Category Archives: Bet gambling

Bet gambling

Online Gambling’s Good for U.S.

Not only will this increased competition result in a wider range of gambling activities, it will reduce cost to consumers. Many of these sites were established in small nations with little or no regulatory oversight.

Online gambling can be regulated effectively and without excessive cost, to standards that will provide strong protections for consumers and vulnerable players.

A great degree of surveillance is required to detect online illegality, and there are significant difficulties in locating, investigating, and prosecuting online offenders. The ill-advised indictments handed down against Calvin Ayre and his Bodog colleagues cannot alter that fact. The necessity of maintaining a strong customer base would motivate legal American service providers to offer legitimate, reputable gambling sites.. The online gambling industry is merely another form of commerce where prohibition is the wrong option.

In 2008, the global online gambling market was valued at $20 billion annually, with 50 percent of that demand coming from the U.S.. As other jurisdictions identify the demand for online gambling, they have supplied this service to consumers.

Another major benefit of allowing online gambling is that competition will be introduced into a highly regulated marketplace dominated by licensed providers who monopolize the gaming market. In addition, the technological and human capital required to locate offenders is substantial, as are the costs of prosecution and incarceration. Along with the inefficient use of resources caused by prohibition, there’s the danger of unintentionally increasing the criminal element.

The current prohibitionist law is really a protectionist measure designed to support specific domestic operators, such as the websites run by the horse betting industry. He coauthored (with John Luik) the Democracy Institute book, Gambling: A Healthy Bet.

Federal prosecutors just dealt consumer freedom a terrible hand, shutting down the gambling website Bodog.com and indicting four company executives, including founder Calvin Ayre, for alleged illegal gambling that actually generated $100 million in customer winnings. As such, the Internet offers potential consumers convenient and inexpensive access to their favorite gambling sites, introducing competition into an industry once dominated by highly restrictive licensing practices.

Banning online gambling in the domestic American market simply results in the establishment of Internet gaming sites overseas. As an international network, the Internet provides an instant detour around domestic prohibition.

Gambling is one of the great successes of online commerce. Many federal and state-level politicians want to legalize online gambling, which Congress made illegal in 2006.

The Internet has revealed the potential of technology not only to dramatically increase existing gambling opportunities but also to introduce new ones. Including unlicensed sites, the total rose to 6,000. This is especially true given service providers’ unrestrained access to overseas Internet sites in jurisdictions without online gambling restrictions.

This form of gambling also encourages private sector businesses to develop network capacity and commerce. If the domestic marketplace demands online gambling, which it clearly does, it will be supplied with or without government consent. Ironically the anti-Bodog crackdown comes as the push for sensible regulation of the online gambling industry is gathering serious political momentum.

Second, consumer demand for online gambling and the government’s demand for tax revenues will create enormous pressure for legalization in any jurisdiction, such as the U.S., that currently operates a domestic ban.

For example, in 2009 there were 2,381 sites run by 493 companies licensed in 50 jurisdictions worldwide. First, online technology renders prohibition futile. Stopping American online gambling is truly mission impossible, with a vast number of insurmountable challenges facing governments that endeavor to criminalize online gambling.

Patrick Basham is a Cato Institute adjunct scholar. The principal benefit of regulation to online players is the personal and legal security of funds, whereas currently players in unregulated environments have no legal recourse over matters such as suspected cheating and frozen assets.

Two additional factors contribute to the inevitable failure of prohibition. Increased competition results in a more efficient allocation of resources, as gambling providers attempt to maintain and attract new customers.

Prohibitionists appear to ignore the fact that most gambling sites, like any reputable business, rely on customer loyalty to remain profitable. With legal online gambling, competition among operators would increase to such an extent that they will be forced by the marketplace, rather than by governments, to offer a reduced house advantage.

In recent years, it’s become clear to a growing number of policymakers, including Senate Majority Leader Harry Reid, that the ban on online gambling is a failure

Gambler Who Dropped $127 Million in Vegas Blames Casino for Losses

“He did not.”

Watanabe has since been charged with four felony counts for refusing to pay the final $14 million and faces 28 years in prison if convicted.

Watanabe was drinking “two to three bottles of vodka a day,” all supplied by Harrah’s employees, O’Donnell said.

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The well-known businessman and philanthropist is credited with providing Harrah’s Entertainment Inc., the parent company of both casinos, about 5.6 percent of its total Las Vegas gambling revenue that year.

O’Donnell said his client paid the bulk of his gambling losses while he was still struggling with addiction. Three personal concierge attendants served at his beckon call.

And although Watanabe was as big a whale as they come, not all casinos wanted his business. His sister eventually intervened and Watanabe went to rehab, O’Donnell said.

Special vodka was imported from Russia by the case and served only to him, he said.

It’s no secret that Las Vegas offers generous VIP treatment to court what many in the industry refer to as “whales” — extremely wealthy, high-roller patrons.

“There’s a lot of competition to bring those guys in.”

Watanabe said he would gamble 24 hours a day, playing three $50,000 hands of Blackjack at a time and losing as much as $5 million in a single day.. “Sometimes in a candy box.”

“It was outrageous. “He was so addicted and so out of it, he didn’t really realize what was going on.”

Watanabe said he was provided a three-room suite at a Harrah’s property and a $17 million gambling limit. Prior to his stints at Caesars and the Rio, Watanabe said, he was banned from the Wynn casino by Steve Wynn himself when he was found gambling intoxicated there in 2006.

“He’s standing up not just for himself but for other people who have a problem gambling,” O’Donnell said.

Watanabe, the former owner of popular mail-order retailer Oriental Trading Co., also contacted the Nevada Gaming Commission, after which the agency opened its own investigation into the matter to determine whether Harrah’s violated gambling regulations, The Wall Street Journal has reported.

“In the gambling world, ‘whales’ are the biggest of the big gamblers,” Anthony Curtis, of LasVegasAdvisor.com, told “Good Morning America.”

“We’ll let the good people of Las Vegas decide whether he has a criminal intent to defraud,” O’Donnell said. Watanabe’s a tragedy,” his lawyer, Pierce O’Donnell, told “Good Morning America” today. And at the end of the day, he takes responsibility of his drinking and gambling problem,” O’Donnell said, adding that Harrah’s needs to take responsibility for encouraging Watanabe’s addictions.

A Nebraska businessman who lost nearly $127 million in a yearlong, Las Vegas gambling binge has accused two Las Vegas casinos of plying him with generous amounts of alcohol and prescription drugs to keep the cash flowing.

Now, Harrah’s and Watanabe are engaged in a complicated legal battle after Watanabe filed a civil suit in Clark County District Court last month claiming the casino was partly responsible for fueling his stunning streak by providing him free drinks and painkillers and allowing him to gamble when he was clearly intoxicated.

“It’s a tragedy, Mr.

Watanabe’s suit and letter to the commission were part of a legal strategy to get Harrah’s to drop its charges against him, a spokesman for Harrah’s said.

Terrance Watanabe said he bet more than $825 million and lost nearly $127 million of it in Caesars Palace and the Rio casinos in 2007, believed to be the biggest losing streak in Vegas history.

Watanabe is “a criminal defendant who faces imprisonment for theft and writing bad checks,” Harrah’s Entertainment said in a statement to ABC News. “All of his statements [and his criminal attorney's statements] should be evaluated in that light.”

“And they gave him highly addictive pills, eight or 10 a day,” O’Donnell said

The Casino of CFD Trading

All their job is, is to provide you with a platform that gives you an opportunity to trade the underlying assets. It is true that people can become addicted with gambling or with trading, but as with anything in life there is always a possibly that people can become addicted; be it with cigarettes, or food, or anything else.

I posed a question to a lady at my CFD (Contracts for Difference) provider the other day, which was about something I have often wondered. Just as they shouldn’t take gambling in a game of black jack lightly. But this assumption is not correct. Don’t ‘bet’ the house, and make sure to focus on using your strategy to generate profits in the long term, rather than the short term.

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In case anyone doesn’t know what a CFD is; they are derivative products that give the opportunity for people to trade a contract for an underlying asset, this being anything from commodities, to forex or the share market. It is most important for people to remember when trading CFDs that they should never ‘bet’ the house. Because no matter how many times you are right on an underlying asset movement, there will be a time when you do not get it right. Their only job is to provide you with a platform for entertainment, and that they do. I said, “how do you earn your money?”, to which she responded with, “well, its complicated.” I then had a think and said, “does it work that when I make a profit you make a loss, and when I make a loss you make a profit?”, to which she simply replied, “Yes.” So my first thought to her final response was, oh, they obviously operate just like a casino or sports betting agency.

What my main points to say to those prospective CFD traders out there; is to remember to do your study, have a strategy and stick to it. Above all though is the fact that they should remember that their CFD provider is not on their side. Participants can go long or short (buy or sell) these contracts in anticipation of seeing them moving in the direction they anticipate. But, if they move the wrong direction, people can lose a bunch of money. The provider is actually operating with opposite motives.

The best and simplest way I’ve heard CFDs explained as is, “they’re basically a way of borrowing to gamble.” So people shouldn’t take trading CFDs lightly. These products are highly leveraged, often allowing people to use just five percent margin. So if underlying assets do move in the right direction, people can make a lot of money. These principles are in fact important to implement in life, and traditional business as well; focus on the long term, have a plan and make a start, but not without first knowing what you are doing.

. The job of studying and developing a profitable strategy is the individuals own obligation.

It is easy for people to think there is something morally wrong with CFD providers, or gambling casinos. People should also make sure that they develop and stick to their own trading strategy resolutely, because if they take trading as just having a flutter like a small sports bet, they will (because of the use of leverage) lose their shirts