DraftKings will have to go up against a lucrative, well-entrenched sports gambling industry in the U.K. — something it did not face in the U.S., where sports betting is largely illegal.

“The United Kingdom is an incredibly competitive market for online sports wagering,” says Chris Grove, editor of the Legal Sports Report website in Nevada. “If they’re simply competing with established operators for share of the existing customer wallet for sports betting, then they’re facing an impressive challenge.”

Hass says DraftKings is focused on showing U.K. customers how different daily fantasy sports is from traditional sports betting. He hopes the company can draw up to 100,000 players in the first year.

“We’re a pure game of skill. People use their brain in order to be successful,” Haas said. “We also offer players the opportunity to play against each other, not just in large pools of people across the world, but among their friends and family.”

DraftKings will also have to ramp up the product itself, which has been launched initially in the U.K. as a smartphone app and is not yet set up to take direct credit and debit card deposits, says David Copeland, CEO of SuperLobby.com, a U.K.-based firm that tracks daily fantasy sports spending.

Haas says a full website version will launch in about a month and players can make debit and credit card deposits through PayPal.

Other daily fantasy sports operators, meanwhile, are also entering the U.K. market.

FanDuel, DraftKings’ main rival, applied in November for a U.K. license that’s still pending. Yahoo, another major fantasy sports operator, has partnered with Mondogoal, a daily fantasy sports company already operating in the U.K. that’s focused on soccer.

DraftKings’ U.K. product heavily emphasizes English Premier League and UEFA Champions League soccer, but players will also have access to NBA, NFL, NHL and other sports competitions.

In recent weeks, the company has dropped hints the U.K. release was imminent, announcing partnerships with English Premier League clubs Arsenal, Liverpool and Watford and launching DraftKingsFC.com, a companion website for players to get research, strategy and news.

Haas declined to talk Friday about future expansion plans, saying the company, for now, is focused on growing its U.K. brand. DraftKings has said previously it aims to open website in other parts of Europe, as well as Asia and Latin America in 2016.

Article source: http://www.centredaily.com/news/business/article58623873.html

DraftKings Makes Long Delayed Push Into UK

As its industry continues to tangle with U.S. policymakers, daily fantasy sports giant DraftKings is making its long-anticipated international push with a launch Friday in the United Kingdom.

The Boston-based company was granted a license by U.K. gambling regulators in August and had hoped to launch by the end of 2015. But the release was pushed to early this year, with officials saying the website’s software was still being finalized.

“The focus has been on getting the product right,” Jeff Haas, the company’s London-based chief international officer, said by phone. “Any delays that may have occurred were not due to what was happening in the U.S.”

The legality of daily fantasy sports has been challenged in states including Hawaii, Illinois, New York and Texas. Nevada declared them gambling operations that need to be licensed. The online games involve players who pay to compete against each other for cash prizes by assembling teams of real life athletes and scoring “fantasy” points based on how they do in real games.

Matching the industry’s explosive growth in the U.S. is far from certain: DraftKings will have to go up against a lucrative, well-entrenched sports gambling industry in the U.K. — something it did not face in the U.S., where sports betting is largely illegal.

“The United Kingdom is an incredibly competitive market for online sports wagering,” says Chris Grove, editor of the Legal Sports Report website in Nevada. “If they’re simply competing with established operators for share of the existing customer wallet for sports betting, then they’re facing an impressive challenge.”

Hass says DraftKings is focused on showing U.K. customers how different daily fantasy sports is from traditional sports betting. He hopes the company can draw up to 100,000 players in the first year.

“We’re a pure game of skill. People use their brain in order to be successful,” Haas said. “We also offer players the opportunity to play against each other, not just in large pools of people across the world, but among their friends and family.”

DraftKings will also have to ramp up the product itself, which has been launched initially in the U.K. as a smartphone app and is not yet set up to take direct credit and debit card deposits, says David Copeland, CEO of SuperLobby.com, a U.K.-based firm that tracks daily fantasy sports spending.

Haas says a full website version will launch in about a month and players can make debit and credit card deposits through PayPal.

Other daily fantasy sports operators, meanwhile, are also entering the U.K. market.

FanDuel, DraftKings’ main rival, applied in November for a U.K. license that’s still pending. Yahoo, another major fantasy sports operator, has partnered with Mondogoal, a daily fantasy sports company already operating in the U.K. that’s focused on soccer.

DraftKings’ U.K. product heavily emphasizes English Premier League and UEFA Champions League soccer, but players will also have access to NBA, NFL, NHL and other sports competitions.

In recent weeks, the company has dropped hints the U.K. release was imminent, announcing partnerships with English Premier League clubs Arsenal, Liverpool and Watford and launching DraftKingsFC.com, a companion website for players to get research, strategy and news.

Haas declined to talk Friday about future expansion plans, saying the company, for now, is focused on growing its U.K. brand. DraftKings has said previously it aims to open website in other parts of Europe, as well as Asia and Latin America in 2016.

———

Follow Philip Marcelo at twitter.com/philmarcelo. His work can be found at http://bigstory.ap.org/journalist/philip-marcelo

Article source: http://abcnews.go.com/Sports/wireStory/draftkings-makes-long-delayed-push-uk-36739013

ICE Totally Gaming 2016 Day 3 Summary

ICE Totally Gaming 2016 Day 3 Summary

The third and final day of ICE Totally Gaming took place today, concluding one of the largest gambling shows in existence. As always, the expo floor was much quieter than days one and two, but the reduced turnout is anticipated due to huge parties the night prior such as Fire Ice and Playtech’s ‘do.

Despite the reduction in attendees, there was still plenty to see and do on the expo floor. For the first time this year, GamCrowd held a series of seminars on the Pitch ICE stand dedicated to start-up companies, the “GamCrowd studio”. Chris North, GamCrowd CEO, told CalvinAyre.com one of his organization’s initiatives this year is to provide educational support to start-ups on their website, so the GamCrowd studio at ICE served as a perfect compliment.

Some of the key GamCrowd Studio speakers included Jon Bradford, ex-Managing Director of Tech Stars, London, Andy Clerkson of Grand Parade and Melissa Blau of iGaming Capital.

Blau spoke on how entrepreneurs can raise their status and get the word out about their innovation within the online gambling industry and investors. She advised attending as many conferences as possible including the smaller ones, participating in events such as Pitch ICE and the other Launch Pads, reaching out to all industry publications for exposure, offering guest contributor posts to websites such as CalvinAyre.com, getting involved with award ceremonies, speaking at events, utilising social media channels such as Twitter and Facebook and so on.

Emerging markets were a key theme this year at ICE and a lot of eyes are on South and Latin America. Santiago Asensi of Asensi Abogados, a well-known Spanish lawyer in the iGaming space, told CalvinAyre.com three key countries of interest in the region are Mexico, Brazil and Columbia. Of the three, Columbia is the most exciting as this market published its draft regulations right before Christmas 2016 and they are guaranteed to go through within the coming days.

ICE Totally Gaming also featured exhibitors from the Asian market and Asia Gaming’s booth was prominent. Kelvin Chiu of Asia Gaming emphasized the importance of fully understanding the culture of the Asian gambler and pointed out many European operators who have tried entering Asia and have failed. He said young Chinese gamblers are now showing an interest in slots, especially with the rise of mobile devices. Asia Gaming has recently released two slot games of high appeal to the Asians, Aerial Warfare and Jurassic Slot.

SBTech had an impressive booth this year as well, the largest and most elaborate to date for the company. Tom Light of SBTech spoke on several panels during ICE and was keen on discussing innovation in sports betting software and predicts we will be seeing innovation in the user experience, particularly personalization.

One of the ways SBTech plans to utilize advanced personalization strategies will be during the upcoming Euro 2016 as its forecasted to be an even bigger opportunity for operators than the World Cup. SBTech will be coming up with ways to not only engage sports bettors in Euro 2016 wagers, but also casino players who appreciate a more gamified experience.

Article source: http://calvinayre.com/2016/02/05/conferences/ice-totally-gaming-2016-day-3-summary-bl-video/

First ‘Mutual Funds’ For Sports Betting Set To Go Live In Nevada

Nevada sports betting mutual funds

Seven months after passing Nevada Senate Bill 443, which legalized “entity betting”, it appears the Silver State is about to kick off a new era in sports betting.

Essentially mutual funds for sports bettors, the law makes it legal for the state’s sports books to accept bets from investor groups that have been set up for the sole purpose of placing racing and sports wagers.

And while the entities must be based in Nevada, individual investors can come from just about anywhere. The biggest caveat is that the individual investors have no say on how the money is being bet by the entity.

When the bill passed last summer it was met with some enthusiasm.

 

The law left it up to each book to decide whether to allow entity betting. And until recently a sportsbook had yet to put into place a process to allow for it.

But that is no more. Las Vegas-based CG Technology — which operates the book at The Venetian in Las Vegas among others and was a driving force behind the law — has finalized its plan to allow for this style of wagering.

One of these new entities is Reno-based Bettor Investments LLC, which is hoping to make its first wager on March 1 with a group of about 100 investors.

“I started this in August (2015) so it has roughly taken six or seven months, which isn’t too bad,” said Matt Stuart, who is the founder and managing member of Bettor Investments. “It’s a little longer than we had hoped, but regardless it is going to happen.”

One sports book in entity betting

So far CG Technology, formerly known as Cantor Gaming, is the only Nevada company to allow entity betting. It has yet to take a bet, though, even though it had originally hoped to by the beginning of the NFL season.

With its process now in place, CG is now vetting applications from betting entities and expects to begin taking bets for the first in the coming weeks, said Quinton Singleton, the vice president and general counsel of CG Technology who helped write the bill.

CG believes that entity betting will help with growth, Singleton said.

“We see this is an opportunity to grow liquidity, have a greater handle, and to expand the marketplace,” Singleton said. “The idea is to grow the marketplace for sports betting.”

CG has been getting “regular requests” from entities so far, and Singleton expects the interest to grow before it begins taking bets in the coming weeks.

Sports betting syndicates are nothing new, but when CG takes the first wager it will officially become the first company in Nevada to accept such bets under the new law.

As of yet, though, other major sports books in Nevada have yet to take on entity betting.

Jeff Silver, a Las Vegas gaming attorney, told the Las Vegas Business Press in June that some books may abstain altogether because of the risk of vetting each entity and the risk of accepting significant wagers from professionally run entities.

“€œThe effect of this bill is unknown at this point in terms of the use of this particular bill,”€ Silver said in the interview. “€œWe really don’€™t know the affect this will have because it depends upon the books themselves to actually provide the resources to accept the wagers. They have to satisfy themselves that all conditions and requirements of the new law have been met. They are putting themselves somewhat at risk.

CG, though, believes that the risk will be somewhat mitigated.

“In the long run, we expect a marketplace where you have smart people on all sides,” Silver said.

How will it work?

Despite not being able to place bets, Stuart has been trying to attract investors for months. And the interest has been significant.

“I have had contact from people all over the world as far away as the Philippines, Spain, Australia, and even the occasional scammer from Nigeria,” said Stuart with a laugh.

The law was set up to be transparent. According to the law:

  • Each sports betting entity must register with Nevada’s Secretary of State.
  • The entity must disclose what is being wagered on to its investors, which Stuart said will happen after each wagered-on event begins.
  • Each investor must submit their name, address, proof of identity by a government-issued ID, and tax information to the betting entity. The entity is then required to disclose that information to Nevada regulators.
  • Bettors have no say as to what is being bet on.
  • Investors must be age 21 or or older.
  • It is up to each Nevada sports books discretion to accept or not accept wagers from betting entities.

Furthermore, an investment group’s funds must be housed in a Nevada bank. At CG Technology, those funds will then be transferred electronically to The Venetian’s sportsbooks for the purpose of making bets. Wagers will then be made by the entity manager through a CG Technologies app.

Any profits will then be submitted from The Venetian back into the original bank account to be either reinvested or paid back to the group. And each transaction will have an electronic record.

“Everything is transparent,” Stuart said. “We don’t have to worry about duffel bag full of cash to a sports book, which what people have been doing.”

In the case of Bettor Investments, Stuart will use analytical software he created to select betting opportunities that show the greatest chance for a positive return on investment.

Stuart is a poker player who comes from the world of information technology and was turned on to sports betting after moving to Nevada in 2007. An avid hockey and baseball fan, Stuart has posted results from his picks over the current NHL season that show a 15 percent ROI through games played on Jan. 9.

Stuart, who plans to contribute his own money into his betting pool, expects to pay his investors quarterly (there will be some modest fees for running the entity, Stuart added). But he also wants investors to understand that Bettor Investments is the same as posting a $20 parlay bet on a given NFL Sunday.

“People have to understand that this is an investment opportunity,” Stuart said. “This is not a betting scheme, and this is not a spin on roulette hoping to hit black. If people want to gamble, that’s OK, but this is completely different.”

The future of entity wagering?

Stuart expects that other Nevada sportsbooks will eventually allow entity bets.

“Over time as other sports books see this as an opportunity to gain access to other sports bettors, hopefully that’ll give us access to other books,” Stuart said. “But I’m not going to count my eggs before they’re hatched.”

There could be some other snags, too. Not the least of which is questions about whether or not the Nevada law runs counter to the federal Professional and Amateur Sports Protection Act (PASPA).

Stuart envisions a day in which sports betting becomes more widespread in the coming years, where he can place bets at books in states other than Nevada.

Until then he expects to use mainly word-of-mouth and personal relationships to spark growth in his group. He is also being cautious, building his entity with relatively low minimum ($500) and maximum ($2,500) investments.

“Obviously I will get more from people who know me personally, have met me, shaken my hand and we’ve talked over time, as opposed to somebody who just called me out of the blue and says ‘Yeah, I’ll try it,’ ” Stuart said. “That’s why I’m keeping the investment levels low, just to give people the opportunity to participate without breaking the bank.”

The pioneers of legalized entity betting are hoping that this is just the beginning of something much larger. But only time will tell if legalized entity betting is truly a significant industry innovation that will help spread legitimate sports betting.

Article source: http://www.legalsportsreport.com/7709/entity-sports-betting-launch/

Gold Coast ‘boiler rooms’ sold bogus sports betting programs, investment schemes to fund lavish lifestyles: police

Posted

February 03, 2016 18:22:12

Three cold-call syndicates have been busted on the Gold Coast after allegedly fleecing millions of dollars from Australians by promising they can get rich quick on foreign currency exchanges or sports betting.

A number of businesses have been raided to crack the “boiler rooms”, one in Bundall had 25 staff on the phones, Queensland police said.

A 41-year-old man has been charged with “inducing people to deliver” and investigators have identified another 12 suspects.

Officers allege staff followed scripts and further coerced customers to allow them to trade foreign currencies or invest in sports betting on their behalf, or they would sell software that would apparently tell them the right time to buy and sell shares or bet.

In fact, the syndicates pocketed the bulk of the money, spending it on “lavish lifestyles”, according to Acting Superintendent Terry Lawrence.

Police alleged one of the companies, Charterhurst Agencies, stole more than $59 million in six years and withdrew $58 million.

One of the businesses known as Australian Emirates Media, and its affiliates FXGlobal1, Oceangroups and Bestbets247, allegedly took about $10 million in 2015 and sent some of the funds overseas.

Acting Superintendent Lawrence said 37 complainants had so far come forward.

“Some of these companies offer a 100 per cent increase, or return on profit in 12 months,” he said.

“The purpose was to sell to victims, across Australia and elsewhere, sports arbitrage programs or investments promises that could not be fulfilled.

“We are going to allege that the people involved in this used the cash for their own lifestyles: mansions, vehicles and boats.”

Topics:

crime-prevention,

crime,

fraud-and-corporate-crime,

southport-4215


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Article source: http://www.abc.net.au/news/2016-02-03/boiler-rooms-sold-bogus-schemes-to-buy-mansions-police-say/7136864