Category: Announcement

Crypto Trading Has Not Been Banned In India, Govt. Confirms

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As mentioned in the Friday news post, the cryptocurrency situation in India is quite unstable at the moment. Still, it is worth noting that there have been a lot of misconceptions regarding the recent decision by the Indian government with a number of media outlets claiming that India has banned trading in bitcoin, and other cryptocurrencies for that matter. This is certainly not the case. Just to be clear, the Reserve Bank of India (RBI) only cut ties between its own banks and any entity that deals with cryptocurrencies.

No Cause for Alarm?

It goes without saying that the RBI press release indeed caused quite a stir especially because it somehow translates to a total ban on bitcoin trading, depending on how one interprets it. While this is not the case, it cannot be said that there is nothing worry about since the RBI’s ultimatum is still rather significant for cryptocurrency users.

All banks that are currently servicing any entities that deal in cryptocurrencies have a three-month deadline looming over their operations. Any bank that fails to sever its ties with the crypto users the will no longer be considered as a partner of the Reserve Bank of India.

What It Implies

According to Unocoin, there is not much cause for alarm since the RBI has not deemed bitcoin as an illegal currency and there is no ban on cryptocurrencies. For now, Unocoin will continue operating as usual until the banks it is affiliated with state otherwise. The three-month ultimatum creates room for a lot of changes and adjustments but everything will become crystal clear after that. So far, the damage is going to be minimal even though this is subject to abrupt change, but such kind of change is something you get used to when you stay in the crypto-world for long.

The decision by Indian officials is not entirely surprising since the RBI has for several months now reiterated the risks associated with cryptocurrencies. As such, it is likely that many of the India cryptocurrency entities have always been prepared for such developments. In other countries, the alternative has been moving to crypto-friendly countries such as Malta and Switzerland. All that matters now is that bitcoin trading has not been banned in the country but in case it happens, there are viable options for the crypto operations. We will just have to wait and see how it all plays out.

Paul Chaloner Calls for Better Esports Betting Education

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Renowned broadcaster and Esports veteran Paul ‘Redeye’ Chaloner is calling for better Esports betting education as the industry is now at a critical stage of its growth. The Esports industry is no newcomer to controversial scandals one of the most prominent being underage betting.

Chalone who recently joined new Esports betting platform, Luckbox, as an advisor believes that there is mostly lack of understanding in the Esports community pertaining to the risks of gambling. As part of his new role in the yet-to-be-launched Esports betting platform, he hopes to contribute to changing this.

“We can educate them along the way – that’s the key part for me. I don’t want to see underage gambling and I don’t want to see irresponsible gambling. I want people to be educated so they understand what they’re doing and the risks involved. And I think we can do that together with Luckbox,” he said.

Luckbox will be launching primarily with the intention complying with the highest level of gambling jurisdiction which will set it apart from all the other gambling operators.

Already a Billion-Dollar Gambling Industry

The past couple of years have seen the rapid of growth of Esports with a number of professional sports leagues, players and businessmen have backed and bought into competitive gaming teams around the globe. Naturally, Esports betting was bound to follow and with the likes of Mark Cuban at the helm, it certainly has a long way to go.

Currently, the major Esports leagues are projected to be worth $906 million – a figure that encompasses advertising, media rights, merchandise, game publisher fees, sponsorships and tickets. Unbeknown to most people, especially outsiders and newcomers, the gambling market around these Esports leagues has also risen meteorically and can be said to be quite robust.

According to a recent report by software analytics company Narus and research firm Eilers & Krejcik Gaming, excluding the vast majority of the United States where sports betting is still illegal, global figures for Esports betting have been projected to be somewhere close to $6.7 billion. From here on out, the sky is the limit.

RBI Bans Regulated Entities from Dealing in Cryptocurrencies

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Even though it is currently exploring the creation of its own cryptocurrency, India’s central bank on April 5 escalated a crackdown on existing digital currencies like bitcoin. In an official statement released by the Reserve Bank of India, it was directed that all regulated entities, including banks, should stop providing services to individuals or even businesses that are users, holders and traders of cryptocurrencies.

Meanwhile, the central bank has set up a panel that will be tasked with studying the feasibility and the desirability of introducing a fiat digital currency. The Reserve Bank of India (RBI) confirmed in a statement on Thursday that the panel will be expected to submit a report by the end of June this year.

“It has been decided that, with immediate effect, entities regulated by RBI shall not deal with or provide services to any individual or business entities dealing with or settling virtual currencies,” the RBI said. “Regulated entities which already provide such services shall exit the relationship within a specified time. A circular in this regard is being issued separately.”

As far as the specified time frame is concerned, the RBI gave the regulated entities three months to unwind their positions with the crypto-related entities. This move comes after over three warnings that were issued to the public in regards to the risks of dealing with decentralized digital currencies. It also follows in the footsteps of several other governments around the world that have been strengthening scrutiny of the virtual currencies. In fact, by its own admission, the RBI affirmed that this move is geared towards protecting the regulated entities form the risks associated with digital currencies.

“Virtual Currencies (VCs), also variously referred to as cryptocurrencies and crypto assets, raise concerns of consumer protection, market integrity and money laundering, among others… In view of the associated risks, it has been decided that, with immediate effect, entities regulated by RBI shall not deal with or provide services to any individual or business entities dealing with or settling VCs,” the RBI said in an April 5 statement.

Possible Introduction of a Fiat Digital Currency

The new RBI regulations certainly have rather significant implications for the crypto market in India. However, the central bank is taking steps that will maintain or draw from certain aspects of the crypto-ecosystem. The underlying blockchain technology, for instance, is quite promising and the RBI acknowledges this fact – the bank will be investigating ways of exploiting the blockchain technology in order to achieve financial inclusion and enhance the efficiency of the country’s financial system.

Also, as mentioned earlier, the RBI is exploring the concept of a fiat digital currency that will be issued by the bank and thus will be considered to be its liability. The new currency will in circulation alongside the tradition paper currency – if it succeeds it also holds the promise if reducing the costs of printing the paper currencies.

Intel, Shaquille O’Neal Enter Esports with NBA 2K League

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Yesterday, Intel announced its multi-year agreement with NBA 2K to become the Esports league’s official technology partner. The league which is a product of the partnership of NBA and Take-Two Interactive is set to debut in May and it will feature 17 NBA teams fielding their own Esports lineups to compete in the electronic basketball games.

Intel’s announcement further included information on the league’s technology, which will be provided by Intel – the NBA 2K games will be played on the Intel Core I7-8700K-powered Alienware PCs instead of PlayStation or Xbox. In addition to this, Intel will also be providing the tech infrastructure for tournaments, playoffs as well as regular season games.

“Intel plans to provide the best gaming experience for competitors and fans through its cloud to client solutions,” said John Bonini, vice president and general manager of the VR, Gaming and Esports Group at Intel Corporation. “Intel has been a leader in the growth of the Esports industry and community for more than 15 years, and the NBA 2K League’s fresh format will be a great showcase for Esports. With more than 15 years in the industry, Intel is committed to advancing Esports through new and innovative partnerships so it was a natural fit for us to work with the NBA 2K League to deliver our cloud to client solutions and showcase that the best experience for fans and players is on a PC with Intel Core i7 processors.”

Shaq’s Second Gaming Venture

Basketball legend Shaquille ‘Shaq’ O’Neal also recently revealed that he would be entering into the Esports arena with NBA 2K. This is the second competitive video gaming venture that Shaq will be pursuing – his beat’-em-up reboot of Shaq-Fu has proven to be quite successful.

Shaq made the announcement via his Twitter account where he also revealed that he is now the general manager of Kings Guard, an NBA 2K team. While he did not give any precise details on what the position entails, Shaq’s involvement goes in line with the NBA’s vision of the Esports league – the Esports teams are matched with actual NBA players to oversee their direction. The Sacramento Kings Guard is one of the 17 NBA-owned Esports teams that will be participating in the inaugural NBA 2K League draft that begun filling up player rosters on April 4.

Online Poker Excluded from New York State Budget Again

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Internet gambling has once again been excluded from the New York state budget despite having passed the Senate vote in January for the third straight year. Therefore,   and they will have to continue driving off-state to get in on some poker fun.

While the New York Senate has from time to time shown some love for the poker community in recent years, it is no secret why all the online poker bills never seem to get far in New York. The bill has been passed by the Senate a number of times but it cannot become a law until the Assembly and the governor give their approvals. The Assembly, for one, has shown very little support for online gambling and even refuses to vote on it.

Land-based casinos in New York have been struggling financially for a while now and it was anticipated that they would borrow a leaf from the neighbouring Atlantic City where online gambling has helped to the revenues of their struggling casinos. Apparently, the state is not interested in boosting land-based casino revenues.

New York hosts four non-tribal casinos all of which are in dire need of financial aid. The $440 million Seneca County-based Del Lago Resort Casino, for instance, has been asking the state to bail it out of its huge debts. The casino expected revenues of up to $263 million during its first year of operation – it, however, fell short of the revenue projections by a staggering $100 million.

“This casino developer pushed to have a New York casino for years, including on the Syracuse state fairgrounds,” state Sen. John DeFrancisco said. “So he knew exactly what he was getting into. If he’s losing money, that’s his problem to fix, not the taxpayers.”

This certainly proves that the state’s struggling brick and mortar casinos are not going to benefit from revenue boost from online gaming anytime soon.

Banking on Sports Betting?

 

Should the United States Supreme Court abolish the Professional and Amateur Sports Protection Act of 1992 (PASPA), each state will be able to license sportsbooks within its borders. New York, like many other states, is considering supporting wagering on professional sports in case the Supreme Court rules in favour of sports bettors.

Atlantic City Casino Job Fair for Veterans Set for April 19

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According to reports by local media, a casino job fair for veterans is scheduled for April 19 in Atlantic City. This follows the entry of two more casinos into the Atlantic City casino market – the two will begin operating later this year and they are hoping to staff up before their official launch dates.

The April 19 casino job fair will be held from 9 am to 3p at the offices of the New Jersey Casino Control Commission that is located at the Atlantic City Boardwalk. Veterans who are looking for new job opportunities have been advised to get ready for the event especially because it is tailored specifically for them. These veterans have been invited to pre-register and attend the job fair where there will be a number of casino job opportunities made available for them.

Some of these available job opportunities will require the approved applicant to obtain licenses from regulators but, according to Jim Plousis, the head of the New Jersey Control Commission, the process should not take that long. The approved applicants will be able to begin working within as little as a couple of weeks.

“It’s called ‘Bet On A Vet’ and the 8 casinos down here and the two that are looking to open up soon will be here and hiring veterans,” Chairman Jim Plousis said in an interview with KYW Newsradio. “Registrations don’t take that long. We can have them done in a couple weeks and then people would be able to work.”

Veterans are further encouraged to bring their resumes and be dressed appropriately for spot interviews. In addition to this, veterans’ services will be provided to people who might need them.

The new casino operations that will launch in a few months on Atlantic City’s Boardwalk will create as many as seven thousand new job opportunities in the city. Still, all the seven operational casinos in Atlantic City will participate alongside the yet to be launched casinos at the job fair.

Think this is the right opportunity for you? Check out the applications here.

New York Introduces Sports Betting Bill to Protect Casinos

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A recent legislation proposed by New York Senator John Bonacic seeks to regulate the state’s sports-betting industry in order to protect its casinos. The Republican senator has been a significant figure as far as New York’s gaming industry is concerned – he has earned a reputation for having a rather hardline stance on gaming regulations. This proposed legislation now puts him in somewhat of an advantageous position to push for demands pertaining to the sports betting industry in general.

However, New York is not the first state to introduce such a bill. A number of states have already put forward similar legislative bills and are now waiting for their implementation once the Professional and Amateur Sports Protection Act (PASPA) is overturned.

If, or when, PASPA is overturned, Bonacic’s bill will come into immediate effect and this will mean that there will be tremendous changes to the way casinos dispense their profits. According to the senator, if each and every casino was to be legally authorized to offer sports betting, then the proposed bill will impose a lawful obligation on the casinos requiring them to hand over a percentage of their profits to the state. The proposed figure currently stands at about 8.5 percent of the casino’s total gross revenue.

In addition to this, suppose the bill is passed and PASPA is abolished, New York will be looking at a new revenue stream with figures ranging from $10 million to $30 million. These figures are huge enough to convince the New York state legislators to vote in favor of such a legislation.

Bringing New York Up to Speed

Bonacic and some other state finance committee members have raised concerns regarding the static nature of the New York’s bid to get other states to buy into the idea of imposing stricter sports betting legislation. It is not news that the state of New York has often lagged behind when it comes to keeping up with essential matters in the gaming world. This is usually due to lack of action and Bonacic and his counterparts find this to be very frustrating.

He believes that if such a legislation is to be pursued by New York’s legislature, the state will be able to adequately keep up with all the other states that are pursuing similar sports betting regulations with renewed vigour.

More Traditional Sports Practitioners Set Eyes on Esports

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The Esports revolution already took off and it seems to be waiting for no one. A number of tradition sports leagues are beginning to catch on to this fact. As it stands, the NHL, NBA, NFL, MLB and NASCAR are venturing into the Esports space in a bid to appeal to younger audiences. It is no longer surprising to hear of traditional sports ventures into Esports but we are definitely excited about seeing how they will implement it.

Many of these leagues and collegiate programs have opted to integrate Esports into their business models. These integration efforts range from interactive contests to fan experiences or ticket sales for events that are designed to bring younger audiences closer to traditional sports. However, while this has paid off for some hopeful Esports investors, all of them do not share the same level of success.

NBA’s approach is by far one of the most followed in Esports. The league chose to partner with NBA 2K and thus there have been very clear tie-ins between the two – the NBA teams provide the infrastructure for their Esports counterparts. The NBA has taken a less regional approach in promoting its Esports league and this is definitely going to create a very interesting dynamic as the league grows. How the NBA 2K League plays out once it kicks off will determine the establishment of future leagues for other gaming titles such as FIFA and Madden.

But what have the others done?

NASCAR

During the Dayton 500 race weekend, NASCAR got to partner with 704Games and Esports Arena Drive in order to bring NASCAR Heat Champions to Daytona International Speedway. NASCAR’s interest in Esports is almost natural owing to the fact that it has an older and a wide fan base of about 58 years for television viewers.

During the Dayton 500 race weekend, the NASCAR fans who attended got a chance to win prizes while playing NASCAR Heat 2. This mostly oozed of an independent activation feel and seemed to be more of a showcase for new mobile arena instead of a NASCAR-run. Regardless, the activation is off to a great start and if everything goes well it will grace NASCAR with more ticket sales on non-race days while at the same time giving them a piece of the younger audience that everyone is desperately trying to get a hold of.

NCAA

One of the most recent developments in college basketball as far as Esports is concerned is the move by two different NCAA basketball conferences to jump into the Esports add-on world. Mountain West Conference and Horizon League, the two conferences, therefore effectively tied their championships to events.

According to Mountain West Commissioner Craig Thompson, “Globally, Esports is enjoying a boom in popularity – particularly among young people who are in the same age bracket as the students on our campuses. We are also seeing universities add Esports programming, technology and business to their curriculum offerings.”

Both conferences have organized tournaments that are considered to be extensively valid moves towards making college programs formed at universities more acceptable. Most of them are still run by students making such support vital to their survival and prosperity.

UK Gambling Commission Unveils Plans for Intensified Checks

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UK’s Gambling Commission has unveiled plans to make online gambling “safer than ever before”. This follows on from details that the commission revealed last week as part of the advice that it submitted to the UK government’s review of gambling.

So far, the Remote Gambling Association (RGA) has confirmed that it would work constructively with the Gambling Commission once its finals become known. The online gambling review that the commission released last week included details of its consultative efforts on proposals for age verification checks for players. This regulation will apply even to dem0 games.

Even though the fixed-odds betting terminals (FOBTs) that are operating in the UK will probably be the most affected by the forthcoming government crackdown on gambling, online gambling operators are not completely clear of the line of fire.

Other than banning the operators from offering free-to-play demo games until customer age has been verified, the commission also proposed that the speed and effectiveness of age verification processes should be improved. On the same note, operators will be forced to set limits on consumer spending until affordability checks are carried out. The commission further made it clear that it would deal with unacceptable marketing while at the same time tightening the requirements for operator interaction with customers that are more susceptible to harm.

“Britain has the largest regulated online gambling market in the world and we are continually looking for ways to make it even fairer and safer for consumers,” commented Neil McArthur, the Gambling Commission’s chief executive. “The proposals we have announced today are intended to protect children better, reduce the risks to vulnerable consumers and build on the measures we already impose on operators to know their customers and intervene at an earlier stage before consumers experience harm.”

Ensuring Safety and Sustainability in the Gambling Industry

The UK government, through sport and civil society minister Tracy Crouch, says that it is committed to providing a safe and sustainable gambling industry. Crouch also mentioned that the proposals for additional regulations would go a long way in strengthening the controls that are already in place while at the same time ensuring that children and vulnerable people are protected from the risks of online gambling.

The Remote Gambling Commission (RGA) has already laid the groundwork for the desired UK gambling industry through such efforts as advertising restrictions, the introduction of a national online self-exclusion system as well as advocating for the introduction of a new and independent statutory social responsibility levy.

PokerStars NJSCOOP Makes a Come Back with 80 Tournaments

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Touted as New Jersey’s richest tournament series ever, the PokerStars New Jersey Spring Championship of Online Poker (NJSCOOP) is returning and this time players can look forward to guarantees of over $1.3 million. The series is scheduled to run from April 14 through to April 30 and will feature a whopping 40 events – each of the events will be split into a high and low buy-in for which will sum up to 80 tournaments spread out across the 17-day schedule.

The most anticipated events of the series are set for Sunday, April 29. These are: the $200,000 guarantee $500 No Limit Hold’em Main Event (High) and the $50 Main Event (Low) which has a $30,000 guarantee. Both the high and low winners of the NJSCOOP Main Events will receive a Platinum Pass package.

The highly coveted Platinum Pass packages are each worth over $30,000 and include entry into next year’s $25,000 buy-in Poker Player’s NL Hold’em Championship as well as fully sponsored stay at the Atlantis Resorts in Nassau.

Unlike last year’s event, this year’s NJSCOOP schedule added five more high and low tournaments as well as an additional $100,000 in guarantees with buy-ins ranging from $5 to $1000. Majority of buy-ins range between $100 and $200 for the high events and between $10 and $20 for low events. While most of the events will be No Limit Hold’em, there will be a decent dose of mixed-games such as 8-game HORSE. Still, participants will be treated to a healthy selection of No Limit Hold’em variations including progressive KO, escalating antes and win the button.

Since there is a Platinum Pass on the line, it will certainly be a surprise if the event sees another record turnout – for the very first time, PokerStars exceeded the $200,000 guarantee for its main event last year. Naturally, as proven by the results of previous events and the history of the series the high events are likely to outperform the low events.