Nevada Gaming Control Board Ponders Wagering Accounts

Nevada Gaming Control Board Ponders Wagering Accounts

Nevada <span id="more-3227"></span>Gaming Control Board Ponders Wagering Accounts

Nevada Gaming Control Board Chairman AG Burnett is considering amendments to your board’s regulations that would authorize prepaid wagering accounts at Nevada casinos.

The Nevada Gaming Control Board (GCB) is calling in the state’s land-based gambling enterprises to adapt measures that are e-commerce make gaming more user-friendly.

On August 11, the GCB held a workshop that is public Carson City to receive input on possibly changing exactly how slots and dining table games accept bets in the united kingdom’s gambling capital.

At issue is the GCB’s own regulations and whether amendments should be implemented to allow casino clients to gamble using accounts that are prepaid.

According to Nevada Senate Bill 9 passed in 2015 that pressured the GCB to adapt such laws, the board is considering allowing gambling enterprises to implement systems at their tables and machines offering customers because of the option to gamble with funds linked to loyalty cards.

Regulation 5 and Regulation 5A are the 2 instructions in question. The former previously barred players from gambling on prepaid accounts, while the later authorized credited makes up hawaii’s interactive gaming companies.

The proposed Regulation 5 includes ‘wagering account’ information and regulatory axioms overseeing how the cards would operate. The GCB dictates that the customer wishing to fund a loyalty card account would require to first personally register in the casino with photo recognition.

‘It would offer patrons what they expect having the ability to fund video gaming from sources they are increasingly convenient with,’ GCB Chairman AG Burnett told the Las Vegas Review-Journal.

Practice Made Perfect

Opponents to electronically linked gambling reports think the practice shall induce higher incidences of problem gambling. But the wagering system being considered is far different from simply players that are permitting gamble making use of their debit and credit cards.

In fact, account wagering is already being practiced in Nevada.

In addition to interactive online and gaming that is mobile, Nevada sportsbooks presently allow bettors to create prepaid gambling cards.

The state legislature thinks the amendments will appeal to the technological millennial demographic and bring the Silver State’s gambling enterprises into modern times.

‘ The continued growth and success of the gaming industry in the State of Nevada will depend on the fostering of a business and regulatory environment that encourages continued advances in the usage of technology in gaming, which improves the entertainment experience, encourages innovation and supports expansion of this domestic technology sector,’ Senate Bill 9 states.

Though this indicates likely the GCB will soon adapt the prepaid gambling amendments, Burnett said more time will become necessary before officially executing the modification.

Vital Endorsement

The Nevada Council on Problem Gambling lent its help of prepaid gaming accounts, though with a conditions that are few.

Executive Director Carol O’Hare said signage that is appropriate the risks of problem video gaming should be prominently displayed in areas where gamblers would refund their electronic accounts. Casinos have long been forced to do just that near cages and ATMs, but O’Hare desires the GCB to take additional measures.

‘It would seem that in 2016 as you adopt laws, procedures and rules for wagering accounts . . . some effort that is reasonable be made to align the latest responsible gaming options to be consistent with the current stands.’

O’Hare said she looks forward to working with all the GCB on the updated regulations and language that is drafting mandate such problem gambling stipulations.

Six-Year Prison Sentence for Ex-CEO Kennon Whaley in Alabama, Gambled Away $100K in Insurance Funds

Former Alabama steel magnate Kennon Whaley is headed to prison. This the Auburn resident was sentenced to 72 months in federal prison, after he was convicted in May for using an insurance payment to pay down over $100,000 in gambling debts week.

Previous Alabama metal business CEO Kennon Whaley will now see a great deal of metal of a different kind, after being sentenced to six years behind bars for insurance fraud. Whaley used bankruptcy settlements to spend down gambling debts. (Image: insurancequotesfast.com)

Whaley was once the CEO of Southeastern Stud & Components, a manufacturer that is montgomery-based of gauge steel framing items. Founded in 1999, the company created $34 million in revenues in 2005 and used 125 full-time workers.

But following the collapse that is economic 2007, Whaley filed for Chapter 11 bankruptcy security in 2009. He received $260,000 in insurance claims, but instead of using it to aid in their business’ transition, Whaley went on a gambling binge.

The now 51-year-old visited the Wynn casino in Las Vegas, where he racked up a debt of $100,000. After using the insurance coverage money to repay Wynn, Whaley returned to Vegas again, where he incurred another $20,000 loss.

Chapter 11 provides companies protection from creditors, but the bankrupt company must disclose all financial transactions. And in addition, Whaley neglected to stick pelican pete free online slots to that condition.

‘ At that time, Southeastern Stud ended up being nevertheless in bankruptcy and approximately 70 percent of its employees had lost their jobs,’ the united states of america Attorney’s Office for the Middle District of Alabama stated in a launch.

Paper Trail Proves Guilt

Whaley’s lawyer said during his trial which he was an ‘absentee owner’ that wasn’t aware of this business’s downturn. But when the going got tough, Whaley got using risky maneuvers.

According to court records, Whaley instructed an employee to falsify papers in a try to conceal where the insurance payments disappeared to.

‘That’s the textbook concept of bankruptcy fraud,’ Assistant US Attorney Brandon Essig said.

While the Wynn likely wined and dined Whaley on his two high-roller visits, the Strip resort cooperated with authorities to detail Whaley’s criminal activity. Records through the casino presented his four-day jaunt to Sin City and show a man living the VIP lifestyle while his company was riddled with debt.

The US Great Recession that lasted from 2007 through 2009 presented a difficult economy for businesses in the united states. The chances were stacked against many small and companies that are medium-sized but Whaley went to Vegas and found even even worse odds for their money.

Ironically, Whaley writes on their LinkedIn profile summary, ‘HARD WORK VICTORIES.

In Good Bad Company

Whaley isn’t the first individual to strike the casino floor with illicit funds of late, needless to say.

A year ago, former Oklahoma State Senator Rick Brinkley (R-District 34) was convicted of swindling $1.8 million from the Eastern Oklahoma Better Business Bureau to support his gambling habit.

And just last month, financial scam artist Andrew Caspersen pled guilty to using a Ponzi scheme to swindle $38 million from investors to fund his gambling addiction.

Atlantic City Casino Income Soars in Borgata Enjoys Record Month july

Atlantic City casino revenue jumped 6.9 percent in July in comparison to the month that is same 2015. The town’s eight casinos still in operation taken in $275.2 million, $17.7 million more than a year earlier.

Atlantic City casino profits had been up at most properties during July, but Carl Icahn’s Trump Taj Mahal was an exception. The long-troubled casino will shut down permanently in less than 30 days after a long fight with unions. (Image: Heidi Gutman/Getty Images)

The headliner regarding the revenue report could be the Borgata Hotel Casino, which recently became wholly owned by MGM Resorts.

Atlantic City’s most profitable resort had its best month in its 13-year history. With gross revenues totaling $84.8 million in July, Borgata eclipsed its previous record that is monthly took complete advantageous asset of the an additional weekend and Independence Day holiday.

‘While we expected a great month with five full weekends, we are very pleased about a record-breaking month,’ Borgata Senior Vice President Joe Lupo told the Associated Press.

Taj Mahal Trumped

Along side Borgata, four for the other seven casinos that are land-based percentage gains in July. One that don’t had not been interestingly the Trump Taj Mahal.

The Unite-HERE Local 54 union strike commenced on July 1 over health insurance and pension benefits at the formerly Trump-owned property. More recently bought by the GOP candidate’s billionaire buddy Carl Icahn, the casino tallied incomes of just $17.5 million, eight per cent not as much as in 2015.

Icahn says he’ll end the casino’s 26-year run following the Labor weekend day. Video Gaming officials say the month was positive, regardless associated with the statement that yet another Atlantic City casino is closing.

‘July was a solid thirty days, also though several properties faced challenges including a strike by union employees,’ brand New Jersey Casino Control Commission Chairman Matt Levinson said.

Bally’s (4.8 percent) and Harrah’s (5.2 per cent) were the other two casino properties that posted losses in July.

Table games were the best performers percentage-wise, with an almost $7.5 million boost that is comparative $75.7 million. Slots still pulled within the vast majority of casino income per se, however, with a $182.2 million win.

Year-to-date, Atlantic City casino income is up 1.5 percent, and a total of 3.2 percent when the state’s Web video gaming is factored in.

Online Gambling Strong

The long summer thirty days of July brought tourists and cash to Atlantic City, but online, the economy was also sunny.

Internet gaming totaled $17,368,984 during July. That’s a 38.6 percent increase from 2015 and a brand new monthly high for that segment.

Borgata maintained its lead on the five casino operators taking part in iGaming, but the gap is closing. Borgata’s online platforms grossed $3,971,138. The Golden Nugget, up 36 % in .

The net gaming market in New Jersey seems to be going towards equal disbursement. Once dominated by Borgata, last month the stakeholder that is smallest was Resorts with $3,052,298, a difference of less than $1 million. The Tropicana generated $3.24 million, while Caesars gathered $3.39 million.

Resorts has swiftly become a player that is major New Jersey’s online gaming sector. Many Thanks to the arrival of its poker network PokerStars, the casino climbed from $558,000 in revenue in July 2015 to $3 million last thirty days.

The world’s largest Internet poker operator hit the Garden State last March after having a long vetting procedure by this new Jersey Department of Gaming Enforcement (DGE). It is presently neck-and-neck that is battling WSOP/888 for the name of brand New Jersey’s online poker market leader.

Michael Phelps Finishes Olympic Job With 23rd Gold Medal

The great one is finished. After 23 gold medals, American swimmer Michael Phelps claims his career that is racing is. (Image: Clive Rose/Getty Images)

Michael Phelps has swum his Olympic that is last race. That is if you believe the legendary athlete.

Sixteen years since their first Olympiad and 28 medals later on, Phelps says the 4x100m medley relay ended up being the final leg in his storied career.

The most decorated Olympian ever, Phelps happens to be adamant in post-race interviews that he’s finished. He said the exact same thing following the 2012 London Olympics, but the 31-year-old says this time around is different.

‘Done, done, done, and this right time i mean it,’ Phelps told Matt Lauer. ‘I wanted to keep coming back and finish my career the way I wanted and this was the cherry at the top regarding the cake.’

With 23 gold medals, Phelps has 14 more than any other Olympian. His 28 total medals are 10 more than Larisa Latynina’s 18, the second many Olympic that is ornamented athlete.

History in the Books

Nevada and Las Vegas got in regarding the game for the Olympics in 2016. For the time that is first 2000, sportsbooks offered lines on a number of Olympic disciplines thanks to the Nevada Gaming Control Board amending regulations in 2015.

For the oddsmakers, that meant learning a number of unknown sports. But when it came to Phelps and the pool, the decisions were pretty straightforward.

You would need to go against Phelps if you wanted to win any substantial money without placing a substantial bet.

Phelps won five of the six occasions he entered. He placed first in the 200m butterfly, 200m medley, 4x100m freestyle, 4x200m freestyle, and medley that is 4x100m.

He was understandably a heavy favorite at the books in the Silver State. As an example, the 4×200 freestyle team event was needing bettors to wager the maximum amount of as $700 on the US for a return of just $100.

The event that is lone don’t win, the 100m individual butterfly, had Phelps listed at -140 before the sprint.

Those who bet on Singapore’s Joseph Schooling to handsomely win gold were rewarded. A $100 bet for a Schooling upset of Phelps came back about $1,000 at most Nevada sportsbooks.

Lochte Robbed

Another American swimmer didn’t have quite the same success in Brazil as Phelps. Ryan Lochte, a 12-time olympic medalist in his own right, had a somewhat disappointing 2016 Summer Games.

He took part in only two events, and he failed to medal in the individual 200m medley while he was part of Phelps’ 4x200m freestyle gold relay team.

Things just got worse following the conclusion associated with the swimming competition. On the weekend, Lochte and teammates that are several robbed at gunpoint by thugs in Rio de Janeiro.

‘We got pulled over inside our taxi and these guys came away with a badge, an authorities badge. No lights, no nothing, just a police badge. They pulled us over, they pulled out their weapons,’ Lochte told NBC.

‘And then the guy pulled out his weapon, he cocked it, put it to my forehead in which he stated, ‘Get down,’ and I place my hands up . . . He took our money, he took my wallet.’

Rio is riddled with controversy in its hosting and preparation of the 2016 Olympics. With six days to go until shutting ceremonies, Lochte’s run-in with street criminals will have everybody on an also greater alert.

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