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Join The Fastest-growing Sports Betting Community In India: Pokerstars Sports – Good morning and welcome to the Indy Gaming newsletter, a weekly look at gaming issues nationally and internationally and how events relate to Nevada.

On Sunday, DraftKings revealed that hackers stole about $300,000 in customer funds through several compromised betting accounts that led to illegal withdrawals from banks. DraftKings is committed to refunding customers any money lost due to unauthorized hacks.

Join The Fastest-growing Sports Betting Community In India: Pokerstars Sports

Join The Fastest-growing Sports Betting Community In India: Pokerstars Sports

The article followed a four-part series after nearly a year of research into the growth of legal sports betting in the country and questioned some of the implications.

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Questioned the different sports betting tax structures in individual states and lobbying practices used to influence legislators. The articles also disputed figures cited by the industry for illegal offshore gambling operations, criticized efforts by sports betting operators to improve responsible gambling practices and examined questionable student recruitment efforts.

One article discussed Penn Entertainment’s acquisition of Barstool Sports and the company’s continued relationship with Barstool founder Dave Portnoy, whom accused of sexual misconduct last year and called him a “freak gambler.” .

Nevada gaming regulators asked Penn about Portnoy. The company that operates the M Resort in Henderson does not have its own Barstool brand in Nevada and declined to comment on the matter.

The American Gaming Association, a trade organization in Washington, issued a smart response on social media late Sunday, saying in the first of a half-dozen Twitter posts that

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“We will continue to invest in creating a safe, well-regulated environment that protects consumers and benefits communities,” the AGA wrote.

David Briggs, founder of a Canada-based geolocation and anti-fraud firm serving the gaming industry, wrote in a LinkedIn post that “sports betting is a successful example of destroying the revenue stream of organized crime.”

Brendan Busman, a Las Vegas-based gaming industry consultant, said the stories make it clear that the industry needs to better educate its stakeholders, not only by advocating for additional laws and regulations, but also to overcome “the fiction that has been spread as part of that story.” .

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Bussmann, managing partner at B Global, said gambling is “one of the most regulated industries, so to suggest in this series of articles that it’s less is absurd.”

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After 2018 Following a US Supreme Court ruling in May that opened up sports betting nationwide, 31 states and Washington, D.C. currently legalize and regulate sports betting and/or online sports betting. It is expected that by 2023 five more states will begin operations.

South Dakota became the third state after Nevada and New Jersey to legalize casinos in 1989. In the past 33 years, the number of states with commercial casinos has grown to 34. Tribal casinos, which began national expansion in 1988, are now in 30 states.

Even state lotteries that began in 1964 in New Hampshire, eventually growing to 44 states in 2019 when Mississippi approved the operation.

“We are strictly regulated by the federal government and thousands of dedicated professionals in legal gaming jurisdictions who set and enforce the rules,” the AGA tweeted. “There is a high bar that must be met in order to obtain and maintain a gambling license and any claims to the contrary are false.

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Tuesday, 2021 On October 5, G2E visitors walk past the Playtech Sports exhibit. (Jeff Scheid/The Nevada Independent)

Meanwhile, responsible gambling has grown from Harrah’s (now Caesars) Entertainment’s 1-800 telephone number for Gamblers Anonymous on slot machines to most casino companies providing information outlining responsible gambling programs, policies and practices, and where to find help.

UNLV’s International Gaming Institute also launched a responsible gaming study led by former MGM Resorts International CEO Alan Feldman.

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Over the past few years, the AGA has developed the “Have a Game Plan” sports betting program, which includes partnerships with sports teams and leagues and encourages responsible betting habits.

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Busman suggested the sports betting industry should do more with college and university sports programs to educate students about responsible betting and warning signs around offshore sites.

“Betting is happening on college campuses today,” Busman said. “The Cancer Partnership supports only those educational initiatives that have been lacking for decades.

The AGA said last year’s research showed 92 per cent of sports gamblers were aware of responsible gambling tools and more than half had seen more responsible gambling information in the past 12 months than last year.

On Tuesday, the International Center for Responsible Gambling, which was founded in 1996, is located in Massachusetts. founded by the gaming industry, announced a $180,000 donation from sports betting operator BetMGM to support the organization’s research and education on responsible gambling and the impact of advertising on the problem. gambling.

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A week after private equity giant Apollo Global Management announced it was selling a 22 percent stake in gaming equipment supplier AGS, two of its representatives on the Las Vegas-based company’s board have resigned.

The resignations of Apollo partner and private equity head David Samber, who served as chairman of AGS, and Apollo partner Daniel Cohen were not a surprise given the firm’s share sale that ended last week. This report was filed with the Securities and Exchange Commission.

Apollo has owned a stake in AGS since 2013. During that time, Apollo led the acquisition of 20 different gaming businesses, the largest of which was slot machine developer and supplier Cadillac Jack in 2015. Apollo also announced AGS in 2018. in January

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According to an SEC filing, last week AGS 8.2 million. Apollo shares were sold for 41 million. Shares of AGS, which trade on the Nasdaq exchange, ended Tuesday at $5.32.

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Stifel Financial gaming analyst Jeffrey Stancial said in a research note to investors that AGS shares were hurt by the Apollo stake.

“We believe Apollo’s exit could open up additional markets for AGS, as gaming licensing requirements in certain states may prove too onerous for Apollo to navigate in light of its planned eventual exit,” Stantial wrote.

David Bain, gaming analyst at B Riley Securities, said commercial and tribal casino operators have increased purchases of new slot machines after historically low sales during the pandemic. The lack of sales this year has created “use it or lose it” year-end budgets for casino slot managers.

“Operators point to a greater focus on the casino floor, both on COVID, on the gaming floor, on record (cash flow), on the engine, and on a smaller mix of non-gaming amenities,” Bain wrote in a research note.

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AGS has six remaining board members, including CEO David Lopez. Other board members include former Monarch Casino CEO David Farahi, former Mandalay Resort Group General Counsel Yvette Landau, former Multimedia Gaming CFO Adam Chibib, former gaming analyst Anna Massion and former American Gaming Association CEO Jeff Freeman.

In the SEC filing, the company did not say when or if the new board members would be appointed.

In February, Apollo paid $2.25 billion. Real estate investment fund VICI paid 4 billion for land and buildings.

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Las Vegas Sands gave Apollo $1.2 billion. USD in vendor financing, and a private equity firm provided another $1.05 billion. USD cash and financing.

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Apollo was previously owned by Caesars Entertainment, but in 2019, two years after a complex two-year Chapter 11 restructuring that changed Caesars’ ownership structure and wiped out $16 billion. books.

The Nevada Resorts PAC saw 16 of their 17 endorsed Assembly candidates win their races in this month’s midterm elections.

The effort, which is backed by the gaming industry’s leading trade group, added two more endorsed candidates to its slate after releasing its third-quarter contributions and spending report in October, Democrat Elaine Marzola of Las Vegas and Democratic candidate Duy Nguyen. for the open seat in Assembly District 8.

Nguyen was one of eight PAC-backed incumbents who won their races. Only Tiffany Jones, a Republican running for the 35th Assembly District in Las Vegas, lost the race.

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The organization is also known to have endorsed several would-be Democratic leaders in the Assembly, including presumptive Speaker Steve Yeager of the 9th Assembly District in Las Vegas, who is the Democratic leader and speaker pro tempore.

Other future leaders endorsed by the PAC include Rep. Danielle Monroe-Moreno, District 1, Las Vegas, who will chair the Assembly Ways and Means Committee, and Rep. Sandra Jauregui, District 41, Las Vegas, who will assume the majority role. Leader.

Nevada Resort PAC in its 2022 raised more than 2.35 million for election efforts. USD. In announcing the PAC in January, the resort association said its members from nearly 80 casinos nationwide want to “recruit, evaluate, endorse and elect candidates for state legislatures. in 2022″.

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R&R Partners CEO Billy Vassiliadis, a longtime lobbyist for the resort association, said a week before the election, “We included candidates who we felt deserved support. We’ve said before that this group isn’t going away.

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FanDuel CEO Amy Howe, right, and DraftKings Co-Founder and CEO Jason Robbins Executive Outlook: Leaders Shaping the Future