By David Koenig -
DALLAS - Dallas Mavericks owner Mark Cuban says he plans to start a hedge fund, run by professional gamblers, to make bets on sporting events.
Cuban said a gambling hedge fund would be no worse than the stock market, which he compared to a Ponzi scheme, with some people trading on inside information and others buying stocks on emotion.
ASSOCIATED PRESS
TRENTON, N.J. -- An Assembly committee will hold hearings next week on a bill to legalize sports betting, but lawmakers need to overcome several hurdles before wagers can be placed on games.
Federal law bans sports wagering in most states. However, lawmakers here are pushing sports betting as a way to stave off a budget deficit and to help Atlantic City casinos fight competition.
By Jim Armitage -
Asia's biggest gambling group today swooped on Britain's casino industry with a 47 million pounds investment play centred on a major partnership with Stanley Leisure.
In a series of deals, Genting has built up a 10.2 percent stake in Stanley, bought Kensington's upmarket Maxims casino and formed a joint venture with Stanley specifically to develop the large supercasinos to be allowed under forthcoming legislation.
By Jason Bush -
Once outlawed, Russian gambling is booming -- and drawing outside investors
Have a lot of luck, and get rich! The jackpot is always growing! Play Jackpot, and live without worries!" Over and over, the catchy jingle plays, tempting passersby into the Jackpot slot-machine arcade at the busy Kiev railroad station in western Moscow. Every few meters, another arcade beckons. "We lived too long under the Soviet system. Now all these machines appeared and, like they say, the forbidden fruit is sweetest," says Viktor, 34, a Jackpot player.
By Jim Armitage -
BETONSPORTS, the online gambling group, today became the third company recently floated by stockbroker Evolution Beeson Gregory to suffer a major share price slump.
Evolution is facing a boycott from investors after dismal returns from fundraisings it conducted for Medical Solutions and Plant Health Care.
By Del Jones -
Donald Trump may be the 74th-richest man in America and owner of more than half of Trump Hotels & Casino Resorts (DJTC). But that didn't stop the company from filing for Chapter 11 bankruptcy protection on Sunday.
The real estate mogul, worth $2.6 billion according to Forbes magazine, called "perfunctory" the filing because it had been announced a month ago.
It wipes out shareholders. Bondholders have accepted interest rate cuts of 3.5 percentage points in exchange for majority ownership.
A FORMER Malaysian princess is alleged to have racked up millions in gambling debts at the Ritz casino in London.
In September 2003, Datin Arina Binti Abdullah apparently blew nearly £2 million ($6.14m) in the casino.
On her first visit, she allegedly wrote three cheques totaling £1 million ($3m). She lost every penny.
By Phil Hayworth -
When someone from Hawai‘i wins a million dollar jackpot in Las Vegas, they're treated like a hero by media, and especially the state Department of Taxation, who stand to gain a tidy sum.
But back in May of 2002, when a Hawai‘i Internet gambler known only as "Moosed" drew a royal flush in an online poker game, he became a hunted animal.
Even though the government says online gambling is illegal in the U.S., an estimated 80 percent of worldwide gambling revenues come from U.S. players. U.S. players are logging on to Internet gambling sites based in other countries -- including the UK -- where they are legal.
Interactive gambling Web site Gambling.com has reinvented itself as a gambling-only search engine.
The company says the move has been triggered by the decisions of major search engine companies such as Overture (Nasdaq: OVER) and Google (Nasdaq: GOOG) to ban online gambling sites' advertising from being shown in the U.S.
UNITED STATES – As reported by the Milwaukee Journal-Sentinel: "…Next year will mark the 10-year anniversary of online casinos. More than 5 million Americans have accounts with Internet gambling sites, according to a recent report from the U.S. Government Accountability Office.
"In 2005, the number of Web gamblers in the United States will reach about 7.4 million, according to the gambling analysts River City Group, which is based in St. Louis.
By Kylee Dawson -
Some students gamble for the thrill. Others gamble for the money. Karl Hellman, an undeclared freshman, gambles out of boredom.
Hellman, 25, began gambling in Tucson three years ago and said gambling can be addictive, but he is not a compulsive gambler.
Hellman, like many UA students, has experienced the repercussions gambling can bring. But for some, just quitting is harder than it sounds.
By Kevin Smith -
Officials with Ryanair, the Irish-based low-fare airline, indicated last week that the company is getting closer to offering in-flight gambling options to its customers.
The move could be another alternative revenue source for the airline that has made money off of its drinks, meals and movies, which typically are offered for free with other full-service airlines.
By Allen Schauffler -
The hottest new trend in online gambling is coming to America. Peer-to-peer betting lets you wager directly with another person via the Internet, bypassing the booking or the casino. But as Allen Schauffler explains, Legally Speaking, you can bet state and federal regulators won’t like it if you buy it.
Stuart Farmer loves to gamble. His favorite bet – sports.
By Frantisek Bouc -
The government has found itself on the losing side in the fight against online gambling. Foreign online gambling sites are increasingly targeting customers in the Czech Republic despite the practice being illegal in the country.
British company Sportingbet recently introduced a Czech Web site, making it the fourth UK-based online casino to offer services in the Czech language. The others include Worldbet, Betsson and Eurobet.
GENEVA (AFP) - The World Trade Organization confirmed that a US prohibition the cross-border gaming and gambling over the Internet was illegal under global trade rules.
In a final version of the ruling on a challenge brought by the tiny Caribbean island of Antigua and Barbuda, a WTO disputes settlement panel said the restrictions imposed under some US state and federal laws were inconsistent with the WTO's GATS services agreement.
By Liz Benston -
Anyone who has watched any television over the past year has likely stumbled upon a program or series related to casino gambling.
The Travel Channel's "World Poker Tour," ESPN's "World Series of Poker," NBC's "Las Vegas" and the Discovery Channel's "American Casino" are among a few of the programs that transport viewers to a Las Vegas that is part fantasy, part reality. For people who can't get enough, several groups of investors are vying to be the first to market with an all-gambling television network.
By Chris Jones -
New technologies might soon allow Nevada gamblers to withdraw cash from a credit or bank account without interrupting their round of video poker or hand of blackjack, state gaming regulators said last week.
Learning whether such a change would encourage problem gambling remains a key obstacle, but that has yet to slow several companies' quests to bring gamblers and their money together as easily as modern innovation will allow.
ELY, Nevada (AP) -- A county commission race in this gambling state was decided in true Nevada fashion -- by the luck of the draw.
After finishing Tuesday's election tied with 1,847 votes each, Robert Swetich and Raymond Urrizaga agreed to draw cards to resolve the deadlocked White Pine County commission race.
Urrizaga drew first, choosing a queen of clubs. His opponent pulled the seven of diamonds, then congratulated the winner.
Nevada law provides for drawing lots to break a tie, giving the candidates the option of tossing a coin, drawing straws or picking a card.
By Rick Alm -
Gambling, “sin taxes” and other morality issues appeared on many state and local ballots Tuesday.
Sin lost, big time.
Voters in at least five states appeared to turn back efforts to expand gambling. Only Oklahomans voted in favor of more slot machines, plus a new state lottery.
By Murray Campbell -
Ontario Premier Dalton McGuinty says gambling is here to stay even though a new report shows that a small minority of people with gambling-addiction problems is providing the bulk of the revenue in Ontario's casinos.
"There's no doubt about it, we have come to rely on gambling revenue," he told reporters yesterday. "Perhaps in a better world, we wouldn't, but the fact of the matter is it's here, it's here to stay."
LONDON (AFP) - British MPs voted to loosen gambling laws in a move that is likely to fuel a boom in casino-building and betting across the country.
Parliament voted 286 to 212 for the government-sponsored Gambling Bill, after nearly seven hours of debate that saw backbenchers from the ruling Labour Party join the opposition in trying to block the initiative.
The law will permit people to play for unlimited prize money at new casinos, larger than anything previously permitted in Britain, while slot machines and roulette tables would appear in bingo halls and betting shops.
By Martin Miller -
We bet on ballgames and poker, the Oscars and the Emmys, so why not the presidential election -- especially one as tightly contested as this one? It's better than even money that somebody's got to win.
Oh, sure, it's illegal to wager on a presidential race in the United States. But thanks to the Internet we now live in an age of gambling without borders, which enables Americans -- along with the rest of the global village -- to get a piece of the action.