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Wednesday, June 28, 2023
Media Man Blog: New Jersey casinos
Media Man Blog
New Jersey casinos want 10 more years of internet gambling, but NJ may only approve for 2 more - June 2023
New Jersey’s casinos want to expand the state’s tops-in-the-nation internet gambling market for another 10 years, but state lawmakers may only approve it for an additional two years.
A state Assembly committee approved a bill Tuesday that originally would have allowed online casino gambling to run through 2033.
But the committee amended it to reduce the extension to just two years. The changes were not made public during the hearing, and lawmakers could not be reached for comment after the vote.
It is unclear when a final vote might be held.
Internet gambling has been a success story in New Jersey, which has won more from online gamblers than any of the five other states that also allow it.
Since New Jersey began taking online bets in November 2013, Atlantic City’s casinos and their online partners have won $6.29 billion from gamblers, according to the American Gaming Association, the casino industry’s national trade group. That does not include money from online sports bets.
It was widely credited with helping Atlantic City’s casinos stay afloat during 3 1/2 months of shutdowns in 2020 at the start of the COVID-19 pandemic, as well as in the lean months that followed the casinos reopening, as many gamblers remained wary of venturing out to crowded indoor spaces.
“The reauthorization of the internet gaming bill for 10 years is vital to the continued success of the gaming industry in New Jersey and the programs that are supported by the taxes collected,” said Mark Giannantonio, president of Resorts Casino Hotel and of the Casino Association of New Jersey. “This will also provide investor confidence in the New Jersey internet gaming industry.”
He declined to comment on the change in the bill reducing it from 10 to two years.
While it has undoubtedly provided a new revenue stream for Atlantic City’s casinos, internet gambling appears to be permanently changing the habits of some gamblers who would rather bet from home, the office, the beach or other places instead of visiting casinos in person.
Jane Bokunewicz, director of the Lloyd Levenson Institute at Stockton University, which studies the Atlantic City gambling market, said internet gambling is becoming part of the new normal for many gamblers.
While welcoming the additional revenue, casino executives caution that internet gambling winnings can be misleading in terms of the overall health of their businesses. Money from online winnings must be shared with partners like tech platforms and, in the case of sports betting, sports books, and is not solely for the casinos to keep. Some casino executives say as much as 70% of online winnings go to their partners in online ventures.
In addition to New Jersey, internet gambling is legal in Pennsylvania, Nevada, Michigan, Delaware and West Virginia.
Sunday, June 25, 2023
Media Man Blog: Musk vs Zuck. Potential MMA fight in the UFC Octagon; UFC boss Dana White dealing with both gentlemen. The Fight Of The Century. Twitter Twit vs Facebook Cyborg
Media Man Blog
Potential MMA fight in the UFC Octagon; UFC boss Dana White dealing with both gentlemen. The Fight Of The Century. Twitter Twit vs Facebook Cyborg
Saturday, June 24, 2023
Media Man Blog: Bitcoin hits highest in a year as crypto rebounds from scandals
Media Man Blog
Bitcoin hits highest in a year as crypto rebounds from scandals
Bitcoin hit its highest level in a year amid renewed fervour for digital assets despite a slew of challenges for the industry.
The original digital currency crossed above $US31,013, its 2023 peak, to reach its highest level since June 2022, Bloomberg data show. The surge brought bitcoin to as high as $US31,410 before the gain was pared.
The token is up by almost 90 per cent since the start of the year, though still more than 50 per cent below an all-time high of almost $US69,000. Other cryptocurrencies followed suit, with Ether also rallying.
At 3.48am AEST, bitcoin was 3.4 per cent higher to $US31,158 on bitstamp.net.
It’s a remarkable development — and show of resiliency — for a market that many had written off as being on the verge of extinction following a number of high-profile and high-impact scams and company fallouts that left the industry besmirched among investors.
“From the ardent Bitcoiner’s perspective, the token’s most fundamental investment thesis is playing out: inflation, monetary mismanagement, banking crises, sovereign debt anxiety, US-dollar-reserve-status questions are all playing a role in giving Bitcoiners an ‘I told you so’ moment,” said Strahinja Savic, head of data and analytics at FRNT Financial. “I would not describe rallying to new all-time highs despite the challenging environment, but rather because of it.”
BlackRock’s shock filing
Most recently, it’s been news about BlackRock’s shock filing for a US spot bitcoin exchange-traded fund that’s reignited fervour for crypto, with some in the market hoping that such a product — which currently doesn’t exist — gets approval from regulators. An approval — whatever its odds — would mark a win for fans who have for years longed for such an investment product.
“BlackRock’s filing is big news for bitcoin due to its close ties with regulators and a very strong ETF-approval track record,” wrote K33’s Bendik Schei and Vetle Lunde. “It’s also worth noting that BlackRock would not dedicate time and resources to this filing if they did not view the probability of long-term strength from BTC, and thus strong inflows, as substantially high.”
They added: “An approval would profoundly impact the market structure of bitcoin, as it would reduce the barriers for financial advisors to offer exposure to BTC through an accessible investment vehicle with daily creations and redemptions delivered by a trusted issuer.”
Other recent news also reinforced crypto believers’ faith in the rally. A new crypto exchange backed by firms including Citadel Securities, Fidelity Digital Assets and Charles Schwab — called EDX Markets — said it’s gone live.
And, among other pieces of news, JPMorgan Chase & Co expanded one of the most high-profile projects to bring blockchain technology to traditional banking, introducing euro-denominated payments for corporate clients using its JPM Coin.
Crypto winter fades
“The effects of the so-called ‘crypto winter’ seem less persistent today than a year ago, as various jurisdictions and institutional players continue to embrace crypto-related initiatives,” David Duong, head of research at Coinbase, said in a recent note.
On Twitter, where a lot of crypto discourse takes place, a number of users cited FOMO — or the fear of missing out — as part of the recent price surge, whereby some investors jump into the market because they are watching others reap the benefits of the rally and want to take part in it.
But the fact that the industry is facing harsh regulatory oversight has not dissipated, despite all the renewed hype over prices surging.
The SEC has set its sights on the crypto space following last year’s numerous instances of scams and fallouts of once-vaunted companies, including FTX and a number of lenders. It’s led to a mass exodus by retail investors in particular, who have collectively lost billions of dollars in the wake of the revelations and implosions.
Trading volumes have dried up as a result. In May, the combined spot and derivatives trading volumes on centralised exchanges fell more than 15 per cent to $US2.4 trillion ($3.6 trillion), according to CCData.
Spot trading volumes alone dropped nearly 22 per cent to $US495 billion, notching the lowest monthly reading since March 2019, the researcher said in a report.
“Given the thin liquidity and the relatively scant amount of BTC available to new entrants (no eager sellers at these levels), even a tiny uptick in large investor interest would be enough to move the price,” said Noelle Acheson, author of the “Crypto Is Macro Now” newsletter.
Others point out that hype around a potential spot-Bitcoin ETF has come and gone in the past, without regulators ever approving such a product.
“People are speculating BlackRock’s heft in the financial markets will help them get approval. I am not quite there yet,” said Michael O’Rourke, chief market strategist at JonesTrading. “The SEC has been aggressively cracking down on the crypto space, it seems a bit early for such an about-face.”
Friday, June 23, 2023
Thursday, June 22, 2023
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