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Gambling in the USA

NY Governor declares himself “not a fan” of online sports betting

Niji Narayan

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NY Governor declares himself “not a fan” of online sports betting
Photo Source: newsday.com
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New York governor Andrew M. Cuomo has categorically stated during WAMC News that he is “not a fan” online sports betting. He also downplayed the economic gains that could come with mobile wagering in New York.

The state regulators have already approved legislation for allowing sports gambling at Native American-owned casinos and the four private gaming halls upstate, including Rivers Casino & Resort in Schenectady.

Cuomo described the plan as an attempt to “fortify” the upstate casinos.

The limited blueprint, which will soon be subject to a 60-day public comment period, is based on the restrictive gambling language in the state constitution.

“If we want to expand it beyond the land-based casinos … we need a constitutional amendment,” state Budget Director Robert Mujica told reporters when the state budget was revealed in January.

Despite this interpretation, industry stakeholders and some state legislators are still pushing for online sports wagering.

The budget resolution approved by Senate Democrats last week would allow the full-scale upstate casinos to offer sports gambling online. Other gambling operators — including off-track betting corporations, the New York Racing Association and the video lottery terminal parlors known as racinos — would still be excluded from participating.

Niji Narayan has been in the writing industry for well over a decade or so. He prides himself as one of the few survivors left in the world who have actually mastered the impossible art of copy editing. Niji graduated in Physics and obtained his Master’s degree in Communication and Journalism. He has always interested in sports writing and travel writing. He has written for numerous websites and his in-depth analytical articles top sports magazines like Cricket Today and Sports Today. He reports gaming industry headlines from all around the globe.

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Gambling in the USA

Stadium Casino Secures Category 4 Casino License from Pennsylvania Gaming Control Board

Niji Narayan

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The Pennsylvania Gaming Control Board has awarded a license to Stadium Casino LLC, a division of The Cordish Companies, to construct a Category 4 casino in Hempfield Township, Westmoreland County.

The award concludes the process which the Board began on January 24, 2018 when Stadium Casino LLC secured a 15-mile radius area in which it could locate a casino with a winning bid of $40,100,005 at the second Category 4 auction held by the Board.

The Board conducted an in-depth background investigation of the application along with the collection of public input from citizens, community groups and public officials at a hearing held in Hempfield Township.

Category 4 Slot Machine License permits the Stadium Casino to operate between 300 and 750 slot machines. The entity could also petition for permission to initially operate up to 30 table games for an additional fee of $2.5 million with the capability of adding an additional 10 table games after one year. The table games certification was also approved by the Board.

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Gambling in the USA

Steve Ruddock Joins BettingUSA.com

Niji Narayan

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BettingUSA.com has appointed the industry veteran Steve Ruddock as its lead analyst, content director and equity partner.

In his role with BettingUSA.com, Ruddock will spearhead content and provide his unique brand of news, analysis, and insights on the regulated US gaming industry. Ruddock will also help lead the launch of additional national and regional brands.

“I’m thrilled to join BettingUSA and work with Mike, Wes, and the rest of the team to deliver the highest quality coverage and analysis of the legal US online gambling industry. This is an exciting time to be a part of this growing and evolving industry, and there isn’t a doubt in my mind BettingUSA will be a central figure in the space,” Steve Ruddock said.

Ruddock has spent the last decade covering the legal and legislative developments in the rapidly evolving US gambling sector and brings a breadth of knowledge and relationships to BettingUSA.com.

“We’re excited to bring Steve Ruddock on board. People listen when Ruddock speaks – and for good reason. He has long served as one of the most perceptive and intelligent voices in the regulated sports betting and gambling industries. Bringing Steve on board is a big win for us and our readers alike,” Wes Burns, Editor in Chief of BettingUSA.com said.

“It is a pleasure to welcome Steve Ruddock to the team. There is no doubt BettingUSA has gained a great asset in Steve and we look forward to working together as BettingUSA grows and new markets emerge,” Mike Murphy, CEO of BettingUSA.com said.

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Gambling in the USA

Nasdaq and Interactive Brokers Become the Latest Wall Street Institutions to Enter into Sports Betting

Niji Narayan

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Photo source: history.com
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Nasdaq Inc. has revealed a new partnership with U.K. sports-betting company Football Index. The biggest trading companies in Wall Street are pushing further into the sports-betting industry.

Nasdaq agreed to provide the company with a trading engine, not unlike the one that underlies its signature stock exchanges. Football Index allows its clients to place bets, called shares, on the future success of professional soccer players.

“We’re the heavy-duty plumbing that can sit underneath [betting systems]. We are not taking peoples’ bets. It’s a matter of providing technology,” Scott Shechtman, Nasdaq’s head of new markets said.

Sports wagering is undergoing a wave of change driven by loosening regulations in the U.S. and a transformation in how bets occur. That has created new opportunities for financial services companies to deploy their trading knowledge and technologies in sports-betting business.

“The potential in sports is huge. The more legal it becomes, the more legal money that’ll flow into the pockets of the people who control the back-end infrastructure, as well as the front end,” David Rothschild, an economist at Microsoft Research said.

Just weeks before Nasdaq’s announcement, Interactive Brokers Group Inc. launched a simulated sports betting platform that allows users to place bets on real games using virtual credits provided by the company. The company is using the platform as a tool to convince users to open up brokerage accounts, as they can win up to $1000 in actual commission credits through the simulated platform.

With their announcements, Nasdaq and Interactive Brokers become the latest Wall Street institutions to dive headfirst into sports betting.

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