Crown CEO James Packer will apparently be scooping up the rest of the 50% of Australian Betfair that he doesn't currently own. (Image: File photo SMH/Manabu Kondo)
Looks like James Packer has their eye on the lucrative online sportsbetting that is australian market. The chairman of Australia's high-profile Crown Ltd casino group is rumored to be buying up 50 percent of online betting exchange Betfair's Australian operation namely, the 50 % he doesn't currently own.
The pioneering Uk betting exchange currently runs as being a joint online operation with Crown in Australia, but sources at Fairfax Media one associated with country's largest media organizations reckon Betfair is preparing to pull out of industry because of unsatisfactory comes back; a market they fought tooth and nail to enter back in 2006. That would pave the means for Packer to take over, and crucially would allow him to have his fingers on 100 % of the company's Tasmanian bookmaking license. This would potentially allow him to change the Betfair business model and drive it towards the greater fixed-odds that are lucrative.
Peer-to-Peer Sportsbetting Model
Betfair launched in the UK in 2000, as the first ever 'betting exchange' a network that facilitates sportsbetting that is peer-to-peer the odds are not limited by bookmakers. an exchange merely functions as the arbiter, allowing punters setting their own chances between each other, matching one bet to another. Thus, gamblers can find better odds often on these exchanges, despite the commission charged.
It is a model that has worked well in the united kingdom for Betfair and its own imitators; however, the company's Australian results are regarded as disappointing. The company's sixth in seven years, taking overall loss in Australia to A$47.3 million while Betfair increased overall revenue by 8.6 percent to $54.9 million in 2013, this still resulted in a A$1.6m loss.
While Packer's interest in remodelling the business into a fixed-odds procedure is nevertheless just the subject of speculation and rumor, it would definitely make sense from the perspective that is financial. Even though the bookmaking industry happens to be growing gradually in Australia, there does seem to be always a noticeable movement away from traditional Australian tote (or parimutuel) betting towards fixed-odds gambling. Based on the Australian Racing Board, revenue from fixed odds for traditional Australian tote operators like Tabcorp rose 19 percent to A$2.2 billion in 2013, while fixed-odds turnover for online bookmakers rose at a much faster rate of 17 percent.
Allow the Games Begin
A brand new low-cost online-only operator, therefore, with Packer's funds behind it, could mount a severe challenge to other operators within the sector. It would additionally send a message that is clear Crown Ltd to the likes of Aussie online sportsbetting pioneer Matthew Tripp, whom recently announced his intention to the sector, having offered their online wagering site Sportsbet to Paddy Power in 2011.
While Packer has been hugely successful in building up his land-based casino business into certainly one of Australia's gaming that is largest and entertainment groups, he has always understood the importance of investing in online business enterprises.
NCAA March Madness Begins for Basketball Lovers and Gamblers
Brackets like these can be found in almost every office in America throughout the NCAA's March Madness.
It's the period of 12 months again: when everyone fills away a bracket, productivity grinds up to a halt, and basketball fans try to find out who'll be this season's Cinderella. Yes, it's time for the NCAA guys's Division I Basketball Tournament, a conference you might know better by the nickname of March Madness. And whilst it's an event that is huge players and fans, it could be a great deal larger for the gambling industry.
According to who you ask, March Madness may be even bigger than the Super Bowl as a gambling occasion. No game that is single nearly the interest of the NFL's championship game, but the year's premier college basketball tournament is a three-week event featuring 67 contests that lure both severe gamblers and casual fans alike.
Tournament a Boon for Las Vegas
It's impossible to be certain simply how much is used on the event in Las vegas, nevada, since regulators don't break straight down baseball betting into professional and collegiate games. But based on professionals, you will have more bets built in Las Vegas for the NCAA Tournament compared to the Super Bowl. It's even possible that the total amount bet could beat the $119 million wagered on the Denver-Seattle championship game this 12 months. Each year beyond Vegas, the NCAA has claimed that more than $2.5 billion is wagered illegally on the tournament.
'March Madness is extremely, extremely big for all of us right here in Nevada,' said vegas' Southern Point Casino oddsmaker Jimmy Vaccaro. 'And it just keeps getting bigger.'
The tournament is a boon for the populous city even outside associated with take at the sportsbooks. The many exciting weekend of the competition for several fans is not the Final Four, but the weekend that is first if you have nonstop action even though the field is reduced from 68 to 16 groups.
Las Vegas could be the perfect spot to catch the action, making it one of the busiest weekends of the year for the city. Final 12 months, Las Vegas hotels posted a 97.7 percent occupancy rate through the weekend on that the NCAA Tournament began, the highest for the entire year.
Bracket Contests Attract Millions
But the tournament isn't just about making bets on individual games. Even more popular are the bracket contests that are held in just about every working office over the United States, in which fans try to predict who will win every game in the tournament. Most of these contests are free or have extremely low entry fees, most abundant in accurate bracket taking home the prize money by the end of the event.
The NCAA has made it clear that they oppose these pools (at the very least people that have cash prizes), saying that they're illegal in most states and that they'll act as an entry point for children to begin gambling. But which includesn't stopped anyone from playing, and the NCAA has never ever seriously tried to crack down on the practice.
The biggest bracket prizes are usually found online, where people can fill in brackets for free and compete against millions for the opportunity to win prizes. But while numerous organizations offer such competitions, one has obviously captured the attention of basketball fans this present year.
A Billion-Dollar Bracket
That's the bracket challenge offered by Quicken Loans, that will be offering a $1 billion award (insured by Warren Buffett's Berkshire Hathaway) to anybody who can fill out a bracket that is perfect year. Of program, to say predicting every game precisely is a long shot is putting it lightly: in the 13 years that ESPN has been running their online bracket contest, nobody has ever managed the feat.
If you were to pick groups at random, the chances of correctly getting every game's outcome right are about one in 9.2 quintillion (that's 9,200,000,000,000,000,000 written away, in case you were wondering). Smart and informed players can improve their odds, but only somewhat: Nate Silver of fivethirtyeight.com quotes that the itâ€™s likely about one in 7.4 billion if you take the favourite in most matchup. Nevertheless, even when nobody is perfect, Quicken will throw in the towel $100,000 to each of the top 20 contestants who come closest.
Caesars to overcome Southern Korea with $794.7 Million Casino
It does not look like much now, but Caesars Entertainment has received initial approvals for the South Korean luxury resort casino for a site like this one (Image: KIM JU-SUNG, YONHAP / AP)
Caesars Entertainment has gotten initial approval but not a definitive gaming license quite yet for the construction of the $794.7 million casino complex near the country's capital city of Seoul on Yeongjong Island, six miles from Incheon International Airport. The proposed property which will add three hotel towers with 760 rooms, and would be Korea's biggest casino complex is a joint venture between Caesars, Hong Kong property developer Lippo Group and an unnamed Korean developer.
Targeted at Foreigners
The resort will likely be targeted specifically towards worldwide tourists, based on the South Korean Ministry of Culture, Sport and Tourism contributing to the 16 foreigner-only gambling enterprises already in existence in the united kingdom. The decision could be viewed as element of a recent trend of east Asian countries maximizing efforts to lure Chinese tourists to their shores. Chinese tourism has expanded greatly in recent years because of the emergence of a newly stable middle-class and a relaxation by the Chinese federal government on the restriction of movement for its residents.
South Korea clearly hopes to utilize some of the money that is newfound especially in the light associated with the upcoming 2018 Winter Olympics in Pyeongchang. Recently, Malaysia's Genting Group announced plans to build Resorts World Jeju, a $2.2 billion casino resort complex on the semi-autonomous Jeju Island, which is already a hub for Chinese tourists.
The Korea Tourism Organization says that by 2020, South Korea wants to attract 10 million visitors that are chinese year, an increase of 53 percent from 2012. Currently, the place that is only South Korean citizens are allowed to gamble is in the Gangwon province into the east of the nation, at the Kangwon Land Casino.
The new casino represents necessary expansion into the Far East; Caesars is currently the only major Las Vegas casino chain without a presence in the gambling hub of Macau, an area that recorded $45.2 billion in gaming revenue in 2013 alone for Caesars Entertainment. And, while the ruling doesn't guarantee that the new venture will be given a gambling permit that will need to be applied for separately and is influenced by certain investment conditions it will be hard to see an impediment arising, given the governments' initial approval and expected economic benefits to the area. Caesars said the construction regarding the resort alone would create 'thousands of jobs', and 3,500 jobs that are permanent completion.
'Our company is excited in regards to the chance to expand our network and brands to Asia,' said Caesars CEO Gary Loveman, adding that agreements still have to be finalized among the joint-venture parties, and some third-party financing still needs to be found.
'Foreign visitation to South Korea has exploded significantly, and we look ahead to making a destination that is world-class further support Korea's economic development and tourism goals … We are grateful to your Korean government for their initial approval, paving the means for the chance to build and operate our first integrated resort in Korea.'
Based on the proposal, and also a five-star resort and casino, the resort would
Presumably this news sits well with investors: stocks in Caesars Entertainment on the Nasdaq worldwide Select were up 4.02 per cent, closing at $24.87 previously this week.