Vermont opens sportsbook bidding with goal of Jan. 1 launch  – Casino.org

Posted on: July 20, 2023, 05:08h. 

Last updated on: July 20, 2023, 05:08h.

Vermont regulators have opened the bidding process for online sportsbooks who want to set up shop in the state.

Vermont sports betting online gambling
Vermont this week began accepting bids from online sportsbook operators. Regulators hope to have operations up and running by January. (Image: Shutterstock)

The Request for Proposal regulators posted Wednesday afternoon marks the latest step in establishing a legal sports betting program. Bids are due by Aug. 28, and officials hope to have the new operations in place by Jan. 1.

Vermont’s sports betting law, which the governor signed last month, calls for the state to award between two and six sportsbook contracts. Betting will be available exclusively online, as the state has no brick-and-mortar casinos.

Competitive bidding

Sportsbook licenses will be awarded through a competitive bidding process similar to that used to award various types of contracts in the state. The process is overseen by the Vermont Department of Liquor and Lottery, which has established a scoring system that takes into account a variety of factors such as an operator’s track record and revenue sharing.

At least four operators are expected to file bids, judging by those who have participated in the regulatory process up to this point. BetMGM, FanDuel, DraftKings and Caesars Sportsbook all submitted comments earlier this month on sports wagering procedures developed by the lottery commission.

“I’m excited that we have these well established — considering how new the industry is — operators that are interested in participation in Vermont,” Vermont Lottery Commissioner Wendy Knight told Casino.org in an interview.

Bid requirements

The 191-page RFP outlines the requirements for potential sportsbook operators and the detailed application process. Contracts will be awarded for three years with the option to renew for up to two more years.

Bids will be evaluated on a 1,000-point scale with scores based on a variety of technical and revenue categories, including a company’s financial stability, ethics, software quality, compliance and responsible gaming program.

Operators must pay a $550,000 operator fee and agree to a minimum 20% revenue sharing requirement. Additional points will be awarded to companies that agree to additional revenue sharing up to 50%.

Vermont is requesting detailed bids that include estimated revenue projections, details on the company’s background and other jurisdictions, its advertising plans and a responsible gaming program, among other requirements.

One of the goals of the sports betting program is generating as much money as possible for the state. As part of their bids, sportsbooks must submit a “plan for maximizing sustainable, long-term revenue for the State, including a detailed market analysis.”

Knight said she hopes to have a decision on which bids will be selected by the end of September. That will launch a negotiation process that likely will take another couple months to complete, in time to have betting in place by January.

That puts Vermont on a slower schedule than Kentucky, which also legalized sports betting this year and expects to have its program running by the start of the NFL season.

Still, bettors should still be able to get in on some postseason action.

“We’ll get it up and running in time for the Super Bowl,” Knight said.

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Tupac Murder Search Seized Bullet Cartridges, Computers from Vegas-Area Home – Casino.org

Posted on: July 20, 2023, 02:56h. 

Last updated on: July 20, 2023, 04:42h.

New details have emerged about the search by police who this week reactivated the investigation into the unsolved 1996 murder of rapper Tupac Shakur. More than two dozen items were confiscated from a house at 2204 Maple Shade Street in Henderson, Nev. on Monday, according to the Las Vegas Review-Journal, which obtained a copy of the warrant.

This Henderson, Nev. house was searched by police this week in connection with rapper Tupac Shakur’s 1996 murder. (Main Image: Google Street view, inset: Getty)

The items included 11, .40-caliber bullet cartridges, as well as computers, an iPhone, and other devices that could possibly contain evidence of gang activity or of Shakur’s murder. In addition, photographs, a book, and an undisclosed amount of “purported marijuana” were confiscated.

The home belongs to alleged Southside Compton Crips member Duane Keith “Keffe D” Davis, 60. Davis was the uncle of Orlando Anderson, Shakur’s long-suspected killer, who died in a 1998 gang-related shooting.

The confiscated book was “Compton Street Legend: Notorious Keffe D’s Street-Level Accounts of Tupac and Biggie Murders, Death Row Origins, Suge Knight, Puffy Combs, and Crooked Cops.” Self-published in 2019, it was written by Davis with Yusuf Jah and features an admission by Davis that he drove Anderson in the white Cadillac that pulled up on Shakur and Death Row Records co-founder Suge Knight at the intersection of Flamingo Road and Koval Lane and opened fire on Sept. 7, 1996.

“Tupac made an erratic move and began to reach down beneath his seat,” Davis wrote in the book. “It was the first and only time in my life that I could relate to the police command, ‘Keep your hands where I can see them.’ Instead, Pac pulled out a strap, and that’s when the fireworks started. One of my guys from the back seat grabbed the Glock and started bustin’ back.”

Shakur died from his injuries six days later at age 25.

The Las Vegas Metropolitan Police Department requested the search warrant on Saturday, according to the R-J. District Judge Jacqueline Bluth wrote that probable cause was established to issue a “no-knock” warrant, meaning police wouldn’t need to notify the residents before entering.

The warrant also specified personal property, bills, and receipts, establishing “the identity of persons in control of” the house.

Tupac Shakur, Suge Knight, and their entourage are nearly impossible to see in this grainy security footage from the MGM Grand, but they are punching and kicking Orlando Anderson, according to police. (Image: BET)

Was Retaliation the Motive?

Surveillance footage from the MGM Grand shows Shakur and Knight viciously beating Anderson as he tried to exit a Mike Tyson v. Bruce Seldon boxing match. The beef, which occurred minutes before Shakur’s murder, was allegedly over a stolen medallion.

Two months earlier, an entourage led by Anderson had reportedly assaulted Trevon Lane, a close friend of Knight’s and a member of LA’s rival Bloods street gang. During the assault, Anderson allegedly stole a Death Row Records medallion given to Lane by Knight.

It was Lane who pointed Anderson out to the Death Row entourage. In the security camera footage, Shakur can be seen throwing the beatdown’s first punch.

Anderson, whom LA police still consider the prime suspect in Shakur’s murder, was killed in an unrelated gang shootout on May 29, 1998.

The same gun used in the shooting, a .40 caliber Glock 22, was reportedly found in a duffle bag in the Compton backyard of the girlfriend of one of Anderson’s friends. The bag reportedly had a Las Vegas mailing address inside it.

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Monarch Casino Searching For Acquisitions, Says CEO

Posted on: July 20, 2023, 02:18h. 

Last updated on: July 20, 2023, 04:41h.

Monarch Casino & Resort (NASDAQ: MCRI) is considering opportunities to add to its two-property portfolio via acquisition.

Monarch stock
Monarch’s Atlantis Reno, seen above. The company is looking for acquisition opportunities. (Image: The Nevada Independent)

Co-Chairman and CEO John Farahi commented to that effect in the company’s second-quarter earnings press release, published on Wednesday after the close of US markets. Reno-based Monarch currently owns the Atlantis in its home city and its eponymous venue in the fast-growing Black Hawk, Colo. market.

We continue to evaluate potential acquisition opportunities where we can employ our developmental and operational expertise in a financially prudent manner,” said Farahi in the statement.

Farahi didn’t elaborate on specific regions where Monarch is considering entering, nor did he say whether or not the company has held talks with potential sellers.

Monarch Could Be Buyer … or Seller

Monarch Casino closed the second quarter with $35.1 million in cash on hand. That’s a decent tally for a company with a market capitalization of $1.41 billion, but one that also implies the operator would likely need to issue debt or equity to affect an acquisition.

As for the prospects of Monarch striking a deal over the near term, anything is possible. However, management is believed to be highly selective, which is to investors’ benefit, and the current high-interest rate environment doesn’t lend itself to debt-fueled mergers and acquisition activity.

“Management’s stringent requirements makes executing an acquisition tricky in the present M&A environment, though not impossible, while MCRI’s balance sheet flexibility could afford unique buying opportunities in a hypothetical downturn,” wrote Stifel analyst Jeffrey Stantial in a note to clients.

Stantial added that Monarch could be a takeover target owing to “quality assets and unclear long-term succession plans.” He rates the stock a “buy” with a $91 price target, implying upside of 30.5% from current levels.

Where Monarch Could Look for Deals

Assuming Monarch doesn’t want to add a property in the markets in which it already operates, the field of prospective regions thins and grows smaller when considering the company probably isn’t a contender for a Las Vegas Strip asset.

Management is likely to continue to “target an underinvested asset in a quality market (stable supply; reasonable tax rate; local economic growth drivers). These opportunities are more limited and barring macroeconomic headwinds evoking incremental opportunities,” observed Stantial.

In terms of favorable tax trades and growing local economies, Northern Nevada and Colorado’s three gaming markets of Black Hawk, Central City, and Cripple Creek fit the bill. Those areas also benefit from being in states with rising populations, a pivotal trait for regional casino operators.

Conversely, other large gaming states, such as Illinois and Louisiana, are shedding population. However, Louisiana has the benefit of neighboring Texas, which doesn’t permit casino gaming.

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Las Vegas Sands Stock Outlook Remains Bright, Says Analyst

Posted on: July 20, 2023, 12:58h. 

Last updated on: July 21, 2023, 10:00h.

Las Vegas Sands (NYSE: LVS) stock still has fans on Wall Street. But it’s trading lower today following a solid second-quarter earnings report delivered late Wednesday

Sands stock
Sands Cotai Central in Macau. An analyst believes Las Vegas Sands has considerable upside ahead. (Image: CNBC)

Those include Stifel analyst Steven Wieczynski, who in a note to clients, reiterated a “buy” rating on the shares while lifting his price target to $78 from $73. The new forecast implies upside of 30.7% from Wednesday’s close. Sands operates in Macau and Singapore, which could be a positive for the stock. That’s because post-coronavirus recoveries in those markets have room to run.

With our belief that the average Chinese citizen is 18-24 months behind the average U.S. consumer in terms of post-COVID spending patterns, we believe the Macau and Singapore markets are still in the fourth or fifth innings of recovery,” observed Wieczynski.

There could be something to that thesis, because other analysts are forecasting that July will be Macau’s best month in terms of gross gaming revenue (GGR) since January 2020, and that GGR there could return to 2019 levels at some point before the end of this year.

Pent-Up Demand Still Strong in China

The Macau recovery started in earnest earlier this year when the Chinese government finally relaxed coronavirus restrictions, which had been in place since 2020.

That signals that the rebound in what was once the world’s largest casino market is still in its early goings, a notion affirmed by the fact that VIPs haven’t returned in large numbers. However, that doesn’t dent the Sands equity thesis because the operator is a favorite among mass and premium-mass players. LVS management noted its Sands China unit notched about $200 million in earnings before interest, taxes, depreciation, and amortization (EBITDA) last month — impressive, considering June is usually sluggish in terms of Macau visitation.

“What this should tell investors is that there remains strong pent-up demand, and we would expect visitation and spending patterns to accelerate through the end of the year. Second, savings rates are high in China, yet there are fears around the Chinese economy slowing,” added Wieczynski.

As Wieczynski pointed out, Sands may have some resilience to a slowdown in the U.S. economy, including a potential pullback in consumer spending, because it doesn’t operate any gaming venues in this country.

Las Vegas Sands Could Ramp Up Shareholder Rewards

One of the pleasant surprises offered up by Las Vegas Sands was the announcement that its quarterly dividend is returning. The company said the payout will resume at 20 cents a share per quarter.

While a 1% yield probably won’t get most investors excited, we believe this is just the start of a robust capital return program that will probably include buybacks as well as their dividend,” wrote Wieczynski.

Wieczynski also pointed out that Sands has significant capital spending plans in Macau coming up, and could be doling out large amounts of cash to enter new markets, such as New York. Still, shareholder rewards could accelerate in the future as more clarity on capital needs arrives.

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Hard Rock Sportsbook Rebrands in Ahead of Florida Relaunch

Posted on: July 20, 2023, 10:14h. 

Last updated on: July 20, 2023, 10:48h.

The Hard Rock Sportsbook is no more. But patrons need not fret, as the online sportsbook platform has simply undergone a rebranding.

Hard Rock Sportsbook Bet Florida Seminole Tribe
The sportsbook at Hard Rock Cincinnati. Hard Rock this week rebranded its online Hard Rock Sportsbook to Hard Rock Bet. The app is live in Arizona, Indiana, Ohio, Tennessee, and Virginia. (Image: Hard Rock International)

Hard Rock International, owned and operated by the Seminole Tribe of Florida, announced Wednesday that the Hard Rock Sportsbook has been renamed Hard Rock Bet. The online gaming platform is operational in Arizona, Indiana, Ohio, Tennessee, and Virginia.

The Hard Rock sports betting and iGaming app in New Jersey will be rebranded to Hard Rock Bet later this summer. New Jersey is one of only six states that allows iGaming with interactive slots and table games. The Garden State is the only iGaming jurisdiction where Hard Rock is licensed to conduct online gaming.

Hard Rock officials say the rebranding of its online sportsbook brings the digital gaming unit in line with the corporation’s overall brand. Hard Rock Bet features the conglomerate’s iconic guitar logo as the app’s icon.

To attract new players to the Hard Rock Bet sportsbook platform, Hard Rock is offering new signups a “no regret first bet” up to $200. If the $200 wager loses, those new accounts will be credited with the amount lost. The “bonus bet” credits must be wagered within seven days of issuance.

Court Delay

The Seminoles maintain a monopoly on slot machines outside of Miami-Dade and Broward counties in their home state of Florida. The tribe also holds exclusive rights to most house-banked table games.

In reworking their Class III compact with Florida Gov. Ron DeSantis (R) in April 2021, the tribe additionally secured the rights to conduct sports betting on its sovereign lands and online. That’s so long as the Hard Rock sportsbook computer servers remain on tribal grounds.

A month after the tribe began taking online sports bets in the Sunshine State, an appeal was filed by Magic City Casino and the Bonita Springs Poker Room. The racino and pari-mutuel cardroom were sister companies at the time, owned and operated by West Flagler Associates. West Flagler has since sold Magic City.

In a November 2021 decision, federal judge Dabney Friedrich of Washington, DC’s district court sided with West Flagler on grounds that the Seminoles’ amended compact violated the Indian Gaming Regulatory Act (IGRA). Friedrich agreed that IGRA doesn’t allow for tribal gaming to occur off sovereign lands, though attorneys for the Seminoles and Department of the Interior’s Bureau of Indian Affairs, which approved of the compact, said the requirement that the Hard Rock sportsbook platform’s computer servers remain on tribal lands satisfies IGRA interpretations.

Relaunch Could Come Soon

Friedrich’s ruling was overturned last month by the U.S. Court of Appeals for the District of Columbia Circuit. The three judges concluded that IGRA doesn’t specifically exclude a federally recognized tribe and its host state from reaching a deal to allow the tribal group to conduct casino gaming operations “outside Indian lands.”

Though the legal matter could be appealed to the U.S. Supreme Court, the June federal appellate court ruling, at least for now, clears the way for the Seminoles to relaunch their online sportsbook in Florida.

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New York Yankees Drop 4 in a Row, Swept by the LA Angels

Posted on: July 20, 2023, 09:36h. 

Last updated on: July 20, 2023, 10:55h.

The Los Angeles Angels swept the visiting New York Yankees, and the slumping Yankees are now 3.5 games out of the AL wild card race.

Aaron Boone Yankees manager
Frustrated New York Yankees manager Aaron Boone argues with a home plate umpire, Vic Carapazza, during a game against the Los Angeles Angels. (Image: AP)

The Yankees are 1-5 since last Friday, when the second half of the season began. They dropped two games over the weekend against the Colorado Rockies in Denver. The last-place Rockies won the series, even though the majority of the crowd at Coors Field was rooting for the Yankees.

The Yankees (50-47) tumbled into last place in the AL East after their disappointing western swing, which includes two extra-inning losses.

We stink right now,” said manager Aaron Boone. “We acknowledge that. We’ve got to be better.”

If George Steinbrenner were still alive and running the Yankees, the combative team owner would have fired Boone a couple of seasons ago. And knowing how Steinbrenner operated, the Boss would have rehired him at least once, and fired him again.

Meanwhile, the Angels are the subject of relentless trade rumors with the trade deadline two weeks away. The Yankees are one of the teams that are pursuing two-way star Shohei Ohtani, who is a huge favorite to win the AL MVP and the current home run leader. The dormant offense could use Ohtani’s big bat and arm, but even the mighty Ohtani might not be enough to boost the Yankees and salvage their season.

Yankees Fire Hitting Coach, Slide Continues

At the end of May, the Yankees were 11 games over .500, and holding down third place in the AL East. Things went awry in June when they lost last year’s MVP Aaron Judge to a toe injury. The Yankees posted a losing month with an 11-12 record in June.

The sour mood continued in July. They started the month with a 4-6 clip, and headed into the All-Star break losing four out of five games. Over their last 10 games, the Yankees are 2-8.

To shake things up, the Yankees fired hitting coach Dillon Lawson prior to the All-Star break. General manager Brian Cashman hired former pro and MLB Network analyst Sean Casey.

I don’t make these decisions lightly,” said Cashman. “I decided as we move forward, we have a sprint here in the second half, I felt like this was necessary. Our offense has struggled mightily, more so than I can recall. The team that we have, in fairness to Dillon, we have had some injuries without a doubt but collectively we really have struggled, and we’re best served kind of changing of things up a little bit as we move into the second half.”

Even with Casey at the helm, the Yankees won only one game since the All-Star break.

The Yankees are hitting .231 this season as the second-worst-hitting team in the majors. Only the Oakland A’s have a lower team batting average at .230. The A’s are the worst team in baseball with a 27-71 record.

Futures Nosedive, Buy the Dip?

If you think the Yankees will turn their season around, then you’re getting a chance to back them at their lowest point of the season.

At the start of spring training, the Yankees were +750 odds to win the 2023 World Series and one of the second cofavorites with the Los Angeles Dodgers. After the Fourth of July holiday, the Yankees were +1200 odds and fifth on the board.

After getting swept by the Angels and dropping two out of three games against the Rockies, the Yankees are now +2500 odds to win the World Series. The Yankees slipped to #12 on DraftKings’ MLB futures board.

The Yankees saw their AL pennant futures continue to fall at +1300 odds, which is a huge drop off compared to their preseason odds of +310. The last-place Yankees are now a long shot at +2500 odds to win the AL East.

DraftKings offers a popular prop bet on whether the Yankees will make or miss the playoffs. The Yankees are almost four games out of the AL wild card, and are now an underdog to qualify for the postseason at +150 odds. You can back them at -180 odds to miss the playoffs.

According to the most recent postseason projection by FanGraphs, the Yankees have a 30.4% chance to make the playoffs, with a 28.6% to clinch the wild card and a 1.8% chance to win the division. The Yankees have just a 1.9% chance to win the World Series.

On Deck: Slump Buster, Subway Series

The downtrodden Yankees return home to the Bronx this weekend and face the Kansas City Royals, who are the second-worst team in the AL with a 28-69 record. The Royals are a potential “slump buster” and the Yankees are desperate to get back on track.

The New York Mets and Yankees square off next week for a short, two-game Subway Series. The Mets have also been a disappointment this season, but they won three games in a row. The Mets are ascending, while the Yankees continue their downward trajectory.

The Yankees have a brutal schedule at the end of July and in the beginning of August. They’ll embark on their toughest stretch in the second half with 10 games against potential playoff teams. It’s a pivotal moment where the Yankees can make or break their season.

The Yankees hit the road for a three-game series against the surging Baltimore Orioles (58-37). Then they host a seven-game homestand with three games against the Tampa Bay Rays (60-39), and a four-game series against the defending champion Houston Astros (53-43).

Meanwhile, the injury bad beats continue. Third baseman Josh Donaldson tweaked his calf and returned to the IL for a second time this season.

Last season’s home run king, Aaron Judge, is out indefinitely, and the Yankees don’t know when he will return to the lineup. The reigning AL MVP tore a ligament in his big toe after he collided with the outfield wall at Dodger Stadium in early June. The Yankees have been rudderless without their captain and biggest home run threat.

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Oklahoma Casino Explosive Device Leads to Hotel Evacuation

Posted on: July 20, 2023, 08:40h. 

Last updated on: July 20, 2023, 10:59h.

Authorities are continuing to search for details on the person who had an explosive device with them last week at Ponca City, Oklahoma’s Osage Casino and Hotel.

Ponca City, Oklahoma’s Osage Casino and Hotel
Ponca City, Oklahoma’s Osage Casino and Hotel, pictured above. An explosive device was found at the property’s hotel. (Image: Wikipedia)

The device was found in the hotel guest’s luggage at the property last Thursday, according to Oklahoma TV station KOCO.

Several law enforcement agencies responded to the site to take part in the investigation.

The Oklahoma Highway Patrol (OHP) Bomb Team destroyed the explosive device safely. Other officers responded to assist from the Osage Nation Police Department and the Osage County Sheriff’s Office.

As a precaution, hotel guests were evacuated from the building while a search was underway, according to the hotel’s general manager, Jennifer Swords.

It appears the owner of the luggage called authorities to report the device. It’s unclear what led the person to notify police.

Authorities quickly responded and the device was located at about 8:15 a.m. after a search.

I actually saw them leave with two paper cups and something in the device, and at that time, the police chief told me I could go ahead and let the guests back in the room[s], that they had cleared everything and it was safe to go back in — and I saw him actually leave with the device,” Swords told KOCO.

As of this week, specific details on the device still were not released, nor was it clear if any arrests will be made. It’s possible the hotel guest notified police out of safety concerns, but that couldn’t be confirmed this week.

Device Described

When asked about the device, Oklahoma Highway Patrol Trooper Brack Miller told KOCO that it was a round used to simulate an actual explosive device.

It’s probably — this is a little bit of speculation — but it’s probably something that has a loud flash or a bang to it to simulate a real device,” Miller explained.

Initially, the incident was investigated as a possible bomb threat, according to Oklahoma TV station KOKH.

No Injuries

No one was injured during the incident, the report added, and the casino and hotel quickly resumed normal operations.

The tribal casino-hotel is located on US Route 60 about 105 miles north of Oklahoma City.

The property is part of the Osage Casino hotel chain operated by the Osage Nation.

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Vermont Approves Sports Betting Procedures – Casino.org

Posted on: July 20, 2023, 08:36h. 

Last updated on: July 20, 2023, 11:05h.

Regulators in Vermont this week approved rules for newly legal sports betting in the state, setting the stage for sportsbooks to pursue operations.

Vermont sports betting gambling sportsbooks online
A “Welcome to Vermont” sign greets motorists. Vermont regulators this week approved procedures that will lay the groundwork for sportsbooks to begin operating in the state. (Image: Shutterstock)

Vermont last month became the 38th state to legalize sports betting, and sportsbooks are expected to be operational by the end of this year or early next.

The Vermont Liquor and Lottery Department voted this week to approve sports wagering procedures establishing requirements for operators.

The department’s board of directors on Wednesday unanimously approved the procedures, but acknowledged that the document could evolve once the sports betting program gets up and running.

AML Clarification Sought

One area that requires clarification is anti-money laundering requirements, following a question from a BetMGM representative at Wednesday’s meeting.

The BetMGM employee, who didn’t give their full name, asked for additional guidance on a requirement for sportsbooks to “assure ongoing compliance with the local AML (anti-money laundering) regulations.” Given that AML regulations are typically set by the federal government, it’s unclear what additional local rules also could be applicable.

Lottery officials said they would have to check with the state Department of Financial Regulation, which consulted on that section of the provisions.

“This is a living document, so if that needs to be tweaked or changed, we can certainly come back with those changes based on their recommendation,” Board Chair Martin Manahan said.

The procedures adopted Wednesday are the fourth version of the document  considered by the lottery board. The latest version included additional minor tweaks and typo fixes compared to a version that was approved on Monday of this week.

Board members acknowledged that additional changes may be needed in the future. But they anticipate being able to adapt to concerns as the process evolves.

The rules allow sportsbooks to accept wagers on professional and collegiate sports, esports, and virtual sporting events subject to authorization by the department. Betting isn’t allowed on events such as awards shows, youth sports, and regular season games involving Vermont-based universities.

Vermont hopes to attract at least two and as many as six sportsbooks to launch in the state, and several have shown some early interest in the process.

A handful of operators filed detailed comments on the proposed wagering procedures, including BetMGM, FanDuel, DraftKings, and Caesars Sportsbook.

Competitive Bidding Process

Sportsbook operators will be selected through a competitive bidding process, similar to how other contracts are awarded in the state.

Applicants will be judged on a number of criteria, including how much of their revenue they agree to share with the state. A minimum 20% revenue share will be required. But extra consideration will be given to companies that agree to share more with the state.

Sportsbooks will also have to pay a $550K operator’s fee every three years to be eligible to participate in the state.

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California Lottery Players Keep Lucky Powerball Streak Alive

Posted on: July 20, 2023, 08:32h. 

Last updated on: July 20, 2023, 04:35h.

California Lottery players continue to seemingly win the biggest jackpots. The trend continued Wednesday night when a ticket sold in the Golden State overcame Powerball’s one in 292.2 million odds to win a more than $1 billion prize.

Powerball jackpot California Lottery
The $1.08 billion Powerball jackpot was hit on July 19, 2023, by a single ticket purchased in California. The winner will need to choose between the full value paid out over 30 years or a one-time cash option worth about $558.1 million. (Image: Powerball)

The Powerball jackpot hadn’t been hit since April 19. The top prize subsequently rolled over 38 times to climb upwards of $1 billion for Wednesday night’s historic drawing.

Powerball officials confirmed Thursday morning that a single ticket had matched the winning numbers of 7, 10, 11, 13, 24, and red Powerball 24 to claim the $1.08 billion prize. The advertised jackpot is the amount the player(s) would win should the winner opt for the 30-year annuitized payout. The one-time cash value is worth $558.1 million. Both amounts are before federal taxes.

Congratulations to our newest Powerball jackpot winner and the California Lottery!” said Drew Svitko, Powerball Product Group chair and the executive director of the Pennsylvania Lottery.

Svitko added that Powerball has given millions of lottery players the hopes and dreams of striking it rich for over 30 years.

“In doing so, Powerball has raised billions of dollars for good causes supported by lotteries. A portion of every Powerball ticket sold during this jackpot run will go toward furthering that legacy of supporting public programs and services in your community,” Svitko said.

California Dreamin’

California is home to about nine million more people than any other state, so it makes sense that more lottery winners come from the Golden State than any other lottery market. But luck has certainly been on California lottery players’ side regarding recent major jackpots.

Wednesday night’s $1.08 billion Powerball jackpot was the sixth-largest jackpot in U.S. history. California lottery players have now won three of the six largest prizes.

A player in California also won the record $2.04 billion Powerball jackpot hit last November. And a player in California was one of the three lucky winners of the $1.586 billion Powerball jackpot that was won in January 2016.

During Wednesday night’s draw, two other Powerball tickets sold in California matched the five white balls, but not the red Powerball, to claim the second-best prize of $1 million each.

California lottery players benefit from not having their prizes subject to state taxes. California is one of only nine states that doesn’t consider lottery prizes as taxable income.

Wednesday night’s $1.08 billion prize, should the winner opt for the annuitized payout, would equate to 30 payments of approximately $22.7 million after the federal 37% tax. If the winner opts for the one-time cash option, they’ll receive about $351.6 million after the feds take about $206.4 million of the loot.

Inflation Considerations

Higher interest rates are helping propel Powerball and Mega Millions’ advertised annuitized jackpots. With the annuitized pools based on bonds backed by the U.S. Treasury, the pools are growing faster than they otherwise would.

For example, the $1.05 billion Mega Millions jackpot hit by a lucky player in Michigan in early 2021 featured a substantially higher cash option of $776.6 million. Since federal interest rates were near zero at the time, the annuitized jackpot was only about $274 million richer than the actual cash pool.

The Federal Reserve interest rate this week is about 5%. The heightened rates will likely cause lottery winners of annuitized jackpots to look closer at the 30-year payment plan. In recent years, nearly all major winners have chosen the cash option.

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Major Gambling Reforms on the Table in Italy as New Laws Come Into Force – Casino.org

Posted on: July 20, 2023, 07:54h. 

Last updated on: July 20, 2023, 11:15h.

Italy’s Chamber of Deputies greenlighted major legislative reforms last week when it approved the country’s new Tax Delegation Law framework. Now residing in the Senate, the legislation includes an entire section on gambling, a follow-up to previous reforms that will pave the way for an almost complete overhaul of the industry.

The Italian Senate holds a legislative session
The Italian Senate holds a legislative session. The chamber is finalizing new tax laws that will lead to gambling reforms. (Image: Alamy)

In its session on July 12, with 182 votes in favor and 97 against, the Chamber of Deputies approved the draft laws, which the Council of Ministers had approved on March 16. They contain the changes introduced by the Finance Commission, which concluded its examination of potential reforms earlier this month.

Within 24 months from the date of entry into force of the law, the Italian government will have to adopt the legislative decrees for the revision of the tax system. This will include the gambling reforms, meaning operators have a long road of uncertainty ahead.

Unlucky Number 13

Article 13 of the Tax Delegation Law stipulates that the government must implement a “reorganization of the current provisions on public gaming.” It will do so “without prejudice to the organizational model of public games based on the concession and authorization regime.”

The legislation also indicates that a new program to combat illegal gaming will appear. The Ministry of Economy and Finance will lead the way and present an annual report to the Chamber of Deputies and Senate.

Among other measures, the primary focuses are the protection of minors and the prevention of illegal gaming. To achieve this, legislators will work to create technical and regulatory measures that are expected to guarantee full protection from gambling harm. They will also incorporate regulations to prevent gambling disorders and underage gambling.

The list of potential reforms is exhaustive, covering virtually every aspect of gambling. Among the key points under consideration are:

  • A reduction of wagering and winning limits
  • The continuous training of managers and operators
  • The strengthening of mechanisms for self-exclusion from gaming, including a new national register
  • A provision of minimum characteristics that halls and other places where the game is offered must possess
  • A betting ban in amateur sports competitions reserved exclusively for minors under 18.

Another item on the list leaves a great deal of ambiguity about what lies ahead. The translated version reads, “Certification of each device, with gradual transition, taking into account the amortization period of the investments made, to devices that allow gaming only from a remote environment, forming part of non-alterable gaming systems.”

The implication could be that all machines, such as slot machines, may eventually be linked and under centralized control. At this point, the goal of the measure remains unclear.

Land-Based Gaming Loses Ground

In May, the Regional Council for the Economy and Labor of Italy’s Marche region supported an initiative to alter land-based gaming in the region. One of the measures included an alteration in the structure of land-based gambling venues and this initiative, or some variation, will become part of the national framework.

A Royal Decree already established that no new permits for gaming machines can be approved, depending on certain criteria. Specifically, they’re not allowed near nurseries or other schools, ATMs and money transfer shops, pawn shops, or hospitals.

For cities or towns with 5,000 inhabitants or fewer, gaming venues must be at least 200 meters (656 feet) “according to the shortest pedestrian route” from those locations. If the population is more than 5,000, the distance is 300 meters (984 feet).

Furthermore, local authorities can establish time slots of up to six hours a day when the venues must close. The expected goal, according to the government, is the reduction of compulsive gambling without impacting the economic stability of the property.

Several lawsuits have emerged that have tried to prevent these changes, with plaintiffs claiming that they’re unconstitutional. A recent court decision delivered the final blow to that argument and cleared a path for the implementation of the rules.

Last week, Italy’s Council of State, which has jurisdiction over all administrative authorities in the country, rejected yet another lawsuit over mandatory distancing and reduced hours. With that, not even the Italian Court of Cassation, the highest court in the country, could intervene.

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Source: casino.org