Addresses AMF Probe and New Jersey Matter at Amaya AGM
David Baazov, reelected as Chairman of Amaya Inc. On the AMF research: ‘It’s not at all something to lightly be taken, but it is perhaps not Hollywood either.’
The ongoing scrutiny into Amaya Inc by the Quebec financial regulator is not really a cause for concern, reiterated its CEO and Chairman, David Baazov, at the company’s first annual basic meeting in Montreal this week.
‘It’s not something to be taken gently, but it’s perhaps not Hollywood either,’ Baazov told the shareholders that are assembled. ‘There was no effect in the day-to-day operations of Amaya. It’s perhaps not taking away from the real-estate that is mental of executive team, the employees, the organization, etc.’
The shareholders displayed their faith in these words by promptly Baazov that is reelecting as chairman with a big part of 96 percent, although some could have wondered what on earth he implied by ‘mental real estate.’
Amaya’s Montreal offices had been raided by police and provincial economic market regulators AMF in early December as part of a study into alleged securities fraudulence.
Amaya’s share prices skyrocketed in the lead up to the business’s acquisition of PokerStars summer that is last plus some form of insider trading was suspected.
There have been no accusations of wrongdoing by AMF, but the investigation drags on, and its existence remains an embarrassment for Baazov, Amaya and their global aspirations.
‘If people feel the information carefully, look at the timeline, anyone who is sophisticated and rational will come up to a pretty rational conclusion about the events that happened getting us where we have been,’ said Baazov.
The investigation failed to hinder Amaya’s present ascension towards the NASDQ Global Select Market, which Baazov saw as integral to furthering Amaya’s place as ‘a leading global, online customer technology business.’ The company has traded on the Toronto inventory trade since 2013 and certainly will continue to do so under a listing that is dual.
‘ We were shopping for more liquidity and more exposure,’ Baazov said, of the business’s new listing. ‘I think it’s great that the company that is canadian began on the Venture [Exchange] graduated to the TSX and has now visited the NASDAQ as well.’
New Jersey Update
Finally, Baazov offered his thoughts on the delayed entry of PokerStars into the New Jersey market.
Early predictions had suggested the poker that is online would be given the go-ahead the year, but unseen regulatory issues look like hindering its progress.
‘We’re giving plenty of information showing statistical information, showing gaming that is responsible, showing just what technologies have been innovated and applied at PokerStars,’ said Baazov. ‘We’re sharing it with other people to exhibit that you can have this in a regulated fashion and have that tax efficiency while you are protecting consumers as well.’
On PokerStars’ efforts in lobbying for legislation in other key areas, such as for example Pennsylvania and California, he said: ‘We don’t have a crystal ball, and when it comes to politics I definitely don’t like attempting to make predictions. All we can state is that we’re very comfortable with a number of the movement we’ve seen. If any such thing, it’s inching towards more and casino-online-australia.net more (workable) legislation.’
New Bedford Casino Plan Easily Approved by Voters
Brand New Bedford easily approved a proposal to build a casino on the city’s waterfront. (Image: Kostow Greenwood Architects LLP)
New Bedford voters overwhelmingly showed approval for a casino inside their city, moving the proposal by developer KG Urban into the mix for the final casino license in Massachusetts.
Nearly three quarters of the voters who turned out stated yes to the plan, which would place a new $650 million casino on the city’s waterfront.
When the voters that are final tallied, 73 percent of voters were in favor of the plan, while 27 percent said they were against having a casino in the city. Turnout was a modest 21 percent, with increased than 11,000 votes cast.
‘Obviously, we are extremely pleased,’ said New Bedford Mayor Jon Mitchell. ‘This is validation from the voters that the deal we got is a good one for the city. We look forward to competing for the permit and returning brand new Bedford to its status as you associated with the leading cities within the Northeast.’
New Bedford Has Shown Strong Casino Support
Caused by the vote had been somewhat predictable, as New Bedford had twice previously voted and only casino gambling in the previous two years.
The general public meetings held on the issue were mainly held without event, and there did not seem to be a powerful anti-casino movement like the people seen in many other towns and urban centers across Massachusetts within the last several years.
The KG Urban casino, which would be operated by Foxwoods, will have to compete now for the main one license set aside for Southeastern Massachusetts.
There clearly was one other proposition that has also gotten approval that is local a similarly-sized resort that will be built in Brockton.
The Massachusetts Gaming Commission could elect to award a license to either project, or potentially award no license at all.
But, some of the commission’s recent actions might show a preference for the New Bedford project.
KG Urban initially missed deadlines that are key the casino process, but by conversing with the commission, was able to secure extensions for key applications.
In comparison, the Brockton proposal met all of its deadlines without any assistance from state officials.
Multiple Bidders Could Benefit State
But that help may were about something more fundamental than helping KG Urban especially.
Having multiple bidders for the license can result in the two bidders contending to help make the best proposal, and enable cities and their state gaming commission to achieve a deal that is way better for the host communities and Massachusetts than if there had been just a single proposal to choose from.
New Bedford’s biggest leg up may be the ease with which local voters authorized the casino project.
Community support is part of the criteria looked over by the video gaming commission whenever awarding licenses, and Brockton only barely approved their casino proposition, with only 50.5 percent of voters supporting the plan.
A casino would be placed by the Brockton proposal at the Brockton Fairgrounds. a third proposal in Somerset has yet to enjoy a vote scheduled despite receiving extensions along with New Bedford.
The Tuesday vote had been just one part of the busy week for the nascent Massachusetts casino industry.
On Wednesday, the Plainridge Park Casino in Plainville will start for business; the slots parlor will feature 1,250 machines, including not only slots but also electronic versions of some table games, including blackjack.
NBA Withdraws Opposition to Canadian Sports Betting Reforms
NBA chief Adam Silver is famous to be open to the idea of legalizing sports wagering. (Image: slate.com).
The NBA has stated it’ll no longer oppose a bill that proposes to revolutionize the Canadian recreations landscape that is betting enabling Canadians to bet on single activities games.
The league has become the first to officially reverse its stance on Bill C-290, the Canadian Gaming Association (CGA) said this week.
The Criminal Code in Canada has long prohibited its citizens from betting on single games; instead, they content themselves with putting their money, at much longer chances, on parlay bets via the provincial lottery operators.
These, of course, involve wagering on the outcomes of two or more games.
The reasoning is that wagering on single games might encourage gambling addiction and match-fixing.
Proponents of this bill believe that reforms would channel billions in funds into the hands regarding the provincial lottery corporations, as opposed to the huge unlicensed offshore market, which currently caters for Canada’s kinkier betting requirements.
Multi-billion-dollar Gray marketplace
Currently, single-event sports betting handle is approximated become over $10 billion per year. According to UK betting information firm Sportradar, over 220 companies simply take bets on nationwide Hockey League games, and around 120 cover Canadian Football League games.
Even the Soccer that is canadian League which can hardly be said to have a ‘global reach,’ is covered by at least 130 foreign bookmakers.
The NBA initially stated its opposition when the bill had been introduced in 2012, claiming that C-290 threatened to ‘injure’ the relationship the league enjoyed along with its fans.
Future fans would ‘never have the ability to take pleasure from the game,’ it fretted, because, rather than help a team that is favorite they’d instead be drawn to ‘the competing interest regarding the betting line and the funds that may be produced from it.’
The statement becomes all the more hyperbolic once you consider that Canada has only one NBA team, which indicates the option of loyalties for the average Canadian may be rather cut and dried.
Nonetheless, based on the CGA, which is desperately trying to push the bill before Parliament breaks for the summer time next week, the NBA has changed its tune.
‘Consistent with all the NBA’s current position regarding legalized activities betting in the usa, the NBA is not any longer opposed to legalized sports betting in Canada so long as it has an appropriate legislative framework that protects the integrity of this game under strict regulatory requirements and technical safeguards,’ said the NBA, as quoted by the CGA in a hearing of the Senate of Canada’s Legal and Constitutional Affairs Committee this week.
The statement echoes the shift that is recent place of NBA mind Adam Silver, who, in an op-ed for the nyc Times toward the end of last year, suggested the laws on sports betting into the US should really be changed.
‘Congress should follow a federal framework that allows states to authorize wagering on expert sports, subject to strict regulatory requirements and technical safeguards,’ he said.
All other major North American sports leagues, however, remain intransigent on the subject, and meanwhile, C-290, which includes been languishing in the Senate for the best component of three years, remains a long shot. Currently, though, long shots are all that Canadians are permitted to bet on.