
David Baazov, reelected as Chairman of Amaya Inc. On the AMF research: ‘It’s not a thing to be taken lightly, but it’s not Hollywood either.’
The scrutiny that is ongoing Amaya Inc by the Quebec financial regulator is not a cause for concern, reiterated its CEO and Chairman, David Baazov, at the company’s first annual general meeting in Montreal this week.
‘It’s not something to be taken lightly, nonetheless it’s maybe not Hollywood either,’ Baazov told the assembled investors. ‘There was no effect regarding the day-to-day operations of Amaya. It’s perhaps not using away from the psychological real-estate of this professional team, the staff, the company, 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 meant by ‘mental real estate.’
AMF Raid
Amaya’s Montreal workplaces had been raided by police and provincial market that is financial AMF in early December included in a study into alleged securities fraud.
Amaya’s share costs skyrocketed in the lead up towards the company’s acquisition of PokerStars last summer time, plus some form of insider trading was suspected.
There were 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 go through the information carefully, look at the timeline, anybody who is sophisticated and rational will come up to a pretty conclusion that is rational the events that occurred to have us where our company is,’ said Baazov.
The investigation failed to hinder Amaya’s present ascension to your NASDQ Global Select Market, which Baazov saw as integral to furthering Amaya’s position as ‘a leading global, online consumer technology business.’ The organization has traded on the Toronto Stock change since 2013 and can continue doing so under a dual listing.
‘ We were searching for more liquidity and more exposure,’ Baazov said, of the organization’s new listing. ‘I think it’s great that a Canadian company that began on the Venture [Exchange] graduated to the TSX and it has now gone to the NASDAQ as well.’
Brand New Jersey Update
Finally, Baazov offered his ideas on the entry that is delayed of 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 appear to be hindering its progress.
‘We’re giving a whole lot of data showing statistical data, showing gaming that is responsible, showing what technologies have been innovated and applied at PokerStars,’ said Baazov. ‘we are sharing it with other people to exhibit while you’re protecting consumers as well. that you can have this in a regulated fashion and now have that tax efficiency’
On PokerStars’ efforts in lobbying for legislation in other key areas, such as for instance Pennsylvania and California, he said: ‘We don’t have a crystal ball, and in regards to politics I do not like wanting to make predictions. All we can state is that we’re very comfortable with a few of the movement we’ve seen. If such a thing, it is inching towards more and 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 the casino in their city, moving the proposal by developer KG Urban into the mix for the casino that is final in Massachusetts.
Nearly three quarters of the voters who turned out said yes to the plan, which would place a new $650 million casino in the city’s waterfront.
When the final voters had been tallied, 73 percent of voters were in favor of the plan, while 27 percent said they had been against having a casino in the city. Turnout was a modest 21 percent, with additional than 11,000 votes cast.
‘Obviously, we have been really pleased,’ said New Bedford Mayor Jon Mitchell. ‘This is validation from the voters that the deal we got is just a good one for the city. We look forward to competing for the license and New that is returning Bedford its status as one regarding the leading cities in the Northeast.’
New Bedford Has Shown Strong Casino Help
Caused by the vote had been somewhat predictable, as New Bedford had twice formerly voted in favor of casino gambling in the previous two decades.
The public meetings held in the problem were largely held without incident, and there didn’t appear to be a strong anti-casino motion like the people seen in several other towns and towns across Massachusetts over the past couple of years.
The KG Urban casino, which will be operated by Foxwoods, will now have to compete for usually the one license set aside for Southeastern Massachusetts.
There was one other proposition that has also gotten approval that is local a similarly-sized resort that would be built in Brockton.
The Massachusetts Gaming Commission could decide to award a permit to either project, or potentially award no license at all.
But, a number 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 speaking with the commission, was able to secure extensions for key applications.
On the other hand, the Brockton proposal met all of its due dates without any help from state officials.
Multiple Bidders Could Benefit State
But that help may happen about something more fundamental than helping KG Urban specifically.
Having multiple bidders for the license can result in the two bidders contending to really make the proposal that is best, and enable cities and their state gaming commission to achieve a deal that is better for the host communities and Massachusetts than if there ended up being just an individual proposal to select from.
New Bedford’s leg that is biggest up may be the ease with which local voters authorized the casino project.
Community support is part of the requirements looked over by the gaming commission when licenses that are awarding and Brockton only hardly approved their casino proposition, with only 50.5 percent of voters supporting the program.
The Brockton proposal would place a casino at the Brockton Fairgrounds. a proposal that is third Somerset has yet to enjoy a vote scheduled despite receiving extensions along with New Bedford.
The Tuesday vote was just one part of a busy week for the nascent Massachusetts casino industry.
On Wednesday, the Plainridge Park Casino in Plainville will open 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 well known to most probably to the idea of legalizing sports gambling. (Image: slate.com).
The NBA has stated it’ll no longer oppose a bill that proposes to revolutionize the Canadian recreations gambling landscape by allowing Canadians to bet on single sports 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 residents from betting on solitary games; instead, they content themselves with putting their money, at much longer odds, on parlay bets via the provincial lottery operators.
These, of course, involve wagering in the outcomes of several games.
The thinking is the fact that wagering on single games might encourage gambling addiction and match-fixing.
Proponents for the bill believe that reforms would channel billions in funds into the hands associated with lottery that is provincial, rather than the huge unlicensed offshore market, which currently caters for Canada’s kinkier betting requirements.
Multi-billion-dollar Gray Market
Currently, single-event sports handle that is betting estimated to be over $10 billion per year. In accordance with UK data that are betting Sportradar, over 220 companies just take bets on National Hockey League games, and around 120 cover Canadian Football League games.
Perhaps the Soccer that is canadian League which can scarcely be thought to have a ‘global reach,’ is covered by at least 130 foreign bookmakers.
The NBA initially stated its opposition when the bill ended up being introduced in 2012, claiming that C-290 threatened to ‘injure’ the relationship the league enjoyed using its fans.
Future fans would ‘never be able to take pleasure from the game,’ it fretted, because, rather than help a team that is favorite they might instead be drawn to ‘the competing interest associated with the betting line and the cash that can be made from it.’
The statement becomes much more hyperbolic once you consider that Canada has only one NBA team, which suggests the option of loyalties for the Canadian that is average may rather cut and dried.
But, according to the CGA, which is desperately trying to push the bill before Parliament breaks for the summer week that is next the NBA changed its tune.
NBA Statement
‘Consistent utilizing the NBA’s current place regarding legalized recreations betting in the usa, the NBA is no further in opposition to legalized sports betting in Canada so long as it has an appropriate legislative framework that protects the integrity associated with 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 head Adam Silver, who, in an op-ed for the nyc Times toward the end of this past year, suggested the laws on sports betting into the US should really be changed.
‘Congress should follow a federal framework that enables states to authorize betting on professional 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, that has been languishing in the Senate for the part that is best of three years, remains a long shot. Currently, though, long shots are all that Canadians are permitted to bet on.