Nevada Gaming Control Board Ponders Wagering Accounts

Nevada <span id="more-11344"></span>Gaming Control Board Ponders Wagering Accounts

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

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

On August 11, the GCB held a workshop that is public Carson City to receive input on possibly changing just how slots and dining 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 enable 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 regulations, the board is considering allowing casinos to implement systems at their tables and machines that provide customers aided by the choice to gamble with funds linked to loyalty cards.

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

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

‘It would give patrons what they expect having the ability to fund video gaming from sources they have been increasingly more comfortable with,’ GCB Chairman AG Burnett told the Las Vegas Review-Journal.

Practice Made Perfect

Opponents to electronically linked gambling accounts believe the practice will induce higher incidences of issue gambling. But the wagering system being considered is far different from simply permitting players to gamble with their debit and credit cards.

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

Along with 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 casinos into modern times.

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

Though it appears likely the GCB will soon adapt the prepaid gambling amendments, Burnett said additional time will become necessary before formally executing the change.

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 appropriate signage purporting the problems 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 wishes the GCB to just 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 this 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 steel magnate Kennon Whaley is headed to jail. 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.

Former Alabama metal business CEO Kennon Whaley will now see a whole lot of steel of the kind that is different 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 when the CEO of Southeastern Stud & Components, A montgomery-based manufacturer of light measure steel framing products. Founded in 1999, the company produced $34 million in revenues in 2005 and used 125 workers that are full-time.

But following a 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 aid 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 utilizing the insurance 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 business that is bankrupt reveal all financial transactions. Not surprisingly, Whaley failed to stay glued to that condition.

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

Paper Trail Proves Guilt

Whaley’s lawyer said during his test he was an ‘absentee owner’ that wasn’t aware of the company’s downturn. But whenever 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 in actuality the insurance payments disappeared to.

‘That’s the textbook definition 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. Documents through the casino organized his four-day jaunt to Sin City and show a man living the VIP lifestyle while his company was riddled with debt.

The usa Great Recession that lasted from 2007 through 2009 presented a difficult economy for businesses around the world. Chances had been stacked against many small and medium-sized businesses play pelican pete slot machine free, but Whaley went to Las Vegas and found even even worse odds for his money.

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

In Good Bad Business

Whaley isn’t the person that is first hit 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 just last month, monetary scam artist Andrew Caspersen pled guilty to employing a Ponzi scheme to swindle $38 million from investors to fund his gambling addiction.

Atlantic City Casino Revenue Soars in Borgata Enjoys Record Month july

Atlantic City casino revenue jumped 6.9 percent in July in comparison to the same thirty days in 2015. The town’s eight gambling enterprises still in operation pulled in $275.2 million, $17.7 million greater than a year earlier.

Atlantic City casino revenues were 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 after having a long fight with unions. (Image: Heidi Gutman/Getty Images)

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

Atlantic City’s many profitable resort had its best month in its 13-year history. With gross profits totaling $84.8 million in July, Borgata eclipsed its previous monthly record and took full advantage of the an extra weekend 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 of the other seven casinos that are land-based percentage gains in July. One which didn’t wasn’t surprisingly 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 purchased by the GOP candidate’s billionaire buddy Carl Icahn, the casino tallied incomes of just $17.5 million, eight per cent lower than in 2015.

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

‘July had been a solid thirty days, 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 %) had been 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 in the majority that is vast of income per se, but, with a $182.2 million win.

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

Online Gambling Strong

The long summer time month of July brought tourists and cash 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 brand new monthly high for that segment.

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

The Internet gaming market in New Jersey appears to be going towards equal disbursement. Once dominated by Borgata, final month the stakeholder that is smallest was Resorts with $3,052,298, an improvement of less than $1 million. The Tropicana generated $3.24 million, while Caesars accumulated $3.39 million.

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

The world’s largest Internet poker operator hit the Garden State last March after a lengthy vetting procedure by the New Jersey Department of Gaming Enforcement (DGE). It’s currently fighting neck-and-neck with WSOP/888 for the title of New Jersey’s online poker market leader.

Michael Phelps Finishes Olympic Job With 23rd Gold Medal

The one that is great finished. After 23 gold medals, American swimmer Michael Phelps says 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 his very first Olympiad and 28 medals later on, Phelps says the 4x100m medley relay ended up being the last leg in his storied career.

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

‘Done, done, done, and this right time i suggest it,’ Phelps told Matt Lauer. ‘I desired to keep coming back and finish my job how I wanted and this was the cherry on the top regarding the dessert.’

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

History into 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 thanks to the Nevada Gaming Control Board amending regulations in 2015.

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

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 activities he entered. He placed first in the 200m butterfly, 200m medley, 4x100m freestyle, 4x200m freestyle, and 4x100m medley.

He had been understandably a heavy favorite at the publications in the Silver State. For instance, 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 event that is lone did not 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 swimmer that is americann’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 participated 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 after the conclusion regarding the swimming competition. Within the weekend, Lochte and several teammates were robbed at gunpoint by thugs in Rio de Janeiro.

‘We got stopped 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 and 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 everyone on an even greater alert.