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Crown CEO James Packer will apparently be scooping up the remaining 50% of Australian Betfair that he doesn’t currently own. (Image: File photo SMH/Manabu Kondo)
Looks like James Packer has his eye on the lucrative Australian online sportsbetting market. The president of Australia’s high-profile Crown Ltd casino team is rumored to be buying up 50 percent of online betting exchange Betfair’s Australian operation namely, the 50 % he doesn’t already own.
The pioneering british exchange that is betting runs as being a joint online operation with Crown in Australia, but sources at Fairfax Media one of this country’s biggest media organizations reckon Betfair is able to pull out of the market because of unsatisfactory comes back; a market they fought tooth and nail to enter back in 2006. That would pave the real means for Packer to take control, and crucially would allow him to get his fingers on 100 % of the business’s Tasmanian bookmaking permit. This would potentially allow him to change the Betfair business model and drive it towards the greater fixed-odds that are lucrative.
Peer-to-Peer Sportsbetting Model
Betfair launched in great britain in 2000, as the first ever ‘betting exchange’ a network that facilitates peer-to-peer sportsbetting where the chances are not restricted by bookmakers. an exchange just acts as the arbiter, allowing punters to create their own chances between each other, matching one bet to another. Thus, gamblers can find better odds often on these exchanges, regardless of the commission charged.
It’s a model that has worked well in the UK for Betfair as well as its imitators; however, the business’s Australian results are regarded as disappointing. The company’s sixth in seven years, taking overall loss in Australia to A$47.3 million while Betfair increased overall revenue by 8.6 percent to $54.9 million in 2013, this still resulted in a A$1.6m loss.
While Packer’s interest in remodelling the company into a fixed-odds procedure is nevertheless just the subject of speculation and rumor, it would likely make sense from a financial perspective. While the bookmaking industry is growing gradually in Australia, there does seem to be always a marked movement away from traditional Australian tote (or parimutuel) betting towards fixed-odds betting. Based on the Australian Racing Board, income from fixed odds for traditional Australian tote operators like Tabcorp rose 19 percent to A$2.2 billion in 2013, while fixed-odds turnover for online bookmakers rose at a much faster rate of 17 percent.
Allow the Games Begin
A new low-cost operator that is online-only therefore, with Packer’s funds behind it, could install a serious challenge to other operators within the sector. It could also send a message that is clear Crown Ltd to the likes of Aussie on line sportsbetting pioneer Matthew Tripp, whom recently announced their intention to the sector, having offered their online wagering site Sportsbet to Paddy Power in 2011.
While Packer is hugely successful in building up their land-based casino business into certainly one of Australia’s biggest gaming and entertainment groups, he has always understood the need for investing in web business enterprises.
NCAA March Madness Starts for Basketball Fans and Gamblers
Brackets like these can be found in most office in the us during the NCAA’s March Madness.
It’s the period of again: when everyone fills out a bracket, productivity grinds to a halt, and basketball fans try to figure out who will be this year’s Cinderella year. Yes, it’s time for the NCAA guys’s Division I Basketball Tournament, a conference you might know better by the nickname of March Madness. And whilst it’s an event that is huge players and fans, it might be a whole lot larger for the gambling industry.
Dependent on who you ask, March Madness may be even bigger than the Super Bowl being a gambling occasion. No game that is single nearly the interest of the NFL’s championship game, but the 888 casino blackjack rules season’s premier college basketball competition is a three-week event featuring 67 contests that lure both severe gamblers and casual fans alike.
Tournament a Boon for Las Vegas
It’s impossible to be sure simply how much is used on the function in Las Vegas, since regulators don’t break straight down baseball wagering into professional and games that are collegiate. But in accordance with professionals, there will be more wagers made in vegas for the NCAA Tournament compared to the Super Bowl. It’s also possible that the total amount bet could beat the $119 million wagered regarding the Denver-Seattle championship game this year. Each year beyond Vegas, the NCAA has claimed that more than $2.5 billion is wagered illegally on the tournament.
‘March Madness is very, really big for us right here in Nevada,’ said vegas’ South Point Casino oddsmaker Jimmy Vaccaro. ‘And it simply keeps getting bigger.’
The competition could be a boon for the populous city even outside of the take at the sportsbooks. The many exciting weekend of the competition for many fans is maybe not the ultimate Four, but the weekend that is first if you have nonstop action even though the field is reduced from 68 to 16 groups.
Las Vegas may be the perfect place to catch the action, making it among the busiest weekends of the 12 months for the city. Final year, Las Vegas hotels posted a 97.7 percent occupancy rate through the week-end on that the NCAA Tournament started, the best for the year that is entire.
Bracket Contests Attract Millions
But the tournament is not just about making bets on specific games. Even more popular are the bracket contests that are held in just about every working workplace throughout the United States, by which fans try to anticipate who will win every game within the tournament. Most of these contests are free or have very low entry fees, most abundant in accurate bracket taking home the prize money at the end of the occasion.
The NCAA has made it clear that they oppose these pools (at the least those with cash awards), saying they are illegal in most states and they can act as an entry point for kids to start gambling. But which hasn’t stopped anyone from playing, and the NCAA has never ever really tried to split down regarding the practice.
The biggest bracket prizes are typically found online, where individuals can fill out brackets for free and compete against millions for the chance to win prizes. But while numerous organizations offer such contests, one has clearly captured the attention of baseball fans this year.
A Billion-Dollar Bracket
That’s the bracket challenge offered by Quicken Loans, which can be offering a $1 billion reward (insured by Warren Buffett’s Berkshire Hathaway) to anyone who can fill out a perfect bracket this year. Of course, to say predicting every game precisely is a shot that is long placing it lightly: in the 13 years that ESPN was running their online bracket contest, nobody has ever managed the feat.
You were wondering) if you were to pick teams at random, the odds of correctly getting every game’s outcome right are about one in 9.2 quintillion (that’s 9,200,000,000,000,000,000 written out, in case. Smart and informed players can improve their odds, but only somewhat: Nate Silver of fivethirtyeight.com estimates that the odds are about one in 7.4 billion if you are taking the favorite atlanta divorce attorneys matchup. Nevertheless, even in the event nobody is perfect, Quicken will call it quits $100,000 every single of the utmost effective 20 contestants who come closest.
Caesars to Conquer Southern Korea with $794.7 Million Casino
It doesn’t seem like much now, but Caesars Entertainment has received preliminary approvals for the South Korean luxury resort casino on a site like this one (Image: KIM JU-SUNG, YONHAP / AP)
Caesars Entertainment has received initial approval but not a definitive gaming permit quite yet for the construction of a $794.7 million casino complex near the country’s capital town of Seoul on Yeongjong Island, six miles from Incheon International Airport. The proposed property which would add three hotel towers with 760 rooms, and would be Korea’s biggest casino complex is a partnership between Caesars, Hong Kong real-estate developer Lippo Group and an unnamed Korean designer.
Aimed at Foreigners
The resort is going to be targeted specifically towards worldwide tourists, in line with the South Korean Ministry of Culture, Sport and Tourism adding to the 16 foreigner-only gambling enterprises already in existence in the united states. The decision may be viewed as part of a trend that is recent of Asian countries maximizing efforts to attract Chinese tourists to their shores. Chinese tourism has expanded greatly in recent years because of the emergence of the newly stable middle-class and a leisure by the Chinese federal government in the restriction of movement for the residents.
South Korea clearly hopes to tap into some of this money that is newfound especially in the light associated with upcoming 2018 Winter Olympics in Pyeongchang. Recently, Malaysia’s Genting Group announced plans to build Resorts World Jeju, a $2.2 billion casino resort complex on the semi-autonomous Jeju Island, which is already a hub for Chinese tourists.
The Korea Tourism Organization says that by 2020, South Korea would like to attract 10 million Chinese site visitors each year, an increase of 53 percent from 2012. Presently, the place that is only South Korean citizens are allowed to gamble is in the Gangwon province in the east of this nation, at the Kangwon Land Casino.
Going Eastwards
For Caesars Entertainment, the new casino represents necessary expansion into the asia; Caesars happens to be the only major Las Las vegas casino chain with no existence in the gambling hub of Macau, a place that recorded $45.2 billion in gaming revenue in 2013 alone. And, even though the ruling doesn’t guarantee that the venture that is new be given a gambling permit that will have to be applied for separately and is influenced by certain investment conditions it will be hard to see an impediment arising, given the governments’ preliminary approval and expected economic benefits to the area. Caesars said the construction of the resort alone would create ‘thousands of jobs’, and 3,500 jobs that are permanent completion.
‘Our company is excited about the possibility to expand our network and brands to Asia,’ said Caesars CEO Gary Loveman, adding that agreements still should be finalized among the joint-venture parties, and some financing that is third-party has to be found.
‘Foreign visitation to South Korea is continuing to grow significantly, and we look ahead to making a world-class destination to further support Korea’s economic growth and tourism goals … We are grateful to the Korean government for their initial approval, paving the means for the chance to build and operate our first integrated resort in Korea.’
Based on the proposal, along with a five-star hotel and casino, the resort would include a standalone convention center, a theater and other live entertainment venues, and retail attractions. The preliminary blueprint also includes the capacity for further expansion in order to focus on a future escalation in visitor numbers.
Presumably this news sits well with investors: shares in Caesars Entertainment on the Nasdaq Global Select were up 4.02 per cent, shutting at $24.87 previously this week.
