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One of the early leaders in providing bank financing for casino operators was E. Parry Thomas, who led what was then a very small Las Vegas bank. Other than Mr. Regulators faced constant battles to determine suitability of both operators and the sources of funds used by those operators. In , the Nevada legislature adopted legislation allowing for participation by publicly traded corporations in the Nevada gaming industry.

In , the Nevada Gaming Commission adopted Regulation 16, governing public companies and public offerings of securities. Coupled with the well-documented history of Howard Hughes acquiring several Las Vegas casinos in the late s and early s, these statutory and regulatory changes broadened the sources of investment capital for Nevada operators.

The availability of debt and equity financing spreads the risk of casino investments among bondholders and stockholders, much like insurance spreads the risk of catastrophic loss among policyholders. As such, more predictable rates of return can be achieved for investors, and more predictable sources of capital are available for licensees. This allows longer-term visions of the industry to develop, not as dependent on local conditions. The advent of public sources of financing provided comfort for political and regulatory officials as well: the value of a casino license was more than just the ability to operate a casino.

It carried with it the potential to reach the public capital markets to facilitate expansion. Along with federal regulatory oversight through the Securities and Exchange Commission, Nevada gaming regulators could rely on additional controls and accountability imposed by the debt and equity investors in their indentures and offering documents.

The number of public companies licensed in Nevada increased gradually to 39 by These included 19 casinos with 2. The overwhelmingly successful debt financing of the Mirage in opened the door for increased participation by major Wall Street firms, including Solomon Brothers and Bear Stearns, and the gaming industry was a more attractive, and less stigmatised, place for traditional investment dollars.

Sixteen public offerings of debt were approved that year, along with twelve equity public offerings and two public company registrations not accompanied by a debt or equity offering at the time. Debt financings still reflected rates higher than for investment-grade securities, at least in part reflecting continuing stigma against the gaming industry but also reflecting the relatively short experience that Wall Street firms had with companies involved in gaming.

However, these financings moved beyond the traditional asset-based, collateralised debt that previously had been the only money available. Examples of financing rates in the early s include By , fifty-eight companies were registered as public companies with the Nevada Gaming Commission.

In , the Nevada Gaming Commission adopted its institutional investor regulation, allowing waivers from otherwise-mandatory licensing requirements for passive investors in Nevada licensees. Four companies received such waivers at that time, and the number of companies obtaining waivers increased to eight in and 11 in , before going back to eight by In more recent years, Nevada has seen fewer equity offerings, but unsecured debt financings have become much more common.

Interest rates have come down significantly, reflecting both the more favourable interest rate environment and the quality of gaming industry balance sheets, as companies have matured and shown consistent cash flows attractive to the investment banking community. Newer companies still issue junk bonds, and collateralised debt is still required for smaller operators. For the major casino companies, large credit facilities are very common as part of commercial paper programmes similar to those of large non-gaming companies.

These maturing financings have occurred as the Nevada gaming industry has moved from properties focused on selling gaming, to facilities where non-gaming revenues exceed those generated in the casino itself. The destination4. The need for alternative activities for visitors to fill these longer stays has been met by the increased recreational, entertainment, dining and retail options being offered in the Las Vegas market.

Other gaming areas, such as New Jersey and the emerging Asian market, are capitalising on this concept as well. Technology provides continuing benefits for regulatory accountability, along with the potential for fraud and abuse of a far greater magnitude than presented in past decades. The challenge facing regulators is how to analyse state-of-the-art innovations, so regulatory approvals do not cause inordinate delay in new products getting to market, while at the same time protecting the public and the state from systems or games susceptible of unfair play or inaccurate reporting.

In Nevada, as in many jurisdictions, the time for processing new ideas is affected directly by the available human and financial resources. We will continue to work to meet the demands of the industry as promptly as possible, within the context of our regulatory duties to protect the public and the state. Nevada has tried to balance the need for innovation with the obligation to control gaming operations, not always being at the forefront by approving any new idea or concept being advanced, while allowing technological progress that is shown to meet regulatory standards.

A sub-set of the technology challenges involves interactive gaming, an activity mired in legal concerns within the United States. In Nevada, our legislature has authorised the regulation of interactive gaming, provided that three determinations are made by the Commission. To date, these determinations have not been made, and prospects for them are not favourable in the foreseeable future.

The first determination is that interactive gaming can be operated in compliance with all applicable laws. The federal government has consistently interpreted the federal Wire Act as prohibiting the use of the internet for casino-type gaming, and any Nevada operator violating federal law jeopardises its Nevada license.

Second, the Commission must determine that interactive gaming systems are secure and reliable, with reasonable assurance that players will be of lawful age and communicating only from jurisdictions where it is lawful to make such communications. The technology seems to be near a point where these factors can be addressed through appropriate testing and regulation.

Finally, the Commission must determine that interactive gaming regulations are consistent with the public policy of the State of Nevada to foster the stability and success of gaming. External threats to individual properties, as well as to the entire industry, require constant vigilance and cooperation among property-level security personnel, state and local police agencies including the Gaming Control Board in Nevada , and federal and international authorities.

Communications must remain open among agencies in different states and countries, as the industry must deal with worldwide activities and ramifications to protect its patrons and properties. In Nevada, appropriate investigative, enforcement and auditing processes must constantly be reviewed in light of the latest intelligence information. Responsible gaming is another policy issue that the industry and regulators should address proactively.

As greater information is made available through academic studies and on-site observations, effective methods of dealing with irresponsible gaming can be refined and implemented, within the industry and possibly through appropriate governmental regulation. Some jurisdictions are better able than others to enforce selfexclusion programmes, simply because of the existing conditions under which gaming is conducted. Further developments dealing with responsible gaming will include cooperative efforts among the industry, the education and treatment communities, and legislators and regulators.

Industry consolidation is a trend requiring continuing regulatory oversight. These issues are certain to arise again, and regulators must review comprehensively all aspects of proposed combinations to evaluate the positive and negative consequences of this trend. Nevada Gaming Control Act and related statutes and regulations. That process has evolved over the past 50 years in conjunction with the maturing of the industry as seen through the types and amounts of financing available to Nevada operators.

Financial accountability based on industry selfpolicing has been and remains a strong underpinning of worldwide confidence in the fairness and accuracy of the games themselves, as well as the reporting and payment of taxes to governments. Companies in the industry must operate in many jurisdictions, often with conflicting regulatory requirements. In turn, regulators in each jurisdiction must function under the legislative and policy directives given to them.

Uniformity in regulation is frequently advanced by the industry as a way to streamline regulatory compliance without sacrificing regulatory control. Much progress has already been made in some areas, with multi-jurisdictional forms being used and information being exchanged to avoid unnecessary duplication. The world of gaming is shrinking as the industry spreads, with ramifications on gaming matters in one part of the world affecting activities in jurisdictions thousands of miles away.

Looking after the money has always been a key regulatory tool, and it requires more expertise, more sophistication, and more diligent monitoring to keep up with the maturing gaming industry. Regulators must keep their eyes on the money, from sources and uses of cash, through accounting for operations, through fairness of games, and through proper reporting and payment of required taxes. With appropriate diligence, the hope is that regulatory controls allow flexibility for operators while protecting the integrity of the industry.

The Commission does not dictate business practices of licensees, except where those practices implicate a regulatory concern. With appropriate regulatory oversight, the gaming industry will continue to expand and grow in sophistication, providing entertaining leisure activities to people throughout the world.

Fifty years from now, we can expect that the gaming industry will bear little resemblance to what we see today. Innovations tempered by regulatory control can make those changes positive and responsible for the industry, for governments, and for those who enjoy the activities offered.

The same logic extends to the more recent consolidation of major gaming companies, and the diversification into non-gaming but related operating components adding food, retail, entertainment, and other destination-resort activities to the income statement lessens the risk and instability of an exclusively-gaming operation. Prior to that date, he served as a member and chairman of the Nevada Commission on Ethics. He has been a practicing attorney in Las Vegas, Nevada, since , specialising in commercial litigation, reorganisations, and administrative law.

Prior to his appointment to the Gaming Commission, Mr. At various times, he has represented casinos, bondholders, gaming manufacturers and other creditors in chapter 11 proceedings. He has also handled purchases and sales of gaming properties, as well as civil litigation and other dispute resolution proceedings for and against licensed operators. He has been a Nevada resident since Her tremendous assistance is recognized and appreciated.

In the year Bill Gates discovered the computer. Isn't it time you discovered the business of Poker? In the early days of personal computers, anyone with a degree and an idea could get lucky once. Same goes for launching a poker site. Maintaining a winning hand, however, is far from easy. But after six years in business we still do.

Our turn-key solutions, with access to millions of players, open the door to long-term success. You want in? Visit us at www. The Association of Gaming Equipment Manufacturers AGEM was organised five years ago to promote and represent the interests and concerns of gaming manufacturers and to provide a united voice on matters of importance to our industry.

The gaming manufacturing industry occupies over four million square feet of manufacturing space throughout the state. GEM works to promote excellence in the manufacture of gaming devices and equipment, and assist manufacturers in the planning and presentation of industry trade shows. Some of the most successful and influential companies in the industry are AGEM members. While AGEM members are based around the country and globally, most have a significant presence in the state of Nevada.

Those employees include software designers, graphic artists, engineers, cabinet makes, and a host of other skilled and talented workers who manufacture, market and maintain gaming machines, bill acceptors, video monitors, audio-video display systems, and other state-of-the-art gaming technologies. These well-paid workers pump millions into the economy each month, while creating even more jobs and a steady steam of tax revenue.

Now that we have established ourselves, we are better able to turn our attention to legislative activities within the United States, and stay abreast of the many gaming changes that are occurring internationally.

In an effort to provide a more secure gaming experience for casinos and their patrons, AGEM member companies continually take pro-active steps to ensure their machines are immune from dishonest play and cheaters. I believe the advancement of security features and their refinement is more about increasing patron trust in the slot machine. Game protection, through the use of a shuffler, is a self-fulfilling prophecy for both parties.

People who want to cheat at table games naturally gravitate to high payoff games because the risk-reward factor is more favourable to them. The features of the ACE help prevent cheating these games. Security measures include countdown of the deck with no ability to add or remove cards, eliminating manual manipulation of the deck, and ensuring a random distribution of the cards.

In the last few years there has been increasing cooperation among gaming regulators in North America. Thus, a problem found in one area is quickly reported to other areas as well. At the same time, gaming equipment manufacturers also stand to benefit from improved security on their products. Incorporating and integrating new technological measures is an ongoing process, as new technology and better ideas are generated and incorporated into all gaming equipment.

There will always be something new as security has always been one of the cornerstones of our development process. In the s, even though corporate gaming had already been in existence for over a decade, there was still a very entrepreneurial and sometimes renegade character to casino companies, and the only venues with legal casinos in North America were Atlantic City, Las Vegas, other smaller cities and towns in Nevada, along with a number of primitive seasonal or charity casinos in various places in Canada.

During this time, the number of U. This was also a period that saw the emergence of an increasingly organised and effective opposition to the. Since , legislative authorisation of Nevada-style commercial casinos has ceased in the United States and Canada. This shift has occurred in spite of the fact that the unintended adverse social impacts from these forms of gaming often turn out to be more controversial than those associated with full service casinos.

Furthermore, in recent years, legislatures, parliaments, and voters have demonstrated increasing reluctance to authorise new casino jurisdictions, and in some cases have seriously considered rolling back previously authorised forms of casino-style gaming. Because of these, gaming companies increasingly adopt strategies to improve their profitability and performance through diversification into non-gaming product offerings, and by exploiting economies through consolidation, outsourcing, increasing customer loyalty, and other revenue enhancement and cost control maneouvers.

The dynamic for tribal casinos in the U. In reality, racinos have done relatively little to improve the fundamentals for racing, but have allowed some race tracks to become de facto casinos. Las Vegas marches to a different drummer than virtually any other gaming jurisdiction in the world. With more than , hotel rooms and 37 million visitors a year, Las Vegas is the premier leisure destination in America, if not the world.

However, the growth that has characterised Las Vegas since has increasingly reflected the diversification of its casino-based entertainment and service offerings rather than just the expansion of its gaming products. Unlike most other casinos anywhere else in the world, gaming revenues on the Strip do not dominate the financial performance of the resort casinos, and have been steadily declining in relative importance for more than the past two decades.

In light of these observations, what can be said of the current status of the casino industry in comparison to the rest of corporate America? As is the case with many other industries, the American casino industry can be divided into two distinct business dimensions. There is the retail side of the business, involving ongoing casino operations in established markets, where the legal and regulatory environment is relatively stable, the competitive conditions are well established, and the attention of casino management is focused on increasing revenues, containing costs, and being good corporate citizens within their respective communities.

In such markets, the task of operating and managing casinos is not much different than running a supermarket or a department store. Market positioning is very important, as is presentation of the product, customer service, location, convenience of access especially parking , and events or promotions that are intended to bring customers through the front door. Operations are fundamentally the same day after day, and improvements in performance are likely to occur only incrementally, based on either the success of endeavours to enhance revenues by attracting new customers, retaining existing customers, or increasing spend per visit; or by reducing costs through finding less expensive ways of completing tasks and providing services.

The other dimension is the development side of the gaming business. For many casino companies in the s, and occasionally at present, this has been the most important division in the organisation. It is where the action is. In development, companies actively seek out economically valuable but currently unexploited opportunities, engaging in economic rent seeking in the hopes of capturing substantial rewards.

Companies often involve themselves in the political process by trying to influence legislation that would legalise or liberalise casinostyle gaming activities, hoping to create potentially profitable opportunities for themselves and—if they are really effective—simultaneously thwarting opportunities for their competitors. Such endeavours can be filled with political intrigue, and often resemble a high stakes poker game, where wagers are made in legislative committees and statewide campaigns, and sometimes in rigorous competition for winning the privileges of exclusivity as gaming purveyors in a particular jurisdiction.

Many industries participate in rent seeking behaviour, through their lobbying activities, public relations endeavours, political campaign contributions, and legal actions. In this manner, the gaming industry varies little from the rest of corporate America, except perhaps in the relative importance of economic rents as a portion of profit potential, and the explicit nature of the rewards if successful.

For example, a gaming company that is lobbying for an exclusive franchise to offer casino gaming in a particular metropolitan area might be much less subtle than a pharmaceutical drug manufacturer lobbying to prohibit the re-importation of its products into the United States from Canada, where the company sells it drugs at lower prices.

However, the ability to capture or sustain excess profits is the primary motivator in both cases. What makes the gaming industry different from most other industrial sectors of the economy is that—because gambling remains both a popular commodity and a vice— legislative bodies are reluctant to authorise the expansion of gaming to a level that would fully satisfy consumer demand.

There is just too much concern that to do so would create greater adverse social impacts—or political backlash—than the benefits from such increased availability could offset. Thus, most gaming, including casino-style gaming products, are offered in a constrained supply or limited exclusivity context, exactly the conditions that create potential economic rents and encourage rent seeking behaviour.

Interestingly, in Nevada, where there are only limited constraints placed on the supply of permitted gaming activities such as zoning restrictions and minimum casino facility size requirements , there is far less rent seeking behaviour than one finds in other constrained supply or limited exclusivity states such as Illinois, Indiana, or Louisiana. This is probably because much of the American gaming industry is already under substantial scrutiny via state regulation, with considerable attention paid by regulators to accounting for gross gaming revenues casino winnings.

As such, they are going to be diligent in gathering complete and accurate accounting of their tax base. That said, the gaming industries are still subject to a disproportionate level of attention from legislatures who are seeking out new sources of tax revenues.

For much of the American population, gaming—along with tobacco and alcohol—is still perceived as a vice. As such, increased taxes not only raise revenues for public purposes; they also might discourage consumption which—in the minds of many— might be a good thing.

This makes casino industries an attractive target in times of fiscal desperations. This reality— which has played out in the states of Illinois and Michigan in recent years with dramatic tax increases—is another illustration of the important role of rent seeking behaviour among gaming companies.

In light of these sometimes eccentric characteristics, what observations and recommendations can we make with regard to the skills required of present and future management in the gaming industry? Intuition guesswork has given way to systematic forecasting. Subjective judgment in operational strategies has been replaced by models utilising data-driven optimisation strategies. Inconsistent practices involving customers and employees have been phased out in favour of standardised policies and practices.

Crude metrics such as credit lines, hold percentage, and average daily room rates have been replaced by more focused measures such as player worth, win per square foot, net house advantage, and total yield per occupied room. Strong gaming organisations are increasingly marketing driven rather than operations driven. More business school tools and training enhances the abilities of gaming executives to address those dimensions of the gaming business that are fundamentally similar to the broad spectrum of modern industry, as well as improve the more subtle skills of capturing and managing economic rents that are still an important component in many gaming industries worldwide.

At this point in time, the American casino industry is well on its way to the type of transition described above. Gaming executives and casino managers are increasingly equipped with business school credentials, MBAs, or law degrees. The story is somewhat different in Europe in the early 21st century, however.

They are highly taxed by their respective governments, and are relatively stagnant, both in growth opportunities and in their perception of the product they are offering. Their governments see them as a necessary evil, one which only makes contributions to the public purse, but does not do much else of social value. But one can see the winds of change that have already swept through the United States, Canada, Australia, New Zealand and South Africa beginning to come up in parts of Europe.

Gaming operators in Russia and the former Soviet bloc countries are experiencing much greater competition than their western European counterparts. Governments may eventually recognise that casinos, and especially destination casino resorts, can be important catalysts for change, and can be particularly complementary to other tourism assets in a region. The lessons of Las Vegas are not going to go unheeded in Europe indefinitely.

If and when these changes come to pass in Europe, then the importance of understanding the broader economic, political, legal and social environments in which casinos and the gaming industry operates—both in terms of internal operations and managing the external environment—will require a considerably better educated leadership than exists at present.

The next generation of European gaming executives will probably look a lot more like the current cohort of American executives than the current generation of Europeans. The competitive and strategic challenges of the European markets will make this a necessity. He is an internationally recognised authority on the legalisation and regulation of commercial gambling, and has written extensively on issues relating to the economic and social impacts of commercial gaming. This intense international course, which runs for nine days each fall, has graduated more than executives, many of whom have gone on to substantial positions within their organisations or elsewhere in the gaming industry.

Arguably, apart from the potential of the market in Macau, the land-based gambling industry in the United States is the most dynamic casino gaming market in the world. Except, perhaps, for the gigantic business of remote gambling. Egaming is the fastest growing part of the global gaming industry.

One example of this type of site is Intrade, a place where punters can place bets on anything from the outcome of elections to the level at which the Dow Jones will close on a given day. There are also the poker web sites, the latest trend to emerge from the Internet gaming innovation machine. Why communities are important. Within these sites, which compare very closely to the model employed.

But what is this community and why is it so important? According to Cynthia Typaldos, president and CEO of RealCommunities the leading community software developer , communities are plainly a bunch of people that gather together around a shared purpose or goal; in this case, winning. Could it be that the community itself is what makes gambling so enjoyable for the millions of people that partake in this activity every year? Most likely. Why do people sit at the blackjack and poker tables for hours on end in Las Vegas, even if they have been losing?

Perhaps because they believe they can win. Perhaps because they have nothing better to do. Or, perhaps it is the element of meeting someone new and random, conversing with them, and sharing a few moments of their life. Although by no means scientific, from a consumer analysis standpoint, the community element of these sites exhibits the same characteristics of what makes Las Vegas so interesting: Anonymity, combined with the excitement of gambling.

As Ms. Intense Competition. The Internet gambling industry is quite possibly one of the most — if not the most — competitive online businesses in existence today. Market growth is slowing rapidly perhaps even more rapidly than our estimates might suggest , making competition for customers ever fiercer. This means operators must continue to innovate at an increasingly rapid pace to keep up with customer expectations.

For all of these reasons, the Internet gaming industry has remained just that: on the web. Thus far, the traditional landbased casino gaming operators have not made a major effort to compete in this business. That technology would include ways to prevent minors from betting and identify the location of a bettor, in order to comply with local laws.

There are two elements to this equation. First, the U. Department of Justice and the U. Trade Representative maintain that Internet gambling, of all types, is illegal in the United States. Second, through a very complex and thorough legal analysis of the WTO ruling by renowned gaming lawyer I.

Nelson Rose, it has become clear that the ruling actually requires a very simple remedy: An amendment to the Interstate Horseracing Act to expressly allow international wagering. Both industries end up on top in that situation. But the United States has other, grander schemes in mind. This could set a standard for the U. Particularly under the leadership of George W. Bush and this Justice Department, the United States will continue to be as protective as possible over its sovereignty — particularly as it pertains to its legal structure.

And what does that mean? For the time being, and perhaps for the foreseeable future, there is likely to be little change in the regulatory structure as it applies to Internet gaming. That means the industry will remain in regulatory limbo. And the United States government has no plans to change its tune. Even though the White House is pushing their agenda like their plans are a slam dunk, the Administration has major hurdles to pass.

These hurdles include a tremendous amount of debate within the Republican Party, in addition to the vociferous objections by the Democrats to nearly every Republican agenda item. So, where does the gaming industry stand? Save the Native American gaming business, our industry is relatively free of Federal regulation.

The biggest issue for gaming companies, by and large, in , will be expansion opportunities beyond their organic growth potential. This includes states such as Pennsylvania, Maryland, and international markets like the. UK, Macau, Singapore and Mexico. The expansion of Indian Gaming will also remain an issue, particularly as competition heats up for a smaller amount of available contracts. But into his third and fourth years, he will be increasingly focused on political seats in other states.

It will become inevitably important for the President to turn toward building the Party once he is out of office. State issues will come to the fore at just this point in time. This is when the President has to campaign on behalf of many Republican governors, and therefore support their issues. If gaming is on the ballot in any of those states, he will be endorsing the position of the particular candidate.

So which of the states will be important? There are quite a few, as we all know. For Conservatives, even those that are fundamentally opposed to gaming, the extreme nature of the high cost of running a gaming business in that state is a sin. In Minnesota, if the gaming expansion proposals have not been passed and are still floating around, Governor Pawlenty will find himself in a very awkward position. He outwardly stands in opposition to the Conservatives in the Administration by supporting price controls and reimportation of pharmaceuticals.

While the President has not yet taken a formal stance on these proposals as they are state-level issues , it is doubtful his Administration would openly support either. So the President will be confronted with two very important issues — both at a state level — while also having to support his own candidate.

It will be a difficult political situation. These are just two examples of an opportunity for the Administration to confront the gaming industry on a seminational scale. The list of states where gaming is likely to be on the ballot in the next four years is endless. Nearly every state without gaming save a few will see one form of legislation or another by the time President Bush is out of office.

The real question will be not only how much of a priority the Administration assigns to these controversial topics, but also whether or not they support a member of their own party outwardly opposing official Administration policies on a large scale. In the meantime, investors and onlookers will watch these breaking news stories at the edge of their seat, as they always do. Very few industries are affected by legislation the way the gaming industry is, making it highly vulnerable to political decisions, which means it is affected not by business decisions, but oftentimes by philosophical and ideological decisions.

In the coming years, with such a decisive and outspoken Administration, we should all be watching how. Although Asia is a market with extraordinary potential in this space, Europe currently provides the most dynamic marketplace for both consumers and operators.

However, the European market, including the UK, is the second largest market in the world these figures do not including e-gaming. As far as e-gaming is concerned, the European region is offering more opportunities for operators to be innovative and competitive than any other continent. Regional and local governments are dedicating more time to studying the potential regulatory process than most other governments throughout the world. However, many of the regulations currently in place are meant to protect domestic operators from competition.

It is only by regulating operators rather than prohibiting them that the gaming public across Europe can be properly protected. First, this report comes from operators…many of whom would — of course — see this industry regulated and taxed rather than prohibited. Prohibition may or may not stifle growth — but in the gaming industry, regulation merely controls it.

This allows for a more regulated environment, and, most importantly, one that allows a fair chance for the savviest operator. Second, it is refreshing to see a document produced and released to the public — even if by operators — that clearly points out the benefits and facts about regulation versus prohibition. The report is quite clear, and takes a fair view of the regulatory and legal environment in Europe and comes to this conclusion in a balanced manner.

It is also clear, however, that in the interests of protecting their local businesses, some European Union member states are unwilling to adopt particular EU laws and regulations that relate to gaming. This is perfectly legal. Unfortunately, this is also perfectly confusing for any business and operator. From the regulators, standpoint, we believe the European market has taken more steps toward harmonising e-gaming regulation than any other major economy in the world.

Harmonising their legal structures from a gaming standpoint. The capital markets are finding the industry extremely profitable and extremely liquid, particularly in the UK, where the AIM sharemarket has created a new source of capital and growth for the e-gaming industry. And the AIM has been particularly lucrative for companies in the gaming space. These companies, which would have an extremely difficult experience attempting to raise capital on the U.

In fact, gaming companies represent the largest market capitalisation on the AIM of 49 sectors. Even more fascinating, however, is the fact that this market capitalisation was These are just a few examples of the most recent floats which add to the excitement the gaming market is generating in the UK. There are bound to be many more examples of this phenomenon in the next twelve to eighteen months as the capital markets mature and demand for this type of share offering gains steam.

The regulatory situation has greatly increased the risks of investing in this business. However, signs of hope exist — particularly with countries like the United Kingdom and their proactive effort to provide some regulatory stability to the industry. For the time being, FedEx Express and TNT will continue to provide services as they do today in countries that are not integrating locally.

Our integration has a phased approach with countries going through integration in phases. We will keep you updated as progress is made on integration in other regions. As part of the local ground network integration, we are transferring all shipments to one location to manage both FedEx Express and TNT shipments.

Commitment to exceptional service remains our number-one priority. As we integrate our local ground network operations, there are no changes to the way you book and ship your shipments with FedEx Express and TNT. We will inform you about any changes and improvements for you and your business. There are no immediate changes to the applications you use to book packages or pallets.

However, if you would like to start using the services of either company, we welcome your business. Please contact the appropriate customer service to open your account. For now, there are no changes to scheduling pick-up.

You can continue to use the same applications and tools as you always have. However, as we integrate our local ground network operations, a FedEx Express courier may pick up TNT shipments, and vice versa. There are no immediate changes to your existing clearance operations, services or times.

Yes, it will be possible. This is a phased approach, and we will keep you updated as we progress through this stage of integration. Each company's packaging is customized and optimized for its own delivery network and as such should only be used with the company who supplied the packaging.

You may ship using your own packaging or using the shipping company's packaging but please do not mix packaging. If you would like to start using the services of either company, we welcome your business. Please contact the appropriate customer service team to open your account.

For now, there are no changes to the use of the air waybill. There are no immediate changes to the applications you use to track packages. This means the multi-supplier relationship you enjoy today will remain the same. We will keep you informed as we make progress on the integration. Customers will now benefit from a single sales representative, giving them easier access to the broader product range of FedEx Express and TNT, and working to provide shipping solutions that work best for them.

As we integrate our local ground operations, you will benefit from one courier — FedEx Express or TNT — to pick up and deliver all of your shipments. Customers will soon benefit from a single sales representative, giving them easier access to the broader product range of FedEx Express and TNT, and the shipping solutions that work best for them. If you have an existing relationship with either or both companies, please reach out to your sales representative.

There is no immediate change to customer service number you use today. Successful integrations take time. We have a dedicated team to oversee the integration process and ensure the transition is seamless for you and your business. At the forefront of our planning is maintaining the quality of service we provide to you today.

We're working behind the scenes for now, but we'll be excited to share new opportunities with you as soon as they become available. Until then, it is business as usual. Account numbers can only be used for services from the individual company that issued them. There are no immediate changes to how you manage your account, billing or invoicing. However, if you would like to start using services of either company, we welcome your business. You can also ship without opening an account.

Simply visit tnt. Simply visit fedex. There are no immediate changes to your rates or terms and conditions. FedEx Express and TNT sales and customer service team members are ready to help you with information about our products and services. Please contact us if you have any questions.

You can also learn more about the history of FedEx Express here. You can also learn more about the history of TNT here. Creating more connections and new opportunities. Your current service. Your future service improvements. TNT customers shipping to or from an embargoed country under U. We intend to develop our services jointly for the future benefit of all our customers. We will keep you updated as progress is made on integration. FedEx Express and TNT have worked together to plan and optimise the local ground network and maintained or improved coverage, cut-off and pick-up times without compromising the service you've come to expect from both brands.

We will inform you when changes impact your area. Until then, it's business as usual. Prepare international documents, estimate duties and taxes, harmonised codes and much more. Tracking ID. Tips and betting football forums to help. Keep perishables fresh. Find out how shipping processes. Helping you manage your home.

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The proof of this affinity is found in a survey the AGA released earlier this year. Another finding from. All these changes are a testament to a vibrant, mature industry. Eighty-two percent of these leaders said they consider the casinos in their communities to be good corporate citizens. Those results are at the local level, from people who work with the industry every day.

Interestingly, policymakers and lawmakers outside gaming jurisdictions, as well as a skeptical media, have always lagged behind the American public when it comes to the acceptability of casino gaming as a viable entertainment option. Industry surveys for more than a decade have shown from 79 percent to as high as 92 percent of the U. Despite this public support, casino gaming expansion remains highly controversial. It was even more so when the AGA opened in the mids. A robust anti-gaming movement fought expansion at every turn.

This movement derived its energy primarily from religious activists who were morally opposed to gaming. These politically savvy activists understood that simply opposing casinos on moral grounds would not persuade elected officials who were motivated by the need to create jobs and economic development. Thus were born a host of myths about the impact of casino gaming. The AGA came into existence at almost the exact time anti-gaming opponents were at their strongest.

There was a long list of these myths, allegedly supported by academic and scientific proof. In fact, the academic sources were clearly biased against gaming and the scientific proof was never peer-reviewed. Today, all of these arguments have been discredited, and you rarely hear them used in opposition except by die-hard opponents. But in most, if not all of them, were accepted as gospel by a majority of the media and many policy makers and regulators.

The AGA countered the myths with a simple strategy. We were determined that we would allow no negative accusation to go unchallenged. And, we began to fund peer-reviewed research by the most reputable universities in the U. Shelley Berkley D-Nev. All of these activities helped discredit the opposition, but probably nothing had a greater impact than the National Gambling Impact Study Commission. The Commission was created by rabid opponents of gaming in the U.

Congress and they, no doubt, thought it would be a powerful propaganda tool against the casino industry. In fact, it turned out to be just the opposite. When the Commission idea was first introduced in , it sent ripples of concern throughout the industry. Not because we were worried about the outcome of a fairly conducted study, but because we were concerned that the Commission would be nothing more than a witch-hunt against the industry. The AGA worked extremely hard with its allies on Capitol Hill and in the Administration to ensure the Commission was balanced and had no preconceived agenda.

The original version of the legislation authorising the Commission called for a study of the negative impacts of gaming, with no acknowledgement at all of the possible positive impacts of gaming. We also were concerned about the make up of the Commission. We successfully made our case for a balanced study, and the final version of the legislation called for an examination of the overall impact of gaming and ensured a balanced committee membership.

With those changes, the industry no longer viewed the Commission as a threat, but rather as an opportunity. The AGA provided the Commission with the studies we had conducted, but the real proof of the positive impact of the industry came during the 17 meetings and hearings from June to June where the commission members heard first-hand testimony from the people in casino gaming communities.

Even in the one area where the Commission expressed its greatest concern — problem gambling — the final report credited the commercial casino industry as the only facet of the gambling industry making significant contributions to addressing the issue.

It also proved to a nascent industry the value of working together through the AGA. Our response to the threat the Commission initially posed. Had the Commission gone the way its originators had hoped, there is no doubt there would have been severely negative consequences for the industry.

Even with the largely positive result, the AGA still is faced with daily challenges. Many of those challenges come at the federal level, and the primary mission of the AGA is to help the industry meet those challenges by addressing federal legislative and regulatory issues that affect our members. With help from Congressional delegations from gaming states and the active support of our member companies, the AGA has managed to win these battles, and no adverse legislation has passed since we opened our doors.

The one certainty about the future for the gaming industry is that there will continue to be challenges. Legislatively, we will always be threatened with federal interest in tax revenues, restrictions on gaming activities and the numerous regulatory requirements all industries face, as well as those unique to casinos, such as those presented by handling large amounts of cash.

From working to establish workable indoor air quality standards for casinos, to working with the U. Coast Guard to establish fair security standards for permanently moored riverboat gaming vessels, the AGA will continue to address the legislative and regulatory issues affecting our members. Among the major legislative issues the AGA is closely monitoring is Internet gambling — a subject that has been much debated within our membership for a decade. Ironically, the first online casino launched in the same year the AGA was created, and the industry is still not of a single mind on how to approach the issue.

The U. Congress is equally uncertain of how to deal with the issue: some in that body have recommended a study commission, while others have introduced legislation seeking to make clear that Internet gambling is illegal in the United States. At this point, the AGA is opposed to legalising Internet gambling because we do not believe the technology.

And, we consider tight regulation critical to the continued growth of our business. As for future legislation, the AGA evaluates specific pieces of Internet legislation on a case-by-case basis, but any Internet gambling legislation must meet three tests to gain our support: 1 The right of states to regulate gaming must be protected; 2 It must not create competitive advantages or disadvantages between and among commercial casinos, Native American casinos, state lotteries and pari-mutuel wagering operations; and 3 No form of gaming that currently is legal should be made illegal.

The continued growth of the industry, not only by expansion but within the jurisdictions where we currently operate, also presents new challenges and opportunities for the association. Initially, the AGA did not participate at all in the public or political debate at the state level.

In , the AGA board decided our organisation should participate at the state level by providing expert testimony to lawmakers and helping correct erroneous propaganda presented by gaming opponents. As the industry matures, there may be a greater role for the AGA in working with member companies at the state level, particularly when it comes to the perception of the industry among the media and other opinion elites.

And the views of the media and opinion elites are a continuing problem. Despite the overwhelming support for casino gaming among the public and local community leaders, there continues to be a disconnect, both at the state and national level, within the media and among those who help set policy and influence lawmakers.

The AGA considers changing negative views of our industry among these groups as one of its highest priorities in the coming years. Another priority is the continued growth of Global Gaming Expo G2E , our industry trade show and conference, which celebrates its fifth year this September. G2E — developed by the industry, for the industry — has grown into the largest gaming business event in the world.

With the ongoing expansion of gaming at the international level, we plan to bring G2E to other continents in the near future. Finally, in addition to managing these issues and projects, the AGA directs a number of industrywide initiatives. One issue the U. From its inception, the AGA has presented a consistent position on disordered gambling. We acknowledge that, while the overwhelming majority of people who gamble do so responsibly, there is a very small percentage one percent of the population, as determined by the National Research Council of the National Academy of Sciences that cannot.

As an industry, we are committed to funding and supporting research and programmes designed to address this issue. To that end, the AGA has been actively involved in promoting responsible gaming within the industry and in communities where casinos operate. These grants have resulted in groundbreaking research and have even spurred the U. The NCRG also sponsors an annual conference, which brings together top researchers and clinicians in the disordered gambling and addictions field with policy makers, lawmakers and regulators to discuss new approaches to disordered gambling.

Throughout its year existence, the AGA has provided member companies with the most up-to-date information on effective responsible gaming programmes and sponsored numerous activities to raise awareness among employees and managers. The commitment of AGA member companies to responsible gaming was most dramatically demonstrated in , when all member companies adopted a comprehensive set of guidelines for integrating responsible gaming tenets into their daily operations.

The AGA Code of Conduct for Responsible Gaming establishes high standards for employee and patron education, prevention of underage gambling, alcohol service and advertising. The American Gaming Association celebrates its 10th anniversary this year with a long list of successful undertakings and a new list of challenges that stretches into the future.

The AGA represents an industry that has grown well beyond the slot machines and table games that characterised it little more than a decade ago into a multifaceted entertainment industry. There is no longer any doubt that this industry can unite within an association to seek the common good. The experts who were uncertain a decade ago have been proven wrong.

Frank J. Fahrenkopf, Jr. In his role as chief executive of the AGA, Fahrenkopf is the national advocate for the commercial casinoentertainment industry and is responsible for positioning the association to address related regulatory, political and educational issues. A lawyer by profession, Fahrenkopf gained prominence during the s, when he served as national chairman of the Republican Party during the presidency of Ronald Reagan.

After reflecting briefly on the history of casino financing sources for Nevada casino operators, this article then presents a few thoughts about 1. In many respects, the evolution of the Nevada casino industry is reflected in the types and amounts of financings presented over time, and a quick overview of casino financings presents a historical perspective of these changes.

Before , any individual with an interest in a Nevada-. One of the early leaders in providing bank financing for casino operators was E. Parry Thomas, who led what was then a very small Las Vegas bank. Other than Mr. Regulators faced constant battles to determine suitability of both operators and the sources of funds used by those operators.

In , the Nevada legislature adopted legislation allowing for participation by publicly traded corporations in the Nevada gaming industry. In , the Nevada Gaming Commission adopted Regulation 16, governing public companies and public offerings of securities. Coupled with the well-documented history of Howard Hughes acquiring several Las Vegas casinos in the late s and early s, these statutory and regulatory changes broadened the sources of investment capital for Nevada operators.

The availability of debt and equity financing spreads the risk of casino investments among bondholders and stockholders, much like insurance spreads the risk of catastrophic loss among policyholders. As such, more predictable rates of return can be achieved for investors, and more predictable sources of capital are available for licensees. This allows longer-term visions of the industry to develop, not as dependent on local conditions. The advent of public sources of financing provided comfort for political and regulatory officials as well: the value of a casino license was more than just the ability to operate a casino.

It carried with it the potential to reach the public capital markets to facilitate expansion. Along with federal regulatory oversight through the Securities and Exchange Commission, Nevada gaming regulators could rely on additional controls and accountability imposed by the debt and equity investors in their indentures and offering documents.

The number of public companies licensed in Nevada increased gradually to 39 by These included 19 casinos with 2. The overwhelmingly successful debt financing of the Mirage in opened the door for increased participation by major Wall Street firms, including Solomon Brothers and Bear Stearns, and the gaming industry was a more attractive, and less stigmatised, place for traditional investment dollars. Sixteen public offerings of debt were approved that year, along with twelve equity public offerings and two public company registrations not accompanied by a debt or equity offering at the time.

Debt financings still reflected rates higher than for investment-grade securities, at least in part reflecting continuing stigma against the gaming industry but also reflecting the relatively short experience that Wall Street firms had with companies involved in gaming. However, these financings moved beyond the traditional asset-based, collateralised debt that previously had been the only money available. Examples of financing rates in the early s include By , fifty-eight companies were registered as public companies with the Nevada Gaming Commission.

In , the Nevada Gaming Commission adopted its institutional investor regulation, allowing waivers from otherwise-mandatory licensing requirements for passive investors in Nevada licensees. Four companies received such waivers at that time, and the number of companies obtaining waivers increased to eight in and 11 in , before going back to eight by In more recent years, Nevada has seen fewer equity offerings, but unsecured debt financings have become much more common.

Interest rates have come down significantly, reflecting both the more favourable interest rate environment and the quality of gaming industry balance sheets, as companies have matured and shown consistent cash flows attractive to the investment banking community.

Newer companies still issue junk bonds, and collateralised debt is still required for smaller operators. For the major casino companies, large credit facilities are very common as part of commercial paper programmes similar to those of large non-gaming companies. These maturing financings have occurred as the Nevada gaming industry has moved from properties focused on selling gaming, to facilities where non-gaming revenues exceed those generated in the casino itself. The destination4.

The need for alternative activities for visitors to fill these longer stays has been met by the increased recreational, entertainment, dining and retail options being offered in the Las Vegas market. Other gaming areas, such as New Jersey and the emerging Asian market, are capitalising on this concept as well. Technology provides continuing benefits for regulatory accountability, along with the potential for fraud and abuse of a far greater magnitude than presented in past decades.

The challenge facing regulators is how to analyse state-of-the-art innovations, so regulatory approvals do not cause inordinate delay in new products getting to market, while at the same time protecting the public and the state from systems or games susceptible of unfair play or inaccurate reporting.

In Nevada, as in many jurisdictions, the time for processing new ideas is affected directly by the available human and financial resources. We will continue to work to meet the demands of the industry as promptly as possible, within the context of our regulatory duties to protect the public and the state.

Nevada has tried to balance the need for innovation with the obligation to control gaming operations, not always being at the forefront by approving any new idea or concept being advanced, while allowing technological progress that is shown to meet regulatory standards. A sub-set of the technology challenges involves interactive gaming, an activity mired in legal concerns within the United States. In Nevada, our legislature has authorised the regulation of interactive gaming, provided that three determinations are made by the Commission.

To date, these determinations have not been made, and prospects for them are not favourable in the foreseeable future. The first determination is that interactive gaming can be operated in compliance with all applicable laws. The federal government has consistently interpreted the federal Wire Act as prohibiting the use of the internet for casino-type gaming, and any Nevada operator violating federal law jeopardises its Nevada license.

Second, the Commission must determine that interactive gaming systems are secure and reliable, with reasonable assurance that players will be of lawful age and communicating only from jurisdictions where it is lawful to make such communications. The technology seems to be near a point where these factors can be addressed through appropriate testing and regulation. Finally, the Commission must determine that interactive gaming regulations are consistent with the public policy of the State of Nevada to foster the stability and success of gaming.

External threats to individual properties, as well as to the entire industry, require constant vigilance and cooperation among property-level security personnel, state and local police agencies including the Gaming Control Board in Nevada , and federal and international authorities.

Communications must remain open among agencies in different states and countries, as the industry must deal with worldwide activities and ramifications to protect its patrons and properties. In Nevada, appropriate investigative, enforcement and auditing processes must constantly be reviewed in light of the latest intelligence information. Responsible gaming is another policy issue that the industry and regulators should address proactively. As greater information is made available through academic studies and on-site observations, effective methods of dealing with irresponsible gaming can be refined and implemented, within the industry and possibly through appropriate governmental regulation.

Some jurisdictions are better able than others to enforce selfexclusion programmes, simply because of the existing conditions under which gaming is conducted. Further developments dealing with responsible gaming will include cooperative efforts among the industry, the education and treatment communities, and legislators and regulators.

Industry consolidation is a trend requiring continuing regulatory oversight. These issues are certain to arise again, and regulators must review comprehensively all aspects of proposed combinations to evaluate the positive and negative consequences of this trend. Nevada Gaming Control Act and related statutes and regulations. That process has evolved over the past 50 years in conjunction with the maturing of the industry as seen through the types and amounts of financing available to Nevada operators.

Financial accountability based on industry selfpolicing has been and remains a strong underpinning of worldwide confidence in the fairness and accuracy of the games themselves, as well as the reporting and payment of taxes to governments. Companies in the industry must operate in many jurisdictions, often with conflicting regulatory requirements. In turn, regulators in each jurisdiction must function under the legislative and policy directives given to them.

Uniformity in regulation is frequently advanced by the industry as a way to streamline regulatory compliance without sacrificing regulatory control. Much progress has already been made in some areas, with multi-jurisdictional forms being used and information being exchanged to avoid unnecessary duplication.

The world of gaming is shrinking as the industry spreads, with ramifications on gaming matters in one part of the world affecting activities in jurisdictions thousands of miles away. Looking after the money has always been a key regulatory tool, and it requires more expertise, more sophistication, and more diligent monitoring to keep up with the maturing gaming industry.

Regulators must keep their eyes on the money, from sources and uses of cash, through accounting for operations, through fairness of games, and through proper reporting and payment of required taxes. With appropriate diligence, the hope is that regulatory controls allow flexibility for operators while protecting the integrity of the industry. The Commission does not dictate business practices of licensees, except where those practices implicate a regulatory concern.

With appropriate regulatory oversight, the gaming industry will continue to expand and grow in sophistication, providing entertaining leisure activities to people throughout the world. Fifty years from now, we can expect that the gaming industry will bear little resemblance to what we see today. Innovations tempered by regulatory control can make those changes positive and responsible for the industry, for governments, and for those who enjoy the activities offered.

The same logic extends to the more recent consolidation of major gaming companies, and the diversification into non-gaming but related operating components adding food, retail, entertainment, and other destination-resort activities to the income statement lessens the risk and instability of an exclusively-gaming operation. Prior to that date, he served as a member and chairman of the Nevada Commission on Ethics.

He has been a practicing attorney in Las Vegas, Nevada, since , specialising in commercial litigation, reorganisations, and administrative law. Prior to his appointment to the Gaming Commission, Mr. At various times, he has represented casinos, bondholders, gaming manufacturers and other creditors in chapter 11 proceedings. He has also handled purchases and sales of gaming properties, as well as civil litigation and other dispute resolution proceedings for and against licensed operators.

He has been a Nevada resident since Her tremendous assistance is recognized and appreciated. In the year Bill Gates discovered the computer. Isn't it time you discovered the business of Poker? In the early days of personal computers, anyone with a degree and an idea could get lucky once. Same goes for launching a poker site. Maintaining a winning hand, however, is far from easy.

But after six years in business we still do. Our turn-key solutions, with access to millions of players, open the door to long-term success. You want in? Visit us at www. The Association of Gaming Equipment Manufacturers AGEM was organised five years ago to promote and represent the interests and concerns of gaming manufacturers and to provide a united voice on matters of importance to our industry.

The gaming manufacturing industry occupies over four million square feet of manufacturing space throughout the state. GEM works to promote excellence in the manufacture of gaming devices and equipment, and assist manufacturers in the planning and presentation of industry trade shows.

Some of the most successful and influential companies in the industry are AGEM members. While AGEM members are based around the country and globally, most have a significant presence in the state of Nevada. Those employees include software designers, graphic artists, engineers, cabinet makes, and a host of other skilled and talented workers who manufacture, market and maintain gaming machines, bill acceptors, video monitors, audio-video display systems, and other state-of-the-art gaming technologies.

These well-paid workers pump millions into the economy each month, while creating even more jobs and a steady steam of tax revenue. Now that we have established ourselves, we are better able to turn our attention to legislative activities within the United States, and stay abreast of the many gaming changes that are occurring internationally. In an effort to provide a more secure gaming experience for casinos and their patrons, AGEM member companies continually take pro-active steps to ensure their machines are immune from dishonest play and cheaters.

I believe the advancement of security features and their refinement is more about increasing patron trust in the slot machine. Game protection, through the use of a shuffler, is a self-fulfilling prophecy for both parties.

People who want to cheat at table games naturally gravitate to high payoff games because the risk-reward factor is more favourable to them. The features of the ACE help prevent cheating these games. Security measures include countdown of the deck with no ability to add or remove cards, eliminating manual manipulation of the deck, and ensuring a random distribution of the cards.

In the last few years there has been increasing cooperation among gaming regulators in North America. Thus, a problem found in one area is quickly reported to other areas as well. At the same time, gaming equipment manufacturers also stand to benefit from improved security on their products. Incorporating and integrating new technological measures is an ongoing process, as new technology and better ideas are generated and incorporated into all gaming equipment.

There will always be something new as security has always been one of the cornerstones of our development process. In the s, even though corporate gaming had already been in existence for over a decade, there was still a very entrepreneurial and sometimes renegade character to casino companies, and the only venues with legal casinos in North America were Atlantic City, Las Vegas, other smaller cities and towns in Nevada, along with a number of primitive seasonal or charity casinos in various places in Canada.

During this time, the number of U. This was also a period that saw the emergence of an increasingly organised and effective opposition to the. Since , legislative authorisation of Nevada-style commercial casinos has ceased in the United States and Canada.

This shift has occurred in spite of the fact that the unintended adverse social impacts from these forms of gaming often turn out to be more controversial than those associated with full service casinos. Furthermore, in recent years, legislatures, parliaments, and voters have demonstrated increasing reluctance to authorise new casino jurisdictions, and in some cases have seriously considered rolling back previously authorised forms of casino-style gaming.

Because of these, gaming companies increasingly adopt strategies to improve their profitability and performance through diversification into non-gaming product offerings, and by exploiting economies through consolidation, outsourcing, increasing customer loyalty, and other revenue enhancement and cost control maneouvers.

The dynamic for tribal casinos in the U. In reality, racinos have done relatively little to improve the fundamentals for racing, but have allowed some race tracks to become de facto casinos. Las Vegas marches to a different drummer than virtually any other gaming jurisdiction in the world. With more than , hotel rooms and 37 million visitors a year, Las Vegas is the premier leisure destination in America, if not the world.

However, the growth that has characterised Las Vegas since has increasingly reflected the diversification of its casino-based entertainment and service offerings rather than just the expansion of its gaming products. Unlike most other casinos anywhere else in the world, gaming revenues on the Strip do not dominate the financial performance of the resort casinos, and have been steadily declining in relative importance for more than the past two decades. In light of these observations, what can be said of the current status of the casino industry in comparison to the rest of corporate America?

As is the case with many other industries, the American casino industry can be divided into two distinct business dimensions. There is the retail side of the business, involving ongoing casino operations in established markets, where the legal and regulatory environment is relatively stable, the competitive conditions are well established, and the attention of casino management is focused on increasing revenues, containing costs, and being good corporate citizens within their respective communities.

In such markets, the task of operating and managing casinos is not much different than running a supermarket or a department store. Market positioning is very important, as is presentation of the product, customer service, location, convenience of access especially parking , and events or promotions that are intended to bring customers through the front door. Operations are fundamentally the same day after day, and improvements in performance are likely to occur only incrementally, based on either the success of endeavours to enhance revenues by attracting new customers, retaining existing customers, or increasing spend per visit; or by reducing costs through finding less expensive ways of completing tasks and providing services.

The other dimension is the development side of the gaming business. For many casino companies in the s, and occasionally at present, this has been the most important division in the organisation. It is where the action is. In development, companies actively seek out economically valuable but currently unexploited opportunities, engaging in economic rent seeking in the hopes of capturing substantial rewards.

Companies often involve themselves in the political process by trying to influence legislation that would legalise or liberalise casinostyle gaming activities, hoping to create potentially profitable opportunities for themselves and—if they are really effective—simultaneously thwarting opportunities for their competitors. Such endeavours can be filled with political intrigue, and often resemble a high stakes poker game, where wagers are made in legislative committees and statewide campaigns, and sometimes in rigorous competition for winning the privileges of exclusivity as gaming purveyors in a particular jurisdiction.

Many industries participate in rent seeking behaviour, through their lobbying activities, public relations endeavours, political campaign contributions, and legal actions. In this manner, the gaming industry varies little from the rest of corporate America, except perhaps in the relative importance of economic rents as a portion of profit potential, and the explicit nature of the rewards if successful.

For example, a gaming company that is lobbying for an exclusive franchise to offer casino gaming in a particular metropolitan area might be much less subtle than a pharmaceutical drug manufacturer lobbying to prohibit the re-importation of its products into the United States from Canada, where the company sells it drugs at lower prices.

However, the ability to capture or sustain excess profits is the primary motivator in both cases. What makes the gaming industry different from most other industrial sectors of the economy is that—because gambling remains both a popular commodity and a vice— legislative bodies are reluctant to authorise the expansion of gaming to a level that would fully satisfy consumer demand.

There is just too much concern that to do so would create greater adverse social impacts—or political backlash—than the benefits from such increased availability could offset. Thus, most gaming, including casino-style gaming products, are offered in a constrained supply or limited exclusivity context, exactly the conditions that create potential economic rents and encourage rent seeking behaviour. Interestingly, in Nevada, where there are only limited constraints placed on the supply of permitted gaming activities such as zoning restrictions and minimum casino facility size requirements , there is far less rent seeking behaviour than one finds in other constrained supply or limited exclusivity states such as Illinois, Indiana, or Louisiana.

This is probably because much of the American gaming industry is already under substantial scrutiny via state regulation, with considerable attention paid by regulators to accounting for gross gaming revenues casino winnings. As such, they are going to be diligent in gathering complete and accurate accounting of their tax base. That said, the gaming industries are still subject to a disproportionate level of attention from legislatures who are seeking out new sources of tax revenues.

For much of the American population, gaming—along with tobacco and alcohol—is still perceived as a vice. As such, increased taxes not only raise revenues for public purposes; they also might discourage consumption which—in the minds of many— might be a good thing. This makes casino industries an attractive target in times of fiscal desperations. This reality— which has played out in the states of Illinois and Michigan in recent years with dramatic tax increases—is another illustration of the important role of rent seeking behaviour among gaming companies.

In light of these sometimes eccentric characteristics, what observations and recommendations can we make with regard to the skills required of present and future management in the gaming industry? Intuition guesswork has given way to systematic forecasting. Subjective judgment in operational strategies has been replaced by models utilising data-driven optimisation strategies.

Inconsistent practices involving customers and employees have been phased out in favour of standardised policies and practices. Crude metrics such as credit lines, hold percentage, and average daily room rates have been replaced by more focused measures such as player worth, win per square foot, net house advantage, and total yield per occupied room.

Strong gaming organisations are increasingly marketing driven rather than operations driven. More business school tools and training enhances the abilities of gaming executives to address those dimensions of the gaming business that are fundamentally similar to the broad spectrum of modern industry, as well as improve the more subtle skills of capturing and managing economic rents that are still an important component in many gaming industries worldwide.

At this point in time, the American casino industry is well on its way to the type of transition described above. Gaming executives and casino managers are increasingly equipped with business school credentials, MBAs, or law degrees. The story is somewhat different in Europe in the early 21st century, however. They are highly taxed by their respective governments, and are relatively stagnant, both in growth opportunities and in their perception of the product they are offering.

Their governments see them as a necessary evil, one which only makes contributions to the public purse, but does not do much else of social value. But one can see the winds of change that have already swept through the United States, Canada, Australia, New Zealand and South Africa beginning to come up in parts of Europe. Gaming operators in Russia and the former Soviet bloc countries are experiencing much greater competition than their western European counterparts.

Governments may eventually recognise that casinos, and especially destination casino resorts, can be important catalysts for change, and can be particularly complementary to other tourism assets in a region. The lessons of Las Vegas are not going to go unheeded in Europe indefinitely. If and when these changes come to pass in Europe, then the importance of understanding the broader economic, political, legal and social environments in which casinos and the gaming industry operates—both in terms of internal operations and managing the external environment—will require a considerably better educated leadership than exists at present.

The next generation of European gaming executives will probably look a lot more like the current cohort of American executives than the current generation of Europeans. The competitive and strategic challenges of the European markets will make this a necessity. He is an internationally recognised authority on the legalisation and regulation of commercial gambling, and has written extensively on issues relating to the economic and social impacts of commercial gaming.

This intense international course, which runs for nine days each fall, has graduated more than executives, many of whom have gone on to substantial positions within their organisations or elsewhere in the gaming industry. Arguably, apart from the potential of the market in Macau, the land-based gambling industry in the United States is the most dynamic casino gaming market in the world.

Except, perhaps, for the gigantic business of remote gambling. Egaming is the fastest growing part of the global gaming industry. One example of this type of site is Intrade, a place where punters can place bets on anything from the outcome of elections to the level at which the Dow Jones will close on a given day.

There are also the poker web sites, the latest trend to emerge from the Internet gaming innovation machine. Why communities are important. Within these sites, which compare very closely to the model employed.

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Yes it is, my friends 3 have been scammed. Got accs back but still got scammed. V pet. Is skinsgreat. Csgo rolling website new scam site. Petros G. Theodotou Str. Afxentiou Str. Makariou str. Short-link Link Embed. Share from cover. Share from page:. More magazines by this user. Close Flag as Inappropriate. You have already flagged this document. Thank you, for helping us keep this platform clean. Previous article Two deaths in Cyprus today, more than new cases, assessment on Tuesday.

Next article Dust still with us, frosty over the mountains, rain on Tuesday. This raises the death toll from the virus in Cyprus to , Read more. Local Where to get a rapid test on Thursday, 11 February gavriella - 10 February The Health Ministry has announced the rapid testing locations for Thursday, 11 February, for the general population and employees. Local Foreign Minister to participate in multilateral forum in Athens gavriella - 10 February Local Police arrest two persons for automobile arson gavriella - 10 February The Paphos Police arrested two persons, 36 and 25, regarding the investigation of an automobile arson.

According to the police the two persons have been This large feast, which has been a Put the barley shaped pasta into a small pan with salted water, bring to a boil and when tender, drain. Peal the prawns leaving Mix all ingredients for tabbouli in a bowl and keep to one side so flavours can combine. Prepare the sheftalies: wash and soak the casing Where to get a rapid test on Thursday, 11 February gavriella - 10 February Foreign Minister to participate in multilateral forum in Athens gavriella - 10 February Had lunch and dinner.

Casual and formal. Very nice environment - Reasonable prices! Nice coffee and tea. Nearby the city center - but you feel you are somewhere else. Pretty cool people! Thank you for your review Aspasia C. We are happy to hear that you have enjoyed your visit here. Your feedback is greatly appreciated! You can enjoy a great brunch, a nice espresso, or one of their great dishes at noon.

Good service and nice quiet atmosphere. Thank you for your review and photo post Vassilis79, we are pleased that you enjoyed your visit here. We hope to see you again! Either day or night is the best place to be. Very cute and comfortable. You feel like home! Try the home made sweets and you will not regret it. Thank you very much for your review Mary.

We appreciate it and we are happy to hear that our customers are pleased by our services. Flights Vacation Rentals Restaurants Things to do. Skip to main content. Log in to get trip updates and message other travelers. Stasikratous 30, Nicosia. See all restaurants in Nicosia. Stasikratous 30 Claimed. All photos Ratings and reviews 3. View all details meals, features, about. Location and contact Stasikratous 30, Nicosia Cyprus.

Is this restaurant appropriate for Kids? Yes No Unsure. Is this primarily a coffee shop? Is this restaurant romantic? Is this an Australian restaurant? Can a vegan person get a good meal at this restaurant? Is this a Central European restaurant?

Is this restaurant good for large groups? Can a vegetarian person get a good meal at this restaurant? Is this a Mediterranean restaurant? Thanks for helping!

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