Tuesday, October 31, 2023

Blog: U.S. Gambling Regulations in 2023

Blog 


U.S. Gambling Regulations in 2023







Gambling in the U.S. is worth millions of dollars every year, but things aren't always so cut and dry. Each state has autonomy over its own gambling regulations and can decide which in-person and online betting markets are permitted.


With regular changes to bills taking place, it can be challenging to know which states permit what gambling activities (sports betting, poker, online casinos).  Even those states that only allow sports wagering, the rules vary.  Illinois, Virginia, New York do not allow betting on in-state schools, Oregon does not allow any mobile gambling on college sports.  States like Iowa and Massachusetts prohibit use of a credit card for opening a betting account.  And then there's Nevada.  The Silver State requires individuals to register in-person (not remotely).


The legality of online gambling markets in the U.S. is determined by individual states, most of which must amend their current state laws.  There are some exceptions such as New Mexico.  The Land of Enchantment allowed a few retail sportsbooks to operate on tribal lands without any type of legislative considerations.


The federal government has not immersed itself in gambling regulations in America since the U.S. Supreme Court struck down the Professional and Amateur Sports Protection Act in May of 2018. Instead, the sausage making all occurs at the state level (just not New Mexico) where lawmakers must find a way to get a final version of a bill through both the state house and senate.  Once legislation passes through both chambers, it's up to the governor to sign off or veto.  In 2020, Maine Gov. Janet Mills opted to veto a sports gambling bill that landed on her desk.  The Maine senate would go on to override Mills veto.  Only now is that state in the process of approving operators, three years later.  It's not always a pretty process.


All states apply tax rates on betting activities with taxes typically varying between 10% and 20%, but much higher in some states.  Case in point, Pennsylvania is over 30%.  New York flirts with the 50% mark. License applications and renewals are another way that states benefit financially from gambling operations.


Online gambling has enjoyed a surge in popularity due to the popularity of mobile devices such as smartphones and tablets. This provides users with a convenient way to place bets from the comfort of their own home or on the move.


Online gambling is typically split into a variety of markets that include online casinos, sports betting, horse racing, fantasy sports betting, lottery, and poker.


At present, online sports betting is legal in Arizona, Colorado, Delaware, Illinois, Iowa, Louisiana, Maryland, Michigan, Nevada, New Hampshire, New Jersey, Oregon, Pennsylvania, Rhode Island, Virginia, Washington DC, and West Virginia.  It is estimated that over $180 billion has been wagered legally on sports betting in the U.S. and many states are interested in the possibility of tapping into this revenue stream.


This week, the Supreme Court rejected a challenge to Florida Governor Ron DeSantis’ multi billion agreement with the Seminoles to offer online sports betting in Florida.  And while it may appear the sky is the limit for the Seminoles to launch their Hard Rock sportsbook, various court challenges remain.  Clarity is not anticipated before the next Super Bowl.  Florida makes up the top three most populous U.S. states, none of which currently offer sports wagering.  Texas and California are the other two.  on October 27 it was announced that the most populated state, California, will once again feature two ballot initiatives asking voters to determine the fate of sports betting in 2024.  The last effort failed miserably.


Even in states that have yet to regulate sports gambling, there are ways for consumers to legally place wagers. Offshore betting is not covered by regulations, meaning citizens can sign up and play with operators from based outside the U.S.  Some offshore sportsbooks have opted not to accept new customers from New Jersey and Nevada.


Because offshore books are not regulated by any state, players are not afforded the same protection as those granted a license.  Offshore sportsbooks do tend to be far more established however.  That's resulted in a stellar reputation built over time.  Some of the best options for 2023 provide players with great incentives, state-of-the-art software, and high-security levels, and are licensed by reputable authorities overseas, like the CuraƧao Gaming Control Board.


When it comes to state regulated sports betting, the tribes do have significant influence over gaming in several states including Connecticut, California, Florida, Wisconsin, Minnesota and New Mexico.  This is both a blessing and a curse.   


Native American tribes are permitted to operate casinos on tribal land. These permissions are based on the 1988 Indian Gaming Regulatory Act, which created a framework based on set conditions.


Conditions include gaming compacts with the state and a license being granted by the NIGC (National Indian Gaming Commission).  But conflicts are common.  We're seeing this in Florida where the Seminoles are influential but not the only game in town, so to speak.   Connecticut's Mohegan and Mashantucket Pequot tribes, on the other hand, were met with little resistance in their quest to oversee the mobile and retail sports betting market.  California can't get over the finish line as a result of in-fighting among tribes.  For the better part of a decade efforts to legalize online poker fell apart courtesy of differing tribal agendas.


During 2023, there were bills either newly proposed or rehashed across the country looking to regulate sports wagering.  Lawmakers in Kentucky and North Carolina were ultimately able to take a victory lap.  Georgia?  Better luck next time.


Until now, there's been little effort to push for online gaming and/or poker legislation.  That seems to be changing.


Indiana launched an attempt to legalize iGaming under HB1536 with a proposed 20% tax rate that would see money going directly to services to support gamblers. This attempt failed in February and will have to wait until 2024 for another attempt.


Iowa's HSB227 to legalize online casinos isn't being considered while Illinois' HB2239, SB1656, and HB2320 to create an internet gaming act saw proposals of 12% and 15% tax rates, but there has been little movement. Illinois is relatively unique in offering biennial legislative sessions, which means the proposal will stay active until 2024.


There were high hopes for New York's attempts to legalize online casinos in 2023 under bills A1380 and A3634. The state has the potential to be one of the highest-grossing gambling states because of its population (4th largest in the nation), but support appears to have slowed down after the legalization of sports betting on the NFL, NBA and others bringing in massive revenues since 2022. New York is also considering retail casino applications at present.  With this in mind, iGaming will have to take a back seat for now.  There is a real possibility in 2025 following the election year.


Rhode Island surprised a lot of people by agreeing to SB948, which will legalize online casino gaming. Regulatory framework and licensing are still to be decided, but this is just a formality. 


Maryland missed the 2023 deadline to pass iGaming legislation to compliment the already approved sports betting market. Bill number SB267 will face a referendum so campaigners will be pushing for support if it gets the nod for 2024.


Maine's LD1777 proposal to legalize online casinos based on the current tribal agreement over online sports betting hasn't moved quickly (we mentioned the three year lag period for sports betting above).


Betting laws in the U.S. will continue to change to accommodate different betting markets. States are seeing significant revenue streams from allowing legalized betting, and many others are eager to explore these options.


Assurances that a percentage of gaming revenues will go towards programs to help problem gamblers along with other social programs will appease some detractors for sure.


States that have zero forms of gambling like Utah and Hawaii may never see mobile sports betting or iGaming in our lifetimes.  Georgia, South Carolina and Texas are not the most gambling-friendly states in the nation but, nevertheless, there are those at least trying to make an effort.  Anything is possible.  Just look at Tennessee.  This is a state that has no casinos yet embraced mobile sports betting with open arms not too long after the 2018 SCOTUS decision.


(Gambling911)


Casino News


Man faces Perth court charged with woman’s murder at Crown hotel



A man has faced court charged with murdering a woman in a hotel room at Crown Towers Perth.


A man charged with murdering a family law barrister at a Perth hotel has faced court wearing a white forensic jumpsuit.


The body of 34-year-old Alice Rose McShera was found at Crown Towers Perth in Burswood on Monday morning.


Cameron John Pearson, 42, was also found at the scene with allegedly self-inflicted wounds and was treated in hospital.


Homicide squad detectives charged the Bibra Lake man with murder overnight.


Pearson, represented by solicitor Reid Hogan, briefly faced Perth Magistrates Court on Tuesday morning wearing a forensic jumpsuit and was unshaven.


Magistrate Stephen Butcher remanded Pearson in custody to face Stirling Gardens Magistrates Court on November 22.


Ms McShera was based at the Murray Chambers in Perth.


Her profile said she was “an experienced advocate who appears and advises as counsel in all family law and restraining orders matters”.


Before commencing practice as an independent barrister, Ms McShera practised as a senior associate in a boutique family law firm and, prior to that, was a legal associate to a WA Family Court judge for four years.


She obtained her Master of Laws from the Australian National University in 2015 and was a member of the Family Law Practitioners Association of Western Australia and the Law Society of Western Australia.


Outside court, supporters of the victim, who are believed to be family members, declined to comment to the waiting media.


Emergency services were called to the hotel about 11.10am on Monday after reports a woman was found dead inside a room.


St John Ambulance paramedics treated Ms McShera at the scene but she could not be saved.


Police said Pearson had sustained “serious self-inflicted injuries”.


A spokesperson for Crown Resorts issued a brief statement following the woman’s death.


“We can confirm police responded to an incident at Crown Towers Perth earlier today,” the statement read.


“Our team are assisting WA Police with their investigation, and we are supporting our team members.


“Any further inquiries should be directed to WA Police.”


The $650m Crown Towers in Perth, which includes 500 guest rooms and villas, was opened in 2016.


Anyone with information is asked to contact Crime Stoppers.


Anti-domestic violence organisation White Ribbon Australia said Ms McShera was the 43rd woman to die this year due to alleged violence.


“We’re faced with a shocking reality that should make all of us feel equal parts outrage and sadness — on average, one woman is allegedly murdered every nine days in Australia,” chief executive Melissa Perry said in a statement.


“As a society we cannot be so numbed and desensitised that we view family and domestic violence and the resulting deaths as just another statistic.“


Ms Perry said the time for silence and indifference had passed.


“As a nation, we need to be doing more to change this unacceptable set of statistics,“ she said.


“We also need to recognise that this won’t happen without greater investment across all areas of the family domestic violence and abuse sector.


“This includes primary prevention strategies and education campaigns to stop violence before it starts, behaviour change programs for men who have chosen to use violence, and victim-survivor support services.”






007 News

James Bond producer Barbara Broccoli admits she hasn’t started working on next instalment


The producer admitted in an interview with The Guardian that there is "a big road ahead", before the iconic British spy is "reinvented for the next chapter" following the end of Daniel Craig's run in 2021's No Time to Die. Broccoli explained her team "haven't even begun" the process of modernising the franchise, which they believe is necessary whenever a new actor takes over the role. When Craig signed up for Bond with 2006's Casino Royale, the producers "wanted to focus on what a 21st-century hero would look like"



James Bond 007 News


California man prepares to sell nearly 60-year James Bond memorabilia collection for $1 million


Collection includes over 30,000 items — posters, books, magazines and much more


A retired California schoolteacher is ready to cash in his collection of all things James Bond-related. 


Steve Oxenrider has a collection of over 30,000 items related to the Bond phenomenon, with some items dating back to the early 1960s when the series was first released. 


The San Francisco resident has shipped half his items so far to Ewbank’s Auction House in Woking, Surrey, England, ahead of the auction.


Due to the large number of collectibles, Ewbank’s will auction off Oxenrider's collection in two parts — with the first half of the miscellany going live in November.


Some of the items included in the auction include original posters for "Dr. No," valued at over $15,000, and a signed "Thunderball" gala charity premiere brochure from 1965, which is expected to sell for over $1,000.  


Although Oxenrider has over 30,000 items of memorabilia, he told Ewbank's that he still wishes he had call sheets from the earlier films in his possession. 


"They provide an intriguing insight into the production of a film," he said.


Oxenrider said the first items he acquired were James Bond trading cards in 1965.


These then led to books, lobby cards, magazines, comics, merchandise such as toys and games, music, posters, press material, scripts, still, movies and more.


The two-day auction for the first half of the collection will begin on Nov. 16.


It will be highlighted by posters from the earlier films — with the second auction scheduled for spring 2024. 


Ewbank’s partner and head of entertainment memorabilia Alastair McCrea said the collection is "breathtaking."


"We have been holding dedicated James Bond auctions for years now, but this collection is on an entirely new level," he said. 


Oxenrider said the first items he acquired were James Bond trading cards in 1965.


These then led to books, lobby cards, magazines, comics, merchandise such as toys and games, music, posters, press material, scripts, still, movies and more.


The two-day auction for the first half of the collection will begin on Nov. 16.


It will be highlighted by posters from the earlier films — with the second auction scheduled for spring 2024. 


Ewbank’s partner and head of entertainment memorabilia Alastair McCrea said the collection is "breathtaking."


"We have been holding dedicated James Bond auctions for years now, but this collection is on an entirely new level," he said. 


The sheer breadth and depth of the collection is breathtaking and a tribute to the dedication and perspicacity of Steve Oxenrider — the ultimate collector of 007 material."


For those looking to grow their own memorabilia collection, Oxenrider said that doing your own research is key. 


"Do research on auction websites to see what’s available and price estimates," he said.


"Limit what you’re looking for and how much you want to invest."


The collector recommended getting in touch with trusted establishments that might be interested in selling or trading material.  


James Bond, also referred to as "Agent 007," was a fictional character introduced in "Casino Royale" in 1953 as a British Secret Intelligence Service agent, according to Britannica. 


Bond was the product of British novelist Ian Fleming — who featured the character in 12 novels after "Casino Royale" and film adaptations, as Britannica also noted.


Some actors known for playing the role of Bond include Sean Connery, Pierce Brosnan and Daniel Craig. 


For more information on how to bid for the Bond memorabilia, visit Ewbank’s Auctions.


Fox News Digital reached out to Ewbank's for further comment.


(FOX)


Content News Media







SEO News


Search News Media News

Content News Media


Ways to find unique content ideas from real-life insights


Find out how to create content that sets you apart from the competition using untapped sources. Here are four areas to explore.


Marketers often work at a distance from frontline operations.


We may not directly build the product, deal with angry customer phone calls, or be out in the field selling.


We might even be at an agency, an additional level removed from the shop floor or direct interactions with the target customer. 


How, then, can you:


Know what to write about?

Insert meaningful insights into your landing pages or ad creative?

Effectively persuade your target audience that you are the clear choice over your competitors? 

Digging new wells to find new content

One of the best writing tips I’ve ever received is to “dig new wells.” That is, to get content no one else is writing, you need to establish different sources. 


Too often, content writing for the web starts with the search results. While it makes sense to look at what’s ranking for your target keywords, it should not be your only source of information. 


The rise of 10x content and the Skyscraper Technique led some content writers to rely on rewording and combining top pages into a long, SEO-focused page. But it’s not getting outside sources of information. 


For me, the best type of content for the web comes from outside the web. Pulling content ideas, inspiration, and even language from real-life sources can help your content stand out, resonate with your target audience, and even alleviate any concerns they have. 


Plus, combining outside-sourced content with an SEO’s skills in finding keywords, structuring content, and generating links can form a powerful piece of content that performs nicely. 


Here are a few ways to dig new wells to find new content. 


1. Source content from employees

The single greatest source of content is from front-line employees. Depending on your business, you might have: 


Salespeople

Salespeople earn their living by earning trust, highlighting benefits, and alleviating fears of potential customers or clients.

Any successful salesperson has already worked out a script based on common pain points and exactly what message can help convince people to buy.

Customer service representatives (CSRs)

As frontline workers who come in contact the most with existing customers, they know the most common questions and objections people have.

If a CSR gets asked the same question regularly (say once per week or greater), the answer to that question should become content on your site. 

Those doing the work

Another great source of content is from those doing the actual work. Visit the factory floor, buy coffee for the production team, or go for a ride along with the installation team.

By spending time with those who actually make your products or carry out your services, you will get a newfound understanding and appreciation for what they do.

Plus, they should be able to provide great insights into how you are different than your competitors – whether it is better materials, unique processes, or attention to detail. 

Example of sourcing content from employees

I had a client in the agriculture industry who wanted to grow by getting their brand in front of more farmers. My main contact was a salesperson working in the field six days a week, traveling from farm to farm.


In some ways, he functioned more as a consultant, helping generate ideas and sharing best practices from others to help each farmer expand their operation. 


He would be the first to tell you he was not a great choice for writing new content for their website. Here’s what worked for us: I would get him on the phone while driving between farms, and he would rant.


For half an hour, he would brain-dump his thoughts on a certain product or service his company was offering. I was simply there to transcribe and ask follow-up questions. 


When it was time to write the website content, I found that the salesperson’s rants would form 80% of the page. I was merely there to edit and shape it into a logical flow and ensure it was optimized for search and conversions. 



2. Source content from current customers

Another well of great content ideas is from your current customers or clients. They are your best source for entering the buyer’s mind and decision-making process. 


If possible, make it a habit to regularly interview some of your current customers. Ask them questions about: 


Their pain points. 


How they researched options.

What mattered and didn’t matter to them as they made a decision.

You can sometimes use these stories as the basis for case studies or featured project pages for your site. At the very least, you will uncover phrases, words and concepts that can become integral parts of your website content and marketing efforts. 


Example of sourcing content from current customers

A few years back, I was working on a branding campaign for a furniture company. Their core business was selling through furniture stores; they saw an opportunity to increase sales by working with high-end interior designers. 


As we worked on drafting content for their website and marketing material, our team booked calls with a handful of interior designers with whom they currently worked. 


These phone calls were a wealth of information and insights into these interior designers’ pain points, goals and dreams. 


Some insights they provided were completely unknown to the furniture company. What we learned from these calls proved invaluable in shaping the website content. 



3. Source content from past customers


Past customer reviews are among the easiest yet impactful wells to pull content ideas and language.


Whether past customers have left reviews on your Google Business Profile, Amazon, a third-party review site, or your own internal system, these are great sources of info about how the market views your product or service. 


Customer reviews are great because they provide a glimpse into your customer's thinking at scale – no need to interview them. Online reviews also collect the right language, pain points, and angles you may not have noticed. 


Whenever I take on a new local SEO client, I make it a point to read every review on their Google Business Profile. I like looking for trends and themes across the reviews and see anecdotally what really matters to customers. 


Google does pull out themes by seeing the top 10 topics or phrases mentioned in reviews.


You can take your reviews and put them in a sentiment analysis tool to see topics, trends, and talk points that you can share with your CSR or use in your marketing, advertising and website efforts. 


Example of sourcing content from past customers

One time, I was reading reviews for a new client in the home service industry.


A few reviews told a similar story: each mentioned the same salesperson by name and how professional and informational the salesperson was – especially compared to other companies. And each said a surprising detail: the salesperson gave a gift of local jam. 


One specific salesperson was doing this to make connections with his prospects, but it was leaving such an impact on customers that they mentioned it in their reviews.


When our client found out about this, they made it a standard across all sales staff, and we mentioned it as part of the online appointment scheduler. 


4. Source content from competitors 

A surprising source of content ideas can come from your competitors.


As we saw above, if online reviews for your own products or services can provide helpful insights for your marketing efforts,  what can you learn from reading the reviews of your competitors? A lot!


Find a few of your competitors and read every review of theirs that is three stars or lower. Bad or mixed reviews can provide a gold mine of information about what people don't like about your competitors.


These points can be used in your marketing efforts, as they are pain points your target audience has, and your competitors are not meeting. 


Example of sourcing content from competitors

While conducting competitive research for an outdoor structure company, I noticed their main competitors had a fair amount of indifferent reviews. As I read these reviews, I noticed themes. Most reviews mentioned:


A lack of communication. 

Misunderstandings about the delivery and installation process. 

I took this to the client, and we discussed how we could make their service better. The client worked on strengthening their already solid customer communication system. 


On the website, we invested in content to fully explain how they deliver and install their structures, answering every single question their CSR is regularly asked. 


Finally, we created a comprehensive guide on the entire sales process, from initial order through installation. We used this as a target for a remarketing campaign to help reengage with potential customers. 


Dig deeper: Competitor content analysis: Here’s what you can learn


Start creating new content today

To create content that no one is creating, you need to get different sources no one else can get.


Interview your employees and current customers. Summarize feedback from past customers and those disappointed with your competitors.


Gain valuable insights to tell your unique story and stand out.

Monday, October 16, 2023

Blog: Casino and Sports News

Blog


Casino and Sports News






USA Gaming and Gambling News


G2E: Financing available for forthcoming casino projects, though at a premium


Wall Street investors continue to be interested in investing in quality casino-resort projects despite tight capital markets, but operators will pay a premium in markets like New York City, where there will be a lot of competition for customers. New York has authorized three casino licenses for the downstate region centered on New York City, for which 11 applicants are vying, including Caesars Entertainment, Wynn Resorts, MGM Resorts International, and Las Vegas Sands. “A U.S. Treasury is a risk-free investment at 5% and if I’m thinking about investing in a brand-new New York greenfield project that costs $5 billion, that’s going to require a pretty big premium above 5% for me to get excited,” said Howard Wang, managing director at Ares Management during a panel session at the Global Gaming Expo.





Workers picket Harrah’s Philadelphia for first time since casino opened


Amidst the banging of drums and shaking of bells in front of the Harrah’s Philadelphia Casino and Racetrack parking garage, approximately 150 members of three unions shouted, “No contract, no peace.” “It’s the first time we’ve ever taken public action at this property since it opened,” Ben Albert, secretary/treasurer of Unite Here Local 54, said. “The wages lag way behind the rest of the industry and are not where they should be based on how the company is doing”… Members of Unite Here 54, Laborers Local 413 and Teamsters Local 107 picketed in front of the facility Friday.


The Sphere wasn’t built for sports. The biggest players want in anyway


After just one U2 concert at Las Vegas’ new $2.3 billion Sphere, UFC president Dana White described himself as “obsessed” with the venue and the prospect of getting the mixed-martial arts property there as soon as possible. “The Sphere is a whole other level,” White said. “I don’t run the Sphere, and it’s not my company, but it’s so good that for at least the first year, they should do nothing but incredible experiences. … I will put on the greatest live combat sports event anybody has ever seen at the Sphere. I’m so in on this, it’s not even funny. The first live transmission from there should be us.”


Caesars’ Virginia revenue dips slightly in September, but ahead of Hard Rock in Bristol; Rivers Portsmouth leads state


Gaming revenue for the Danville Casino dipped slightly again last month, but remained well above its counterpart in Bristol. The temporary facility brought in about $19.14 million in September, down from the $19.63 million posted in August. The Virginia Lottery released the figures Friday. The casino in Bristol — another temporary site with more slots and tables — brought in $12.71 million.


Arizona: DraftKings Sportsbook at TPC Scottsdale to open this week


It’s only a matter of days until the DraftKings Sportsbook at TPC Scottsdale has its grand opening. The sportsbook will open its doors on Oct. 20, according to a Monday press release. A ribbon-cutting ceremony will commence at 1 p.m. with PGA Tour and DraftKings executives. Arizona Cardinals legend Larry Fitzgerald will place the ceremonial first bet. The DraftKings Sportsbook, which sits across the street from the TPC Scottsdale Champions Course clubhouse, was developed under a first-of-its-kind agreement with the PGA Tour.


High roller offers $500K reward, says he was drugged while gambling at MGM Grand

A California real estate executive and sports agent who has high-roller status with MGM Resorts International has sued the company after he says he was drugged with a substance used by veterinarians to sedate animals while playing blackjack in the MGM Grand’s private gambling salon. Dwight Manley, 57, who filed the amended complaint in July, on Thursday offered a $500,000 reward for information leading to the arrest and conviction of the persons responsible for drugging him.


NCAA’s attitude toward sports betting takes dramatic shift, more focused on athlete protections than punishments

A few years ago, the NCAA’s stance on sports wagering was clear: Don’t bet. The organization didn’t want players and coaches wagering, and the NCAA also wasn’t thrilled about having any relationship with regulated sports betting. That attitude seems to be shifting, as NCAA officials are aware of the increased fan engagement legalized betting brings. A changing attitude toward sports betting doesn’t just include a growing appreciation for the external benefits of sports wagering, such as increasing fan interest.


Disney goes all in on sports betting with ESPN Bet

In early 2019, an analyst asked Disney Chief Executive Bob Iger if sports betting could coexist with the House of Mouse’s brand. He said he didn’t see the company facilitating gambling in any way. Just four years later, the world’s most beloved name in family entertainment is going all-in on sports betting. In August, the company struck a 10-year deal with sports-betting company Penn Entertainment to bring gambling to Disney’s ESPN sports network. Sports fans will be able to wager on games on their phones through a new app called ESPN Bet that accepts bets through Penn’s sportsbook.


‘Creepy’ feeling around Atlantic City casinos in wake of cyberattacks

The eerie calm that has washed over Atlantic City casinos the last few weeks has nothing to do with Halloween or the changing of the seasons. It is not even because most of the gambling industry is gathered in Las Vegas this week for the Global Gaming Expo (G2E). The recent cyberattacks on two of the largest US casino operators have noticeably impacted Atlantic City casinos. Or at least that is the general feeling in town lately. New Jersey gambling regulators will publish September’s revenue results for the AC casino industry on Oct. 16.


After cyberattacks crippled casino companies, how vulnerable is Las Vegas?

Las Vegas has always prided itself on its economy of leisure. In the span of a weekend, visitors can dine at the finest restaurants, witness world-class entertainment and sporting events and shop at top luxury brands without leaving the Strip—sometimes, without leaving their hotel. All that came to a standstill last month as two casino giants fell prey to revenue-crippling cyberattacks that have left us wondering: How vulnerable is Vegas, really? Casino-goers attempting to use mobile check-in, digital keys, credit cards, ATMs, slot machines and other services at some MGM Resorts properties were shocked to find widespread outages on September 11.


Mets owner seeking to construct casino outside Citi Field

New York (New York City) - Chantz Martin, Fox News - Steve Cohen spent a record amount on the New York Mets payroll heading into the 2023 regular season. Now, the billionaire who purchased the franchise ahead of the 2021 season hopes to build attractions around the team's home ballpark in Queens. Cohen suggested that a casino would give fans options before and after games. "The fans want something to do before the game, after the game," Cohen said.


Champagne, private shopping, $1.5M in jewel, luxury retailers prepare for F1

Nevada (Las Vegas) - McKenna Ross, Review-Journal - The Regis Galerie has long marketed itself as the spot on the Strip for top Italian art, Spanish porcelain and worldly fine jewelry – even legendary pop star Michael Jackson shopped at the boutique in The Venetian’s Grand Canal Shoppes. But Ike Dweck, vice president of the art gallery, is kicking it into overdrive to cash in on the immense activity expected in November… Dweck’s place — and hundreds of other luxury retailers on the Strip — are preparing for an influx of high net-worth shoppers in Las Vegas during the Formula One Grand Prix on Nov. 16 to 18, which is projected to bring 120,000 visitors to the region.


iGaming Ontario releases Q2 market- performance report

Canada (Ontario/igaming) - Mark Keast, CDC Gaming Reports - The regulated Ontario igaming market continues to experience growth, according to a quarter-two fiscal-year 2023-24 (July 1 through September 30). Ontario reached $14.2 billion in total wagers in Q2, not including promotional wagers (bonuses). That’s up from $14 billion in Q1 (April 1 to June 30, 2023). Ontario saw $540 million in total gaming revenue in Q2, down from $545 million in Q1.


Best Bookies ceases Price Pty Ltd service following ACMA warning

Oceania (Australia) - Jessie Sale, SBC News - Best Bookies’ Price Pty Ltd has been issued a formal warning from the Australian Communications and Media Authority (AMCA) for operating an unlicensed online wagering service. The group is described as an ‘internet site allowing punters to securely bet with a range of independent licensed Australian bookmakers using a single betting account’. However, it has been found that the service allowed customers to compare betting odds across licensed wagering operators and placed bets with those operators on their behalf…Best Bookies’ Price Pty Ltd has now ceased providing this service.


Amy Howe, Jason Robins examine growth of sports betting

Nevada (Las Vegas/G2E) - Rege Behe, CDC Gaming Reports - A conversation that touched on Taylor Swift and Travis Kelce, pickleball, Formula 1 racing, and a flurry of field goals in the National Football League seems like it could have taken place in one of the coffee shops, bars, or hallways at the Global Gaming Expo in Las Vegas. Instead, those topics were broached, some in depth, others lightly, during the Wednesday keynote session “The Playmakers” moderated by CNBC’s Contessa Brewer and featuring the CEOs Amy Howe of FanDuel and Jason Robins of DraftKings.


Indigenous women defy odds in Tribal leadership

Nevada (Las Vegas/G2E) - Rege Behe, CDC Gaming Reports - Monday was Indigenous People’s Day and Indian Gaming Association Chairman Ernie Steven wanted to make sure it was celebrated correctly. At the Global Gaming Expo education session “Shattering Ceilings: Women Leaders in Tribal Gaming,” Stevens introduced three tribal women who could “tell people who we are, tell people our true history,” he said. Holly Cook Macarro, an expert on political matters focused on tribal legislative and policy and principal at The Angle; Porch Band of Creek Indians Tribal Chair Stephanie Bryan; and Melanie Benjamin, the Chief Executive/Chairwoman of the Mille Lacs Band of Ojibwe, told stories of how they came to become tribal leaders, despite odds often stacked against them.


Female slot players a growing demographic

Nevada (Las Vegas/G2E) - Buck Wargo, CDC Gaming Reports - The number of female slot players continues to grow in the U.S., but game designers shouldn’t try to appeal to them by use of the color pink or flowers. Instead, they should make games that are fun for everyone to play. That was the message from a Global Gaming Expo educational session, “How Female Designers Are Influencing Game Design,” moderated by Carolyn Tomcyzyk, senior director of art design at Konami Gaming. Francine Maric, better known as “Lady Luck HQ” on social media, said that her followers online look for games that are simple and have vitality. “They want to see action. They want to see jackpots,” Maric said.


Las Vegas Grand Prix to begin at 10 p.m.

Nevada (Las Vegas) - Mick Akers, Review-Journal - The Las Vegas Grand Prix, scheduled to be contested on the third-longest circuit on Formula One’s 2023 schedule, will begin as expected at 10 p.m. on Saturday, Nov. 18, race organizers confirmed. The late start is to allow the race to feature the renowned lights of the Las Vegas Strip. The circuit will be brightly lit via lighting trusses that are already being installed on the Strip and other areas of the track.


Gambler ups the ante with federal lawsuit against Resorts World

Nevada (Las Vegas) - John L. Smith, CDC Gaming Reports - A gambler’s protracted battle with Resorts World Las Vegas reached a new level Monday with a lawsuit filed in U.S. District Court that accuses the Strip casino-resort company and its former president of negligence and the infliction of emotional distress for failing to prevent known fraudsters and persons convicted of gambling-related crimes from playing in the casino. The lawsuit filed by attorneys Marshall Cole and David Merrill on behalf of California resident Robert J. Cipriani, who goes by the moniker “Robin Hood 702” on social media, comes following the ouster of Resorts World Las Vegas President Scott Sibella for a violation of company policy amid press reports of an ongoing investigation by IRS Criminal Investigations and U.S. Homeland Security agents of Las Vegas hotels, including Resorts World.


Odesza at Zouk, Disco Kiss Mondays at CathƩdrale and more

Nevada (Las Vegas) - The Weekly Staff - Las Vegas nightlife scion and rising star Dustin Drai has been promoted to president of Drai’s Management Group. He will now oversee the marketing and entertainment efforts and initiatives of Drai’s Beachclub, Nightclub and After Hours at the Cromwell, as well as the company’s expansion to Texas with Drai’s Dallas, set to open in late 2024. Electronic music duo Odesza’s first-ever nightclub performance will be part of New Year’s Eve weekend at Zouk Nightclub at Resorts World.


MGM sends special offers in wake of September cyberattack

National (cyberattack) - McKenna Ross, Review-Journal - MGM Resorts International has begun sending out loyalty rewards to customers affected by the September cyberattack on the company. A promotion shared by a popular social media blogger shows an offer for a complimentary stay for that MGM Rewards loyalty member.


Rise of mobile betting increases revenue, more problem gambling

New York (igaming) - Connor Smith, Spectrum News - Taxes on mobile sports betting in New York generated $727.4 million in the 2022-23 fiscal year and have continued to grow in the first quarter of the current fiscal year, according to a new report from state Comptroller Thomas DiNapoli. The rise of mobile sports betting, though, also led to a 26% rise in problem gambling-related calls to the Office of the Addiction Services and Supports from 2021-2022, according to the New York State Gaming Commission. This, DiNapoli said, should lead to more attention on the impacts of mobile sports betting — particularly on younger people.


Atlantic City Dave & Buster's expected to open in December

New Jersey (Atlantic City) - Selena Vazquez, The Press - The opening of the Dave & Buster's entertainment center at the former site of rapper Jay-Z's 40/40 Club has been pushed back to December, city officials said. "According to our Director of Licensing and Inspection Dale Finch, we are looking at an anticipated opening date of early December," said Alexxus Young, a spokesperson for the city, adding the license that Dave & Buster's is requesting requires City Council approval. The North American chain of combination arcade, sports bar, restaurant and entertainment complexes has 155 locations in the United States, according to the company.


122-year-old Atlantic City property turning into apartments

New Jersey (Atlantic City) - Selena Vazquez, The Press - For the past decade, the former Morris Guards Armory at 10 S. New York Ave. has been vacant, but that is set to change over the next couple of months. John Longacre and his real estate development company, LPMG Companies, expect to put about 32 studio, one-bedroom and two-bedroom apartment units, along with other retail spaces, on the real estate market by the end of the year. The building was constructed in 1901 and was used as an armory for the city's independent volunteer military club, the Morris Guards, until 1983. "We're trying to get people to see Atlantic City in a different way," Longacre said.


Huge Powerball jackpot goes to lucky lottery player in California

National (lottery) - Jim Salter, Associated Press - A player in California won a $1.765 billion Powerball jackpot Wednesday night, ending a long stretch without a winner of the top prize… Before someone won the giant prize, there had been 35 consecutive drawings without a big winner, stretching back to July 19 when a player in California matched all six numbers and won $1.08 billion.


New Catawba chief rejects deal to break up with casino developer

North Carolina (Indian gaming) - Gavin Off, Charlotte Observer - The Catawba Nation’s new chief rejects the cost of a financial deal that would break most ties with a company that’s been instrumental in launching its Two Kings Casino outside Charlotte. The deal, approved by the tribe’s previous administration, would require the Catawba to pay SkyBoat, LLC a $125 million payout, Chief Brian Harris said…But it’s too much money, said Harris, who was elected chief this summer and must sign the agreement for it to be finalized.



New coalition forms to weigh in on gaming compact negotiations


New York (Indian gaming) - Ryan Whalen, Spectrum News - Existing non-native casinos and racinos in the Finger Lakes and Western New York and unions representing their employees are formally launching a coalition to have a voice in the ongoing negotiations for a new gaming compact between the state and the Seneca Nation of Indians. The Fair Compact for All Coalition includes representatives from del Lago Resort and Casino, Finger Lakes Gaming and Racetrack, Hamburg Gaming and Batavia Downs. They want to ensure any new Seneca gaming compact t protects the future of their operations and the communities they say have come to depend on their success.


The Shoshone-Bannock Casino announces hunting packages

Idaho (Indian gaming) - Idaho State Journal - The Shoshone-Bannock Casino Hotel, in conjunction with the Tribes’ Fish & Game, invites hunting enthusiasts to join in on some of the best waterfowl and pheasant hunting in Idaho on the Fort Hall Indian Reservation now through December. Hunters can choose from one-day and two-day packages, allowing them to immerse themselves in the natural beauty and wildlife of the Fort Hall Indian Reservation while also enjoying comfortable accommodations in the hotel and delectable dining options.


State Confronts Indian Boarding School Past with New Committee

Washington (Indian Country) - Jenna Kunze, Native News - Washington State’s Attorney General’s office has formed a Truth & Reconciliation Tribal Advisory Committee to collect oral testimonies and recommend how the state can address present-day harms caused by Indian boarding school policies. Washington, a state home to 29 federally recognized tribes, hosted 17 of the nation’s more than 500 Indian Boarding Schools, according to an up-to-date list from the Native American Boarding School Healing Coalition. The institutions operated from the 1800s through 1970 with the aim to forcibly assimilate Native children into white society.


Osage Casinos Celebrate Grand Opening of New Casino Hotel in Pawhuska

Oklahoma (Indian gaming) - Indian Gaming Magazine - Osage Casinos recently celebrated the grand opening of a new state-of-the-art casino and hotel in Pawhuska. This long-awaited property has been under construction since 2021 and is now open to the public following a ribbon-cutting celebration…On the day the new casino officially opened, the existing location closed. With a transformation from a 8,335 sq. ft. venue to this expansive new facility, the Pawhuska community is excited for the update. A





Casino News Media


Why Knowledge is Power: Navigating the World of Regulated Online Gambling


Every top casino search will feature an online casino's bonus offerings, payment methods and at least a blurb as to what differentiates their product from the rest of what's out there.  We know Slotland, Mansion and Mr. Green are reputable per their longevity in the realm of online gambling. But what about those sites that do not appear on such listings?


Online Casino Complaints


The fact is, the longer a casino has been around, the more likely you'll be able to find a handful of complaints about said casino.  Even a site like Mansion there are bound to be dissatisfied customers.  There is no avoiding this fact.


But when one stumbles upon multiple complaints about a particular online casino, that becomes a problem.


There are many websites that feature forums where players share their bad experiences.  These include long established Casino Meister (older than Gambling911) and, on the poker side, TwoPlusTwo.


Additionally, conduct searches via Google and other search engines.  And remember to be careful.  Some companies, usually those that are a little on the rogue side, employ services that ensure only positive supposed "real customer" experiences appear at the top of review pages.  Scroll down or filter and you'll almost always find the real truth, one single star review listed after the other.


A Word About Regulated Online Casinos


Yes there are a few benefits to playing with a regulated casino or online sportsbook, the top being the ability to reach out to a commission or other licensing body.  This doesn't always mean they are safe.  Gambling911.com warned that 5Dimes was going to shut down.  That site claimed otherwise.  We notified their regulatory body.  They did nothing.  5Dimes closed weeks later.  The regulatory body simply removed their company from its list of licensees and players were screwed out of any futures bets.


Online Casino Pluses


Once you land on a review page, the benefits are clear and easy to compare.  Promos will be pushed the most.  Here are just some of the great promotional offers we stumbled upon.


Matching deposit bonuses

100 to 200+ free spins

Bitcoin only deposits (see below)


Free bets


Be careful.  You don't just deposit money, get free money, then request it all back.  Each casino and sportsbook implements its own rollover/play requirement.  10X is one of the best rollovers.  This means your initial $20 will need to be played through ten times before you can request the free bonus money.  If 10X is a turnoff, casino gambling might not be your thing.  Some play through requirements do not permit withdrawal during this period and this may be a legitimate turnoff to some.  Why can't you request a withdrawal on winnings while still working on your play requirement. It is important to read the Q&A section of the web casino site.  Avoid any online casino that does not feature a Q&A page or Terms and Agreement section.


You'll Need to Fund Your Online Gambling Account


Some online casino payment methods are better than others.  By better, we mean faster.


Yes, Bitcoin is among the best but it’s akin to learning how to ride a bicycle.  There is a learning curve at first but funding with Bitcoin and similar cryptocurrencies will become second nature by the 4th or 5th time.  Just ALWAYS check that your Bitcoin stamp matches at the start and end of the string and you should not have any problem.   Gambling sites often have no problem sending five figure amounts through Bitcoin wallets.  This payout, often received in a matter of hours seven days a week, can then be converted to your favorite currency via the Bitcoin exchange.  


Remember too that there are fees involved with all payout methods employed.  Wires and ePayments may be quick but costly.  Each site lists varying fees for the same payment method and not all are competitive.  Many online gambling sites offer “Bitcoin Only” bonuses with more lucrative incentives.  One loosely guarded secret that the online casinos won’t advertise: They hate credit card transactions.  Gamblers are notorious for charging back.   Hence the rationale for pushing Bitcoin deposits.





Why Knowledge is Power: Navigating the World of Regulated Online Gambling


Every top casino search will feature an online casino's bonus offerings, payment methods and at least a blurb as to what differentiates their product from the rest of what's out there.  We know Slotland, Mansion and Mr. Green are reputable per their longevity in the realm of online gambling. But what about those sites that do not appear on such listings?


Online Casino Complaints


The fact is, the longer a casino has been around, the more likely you'll be able to find a handful of complaints about said casino.  Even a site like Mansion there are bound to be dissatisfied customers.  There is no avoiding this fact.


But when one stumbles upon multiple complaints about a particular online casino, that becomes a problem.


There are many websites that feature forums where players share their bad experiences.  These include long established Casino Meister (older than Gambling911) and, on the poker side, TwoPlusTwo.


Additionally, conduct searches via Google and other search engines.  And remember to be careful.  Some companies, usually those that are a little on the rogue side, employ services that ensure only positive supposed "real customer" experiences appear at the top of review pages.  Scroll down or filter and you'll almost always find the real truth, one single star review listed after the other.


A Word About Regulated Online Casinos


Yes there are a few benefits to playing with a regulated casino or online sportsbook, the top being the ability to reach out to a commission or other licensing body.  This doesn't always mean they are safe.  Gambling911.com warned that 5Dimes was going to shut down.  That site claimed otherwise.  We notified their regulatory body.  They did nothing.  5Dimes closed weeks later.  The regulatory body simply removed their company from its list of licensees and players were screwed out of any futures bets.


Online Casino Pluses


Once you land on a review page, the benefits are clear and easy to compare.  Promos will be pushed the most.  Here are just some of the great promotional offers we stumbled upon.


Matching deposit bonuses

100 to 200+ free spins

Bitcoin only deposits (see below)


Free bets

Be careful.  You don't just deposit money, get free money, then request it all back.  Each casino and sportsbook implements its own rollover/play requirement.  10X is one of the best rollovers.  This means your initial $20 will need to be played through ten times before you can request the free bonus money.  If 10X is a turnoff, casino gambling might not be your thing.  Some play through requirements do not permit withdrawal during this period and this may be a legitimate turnoff to some.  Why can't you request a withdrawal on winnings while still working on your play requirement. It is important to read the Q&A section of the web casino site.  Avoid any online casino that does not feature a Q&A page or Terms and Agreement section.


You'll Need to Fund Your Online Gambling Account


Some online casino payment methods are better than others.  By better, we mean faster.


Yes, Bitcoin is among the best but it’s akin to learning how to ride a bicycle.  There is a learning curve at first but funding with Bitcoin and similar cryptocurrencies will become second nature by the 4th or 5th time.  Just ALWAYS check that your Bitcoin stamp matches at the start and end of the string and you should not have any problem.   Gambling sites often have no problem sending five figure amounts through Bitcoin wallets.  This payout, often received in a matter of hours seven days a week, can then be converted to your favorite currency via the Bitcoin exchange.  


Remember too that there are fees involved with all payout methods employed.  Wires and ePayments may be quick but costly.  Each site lists varying fees for the same payment method and not all are competitive.  Many online gambling sites offer “Bitcoin Only” bonuses with more lucrative incentives.  One loosely guarded secret that the online casinos won’t advertise: They hate credit card transactions.  Gamblers are notorious for charging back.   Hence the rationale for pushing Bitcoin deposits.

Thursday, October 12, 2023

Blog: Casino and Bitcoin News

Blog


News Media


Casino industry spurs $329 billion in U.S. economic activity


ATLANTIC CITY, N.J. 


The casino gambling industry in the U.S. generates nearly $329 billion a year in economic activity, according to a new study by the industry’s national trade association.


The American Gaming Association released a study Monday showing the industry’s economic impact in 2022 was up 26% from 2017, before the COVID-19 pandemic hit.


Commercial and tribal casinos support 1.8 million jobs, including 700,000 jobs at casinos themselves or related businesses, about the same as in 2017. Those jobs generated $104 billion in wages across the country, up 40% from 2017, according to the study.


The industry paid $52.7 billion last year in taxes to federal, state and local governments, up 29% since 2017, the report said.


The report was the first such study released by the association since 2018, which presented 2017 data.


Bill Miller, president and CEO of the association, said the numbers show the casino industry’s “resiliency and continued strength” since the pandemic first hit.



“Think back to where we were a few years ago with nearly 1,000 casinos, almost all of them closed,” he said. “Today, we’re seeing record revenue in the industry.”


Miller said the association will use numbers from the survey to press its case to lawmakers in favor of gambling industry goals, including a government crackdown on unlicensed gambling operations.


The U.S. casino industry is having its best year ever this year in terms of the amount of money won from gamblers. It is on a pace to exceed the $60 billion it won from gamblers last year.


“I think it speaks to the continuing popularity of casino gambling in the United States,” said David Schwartz, a gambling historian at the University of Nevada Las Vegas. “Despite some economic headwinds, casinos remain powerful drivers of economic activity.”


Jane Bokunewicz, director of the Lloyd Levenson Institute at New Jersey’s Stockton University, which studies the Atlantic City gambling industry, said money won by casinos is just part of their overall contribution to the nation’s economy.


“Casinos are often the largest employers in a region, with major commitments in terms of wages and benefits,” she said. “People employed by casinos use those wages and benefits to purchase additional goods and services, generating secondary economic impact.”


Bokunewicz said casinos spend significant sums on operating costs, including purchases of goods and services like food, linen, hotel room amenities, laundry services, and building maintenance. They also hire local builders and vendors for construction and ongoing capital improvements.


The survey examined money won from gamblers or spent at non-gambling casino businesses like restaurants and stores, including traditional casino games, sports betting and online gambling. Also surveyed was capital investment, including the building and opening of new casinos or renovations to existing ones, and spending by manufacturers of gambling devices including slot machines.


It included supply chain spending by casinos, and spending by casino workers on non-gambling items. And it also included $13.5 billion in so-called catalytic spending by casino patrons outside casinos, on things like transportation to and from a casino resort, and money spent at restaurants that are not part of casinos.


Commercial casinos employed almost 332,000 workers last year, who earned $16.3 billion in wages and benefits, and tribal casinos employed almost 265,000 workers, who earned $8 billion in wages and benefits. There also were almost 89,000 jobs at businesses serving casino patrons during trips or in casino construction and renovations, and more than 23,000 jobs at gambling equipment manufacturers.


Non-gambling revenue accounted for nearly 17% of casino revenue last year, including money from food and beverage sales, hotel rooms and other items.



‘Mr. Bitcoin Is About to Go Down Big’: Jim Cramer Expects Lower Prices - October 12, 2023


Former hedge fund manager and host of CNBC’s Mad Money, Jim Cramer Tuesday evening continued with his recent bearish stance on crypto, a stark contrast to what another hedge funder said earlier that day on CNBC.


“I can’t go out with gold because gold is not good; I can’t go out with bitcoin [BTC] because I can’t be in something where Mr. Bitcoin is about to go down big,” said Cramer.


It’s unclear if “Mr. Bitcoin” was in reference to the ongoing trial of Sam Bankman-Fried, or to bitcoin in general, but Cramer’s bearishness was evident.


Although bitcoin is far off its all-time high of $68,000 reached in 2021’s bull market, the cryptocurrency is still trading up 68% since the start of the year.


Cramer had previously stated in June 2021 that he had sold most of his bitcoin holdings following China’s crackdown on crypto miners. He also said during the same time period that bitcoin had structural issues and its price would likely fall further.


Appearing on CNBC earlier on Tuesday, billionaire hedge fund giant Paul Tudor Jones said he’s a fan of both bitcoin and gold due to the combination of extensive geopolitical risk and rising U.S. government debt levels.




SBF's ex-girlfriend: He 'directed me' to steal billions from FTX - October 11, 2023


Caroline Ellison was one of Sam Bankman-Fried’s top deputies and his onetime romantic partner. On Tuesday she testified that Bankman-Fried "directed me" to steal billions from customers of his cryptocurrency exchange.


Ellison ran day-to-day operations for Alameda Research, a crypto trading firm also controlled by Bankman-Fried. She said Alameda took "around $14 billion" from FTX customers to repay debts Alameda had accumulated.


She said she also sent information to Alameda's lenders "from Sam" that made Alameda's balance look better than it was.


The crimes she said she committed at Alameda weren't done on her own. "They were committed with Sam. ... He directed me to commit these crimes."



The testimony from the 29-year-old Ellison marked her first public comments about what transpired as the FTX cryptocurrency exchange imploded last November, an unraveling that led to the arrest and indictment of the 31-year-old Bankman-Fried.


Prosecutors are arguing that Bankman-Fried embezzled billions in FTX customer funds while also defrauding investors and lenders.


Ellison, their star witness, corroborated earlier testimony from FTX and Alameda co-founder Gary Wang, who said Alameda had essentially unlimited access to FTX customer funds.


Bankman-Fried "was the one who set up these systems," Ellison said of Alameda's ability to tap into FTX customer deposits.


Ellison is one of several members of Bankman Fried's inner circle who pleaded guilty to criminal charges and agreed to testify against Bankman-Fried, including Wang and chief engineer Nishad Singh.


She appeared in court Tuesday wearing glasses, a reddish-orange dress with black tights, and a black blazer. When asked to identify Bankman-Fried, she stood up and struggled to find him in the sea of people filling the courtroom.


Bankman-Fried’s team could try to pin some blame on Ellison too. His defense attorney argued last week that when Bankman-Fried became concerned about crypto prices going down, he urged Ellison to put on a hedge. Yet she didn’t do it, according to the attorney.


Bankman-Fried made a similar claim in a series of his unsent Twitter posts and writings that Bankman-Fried shared with crypto blogger Tiffany Fong while on house arrest.


"She continually avoided talking about risk management — dodging my suggestions — until it was too late," Bankman-Fried wrote, according to the New York Times.


The US district court judge overseeing his case, Lewis Kaplan, concluded Bankman-Fried engaged in witness tampering by leaking those diary-like writings to the New York Times. In August, he ordered Bankman-Fried to await trial at a Brooklyn administrative prison known for grueling conditions.


Bankman-Fried has pleaded not guilty to all charges, and his defense attorney has said he didn't steal money from FTX because he believed in "good faith" that Alameda could use funds on deposit with his cryptocurrency exchange.


'The auditors aren’t going to look at that'

Ellison and Bankman-Fried first met at a New York trading firm called Jane Street Capital, where she worked as a quantitative trader.


After Bankman-Fried co-founded Alameda, a hedge fund firm that specialized in quantitative crypto trading, he eventually hired Ellison in 2018. He named her as co-CEO in 2021 and sole CEO in 2022. She was paid $200,000 in salary per year and received two bonuses of $20 million and $100,000.


She said she didn’t feel particularly equipped for the CEO position but Bankman-Fried said it made sense and there wasn’t anyone better for the job.


Ellison testified that she and Bankman-Fried would have regular conversations about Alameda and FTX. It was a "big priority" for Bankman-Fried to increase Alameda’s borrowing capabilities so that the company could make more trades, investments, and acquisitions.


“Sam was directing us to borrow as much money as we could,” Ellison said.


Early on in her time at Alameda, Ellison said, the company would take loans from third-party lenders, and by 2021 the amount was $10 billion-15 billion. Those loans, however, were open-term loans that if recalled would need to be paid back immediately.


For that reason, she said, she was asked by Bankman-Fried to create spreadsheets showing various scenarios that would impact Alameda’s ability to continue taking out loans, as well as repay them. Ellison said Bankman-Fried told her at one point that FTX funds would be a "good source of capital" for Alameda.


FTX cryptocurrency assets were the first types of assets Alameda used from the cryptocurrency exchange, she said. Later on, she said, Alameda began to tap FTX’s fiat currency deposits. The reason to use the funds, she said, was so that Alameda could make investments and execute arbitrage trades in various cryptocurrencies.


Ellison testified she first raised concerns about using FTX customer funds during an audit of FTX.


"No don’t worry. The auditors aren’t going to look at that,” she said Bankman-Fried told her. 


'I didn't feel good about it'

Ellison said she also learned that FTX had made multimillion-dollar loans to FTX executives, including Bankman-Fried, some of which she signed on behalf of Alameda. The purpose of the loans, she said, was so Alameda could invest in a gambling startup and so political donations could be made.


Ellison said the illiquid nature of Alameda’s long-term investments and debt made her concerned about Alameda’s ability to pay the open-term loans if they were called.


“I didn’t feel good about it,” Ellison said.


In the fall of 2021 Ellison began sharing analyses for worst-case and bad-case scenarios in the event that Alameda’s loans needed to be repaid — selling cryptocurrencies, raising more capital, adding more loans — all of which showed significant risk for Alameda.


She was asked Tuesday while testifying how she would repay the loans if they were called.


"I assumed we would use customer funds."



Crypto FTX co-founder admits ‘we did it’ - October 6, 2023


New York | FTX co-founder Gary Wang took the stand at Sam Bankman-Fried’s trial on Thursday (Friday AEDT) and admitted he and his former MIT roommate committed a multibillion-dollar fraud by secretly shifting customer funds to trading company Alameda Research.


Mr Wang, who was also FTX’s chief technology officer, told the federal court that Mr Bankman-Fried directed him to alter the cryptocurrency exchange’s code so that Alameda was able to draw a $US65 billion ($102 billion) line of credit.


“When customers deposited money on FTX, the money went to Alameda instead,” Mr Wang said, adding that Alameda “withdrew so much that FTX was not able to pay customers who tried to withdraw”.


Mr Wang is testifying as a government witness against his onetime friend. Prosecutors claim Mr Bankman-Fried committed fraud and conspiracy after the FTX cryptocurrency exchange he co-founded went bankrupt last year, owing its 50 biggest creditors almost $US3.1 billion ($4.6 billion).


His hotly anticipated trial started this week, with Mr Wang one of the key witnesses after he pleaded guilty to fraud and agreed to co-operate against his former house-mate. Prosecutors promised, before the trial started, to use testimony from Mr Bankman-Fried’s “trusted inner circle” to prove he intentionally stole from customers and investors and then lied about it.


In contrast, defence lawyers told the court this week that Mr Bankman-Fried had no criminal intent as he took actions to try to save his businesses after the cryptocurrency market collapsed.


Bankman-Fried visibly shaking

Mr Wang, 30, said Mr Bankman-Fried instructed him to sign documents allowing up to $US300 million in funds from FTX customer accounts to be transferred to Alameda to trade cryptocurrencies, sometimes at an unfair advantage to other FTX customers.


Asked by the prosecution whether he and other FTX executives committed fraud, Mr Wang immediately answered “yes” and said the crimes were “wire fraud, securities fraud, and commodities fraud”. He then pointed out Mr Bankman-Fried who was sitting in the courtroom visibly shaking.


He said Caroline Ellison, Alameda’s former chief executive and Mr Bankman-Fried’s former girlfriend, and Nishad Singh, the former engineering director at FTX, were also involved in the fraud.


Mr Wang’s testimony potentially undercuts Mr Bankman-Fried’s contention that he was not closely involved with the running of Alameda and relied instead on ex-girlfriend Ms Ellison.


Mr Wang said FTX gave special privileges to Alameda, allowing the “withdrawal of unlimited funds for the platform, and we hid that from the public”.


He said Alameda was allowed to take any position it wanted “without any limit” and had the “ability to place orders on the platform slightly faster than other customers”.


Mr Wang, who was once a billionaire with 10 per cent ownership of Alameda Research and a 17 per cent equity stake in FTX, was asked about the genesis of the name of the affiliated hedge fund.


He said the word research was important because it “sounded prestigious”.


“It’s also better if the name didn’t include cryptocurrency because that would make it easier to get office leases and things like that,” Mr Wang said.


A video was played of Mr Bankman-Fried talking about the evolution of the names and how calling the company “Shit Coin Day Trader” would not have helped it get loans from a bank.


Prosecutors are expected to hear testimony from Ms Ellison on how he orchestrated a conspiracy to use $US10 billion of FTX’s customers funds for uses that were kept secret.


Also giving evidence was Matt Huang, co-founder of crypto investment firm Paradigm, who told of his company’s $US278 million in investments in FTX and FTX US. He said he did not know FTX was using customer funds to lend out to Alameda to trade cryptocurrencies and that he “would have wanted to know more”.


Mr Huang also said he did not know Alameda had been made exempt from a special FTX feature known as the “liquidation engine” which prevented FTX customers from not being able to cover any losses. The exemption, which was written into FTX code, allowed Alameda to continually increase its line of credit until it grew to about $US8 billion.


Earlier in the day, Adam Yedidia, another Massachusetts Institute of Technology classmate who went to work at FTX, testified that Mr Bankman-Fried was aware and concerned about a huge potential shortfall at FTX from loans to Alameda five months before both companies collapsed. Mr Yedidia told jurors he was testifying under a grant of immunity from prosecution.



Fred Schebesta’s Finder claims its crypto product wasn’t money - October 9, 2023


Lawyers for Fred Schebesta’s Finder.com have laid out why the comparison website’s now-defunct crypto savings product was not caught by existing laws, arguing digital assets count as property rather than money.


The corporate regulator sued a subsidiary of Finder.com last year, alleging the comparison website provided unlawful financial advice and put customers at risk by offering its Finder Earn product without a proper licence.


The lawsuit is one of three the Australian Securities and Investments Commission has brought against local crypto businesses experimenting with new product types built using blockchain technology.


Sydney-based Block Earner and Gold Coast-based BPS Financial are also defending the release of their crypto-based products against similar litigation from ASIC.


The trio of cases will test the regulator’s power to oversee crypto products, mirroring a lawsuit from the US Securities and Exchange Commission against the listed token exchange Coinbase.


Finder, which is currently seeking fresh funding, argues it did not need a financial services licence to offer its Finder Earn product, which paid out investors a “guaranteed” 4 per cent interest rate in return for deposits.


ASIC argues the product was a debenture, which is a long-term security that yields a fixed interest rate and is often used by companies to borrow money.


But Finder disagrees, noting that ASIC itself has maintained its overarching position is that digital assets are property rather than money. ASIC says the process by which Finder Earn operates interacts with fiat currency.


“Although cryptocurrencies share features in common with money in that they can be stores of value and are fungible, they are not money, they are property,” Finder’s lawyers told Justice Bridgette Markovic in the Federal Court last Wednesday.


“This is important because a fundamental part of a debenture is the depositing or lending of money.”


Finder Earn customers deposited Australian dollars into a Finder Wallet, which was then converted to a stablecoin called TrueAUD, which the company said was backed by Australian dollars.


The Finder Earn product was shuttered before the lawsuit began, but it was marketed across morning television shows and in slick digital campaigns targeting young “savers”.


Its launch was the result of an explosion of interest in decentralised finance, or DeFi, where investors were often paid high-interest rates to “lock up” their capital in various systems that mimic banking functions.


These products contributed to the crypto market crash in 2022, when the companies took the customer deposits and lost them in risky trades designed to generate the “guaranteed” interests.


In the absence of any new federal legislation, ASIC has cracked down on crypto businesses using existing financial markets regulation over the past 12 months.


Although Finder is licensed to provide financial services as a representative of Centra Wealth, a disclaimer on the Finder website explained that its Earn product was not offered under that or any other licence.


Regulators brought a similar action against Block Earner, which also offered a high-yield crypto-based product, for allegedly offering unlicensed financial services.


ASIC sued Gold Coast-based BPS Financial over a crypto product known as Qoin in October, alleging unlicensed conduct and the misleading promotion of crypto asset.


The judgment for ASIC’s case against Finder Wallet is expected in the coming months. Mr Schebesta stepped down as Finder chief executive last December but remains executive chair.



Bitcoin Mining Industry Is at a ‘Crucible Moment,’ JPMorgan Says - October 2023


The bitcoin (BTC) mining industry is at a crucible moment, as the approval of a spot BTC exchange-traded-fund (ETF) could catalyze a rally against a backdrop of record hashrates and the impending block reward halving that threaten the industry's revenues and profitability, JPMorgan (JPM) said in a research report Wednesday.


The bank favors mining operators that offer the best relative value in light of their “existing hashrate, operational efficiency, power contracts, funded growth plans and liquidity,” analysts Reginald Smith and Charles Pearce wrote.


JPMorgan initiates coverage of CleanSpark (CLSK) with an overweight rating and a price target of $5.50; Marathon Digital (MARA) at underweight with a $5 target; Riot Platforms (RIOT) at underweight with a $6.50 target, and Cipher Mining (CIFR) at neutral. The bank also upgraded Iris Energy (IREN) to overweight from neutral.


The U.S. Securities and Exchange Commission (SEC) has delayed its decision on whether or not to approve a spot bitcoin ETF until this month. The crypto market is hopeful that any approval will trigger a flood of mainstream money into the sector.


CleanSpark is the bank’s top pick, offering the best balance of “scale, growth potential, power costs and relative value.”


The analysts said that Marathon is the largest mining operator but has the highest energy costs and lowest margins. Meanwhile, Riot has relatively low power costs and liquidity but is the most expensive stock in their coverage universe.


Among the peers, Cipher Mining has the lowest power costs but is “growth constrained,” the report noted.


The bank estimates the four-year block reward opportunity at around $20 billion at current bitcoin prices. However, the looming block reward halving, expected in the second quarter of 2024, could impact profitability. It estimates that as much as 20% of the network hashrate is at risk from halving as less efficient mining computers are decommissioned.



Calvin's Corner: 'Ya...Nothing to See Here' Calvin Quips in Regard to Slew of Crypto Murders - September 2023



These are the latest tweets and news from Web influencer and billionaire Calvin Ayre, a proponent of the BSV blockchain, an environmentally friendly, fast, and robust choice for enterprise-grade applications.


Billionaire investor and BSV influencer Calvin Ayre is the latest to chime in on a series of high profile murders that have recently taken place in the world of cryptocurrencies.


And the deaths have been nothing short of gruesome.


"Stuffed down toilets, dismembered in suitcases — crypto has been the common denominator for several gruesome murders and mysterious deaths this year," blares the headline from Coin Telegraph Magazine.


Plumbers in Bulgaria discovered the decomposing remains of 41-year-old United States crypto mogul Christian Peev — suspected to have been battered to death with a dumbbell by a friend out of jealousy.


In Buenos Aries, crypto millionaire Fernando PƩrez Algaba's body was discovered chopped up in a suitcase near a river bank by a group of children.


It doesn't end there. 


Others involved in the world of cryptocurrencies have been killed in a helicopter crash in France and a fatal stabbing in the U.S.  There was also a suspected suicide in South Korea.


Since November of 2022 we've seen ten suspicious deaths of those in the cryptocurrency community, and these are just the cases we know of.


Ken Gamble, the co-founder and executive chairman of financial crime intelligence firm IFW Global, tells the magazine he believes most of these deaths are linked to organized crime making its way into the world of digital currencies.


“What’s happening is that these organized crime groups, particularly the Chinese, have suddenly come into masses of money. They have had more money now than they’ve ever had traditionally,” said Gamble.


“They’re making so much money that it’s become extremely dangerous now […] they have to now reach out to more groups and more people to try and move the money — broadening their money laundering capabilities,” he added. 


May be time to beef up the security and might want to avoid pissing off the wrong person as to not end up floating around inside the pipes of someone's toilet.



Calvin Announces New BSV Site and Encourages Consumers to Become Better Educated (September 12, 2023)

"BSVBlockchain.org has a new site up that is the best place in the world to go to learn about this amazing tech now. Still more stuff coming but the Association has done a great job on this already."


The new site can be found here.


The BSV Blockchain is billed as "Reliable open source software, providing the fundamental requirements for enterprise grade blockchain applications."


It focuses on the following three pillars:


Unified Compliance Approach

Explore our unified approach to regulatory compliance, recognizing that existing laws apply to all tokens on blockchain platforms. At BSV, we prioritize adherence to the comprehensive legal framework.


Streamlined Legal Compliance

Learn how BSV integrates legal compliance seamlessly into its blockchain ecosystem. We ensure that all transactions and interactions on our platform adhere to existing property, security, and criminal laws.


Transparent Regulatory Measures

Discover the transparency in our regulatory measures. We provide clear visibility into how we enforce compliance and uphold existing regulations to create a secure and trusted environment for our users.


BSV About to Change the World? (August 31, 2023)

Julian Goddard (the technical product lead at @nChainGlobal) nChain has been working on CBDC solutions for several months, with Goddard playing a part in the company’s projects since last year, he revealed.


One of the company’s guiding principles is flexibility, aware that governments will only integrate blockchain technology if it fits into their existing systems.


“We’re always trying to meet our customers’ requirements first, and where they don’t know [about blockchain nitty-gritty], we try to build our products as flexible as possible.”


As the technical product lead, Goddard is at the forefront of exploring new products that nChain develops. He says the company is currently working on “a new product that’s very exciting and is going to help change the world. It will make a difference to the way things work in the world.”


CoinDesk Compromised?  (August 28, 2023)

Calvin on Monday retweeted a question concerning whether the popular crypto news site CoinDesk may be compromised. 


Bitfinex'ed made the original tweet, noting the site appears to be removing a number of negative articles of late.




Anti Crypto Revolution offered this suggestion:


"Need UK's new FCA rules on crypto media and marketing here in the USA asap. Crypto shillers/media must pay for billions of losses and Americans' savings being hacked to fund NK's nukes. Egregious."


Binance Seeks Protective Order....Against SEC? (August 15, 2023)

If you follow our good friend Calvin Ayre regularly as we do here at Gambling911.com, you'll realize pretty quickly there is no love lost between him and the cryptocurrency exchange Binance.


"Binance is bad news—is anyone still surprised?," he tweeted back in January. 


At the time Ayre's popular website CoinGeek reported that  a special agent for the Federal Bureau of Investigation (FBI), Daniel M. Sirmons, claimed under sworn deposition that "according to his knowledge, training, and experience, ransomware attackers frequently use digital currency exchanges like Binance to launder or obfuscate their ill-gotten gains."


Ayre's site was the first to report on the skullduggery taking place at the FTX Exchange a good year plus before they went into free fall this past December.


The billionaire investor was quick to tweet out how Binance on Tuesday filed for a protective order against the U.S. Securities and Exchange Commission (SEC) saying the regulator's requests for information were "over broad" and "unduly burdensome".


Binance is claiming that the SEC is demanding it produce all communications dating back to November 2022 for “dozens of topics — many of which have nothing to do with customer assets.”


Stay tuned.


Calvin's Corner: Billionaire Launches New Site to 'More Accurately Explain What My Multinational Business Group Does' (August 10, 2023)

On Thursday, online gambling and blockchain pioneer Calvin Ayre announced his new website that he described as more accurately demonstrating what his investment firm encompasses.


Ayre Group was launched just days after his global investment group purchased nChain, the global leader in blockchain and Web3 technology.


Ayre Group invests in building ventures in real estate, blockchain technology, media, publishing, health & wellness and travel & leisure.


The new site proclaims: "Led by entrepreneur and philanthropist Calvin Ayre, Ayre Group is a multi-faceted global operation funding real estate projects, businesses and technologies that break down barriers to entry, democratize opportunity and positively enhance peoples’ lives."


Suits Can (Will) Be Brought in Regard to Micropayment Technology (August 2, 2023)

We've had an opportunity to speak with those closely associated with the BSV Blockchain and one thing is abundantly clear, Web3 and micropayments are the future.


Calvin tweeted (or X'd) on Tuesday that he believed this article to be fair.


And it appears that Ayre's investment firm's announcement it has taken a majority stake in nChain (announced Tuesday) will make as a priority the aggressive legal pursuit of those who violate nChain's patents pertaining to micropayment technology.  Of note is that this technology will become the future of iGaming, in particular sports wagering.


In response, someone tweeted:


"He (Calvin) is bullish that the BSV chain is the blockchain to unite all blockchains. He points to the scaling technology solutions offered by BSV to be its superpower and the nano transactions possible putting the token firmly in the utility section and not as a security.

The scaling and rate of transactions on BSV according to Ayre are so substantial as to make the Proof of Work (POW) blockchain green."


And then there is this tweet:


“There isn’t a single blockchain or Web3 project out there that isn’t standing on the shoulders of nChain’s patent library—the earliest, largest, and highest quality collection in this space.”


'Crypto Scammers Running Around Asking for Clarity' (August 1, 2023)

Responding to an article featured on Fortune: "Coinbase boss Brian Armstrong: SEC suggested change that would have triggered the end of the crypto industry in America".


"These crypto scammers are so funny...they run around asking for Clarity...they were clarified and then they just refuse to accept it. They don't want clarity in the law, they want exception from existing law."



Coinbase chief executive Brian Armstrong told the Financial Times that the SEC made recommendations to halt trading in all cryptocurrencies other than bitcoin before launching legal action against the Nasdaq-listed company last month for failing to register as a broker.


From the Financial Times article:


The SEC’s case identified 13 mostly lightly traded cryptocurrencies on Coinbase’s platform as securities, asserting that by offering them to customers the exchange fell under the regulator’s remit.


SEC charges HEX founder Richard Heart with fraud (August 1, 2023)

Hex founder Richard Heart’s luck finally ran out after America’s securities regulator slapped fraud charges on the bling-loving conman.


CoinGeek's Steven Stradbrooke reports on these developments.


On Monday, the U.S. Securities and Exchange Commission (SEC) brought civil charges against Heart, aka Richard Schueler, and his Hex, PulseChain and PulseX entities for offering unregistered securities that raised over $1 billion from customers.


The SEC is also alleging Heart committed fraud by “misappropriating at least $12 million” of the funds raised to buy luxury goods, apparently to perpetuate the illusion of wealth that his marks might one day enjoy. The SEC wants Heart to forfeit all his ill-gotten gains and to be permanently enjoined from ever taking part in any future digital asset scams.


Stradbrooke writes that customers were urged to buy HEX with ETH and stake their HEX—as a ‘Blockchain Certificate of Deposit’—with the expectation that they’d receive even more HEX down the road, by which time the value of each HEX would have soared. Allegedly.


Ayre: 'Everything But BSV is a Security Including BTC', CoinBase Ordered to Only Trade Bitcoin (July 31, 2023)

One of the world's largest cryptocurrency exchanges was told by the SEC to stop trading in everything except for Bitcoin, according to Coinbase CEO Brian Armstrong.


This is viewed as a sign of the agency's intent to assert regulatory authority over a broader slice of the market, according to Scott Chipolina of the Financial Times, which broke the story.


The SEC sued Coinbase soon afterwards.


“They came back to us, and they said . . . we believe every asset other than bitcoin is a security,” Armstrong revealed. “And, we said, well how are you coming to that conclusion, because that’s not our interpretation of the law. And they said, we’re not going to explain it to you, you need to delist every asset other than bitcoin.”


Armstrong claimed any such action would signal the end of the cryptocurrency industry as we know it.


Calvin Ayre, who is a proponent of the BSV Blockchain, offered his assessment of the situation.


"Everything but BSV is a security including BTC," he asserted.




Almost twice as many students using AI than employees: report - September 2023


Experts warn AI will “rapidly and significantly” disrupt more than $600 billion of economic activity.


More than a quarter of the Australian economy will be significantly disrupted by AI technologies, experts have warned, as businesses and workers remain hesitant of new advancements.


The report by consultancy firm Deloitte Australia found about $600 billion in economic activity stands be to be “rapidly and significantly” disrupted by new generative AI technology.


More than 2500 students and employees from 18 industries were surveyed on their use of AI as part of the report, including from the IT, media, education, and wholesale trade sectors.


Deloitte Australia CEO Adam Powick said business leaders needed to accept their role in “harnessing and guiding the responsible application of generative AI”, rather than turning a blind eye.


“We need to rapidly educate ourselves on the potential of AI in our settings, and actively encourage adoption, innovation and the sharing of ideas and concepts across our organisations,” he said.


The report also revealed the generational gap between large business, of which less than 10 per cent have officially adopted AI, and the 58 per cent of students already using it.


Students were almost twice as likely to use generative AI tools such as ChatGPT than employees, with only 1.4 per cent of all Australian businesses currently utilising AI officially.


Deloitte Australia Lead Strategy and Business Design Partner and AI Institute Lead Dr Kellie Nuttall said individuals naturally embrace advancements in tech faster than businesses.


“But, generative AI has seen this happen faster than ever before, broadening the gap between a business and its workforce,” Mr Nuttal said ahead of the reports release on Sunday.


“Yes, this leads to a disruptive threat; but it leads to an even bigger opportunity. Let’s not forget businesses are made up of lots of individuals, each with the power to disrupt.”


For many, the rapid advancement of AI technologies has presented concern about its place in the workforce, sparking protests such as the current SAG-AFTRA strike in the US.


The actors and screen writers guilds in the United States voted to strike earlier this year over pay issues and fears that AI technology could subsume or reduce workplace jobs.


The Deloitte report – titled “Generation AI: Ready or not, here we come!” – found about 75 per cent of employees were concerned about AI’s use, including with personal data.


Just over 30 per cent said they already used some form of generative AI for work purposes, of which about two thirds stating they believed their managers did not know about it.


Big crackdown on gambling in video games - September 2023


Video games which offer in-game gambling will be restricted as part of big changes to the industry, the Albanese government has announced.


Video games which offer simulated gambling will be branded adults-only under big changes to the industry announced by the Albanese government.


After a meeting of the Standing Council of Attorneys-General on Friday, all states agreed to reforms which will see new age restrictions placed on games which offer gambling-like content.


The states agreed to updated guidelines, which will come into effect in September next year, giving the industry time to adjust.


Under the changes, computer games which simulate gambling, such as virtual casinos, will receive an adults-only R18+ classification.


Games which offer in-game purchases which involve elements of chance, such as paid loot boxes, will be classified as M and not recommended for children under 15.


he government said it was responding to potential harm caused by children being exposed to gambling-like content in video games.


It pointed to research by the Australian Institute of Family Studies, which found young people who were exposed to simulated gambling in video games were 40 per cent more likely to gamble later in life.


“The Albanese Government is determined to protect vulnerable Australians from gambling harms — including children who may be exposed to gambling through video games,” Communications Minister Michelle Rowland said.


“Research shows that children exposed to gambling-like content may be more vulnerable to gambling harm later in life – and we are determined to intervene early to keep children safe.”



Call of Duty rolls out AI-powered voice chat monitoring to crack down on hate speech


One of the world’s most popular video games has taken a drastic step to crack down on hate speech and other “toxic” behaviour.


Call of Duty players will have their in-game voice chat monitored by artificial intelligence in real-time as part of a major crackdown on hate speech and other harmful behaviour.


Activision announced in a blog post on Wednesday that it had partnered with tech firm Modulate to roll out its AI-powered voice chat moderation tool ToxMod, to “identify in real-time and enforce against toxic speech — including hate speech, discriminatory language, harassment and more”.


An initial beta rollout of the new system began on Wednesday to North American players of the popular online shooter series, which includes Call of Duty: Modern Warfare II and Call of Duty: Warzone.


The AI tool will be released worldwide — excluding Asia — on November 10, coinciding with the launch of the Call of Duty: Modern Warfare III on November 10.


Support will begin in English with additional languages to follow at a later date.


“This new development will bolster the ongoing moderation systems led by the Call of Duty anti-toxicity team, which includes text-based filtering across 14 languages for in-game text (chat and usernames) as well as a robust in-game player reporting system,” Activision said.


“Since the launch of Modern Warfare II, Call of Duty’s existing anti-toxicity moderation has restricted voice and/or text chat to over one million accounts detected to have violated the Call of Duty Code of Conduct. Consistently updated text and username filtering technology has established better real-time rejection of harmful language.”


Activision said data showed 20 per cent of players “did not reoffend after receiving a first warning”.


“Those who did reoffend were met with account penalties, which include but are not limited to feature restrictions (such as voice and text chat bans) and temporary account restrictions,” it said.


“This positive impact aligns with our strategy to work with players in providing clear feedback for their behaviour. Teams across Call of Duty are dedicated to combating toxicity within our games. Utilising new technology, developing critical partnerships, and evolving our methodologies is key in this ongoing commitment. As always, we look forward to working with our community to continue to make Call of Duty fair and fun for all.”


In a question-and-answer section, Activision said in-game voice chat was monitored and recorded “for the express purpose of moderation”.


“Call of Duty’s voice chat moderation system is focused on detecting harm within voice chat versus specific keywords,” it said.


“Players that do not wish to have their voice moderated can disable in-game voice chat in the settings menu.”


While the AI tool detects and flags toxic language in real-time “categorised by its type of behaviour and a rated level of severity based on an evolving model”, Activision will still be responsible for enforcement decisions.


“Detected violations of the Code of Conduct may require additional reviews of associated recordings to identify context before enforcement is determined,” it said.


“Therefore, actions taken will not be instantaneous. As the system grows, our processes and response times will evolve.”


The gaming giant clarified that “trash talk” was not banned.


“The system helps enforce the existing Code of Conduct, which allows for ‘trash-talk’ and friendly banter,” it said. “Hate speech, discrimination, sexism, and other types of harmful language, as outlined in the Code of Conduct, will not be tolerated.”


Activision chief technology officer Michael Vance said in a statement that there was “no place for disruptive behaviour or harassment in games ever”. “Tackling disruptive voice chat particularly has long been an extraordinary challenge across gaming,” he said.


“With this collaboration, we are now bringing Modulate’s state of the art machine learning technology that can scale in real-time for a global level of enforcement. This is a critical step forward to creating and maintaining a fun, fair and welcoming experience for all players.”


Mike Pappas, chief executive of Modulate, said the company was “enormously excited to team with Activision to push forward the cutting edge of trust and safety”.


“This is a big step forward in supporting a player community the size and scale of Call of Duty, and further reinforces Activision’s ongoing commitment to lead in this effort.”


According to Modulate, ToxMod does not just detect flagged words but “analyses the tone, context, and perceived intention of those filtered conversations using its advanced machine learning processes”.


“ToxMod’s powerful toxicity analysis assesses the tone, timbre, emotion, and context of a conversation to determine the type and severity of toxic behaviour,” it says on its website.


“ToxMod is the only voice moderation tool built on advanced machine learning models that go beyond keyword matching to provide true understanding of each instance of toxicity. ToxMod’s machine learning technology can understand emotion and nuance cues to help differentiate between friendly banter and genuine bad behaviour.”


ToxMod’s ethics policy states that it may also take into account the race, gender identity, sexuality or other demographics of the speaker to determine whether certain behaviour is acceptable.


“We do occasionally consider an individual’s demographics when determining the severity of a harm,” it says.


“We … recognise that certain behaviours may be fundamentally different depending on the demographics of the participants.”


For example, “while the n-word is typically considered a vile slur, many players who identify as black or brown have reclaimed it and use it positively within their communities”.


“While Modulate does not detect or identify the ethnicity of individual speakers, it will listen to conversational cues to determine how others in the conversation are reacting to the use of such terms,” it says.


“If someone says the n-word and clearly offends others in the chat, that will be rated much more severely than what appears to be reclaimed usage that is incorporated naturally into a conversation.”



Star witness at US crypto trial says Bankman-Fried ordered fraud - October 11, 2023


Disgraced crypto wunderkind Sam Bankman-Fried was the mastermind behind a scheme to defraud FTX clients of billions of dollars, the star witness in his US trial testified on Tuesday.


Caroline Ellison, Bankman-Fried's former business partner and girlfriend, said that they had stolen "around $14 billion" from clients of the cryptocurrency trading platform before it collapsed into bankruptcy late last year.


The 31-year-old Bankman-Fried, co-founder and former CEO of FTX, has been charged with seven counts of fraud, embezzlement and criminal conspiracy, and if convicted could face a de facto life sentence of more than 100 years in prison.


In November 2022, the platform imploded, unable to cope with massive withdrawal requests from customers panicked to learn that some of FTX's funds had been committed to risky operations by Alameda Research, Bankman-Fried's personal hedge fund.


Ellison, a Stanford University mathematics graduate, was appointed by Bankman-Fried in 2021 to head Alameda, whose activities were largely financed by money from customers of FTX -- without their knowledge.


She has pleaded guilty to fraud charges and agreed to cooperate with the prosecution as have two other close associates of Bankman-Fried.


After taking a good 10 seconds to identify her former romantic partner in the courtroom, Ellison said he was "the owner of Alameda and he directed me to commit those crimes."


Bankman-Fried "was the one who set up the system" that saw Alameda take the client money from FTX and use it "for investments and to pay back debts," she said.


"For major decisions, I ran it by Sam. He was the person I officially reported to. He was the owner of Alameda. He could have fired me if he wanted to," she said.


- 'Awkward situations' -


A former analyst who developed mathematical models for market finance, Ellison said she expressed her reservations about the relationship between FTX and Alameda.


"I was somewhat concerned because it was something that customers weren't aware of and they wouldn't be happy if they'd learned about it," she said.


Bankman-Fried's lawyers are expected to argue against this depiction, saying that their client had little handle on the inner workings of Alameda's business and placing the blame at Ellison for the alleged fraud.


In the court on Tuesday, Ellison said that she and Bankman-Fried "dated for a couple years." 


"He was also my boss, which created a lot of awkward situations," she said.


The on and off again couple and other FTX executives lived in a luxury apartment complex in the Bahamas until Bankman-Fried was arrested and extradited to the United States late last year.


Zixiao "Gary" Wang, another associate of Bankman-Fried, on Friday described the FTX co-founder as willing to break the law and lie to enable the company and Alameda to post strong growth.