Nevada Gaming Control Board Ponders Wagering Accounts

Nevada <span id="more-10205"></span>Gaming Control Board Ponders Wagering Accounts

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

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

On August 11, the GCB held a general public workshop in Carson City to receive input on possibly changing exactly how slots and dining table games accept bets in the united states’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.

In accordance with Nevada Senate Bill 9 passed in 2015 that pressured the GCB to adjust such laws, the board is considering allowing casinos to implement systems at their tables and machines that offer customers utilizing the option to gamble with funds linked to commitment cards.

Regulation 5 and Regulation 5A are the two tips in question. The former formerly barred players from gambling on prepaid accounts, while the later authorized credited makes up about their state’s interactive gaming sites.

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

‘It would provide patrons what they expect with the ability to fund video gaming from sources they’re increasingly more content with,’ GCB Chairman AG Burnett told the Las Vegas Review-Journal.

Practice Made Perfect

Opponents to electronically linked gambling reports believe the practice shall cause higher incidences of issue gambling. But the wagering system being considered is far different from simply players that are permitting gamble using 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 contemporary times.

‘ The continued growth and success of the video gaming industry into the State of Nevada varies according to the fostering of a business and regulatory environment that encourages continued advances in the use of technology in gaming, which improves the entertainment experience, encourages innovation and supports expansion of the domestic technology sector,’ Senate Bill 9 states.

Though this indicates likely the GCB will soon adapt the gambling that is prepaid, Burnett said additional time is necessary before formally executing the modification.

Vital Endorsement

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

Executive Director Carol O’Hare said signage that is appropriate the potential risks of issue 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 extra measures.

‘It would appear that in 2016 while you adopt laws, procedures and rules for wagering accounts . . . some reasonable effort can be manufactured 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 laws 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 jail. This week, the Auburn resident was sentenced to 72 months in federal prison, after he had been convicted in May for using an insurance coverage payment to pay down over $100,000 in gambling debts.

Previous Alabama steel company CEO Kennon Whaley will now see plenty of steel of the 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 when the CEO of Southeastern Stud & Components, A montgomery-based manufacturer of light gauge steel framing products. Founded in 1999, the company generated $34 million in revenues in 2005 and employed 125 workers that are full-time.

But following collapse that is economic 2007, Whaley filed for Chapter 11 bankruptcy protection in 2009. He received $260,000 in insurance claims, but instead of using it to help 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 cash to repay Wynn, Whaley came back to Vegas again, where he incurred another $20,000 loss.

Chapter 11 provides companies protection from creditors, but the business that is bankrupt reveal all financial transactions. Not surprisingly, Whaley failed to follow 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 workplace for the center District of Alabama stated in a launch.

Paper Trail Proves Guilt

Whaley’s lawyer said during his test he was an ‘absentee owner’ that was not conscious associated with organization’s downturn. But once the going got tough, Whaley got going with risky maneuvers.

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

‘That’s the textbook concept 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. Documents from the casino organized his jaunt that is four-day to 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 an economy that is difficult businesses across the country. Chances were stacked against many small and companies that are medium-sized but Whaley went to Vegas and found also even worse odds for his money.

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

In Good Bad Company

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

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 July, Borgata Enjoys Record Month

Atlantic City casino revenue jumped 6.9 percent in July compared to the month that is same 2015. The city’s eight gambling enterprises still in operation pulled in $275.2 million, $17.7 million greater than a year earlier.

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

The headliner associated with the income report may 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 past record that is monthly took complete advantageous asset of the a supplementary week-end and Independence Day holiday.

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

Taj Mahal Trumped

Along side Borgata, four for the other seven land-based casinos posted percentage gains in July. One that didn’t wasn’t interestingly the Trump Taj Mahal.

The Unite-HERE Local 54 union attack commenced on July 1 over medical insurance and pension benefits at the formerly Trump-owned property. More recently bought by the GOP candidate’s billionaire friend Carl Icahn, the casino tallied incomes of just $17.5 million, eight percent significantly less than in 2015.

Icahn says he will end the casino’s 26-year run following Labor weekend day. Gaming officials state the month ended up being positive, regardless regarding the statement that yet another Atlantic City casino is closing.

‘July was a month that is solid even 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 percent) were the other two casino properties that posted losses in July.

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

Year-to-date, Atlantic City casino revenue is up 1.5 percent, and a 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 the web, the economy was also sunny.

Internet gaming totaled https://myfreepokies.com/pelican-pete/ $17,368,984 during July. That’s a 38.6 per cent 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 New Jersey seems to be going towards equal disbursement. Once dominated by Borgata, last month the littlest stakeholder was Resorts with $3,052,298, a big change of less than $1 million. The Tropicana generated $3.24 million, while Caesars obtained $3.39 million.

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

The world’s internet poker operator that is largest hit the Garden State last March after a lengthy vetting procedure by the brand new Jersey Department of Gaming Enforcement (DGE). It’s 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 Career With 23rd Gold Medal

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

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

Sixteen years since their first Olympiad and 28 medals later, Phelps says the 4x100m medley relay was the last leg in his storied career.

Probably the most decorated Olympian ever, Phelps is 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 return and finish my career the way I wanted and also this was the cherry over the top associated with the dessert.’

With 23 gold medals, Phelps has 14 a lot more than any other Olympian. His 28 total medals are 10 a lot more than Larisa Latynina’s 18, the second most 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 many different Olympic disciplines thanks to the Nevada Gaming Control Board amending regulations in 2015.

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

If you wanted to win any substantial money without placing a substantial bet, you would require 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 4x100m medley.

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

The event that is lone didn’t win, the 100m specific 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 on 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 their own right, had a notably disappointing 2016 Summer Games.

He participated in only two activities, and while he was part of Phelps’ 4x200m freestyle silver relay team, he failed to medal in the specific 200m medley.

Things just got even worse following the summary associated with the swimming competition. Over 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 arrived out with a badge, an authorities badge. No lights, no nothing, just a police badge. They pulled us over, they pulled out their guns,’ Lochte told NBC.

‘And then the guy pulled out his gun, he cocked it, put 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 debate 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 everyone for an even higher alert.

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