Nevada Gaming Control Board Ponders Wagering Accounts

Nevada <span id="more-63394"></span>Gaming Control Board Ponders Wagering Accounts

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

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

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

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

In accordance with Nevada Senate Bill 9 passed in 2015 that pressured the GCB to adapt such regulations, the board is considering allowing gambling enterprises to implement systems at their tables and machines offering customers with all the choice to gamble with funds linked to commitment cards.

Regulation 5 and Regulation 5A are the two directions in question. The former previously barred players from gambling on prepaid accounts, while the later authorized credited accounts for their state’s interactive gaming systems.

The proposed Regulation 5 includes ‘wagering account’ information and principles that are regulatory how the cards would operate. The GCB dictates that a customer wishing to fund a commitment card account would personally need to first register in the casino with photo identification.

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

Practice Made Perfect

Opponents to electronically linked gambling records believe the practice will result in higher incidences of problem gambling. But the wagering system being considered is far different from simply players that are permitting gamble along with 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 believes the amendments will appeal to the technological millennial demographic and bring the Silver State’s gambling enterprises into contemporary times.

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

Though it seems likely the GCB will soon adapt the gambling that is prepaid, Burnett said more hours becomes necessary before officially executing the change.

Vital Endorsement

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

Executive Director Carol O’Hare stated appropriate signage purporting the perils of problem 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 wants the GCB to take measures that are additional.

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

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

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

Former Alabama metal 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 company CEO Kennon Whaley will now see a whole lot of steel of the different kind, after being sentenced to six years behind bars for insurance coverage fraud. Whaley used bankruptcy settlements to spend down gambling debts. (Image: insurancequotesfast.com)

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

But following a economic collapse in 2007, Whaley filed for Chapter 11 bankruptcy protection in 2009. He received $260,000 in insurance claims, but instead of using it to assist in his business’ transition, Whaley continued 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 utilising the insurance coverage cash to settle 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 failed to stick to that condition.

‘ At that right time, Southeastern Stud had been nevertheless in bankruptcy and approximately 70 percent of its employees had lost their jobs,’ the usa Attorney’s Office for the center District of Alabama stated in a release.

Paper Trail Proves Guilt

Whaley’s attorney said during his trial which he was an ‘absentee owner’ that wasn’t mindful for the business’s downturn. But once the going got tough, Whaley got choosing risky maneuvers.

According to court records, Whaley instructed an employee to falsify papers in an attempt to conceal in which the insurance payments disappeared to.

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

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

The US Great Recession that lasted from 2007 through 2009 presented a difficult economy for businesses around the world. The odds were stacked against many small and companies that are medium-sized but Whaley went to Vegas and found also worse odds for his money.

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

In Good Bad Business

Whaley isn’t the very first person to strike the casino floor with illicit funds of late, of course.

A 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 year.

And month that is just last monetary scam artist Andrew Caspersen pled guilty to utilizing 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 compared to the same thirty days in 2015. The town’s eight casinos still in operation pulled in $275.2 million, $17.7 million over a year earlier.

Atlantic City casino revenues had been up at most properties during July, but Carl Icahn’s Trump Taj Mahal ended up being an exception. The casino that is long-troubled turn off permanently in less than a month following a long battle with unions. (Image: Heidi Gutman/Getty Images)

The headliner associated with revenue report is the Borgata Hotel Casino, which recently became wholly owned by MGM Resorts.

Atlantic City’s many profitable resort had its month that is best in its 13-year history. With gross revenues totaling $84.8 million in July, Borgata eclipsed its previous record that is monthly took full benefit of the an extra week-end 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 of this other seven casinos that are land-based percentage gains in July. One that don’t had not been surprisingly the Trump Taj Mahal.

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

Icahn says he’ll end the casino’s 26-year run following a Labor Day week-end. Gaming officials state the month had been positive, regardless associated with the announcement that yet another Atlantic City casino is closing.

‘July was a month that is solid 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) had been the other two casino properties that posted losses in July.

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

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

Online Gambling Strong

The summer that is long of July brought tourists and money to Atlantic City, but on line, the economy was additionally sunny.

Internet gaming totaled $17,368,984 during July. That’s a 38.6 % increase from 2015 and a 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 percent in .

The online world gaming market in brand New Jersey seems to be going towards equal disbursement. pelican pete slots free play Once dominated by Borgata, final 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 obtained $3.39 million.

Resorts has quickly become a player that is major New Jersey’s online gaming sector. Many Thanks towards 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 internet poker operator that is largest hit the Garden State last March after a lengthy vetting procedure by the New Jersey Department of Gaming Enforcement (DGE). It’s currently neck-and-neck that is battling WSOP/888 for the title of 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 athlete that is legendary.

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

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

‘Done, done, done, and this time I suggest it,’ Phelps told Matt Lauer. ‘I desired to keep coming back and finish my profession the way I wanted and this was the cherry over the top associated with the dessert.’

With 23 gold medals, Phelps has 14 more than any other Olympian. Their 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 on the game for the Olympics in 2016. For the first-time since 2000, sportsbooks offered lines on a variety of Olympic disciplines because of the Nevada Gaming Control Board amending regulations in 2015.

For the oddsmakers, that meant learning a number of unfamiliar sports. But when it arrived to Phelps and the pool, the decisions were pretty direct.

In the event that you desired to win any substantial money without placing a substantial bet, you would need to go against Phelps.

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

He was understandably a favorite that is heavy the publications in the Silver State. As an example, the 4×200 freestyle team event had been bettors that are requiring wager the maximum amount of as $700 on the US for a return of just $100.

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

Those who bet on Singapore’s Joseph Schooling to win gold had been handsomely rewarded. A $100 bet for a Schooling upset of Phelps returned 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 or her own right, had a notably disappointing 2016 Summer Games.

He took part in only two activities, 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 after the conclusion associated with swimming competition. Throughout the weekend, Lochte and teammates that are several robbed at gunpoint by thugs in Rio de Janeiro.

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

‘And then the man pulled out his weapon, he cocked it, place it to my forehead in which he said, ‘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 get until shutting ceremonies, Lochte’s run-in with street criminals will have every person on an also greater alert.

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