Josh Andrews

Ocean Resort Gets License Hearing Ahead of Grand Opening

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Atlantic City’s Ocean Resort Casino is set to have its gaming license hearing on June 20, just eight days before its grand opening ceremony. The New Jersey Casino Control Commission which made the announcement requires the new owners of the former Revel Casino to obtain a casino license in order to offer gambling services at the renovated property.

Also set to open its doors on June 28 is Hard Rock Hotel and Casino Atlantic City that was formerly known as the Trump Taj Mahal and just sits just a few paces away from Ocean Resort. Unlike Hard Rock which managed to acquire the gaming license in May, Ocean Resorts is yet to be heard. During the June 20 hearing, the state regulators will meet with Ocean’s management to make sure that they are aware of the burden of operating a gambling establishment.

The hearing will begin at 1 pm local time with the gambling regulator adding that in case some issues remain unhandled by the end of the session then one more hearing will be held the following morning. On the other hand, if everything goes well Ocean Resorts will be granted the gambling license. This will be followed by a building inspection and operations tests, both of which have to be completed before the June 28 official launch date.

What’s In Store?

The Ocean Resort management team welcomed media representatives earlier this week to give the public a sneak peek of the renovated property. The casino will be operating a 138,000-square-foot casino with 2,000 slot machines and a decent number of table games, a spa, nightclubs, six pools and some other family-friendly entertainment facilities. Also on the menu will be over 20 dining facilities, 16 of which will begin operating as soon as the casino launched on June 28.

The gaming floor will further include a sportsbook that will be operating in conjunction with William Hill, a British bookmaker. This comes just in time after the United States Supreme Court ruling that paved the way for sports betting.

“This is the heart of our casino. This will create amazing energy. There’s nothing better than seeing a lively group cheering on their favorite team. The casino is supposed to be a fun, vibrant, exciting environment and often times the sportsbook is the heart of that excitement. I think that Atlantic City will benefit greatly from having that added experience to all of its casino resorts,” Ocean Resort advisor Seth Schorr commented on the casino’s sports betting offering.

As part of the grand opening, the casino will be throwing a huge celebration on the opening weekend. This will feature performances from Jermaine Dupri, Diplo, Sunnery James & Ryan Marciano, Kaskade and many other high profile artists. With Hard Rock’s opening weekend scheduled for the same time, Atlantic City is bound to light up with festivities that you cannot afford to miss.

Reserve Bank of India Reveals Its Crypto-Ban Was Uninformed

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The Reserve Banks of India (RBI), India’s central bank, has been warning the citizens of India against the dangers of investing in crypto since 2013. The central bank followed through with two more major warnings in 2017 before it finally came down hard on the cryptocurrency industry earlier this year.

An April 5 this year, the RBI issued a somewhat controversial decree that required all regulated financial institutions to quit providing services to business dealing in cryptocurrencies – this was accompanied by a three-month compliance deadline. According to the bank, the move was primarily motivated by the need to protect consumers and prevent money laundering. At the same time, the RBI also announced that it would be forming a workgroup that would be tasked with the study of the feasibility of issuing a state-backed cryptocurrency.

As expected, not everyone agreed with the RBI and its decision especially because of the concern that the bank did not conduct proper research prior to issuing the decree. This concern was confirmed this week when the RBI revealed that had made no serious efforts to effectively and explicitly study and understand various aspects of cryptocurrencies before issuing the ban. Furthermore, the bank did not form an internal committee to investigate the purported risks that it associated with cryptocurrencies.

“The RBI specifically mentions that it conducted no research or consultation before the implementation of restriction in April. The RBI also responded that no committee was ever formed for analyzing the concept of blockchain before the decision,” said Sethi, a lawyer and founder of blockchainlawyer.in.

The most affected parties, in this case, were the Indian cryptocurrency exchanges and individual traders, most of whom believe that even though they are opposed to it, they actually did expect something like that to come up. It is becoming more common for governments to make spontaneous decisions on crypto without studying it first. For instance, Japan and Russia have tried to ban crypto but have been forced to soften their stances on the issue owing to the backlash, and India is certainly headed in the same direction.

What Next?

Multiple lawsuits were filed against the RBI and some of them are already taking root into how the future of crypto in the country will play out.

“This RBI response has cemented our case ahead of the hearing in SC. The grounds on which our writ petition has been filed is that the RBI has not done enough research to ban a business completely,” Rashmi Deshpande, one of the lawyers fighting out the case in India’s Supreme Court told local news outlet.

According to June 13 report by the Economic Times, the RBI has already softened its position and therefore going to lift sanctions and the ban on crypto thus allowing trading once again. Some other reports have conflicting information but one thing that is clear is that there is a lot of effort being made toward making sure the decision is reversed.

“The foremost reason we are fighting is because we know that banning is next to impossible and it will make things worse for everyone – for the Reserve Bank, for the government, for the tax department, and for the user. In addition, it will push India back in reference to blockchain adoption across the world. We always have an option to relocate to other countries to carry our business, but that’s not the solution. If we cannot convince our own government, we cannot expect other governments to support us,” says Kunal Barchha, one of the founders of Coinrecoil.

Esports Shine at the Electronic Entertainment Expo (E3)

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The Esports craze has been quite a big deal in the past couple of years and if anything is to go by, this year’s Electronic Entertainment Expo (E3) is proof that the rapidly growing and evolving activity is here to stay. Launched in 1995, E3 is known for being a great generator of media impressions something that is currently at the center of Esports’ development hence the Esports companies are naturally drawn to the event. Besides, E3 is all about video gaming, and so is Esports which makes them, essentially, separate parts of a single but humongous entity.

In 2017, a record 68,000 people attended E3 – this included a 15,000 video game fans who took advantage of the opportunity that came with the debut of a more open system that allowed consumers to buy tickets to the sprawling industry-only trade show. This year saw even more consumer attendance and in an effort to connect with and cater to all the different facets of the audience, E3 partnered with Big Block Capital Group as well as other big brands like Volkswagen Jetta to launch Subnation.

According to Owner Big Block, one of the mentioned E3 partners, Subnation is part of a substantive push by Big Block and E3 to connect brands directly to the consumer fan base that built the gamer/Esports worlds.

“Subnation is an omnichannel media platform bringing together gaming and esports with lifestyle brands,” Big Block Capital chief executive officer, Seven Volpone said in an interview with tvrev.com. “Subnation’s mission is to elevate this global trend, celebrating the creators, innovators, and consumers who are defining today’s gaming culture while providing brands a new forum to connect with these important and influential audiences.”

Subnation will offer a series of brand experiences, live performances as well as immersive entertainment celebrating gaming and the thriving Esports culture during the expo. There will also be a nearby after party that has been dubbed Subnation Live and it will feature a performance DeadMau5.

Volpone went further to clarify that the idea behind Subantion is to better engage and connect different brands with the expressions of culture and lifestyle that are now characteristic of both the video gaming and Esports sectors. Capitalizing on this particular areas is a vital move that will eventually bring them in on the big bucks – according to PwC, these particular sectors generated a whopping £23.4 billion in the United States in 2017.

“Esports is a really exciting avenue for Big Block. We’ve been actively involved in eSports for more than 15 years. We tend not to get involved in things just because they are the trend. We really are out there mining for the best things, before they become the best thing,” Volpone added.

Sports Betting Gets the Green Light in New Jersey

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Finally, after more than eight years of fighting to bring sports betting to the United States, the state of New Jersey has officially been given the green light to begin legalized sports betting. This was done through a bill that was signed by the New Jersey governor Phillip D. Murphy on Monday – the bill specified that the wagering on various sports would begin on Thursday which is perfect timing since the World Cup is also about to kick off.

This makes New Jersey the third state to legalize sports betting and the second to do so after the recent Supreme Court ruling that abolished PASPA.

“Today, we’re finally making the dream of legalized sports betting a reality for New Jersey. I am thrilled to sign Assembly Bill 4111 because it means that our casinos in Atlantic City and our racetracks throughout our state can attract new business and new fans, boosting their own long-term financial prospects,” Governor Murphy said in the statement. “It means that our casinos in Atlantic City and our racetracks throughout our state can attract new business and new fans, boosting their own long-term financial prospects. This is the right move for New Jersey and it will strengthen our economy.”

What Next?

Ideally, the legalization of sports betting was anticipated to be smoother than it is in other states, but, unfortunately, there was a bit of politicizing that presented a major hurdle for the process. As of now, one of the only remaining impediments is the licensing process and the state and its regulators are trying as much as possible to hasten the process so that sport betting operations can go live as soon as possible.

The New Jersey Racing Commission will be handling the process this time around with an initial meeting, presumably to accept and approve license applications from operators, scheduled for Wednesday. If everything goes as planned, then Monmouth Park will be able to begin accepting sports bets as early as Thursday.

What the Law Entails

The bill that was approved unanimously by both chambers of the state’s legislature will allow casinos and racetracks to accept individual wagers immediately. Operators will also be given the opportunity to expand their reach by applying for licenses for online and mobile sports betting – this process will begin in about four weeks.

Punters can place bets on all professional sports and collegiate games that do not involve teams or venues from New Jersey. The sportsbooks are, however, not allowed to take action on high school games, and Esports or competitive video games. Also, as expected, the law did not include the integrity that the professional sports leagues have been lobbying for.

Switzerland Votes to Block Foreign-Based Gambling Operators

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Switzerland’s referendum had two main highlights – first, they voted in favor of allowing the local casino operators to offer online gambling and second, the voted to block the domains of the international gambling operators licensed to operate in the country. The international operators’ only option will then be to secure partnerships with local casinos.

The new Gambling Act which won the support of 72.9 percent of the voters was previously approved last fall but the student wing of the Free Democratic Party moved to challenge it and succeeded by gathering enough petition signatures to force a referendum under Swiss law. Now that it has been passed yet again, the new gambling law will take effect at the beginning of next year.

The Swiss government says that that the law is designed to tackle gambling addiction by enforcing strict rules such as the blocking of known addicts among other things. In addition to providing a solution to the issue of problem gambling, the law is also expected to allow the government to effectively tax gambling revenue which will be channeled towards these anti-gambling measures and initiatives.

The Specifics

According to advance polling, the ‘No’ side appealed mostly to youngsters who feared that the law in many ways provides a precedent that would allow the Swiss government to block other domains it found objectionable.

Older voters, on the other hand, tended to lean towards to the ‘Yes’ side since they believed that allowing foreign or international gambling sites to operate in the country would impede the Swiss government’s ability to fund social programs such as pension funds.

A Win for Local Casinos

The local casinos stand to benefit the most from the new gambling law and they could not wait to celebrate the news of this huge win. Marc Baumann, the chief executive officer of Swiss Casino Group issued a statement shortly after the results of the vote urging the government to put the new gambling law into effect as soon as possible.

Swiss Casinos Group currently runs a free-play online casino and has been planning to venture out and cooperate with a foreign company for a real-money gambling site. So far, so good. This might actually happen.

Will It Work?

Domain-blocking has proven to be rather ineffective in forcing online gamblers to stick to the locally authorized gambling sites. This has been true in other markets including Belgium and as such, Switzerland will have quite a tough time ensuring the law is adhered to. But this does not mean that it cannot be done.

Then, there is the issue of tax. The local gambling operators are looking at between 20 percent and 80 percent in revenue taxes. The president of the Swiss Federation of Casinos, Beat Vonlanthen, however, said that the government will do its best to cushion the tax blow by offering the local casino operators tax breaks of up to 50 percent for the first four years. This grace period will allow the casinos to lure in a sufficient number of steady customers before the ‘un-cushioned’ tax-rate kicks in.

Scotland Hospital Opens Rehab Center for ‘Crypto Addicts’

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We have all witnessed, or at least heard of, cases of various forms of addiction right from the infamous drug addiction to alcohol addiction and even problem gambling. In essence, one can get addicted to almost anything, and perhaps we have always overlooked the fact that even crypto falls into the broad spectrum of these addiction hazards.

While the rest of the world – most of it, that is – has been indulging the blissful pursuit of a crypto future, a hospital in Scotland has decided that it is about time that the issue of ‘cryptocurrency addiction’ (yes, it is a thing) is taken seriously. Castle Craig Hospital, the largest addiction treatment facility in Scotland, has recently established a residential treatment course to help ‘crypto addicts’ recover from obsessive cryptocurrency trading and get back to normal life.

The launch of the crypto rehab center was mostly influenced by requests by people asking the hospital to treat problems related to cryptocurrency. Clearly, this is starting to get out of hand and thus it needs to be addressed as quickly as possible.

Are You a Cryptocurrency Addict?

Are you among those people who have their eyes fixed on Coinmarketcap all day long waiting for the right moment to buy or sell cryptocurrencies? Do you have trading accounts on a bizarrely large number of crypto exchanges? Are you spending large amounts of money crypto? Do you keep trading even after losing money hoping to gain it back? Do you scoff at people who do not know what HODL, bull, bear, whale, ATH, FUD, and FOMO mean?

If your answer to most of these questions is yes then I am sorry to tell you that you definitely have a problem, at least according to behavioral scientists. There is currently no mention of cryptocurrency addiction on scientific literature but the experts have noted that the trading in crypto can become a behavioral addiction just like problem gambling.

“The high risk, fluctuating cryptocurrency market appeals to the problem gambler,” says Chris Burn, a gambling therapist at Castle Craig Hospital. “It provides excitement and an escape from reality. Bitcoin, for example, has been heavily traded and huge gains and losses were made. It’s a classic bubble situation.”

Some Agree, Some Do Not

Since there was no literature to study, the only source of information was the cryptocurrency trading community itself. Niko da Costa Gomez, a frequent crypto trader who has been making more profits than losses in his crypto investments, says that the idea of cryptocurrency addiction is not one that he would subscribe to. He does not “think anyone is really addicted to trading cryptocurrency unless they are very rich.”

Manav Singhal, the chief executive of Velix.ID, a blockchain startup, is also unconvinced that cryptocurrency is a valid issue. In fact, the CEO is one of those traders who keep trading even though he has been making continuous losses.

“I think profits and losses are just a part of the trading, and it is no different than trading any other kinds of securities,” goes his rather philosophical answer. “Gambling addicts are just that — gambling addicts. They can choose any addiction they want, and it can be cryptocurrencies, but that doesn’t mean that a majority of cryptocurrency traders are addicts. There’re many reasons that make you trade cryptocurrencies frequently, given how fast things are changing in the industry. I am not signing up for any rehabilitation any time soon.”

These sentiments are shared by most, if not all, cryptocurrency traders and this points to one very prominent issue in any addiction – no one admits the problem in the first place.

Kevin Pahl Set to Represent Global Poker at the WSOP

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The Global Poker Rattlesnake Open may be over, but the leaderboard winner, Kevin ‘BUYMEDINNER’ Pahl, just got a brand new opportunity to add on to his winning by representing Global Poker at the World Series of Poker (WSOP). He will be the third player in history to represent Global Poker in the live arena, and he is going at it in a big way.

Following a great series of runs at the Global poker Championships Rattlesnake Open, the poker pro made his way up the series leaderboard and eventually finished first earning himself a $5,000 live tournament package that will cover buy-ins, travel, and accommodation.

Pahl not only intends to turn his prize package into real money winning by cashing in at WSOP, just like his predecessors did, but also to become the first person to play on behalf of Global Poker to win the coveted WSOP gold bracelet. He will be using his Global Poker tournament package at the WSOP Event #48: $1,500 No-Limit Hold’em MONSTER STACK that will begin on June 23. After this, Pahl also plans to participate in the $1,100 buy-in $1 million guaranteed event at the Wynn Summer Classic that is scheduled for June 28.

“When I first started on the site, I had heard good things about Global Poker so I wanted to give it a go. I played around a bit and at the start of the year, I had SC$10 on the site. I played some SC$1 SNGs; these were going well so I moved up to the SC$6 ones. I worked on my game and before I knew it, I was playing the 20’s and am now playing a wide range of the SNGs quite regularly,” he said.

A college soccer coach by day, Pahl started small on the Global Poker site and slowly built up the stakes in sit ‘n’ go’s, a game that he particularly enjoys especially because of its ideal pace and structures. The pace and structure aside, Pahl also says that he loves playing at Global because of the camaraderie with other players

“Global Poker has been great to me,” he adds. “I am really happy. Sure, there are other sites out there but I don’t really like them. Global Poker has been 100 percent fantastic! As well as the games being good, the people on Global Poker are really friendly. I chat with a lot of people on the site when I play and it makes things really enjoyable, everyone seems really nice.”

New Jersey Law Proposes a Limit on Esports Betting

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So far, one of the biggest sports and gambling stories of the year has been the United States Supreme Court ruling pertaining to the legality of sports betting. By striking down the Professional and Amateur Sports Protection Act (PASPA), the court paved the way for sports betting in the country.

However, while we now know that states are going to have the final say about whether or not to legalize sports betting, even in states where there is a lot of pro-sports betting discussions Esports betting still lingers in limbo. New Jersey has become the first state to speak out on this issue but, unfortunately, the state’s stance on Esports betting is not very reassuring.

The New Jersey state legislature this week introduced a bill that calls for a ban on betting on professional gaming and Esports events. To put this into perspective, the bill’s synopsis says that the law “allows wagering at casinos and racetracks on certain professional and collegiate sports or athletic events,” but it also defines “all high school sports events, electronic sports, and competitive video games” as “prohibited sports events.”

On the brighter side, this ban will not apply to international Esports events where half of the participants are over 18. Still, these limitations have caused an immediate reaction from some of the proponents of the competitive electronic video gaming field one of the most vocal being Bryce Blum, an Esports attorney. The ESG Law founding partner took to Twitter to share his concerns:

“NJ’s sports betting law excludes ALL esports events unless they are (1) international and (2) more than 50% of players are over 18.
The law treats esports the same as high school sports, which is actually insane. Obvious problem w/ ppl regulating something they don’t understand. pic.twitter.com/WbzcULETph”

“This is a perfect example of why I fear any form of regulation surrounding esports.
Here are the bill’s sponsors – do they look like esports experts to you?
You cannot effectively regulate what you don’t understand. This could be just the tip of the iceberg. pic.twitter.com/rL8O0qvXm7”

Esports Betting Was Just in the Line of Fire

Apparently, the bill was not specifically meant to target Esports and thus there is a certainty that the topic will be discussed and analyzed explicitly in the coming weeks in order to clear things out. One of the major concerns emanates from the fact that bettors are allowed to bet on overseas events such as League of Legends European LCS, but are prohibited from betting on the outcomes of local Counter-Striker tournaments.

Being at its earlier stages, the bill’s wording is certainly still very vague and its full implications are yet to be fully thought through. As such, with the apparent localization of the bill’s effect and its vague nature, it remains to be seen how exactly it will change the Esports status quo both in New Jersey and the United States as a whole.

Delaware Becomes First State to Launch Sports Betting

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Barely a month after the United States Supreme Court paved the way for nationwide legalized sports betting through a landmark ruling that lifted a federal ban on sports betting, Delaware has become the first state to launch sports betting. This move not only marks the dawn of a new era for both the gamblers and the operators but also gives a significant boost to legal sports betting in the country.

This began at 1.30 p.m. ET last Tuesday when the Delaware governor, John Carney, placed the first bet, wagering $10 on the Philadelphia Phillies to beat the Chicago Cubs.

Always Been Ready

The state had made prior preparation for the new development – during the duration of the federal ban, the state was already offering parlay betting. Launched in 2009, the parlay cards offered by the state were provided through the state lottery. In addition to this, Delaware also went ahead to build sportsbooks within its casinos in preparation for the inevitable lifting of the federal ban on sports betting.

When the state’s sports betting industry went live on Tuesday, three Delaware-based casinos – Delaware Park, Dover Downs and Harington Raceway – launched single-game wagering on NBA, MLB, NFL, and the World Cup. These will eventually be followed by sports betting offerings for others sports including college football, the NHL, and golf.

So Far So Good

Despite the absence of big game events such as Stanley Cup or even an NBA Finals game on the day Delaware sports betting went live, there was still plenty of betting action to go around. Vernon Kirk, the secretary of the Delaware state lottery reported that $322,135 was bet on sports at the state’s three casinos on the first day.

“For us, it’s really an enhancement of our tourism industry,” Governor John Carney told ESPN on Tuesday. “It will attract a lot of visitors to our state, particularly at this time of year, during the summer, coming to our beautiful beaches south of here. They come here and stop at the casinos and do slot machine and table gaming. This will be another opportunity for them.”

Projections from Eilers & Krejcik Gaming, a research firm, anticipates that the amounts wagered on sports every year will be in the range of $350 million and $760 million – this is if online sports betting is implemented fully. Of these projections, the state will receive between $23.1 million and $49.6 million annually from both sportsbooks and online sports betting services.

Fortunately, according to the secretary of the state lottery, Delaware intends to offer internet and mobile sports betting products in the near future but first wanted to get the physical sportsbook off the ground before proceeding.

High School Esports Startup Receives Massive Investment

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One of the things that makes the flourishing world of Esports the marvel it is, is the colossal amount of enthusiasm the stakeholders have despite the deficiency of necessary infrastructure to support this enthusiasm. In essence, Esports is growing quite fast and thus the normal processes involved in the formation of regulatory bodies as well as other structures are bound to be outpaced.

Some of the people who have been affected most by this situation are high school students and their teachers who hope to participate in various Esports activities. Unlike many other similar activities, such as traditional sports where there are bodies to guide their actions, they have been forced to self-organize due to the lack of official bodies to guide them. However, this is all about to take a turn for the better.

PlayVS, a startup that specializes in building infrastructure to support high school Esports, has recently received a massive round of funding from a star-studded high profile investors including an assortment of venture capital groups, the San Francisco 49ers, hip-hop artist Nas, New York Jets’ Kelvin Beachum, Los Angeles Chargers’ Russel Okung, Twitch co-founder Kevin Lin and NBA all-star Baron Davis.

According to a report by ESPN, the valuation of the company is now somewhere around $50 million. This gives PlayVS a better shot at achieving their goal of developing software to formalize high school Esports competitions. The platform serves as an all-in-one online portal for students and the administration in addition to being an access portal to a select number of some of the most popular Esports titles. The platform also allows for setting and scheduling of matches, tracking and collection of player stats, as well the auto-reporting of wins and losses to prevent cheating.

Working with the NFHS

As it stands, PlayVS is the only private company that is has been officially sanctioned by the National Federation of State High Schools (NFHS) which is a non-profit organization that publishes the rules for most high school sports and performing arts activities across the United States. The NFHS will be rolling out Esports exclusively on the PlayVS Web app and this extends the company’s reach to 19,500 high schools.

“Esports sort of has this task—this mountain task—to become multigenerational. If a sport has a strong and a stable high school system, then that sport typically not only has staying power but it also lasts for multiple generations at the pro level,” says Delane Parnell, the PlayVS founder and CEO. “With our funding, we can take all the steps necessary to ensure that our inaugural season is a massive success while being affordable for schools, parents, and students across the country.”

In October this year, PlayVS in, collaboration with the NFHS, will launch its inaugural season, a venture that will bring organized Esports to over 18 states and about 5 million students from 5,000 different high schools.