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James Packer Crowns Australian Betfair as Latest Business Conquest

James P<span id="more-12065"></span>acker Crowns Australian Betfair as Latest Business Conquest

Crown CEO James Packer will reportedly be scooping up the remaining 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 Australian online sportsbetting market. The president of Australia’s high-profile Crown Ltd casino group is rumored to be buying up 50 percent of online exchange that is betting’s Australian operation namely, the 50 percent he doesn’t already own.

The pioneering Uk betting trade currently runs being a joint online operation with Crown in Australia, but sources at Fairfax Media one of this nation’s biggest media businesses reckon Betfair is able to pull out of industry because of unsatisfactory comes back; a market they fought enamel and nail to enter back in 2006. That would pave the method for Packer to dominate, and crucially would allow him to have his arms on 100 % of the company’s Tasmanian bookmaking license. This would potentially enable him to improve the Betfair business model and drive it towards the more 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 peer-to-peer sportsbetting where the chances are not limited by bookmakers. an exchange just acts as the arbiter, allowing punters to create their own odds between each other, matching one bet to another. Therefore, gamblers can often find better chances on these exchanges, despite the commission charged.

It is a model that has worked well in the united kingdom for Betfair as well as its imitators; however, the business’s Australian answers 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 operation is still just the subject of speculation and rumor, it would definitely make sense from a perspective that is financial. While the bookmaking industry has been growing gradually in Australia, there does seem to become a noticeable movement away from traditional Australian tote (or parimutuel) betting towards fixed-odds wagering. In accordance with 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 an even more quickly rate of 17 percent.

Allow the Games Begin

A new low-cost online-only operator, therefore, with Packer’s funds behind it, could mount a serious challenge to other operators into the sector. It would additionally send a clear message from Crown Ltd to the likes of Aussie on the web sportsbetting pioneer Matthew Tripp, whom recently announced his intention to the sector, having sold his online wagering site Sportsbet to Paddy Power in 2011.

While Packer has been hugely successful in building up his land-based casino business into one of Australia’s biggest gaming 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 the usa through the NCAA’s March Madness.

It’s that time of year again: when every person fills down a bracket, productivity grinds up to a halt, and basketball fans try to figure out that will be in 2010’s Cinderella. Yes, it’s the perfect time for the NCAA guys’s Division I Basketball Tournament, an event you may know better by the nickname of March Madness. And although it’s a huge event for players and fans, it can be even bigger for the gambling industry.

Depending on who you ask, March Madness may be even bigger than the Super Bowl as a gambling occasion. No single game has nearly the interest of the NFL’s championship game, but the season’s premier college basketball competition is a three-week occasion featuring 67 contests that draw in both serious gamblers and casual fans alike.

Tournament a Boon for Las Vegas

It’s impossible to be sure how much is used on the function in Las Vegas, since regulators don’t break straight down basketball wagering into professional and games that are collegiate. But according to professionals, there will be more wagers produced in vegas for the NCAA Tournament compared to the Super Bowl. It’s even possible that the amount that is total could beat the $119 million wagered on the Denver-Seattle championship game this year. Beyond Vegas, the NCAA has claimed that more than $2.5 billion is wagered illegally on the tournament every year.

‘March Madness is extremely, extremely big for people here in Nevada,’ said Las Vegas’ South Point Casino oddsmaker Jimmy Vaccaro. ‘And it simply keeps getting bigger.’

The competition may be a boon for the city even outside for the take at the sportsbooks. The most exciting week-end of the competition for most fans is perhaps not the ultimate Four, however the weekend that is first when there is nonstop action although the field is reduced from 68 to 16 groups.

Las Vegas is the perfect destination to catch the action, making it one of many busiest weekends of the year for the city. Final 12 months, Vegas hotels posted a 97.7 per cent occupancy rate through the weekend on which the NCAA Tournament started, the best for the year that is entire.

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 office over the United States, in which fans try to anticipate who will win every game into the tournament. Most of these contests are free or have extremely low entry fees, with the most accurate bracket using home the prize money at the conclusion of the occasion.

The NCAA has made it clear that they oppose these pools (at the least those with cash awards), saying that they are unlawful in most states and they can act as an entry point for children to begin with gambling. But which includesn’t stopped anyone from playing, and the NCAA has never seriously tried to crack down in the practice.

The biggest bracket prizes are typically found online, where people can complete brackets 100% free and compete against millions for the chance to win prizes. But while numerous organizations offer such competitions, one has demonstrably captured the attention of basketball fans this present year.

A Billion-Dollar Bracket

That’s the bracket challenge offered by Quicken Loans, that is offering a $1 billion reward (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 was running their online bracket contest, nobody has ever managed the feat.

You were wondering) if you were to pick teams at random, the odds 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 out, in case. Smart and players that are informed improve their chances, but only somewhat: Nate Silver of estimates that the odds are about one in 7.4 billion if you are taking the favourite in every matchup. Still, even if nobody is perfect, Quicken will surrender $100,000 to each of the utmost effective 20 contestants who come closest.

Caesars to overcome South Korea with $794.7 Million Casino

It doesn’t look like much now, but Caesars Entertainment has gotten preliminary approvals for a South luxury that is korean casino on 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 a $794.7 million casino complex nearby the country’s capital city of Seoul on Yeongjong Island, six miles from Incheon International Airport. The proposed property which will include three hotel towers with 760 rooms, and would be Korea’s biggest casino complex is a joint venture between Caesars, Hong Kong real estate developer Lippo Group and an unnamed Korean designer.

Aimed at Foreigners

The resort will be targeted specifically towards worldwide tourists, according to the South Korean Ministry of community, Sport and Tourism adding to the 16 foreigner-only gambling enterprises already in existence in the nation. Your choice are seen 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 as a result of emergence of a newly stable middle-class and a leisure by the Chinese government in the restriction of movement for the residents.

South Korea clearly hopes to tap into some of that money that is newfound especially in the light of 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 Jeju that is semi-autonomous Island which is already a hub for Chinese tourists.

The Korea Tourism Organization says that by 2020, South Korea really wants to attract 10 million visitors that are chinese year, an increase of 53 percent from 2012. Presently, the only destination where South Korean citizens are allowed to gamble is in the Gangwon province into the east regarding the country, at the Kangwon Land Casino.

Moving Eastwards

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, as the ruling does not guarantee that the new endeavor will be given a gambling permit that will have to be applied for separately and it is influenced by certain investment conditions it might be difficult to see an impediment arising, given the governments’ preliminary approval and expected economic benefits to the area. Caesars said the construction of this resort alone would create ‘thousands of jobs’, and 3,500 jobs that are permanent completion.

‘we have been excited in regards to the possibility 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 events, and some third-party financing still needs to be discovered.

‘Foreign visitation to South Korea has grown significantly, and now we look forward to making a world-class destination to further support Korea’s financial growth and tourism goals … We are grateful towards the 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, plus a hotel that is five-star casino, the resort would include a standalone convention center, a theater along with other live entertainment venues, and retail tourist attractions. The preliminary blueprint also includes the capability for further expansion in an effort to focus on a future increase in visitor figures.

Presumably this news sits well with investors: shares in Caesars Entertainment on the Nasdaq worldwide Select were up 4.02 per cent, shutting at $24.87 early in the day this week.


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