iGaming News all over the world 14.05.2010

14.05.2010, US Committee to review legalized internet gambling / Spread Bet Gambling Online Increases in UK / More Hungarian Poker Players Going Online / GPI reports financial results for the first quarter of 2010

US Committee to review legalized internet gambling
The U.S. House of Representatives Committee on Ways and Means is to meet today to hear testimony on tax proposals related to legalized internet gambling, as the enforcement deadline for UIGEA regulations looms.

Ways and Means Chairman Sander M. Levin said on Wednesday that the full Committee will meet next week to discuss the current tax laws and reporting requirements applicable to betting in the United States and to consider tax proposals related to legislation pending in the Congress to license and regulate internet gambling activities.

With the enforcement date of regulations implementing the UIGEA less than three weeks away, the Committee will hear oral arguments from invited witnesses only due to the limited time available, but will accept written submissions up to Wednesday June 2nd.

The Committee will focus on Congressman Jim McDermott’s Internet Gambling Regulation and Tax Enforcement Act, a companion bill to Representative Barney Frank’s Internet Gambling Regulation, Consumer Protection and Enforcement Act.

The McDermott bill has recently been revised in order to address the concerns of various gambling interests in the United States, including Native American tribes, many of which see internet gambling as a threat to their existing land-based casino operations.

Included in the revised bill are four new provisions including a revenue incentive for states and tribes to participate through a 6% tax on gambling deposits which could generate an estimated us$ 30 billion for states and tribes on top of the us$ 41 billion in revenues for the federal government. Gaming Intelligence

=============

Spread Bet Gambling Online Increases in UK
There are many forms of gambling on the planet from horse racing to hockey people bet on everything, sometimes on a hunch sometimes on a tip and sometimes on solid research. Whatever your particular method or area of interest placing your money on the line is the hardest first step. Being prepared to lose is always a good start but knowing how to win is probably better. One field of wagering that has seen it's fair share of controversy over the years is financial spread betting. Which since it's inception back in the seventies has become increasingly more popular and professional.

In a nutshell, financial spread betting involves betting on shares, bonds, interest rates, currencies, indices, options and commodities. Bookmakers quote a spread for each bet giving the gambler a chance to agree or disagree and go long or go short. The advantages of spread betting over fixed odds betting are that it is more flexible than for markets or events that involve points rather than a win/lose outcome. You don’t have to wait for the expiry of the bet before cashing in losses or winnings, bets can be closed at any time at the spread quoted by your bookmaker at that moment.

The disadvantage compared to fixed-odds betting is that you stand to lose a lot more than your stake, although with some financial spread bets, it is possible to fix a “stop- loss” limit with the bookmaker, which limits your losses without limiting your winnings. Approximately 30,000 spread bet accounts were opened last year, 2009 and the largest study of gambling in the UK on behalf of the Gambling Commission found that serious problems developed in almost 15% of spread betters compared to 1% of other gambling. Being prepared and informed when getting into this form of online gambling can minimize risks and keep participation within reasonable boundaries.

=============

More Hungarian Poker Players Going Online
The Hungarian government has made it clear in it's laws that that it's all right to play poker in the country but you have to give the tax department a fair share of any profits. This is forcing many poker rooms to close and give up, contending there is no money to be made once the government takes it's slice. The already severe restrictions the government held in place since the passing of the 1991 Hungarian Gambling Act has been made even more dramatic by recent changes to the legislation. The new amendments to the act placed heavy regulations on local poker clubs, and put a big tax on poker winnings. The amended laws also limits the profits of poker clubs to 15%, and requires the clubs to give 30% of its revenues to the State.

Poker players have turned to sites that are operated offshore because Hungarian sites are not licensed. The Hungarian Poker Association suggested that this was a strategy by the Hungarian government to move players into the live casinos away from local card rooms and small clubs that players organized themselves. The high taxation rates caused little hardship for the larger casinos which had other revenue streams from other gambling games to make a profit from. This notion was confirmed by statements from Laszlo Detrekoi, the Ministry of Finance State Secretary who said that the new Act was designed to create a compromise between the two major players in the gambling industry in Hungary, the Poker Houses and the live Casinos.

Hungarian poker players have moved to playing online which has confused government officials who realize now their plan misfired because they failed to consider today's online casinos and poker room availability. The new government in Hungary may or may not amend laws to prohibit online gambling. Sceptics believe the government will try to block online poker sites through filtering. A progressive regime would licence and regulate operators and create a sustainable future for the Hungarian economy.

============

GPI reports financial results for the first quarter of 2010
International provider of casino currency and table gaming equipment, Gaming Partners International Corporation, announced financial results for the first quarter ended last March 31. For the period, the company posted revenues of us$ 10.9 million and net income of us$ 37,000.

These results compare to revenues of us$ 8.9 million and net loss of us$ 0.5 million for the first quarter of 2009. Gross profit for the quarter was us$ 3.7 million, or 34% of revenues, compared to us$ 2.4 million, or 27% of revenues, for the first quarter of 2009.

Stockholders' equity decreased by us$ 1.2 million in the first quarter of 2010 to us$ 38.3 million. As of March 31, 2010 the company had cash, cash equivalents, and marketable securities of us$ 19.1 million, compared to us$ 18.8 million as of December 31, 2009.

"First quarter revenues were up more than 20% over last year and we had a break-even bottom line, which was a notable improvement over last year's first quarter loss," said Greg Gronau, GPIC's President and CEO.

"I am excited about our second quarter. We got off to a strong start with the shipment to Singapore of the Marina Bay Sands order, which was originally planned to be shipped in the first quarter. Additionally, the Company recently received temporary licenses to distribute its products in Pennsylvania and Delaware. We are now aggressively soliciting orders in those states to supply casinos that are expected to begin table game operations this summer," Gronau added.

Yogonet.com

Über iGaming News:

Casinos.ch ist die Gaming & Entertainment-Plattform der Schweiz und mit über 20 Informationsportalen und rund 100 Internetnamen (Domains) das grosse News- und Pressenetzwerk der Casino- und Glücksspielszene in Europa.

Aktuelle News, Interviews, Fotos und spannende Stories - direkt und live aus den Schweizer Casinos, der Spielbankenszene Deutschlands, über das monegassische Casino von Monte Carlo, weitere Casinos aus ganz Europa und der ganzen Welt finden Sie auf www.casinos.ch. Und last but not least natürlich auch aus der Sin City 'Las Vegas'.

Die Informationen sind unterteilt in die Bereiche Casino-Informationen, aktuelle News, Events, Jackpot und Tournament-Informationen, Fotogalerien, Live-Berichte und Interviews.

--- Ende Artikel / Pressemitteilung iGaming News all over the world 14.05.2010 ---


Weitere Informationen und Links:

Weitere Nachrichten der Gaming-Branche