Tension over TOTE sale - 4th December 2009

Tempers have flared as a Government Business Enterprise committee probes the failed sale of TOTE Tasmania.

The Treasurer, Michael Aird, has been accused of wasting money and letting down the racing industry.

The Government took TOTE off the market yesterday, after eight months without a decent offer.

The aborted sale process cost $3 million and the Opposition's racing spokesman, Jeremy Rockliff, says the Treasurer's lost the industry's confidence.
"You should resign," he said.

The Greens' Kim Booth says it is a conflict for the Treasurer to also be the Racing Minister.

"You've effectively stuffed up two portfolio responsibilities."

The Government gives the racing industry $27 million a year.

The Treasurer, Michael Aird, says it was on its knees when Labor came to power but stakes have risen considerably.

"We are the envy of other states," he said.

He insists there was a good market to sell TOTE when it was first listed.

The opposition parties have accepted an offer from the Treasurer to be privately briefed on the aborted sale.

Mr Aird says some parts of the sale are commercial-in-confidence but the parties should hear an independent opinion from a financial advisor.

"I think the best thing I can do, in relation to this discussion is offer a confidential briefing for both the political parties from Deloitte's, with the Probity Advisor in tow, to ensure that you understand Deloitte's assessment of the process," he said.

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Government delays new ban on Internet gambling - 27th November 2009

WASHINGTON — The Treasury Department and the Federal Reserve are giving U.S. financial institutions an additional six months to comply with regulations designed to ban Internet gambling.

The two agencies said Friday that the new rules, which were to take effect on Dec. 1, would be delayed until June 1 of next year.

A key Democratic opponent of the ban on online gambling praised the action and said it would give Congress time to overturn a law passed in 2006 when Republicans controlled Congress.
The delayed rules would curb online gambling by prohibiting financial institutions from accepting payments from credit cards, checks or electronic fund transfers to settle online wagers.

The financial industry complained that the new rules would be difficult to enforce because they did not offer a clear definition of what constitutes Internet gambling. They had sought a 12-month delay in implementing provisions of the Unlawful Internet Gambling Enforcement Act that Congress had passed in 2006.

The Bush administration issued regulations to enforce the law in November 2008 and had set Dec. 1, 2009, as the date financial institutions would have to begin complying.

However, in a joint notice Friday, Treasury and the Fed said that several members of Congress had sought a delay, arguing that there was considerable support for new legislation to clarify the current laws.

The two agencies said groups seeking a delay had provided sufficient reasons to justify a limited six-month postponement of the rules. Financial organizations including the American Bankers Association had sent the agencies letters supporting a petition filed by gambling industry associations seeking a delay.

House Financial Services Committee Chairman Barney Frank, D-Mass., praised Friday's announcement. He is sponsoring legislation that would roll back the 2006 law that bans financial institutions from handling transactions made to and from Internet gambling sites.

"This will give us a chance to act in an unhurried manner on my legislation to undo this regulatory excess by the Bush administration and to undo this ill-advised law," Frank said in a statement.

Frank's legislation would allow the Treasury Department to license and regulate online gambling companies that service American customers. Frank argues that online gambling should be legal as a matter of personal liberty and that the federal government could collect increased tax revenues if Internet gambling is regulated.

In September, a U.S. appeals court in Philadelphia upheld the 2006 law, rejecting a challenge from an association of offshore bookies that the federal prohibition was too vague and violated privacy rights.

U.S. bettors have been estimated to supply at least half the revenue of the $16 billion Internet gambling industry, which is largely hosted overseas.

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High Stakes For Online Gamblers, By Jeremy Herb - Newsweek - 20th November 2009

Between online gambling and the countless ESPN reruns of the World Series of Poker, poker has become a mainstream "sport." More than 6,000 people paid $10,000 to enter this year's World Series main event, and gambling experts say 10 to 15 million Americans wager $100 billion on all forms of Internet gaming annually. The online gambling industry—made up of offshore companies—earns somewhere between $6 and $10 billion in the U.S. each year. But it's a poker game of politics, not cards, that will decide the fate of online gambling in the U.S.

The battle rests on a bill that was passed in the final hours of the 2006 Republican-controlled Congress, when Sen. Bill Frist tacked it onto a port security bill. The Unlawful Internet Gambling Enforcement Act (UIGEA) forbids banks from accepting illegal Internet gambling transactions. In essence, it prevents would-be players from using their debit or credit cards—a standard for online payments—for Internet gambling. Those who support Internet gambling, led by House Financial Services Committee Chairman Barney Frank, are making a final plea to the Treasury Department and Federal Reserve to push back the law for one year, giving them time to repeal it. In response, Sen. John Kyl and Rep. Spencer Bachus wrote a letter to Timothy Geithner and Ben Bernanke urging them to enforce the Dec. 1 deadline. The Treasury and Fed have yet to make a decision, according to a Federal Reserve official.

he problem with UIGEA is it raised more questions than it answered. The law does not make it illegal for people to gamble online, as it focuses on bank transactions. But it failed to define what's considered "illegal Internet gambling." The Treasury and Fed, which are instructing banks on how to enforce the law, did not define illegal gambling either. "The role of financial institutions is not to be policemen of the government," says Mary Dunn, senior vice president of the Credit Union National Association. The finance industry says the law is an unfair burden and also wants it delayed. But if the law goes into effect Dec. 1, all financial institutions must demonstrate they can block online transactions.

The new law won't prosecute individual players, but the risk for gamblers is that online casinos will pull out of the U.S. market. Last week, Golden Casino announced it would no longer take deposits from American players on Dec. 1, according to a gambling trade site. PartyGaming, a publicly traded company, left the U.S. in 2006 when UIGEA passed. The company paid a $105 million nonprosecution fine to the Justice Department, which took UIGEA's passage as a "Congressional mandate" to prosecute illegal online gambling.

The Justice Department believes all Internet gambling is illegal based on the 1960s Wire Act, which was designed to stop bookies from using telephones and passed long before the Internet as we know it existed. The gambling industry disputes this, arguing the Wire Act only applies to sports-betting, not games like poker or roulette. In 2002, the Fifth Circuit Court ruled the Wire Act only applied to sports-betting, but that didn't sway any opinions at Justice. Several offshore executives of online casinos and "e-wallet" payment processors have been arrested in the past few years. In June, the Justice Department froze $33 million in payments to American players from four online casinos.

If Frank gets his online gambling bill passed, however, the Wire Act dispute would disappear. Frank's bill, along with companion legislation from Rep. Jim McDermott, would legalize and tax online casinos, though online sports-betting would remain outlawed. Online gambling could generate up to $42 billion in tax revenue over the next decade, according to a Joint Committee on Taxation report. Spurred on by efforts from lobbyists and advocacy groups, Frank has vowed to overturn what he says is an "outrageous" law. His plans have been sidetracked by finance reform, however, which has eaten up most of the Financial Services Committee's time this year.

The morality debate over Internet gambling doesn't stray far from regular gambling, with a few exceptions. Opponents say the convenience of the Internet gives gambling addicts easy access to the lure of slots and cards, and encourages underage playing. Gambling advocates argue regulated sites will be more difficult for underage players because they will have stricter age verification, and that players should have the same rights online they already have in a casino. But another argument that's also being made is poker should be legalized online because it's a skill game-not a game of chance-and therefore it doesn't fall under UIGEA or the Wire Act. Sen. Robert Menendez has also introduced separate legislation that carves out an exception for poker. "People have been playing this great skill game that's been around for a long time," says Howard Lederer, a professional poker player and member of the Poker Players Alliance. "We're playing against each other, not the house."

Even if the UIGEA is enacted, it's unlikely online gambling would disappear completely. There are ways for American players to circumvent bank regulations, including setting up a foreign bank account. "We're all holding our breath and hoping the petition will be accepted," Lederer says, but that isn't the industry's only option. Online poker could be legalized through the courts on the argument that the Wire Act doesn't apply to poker. The industry is waiting to see what happens Dec. 1 before taking any action, he says. But if they do head to court, Lederer likes the odds. (Credit: Newsweek)

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Ventura to host 'Monday Night Raw' wrestling event - 17th November 2009

WASHINGTON, D.C. — Former Gov. Jesse Ventura will return to his old World Wrestling Entertainment stomping grounds next week, stepping inside the ropes once again to host "Monday Night Raw," the company's flagship television show, WWE officials announced late Monday.

Nicknamed "The Body," Ventura was known in the ring for outlandish statements, take-no-prisoners attitude and flamboyant costumes featuring bright, bushy feather boas. Ventura largely distanced himself from his former wrestling persona while serving as governor, though he agreed to serve as a special guest referee for WWE's SummerSlam pay-per-view in 1999, which was held in Minneapolis.

Ventura was inducted into the WWE Hall of Fame in 2004.

"Raw" will be broadcast live on USA Network from the Giant Center in Hershey, Pa., starting at 7 p.m. Central time.

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Shorten smackdown, by James Jeffrey - The Australian - 20th November 2009

There were so many parliamentary manoeuvres Sports Minister Kate Ellis might have used to defeat wrestler (and actor) Hulk Hogan, not least the Julia Gillard-favoured "mammoth backflip" and the fabled half-Wilson.

In the end, though, she trounced him with a little help from young cancer sufferer Mark Dunn and raised funds for the Make A Wish Foundation in the process. Good show all round. Strewth was especially taken with Bill Shorten who, attending in his capacity as Parliamentary Secretary for Disabilities and Children's Services, gave us this invaluable insight: "In the heart of every politician lurks the soul of a frustrated wrestler. We all see ourselves as the good guys, and our opponents as the heels. We dream of flying off the top turnbuckle to demolish our opponents with a well-timed bodyslam, or ending a difficult interview by putting that pesky journalist in a figure-four leg-lock. In our ideal world, the Speaker would introduce question time with a cry of `Are you ready to rumble?'" (Credit: The Australia)

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Anurag Dikshit’s Sale of Party Gaming Stock Receives Mixed Reaction, by Dan Cypra - 25th October 2009

One of the major poker headlines this week was the news that Party Gaming Cofounder Anurag Dikshit would divest himself of nearly 114 million shares of the company’s stock, which is traded in London under the symbol “PRTY.” Now, the industry has had a chance to react.

The internet gambling think tank sported mixed reactions to the news, as Dikshit’s departure meant that a man who admitted to violating U.S. law in a New York courtroom one year ago would no longer hold any interest in the company. Interactive Media Entertainment and Gaming Association (iMEGA) Chairman Joe Brennan told Poker News Daily, “The thing to take away is that this is probably good overall for Party Gaming. When you have one of their founders pleading guilty, if and when things start to get normalized in the U.S. and Party Gaming comes into the market, they need to clear it off the books. The fact that he’s exiting the company is good for its future.”

When internet gambling will be legalized and regulated in the United States is anyone’s guess. Congressman Barney Frank (D-MA) introduced HR 2267 in May as one solution. The bill outlines a framework for the explicit legalization of the industry and, although the measure is up to 62 cosponsors, it has not yet been scheduled for markup in the House Financial Services Committee.

On how members of Congress and others outside of the industry would react to Dikshit’s exit, Brennan explained, “If Dikshit leaving Party Gaming can be a benefit to that company, I would say that it does the same broadly for the industry.” Financial analyst Nick Batram told Bloomberg that Dikshit’s departure meant that Party Gaming “may also find it easier to raise funds from institutional investors rather than the founders for large sports gambling acquisitions.” The Wire Act of 1961 has historically been interpreted to mean that online wagering on sports is not permitted in the U.S.

Dikshit will purportedly turn over the proceeds of his sale, which will likely total more than ₤188 million, to his charitable foundation. On the TwoPlusTwo online poker forums, posters questioned Dikshit’s charitable motives: “If he donated to an established charity that could not be mistaken for a front, then that would be impressive,” one skeptic noted. Some have speculated that tax benefits are the real reason behind his actions. Brennan told Poker News Daily, “He wants to get out of the business and focus on his charitable endeavors.”

The sale of two-thirds of Dikshit’s stake sent shares of Party Gaming plummeting. Trading above 284 pence on October 19th, the stock dove to 240 pence in 24 hours, a dip of 15%. PRTY closed trading on Friday on the London Stock Exchange fetching 243 pence, 135 pence above its asking price one year ago.

An article in the Financial Times summed up the reaction from most of the industry: “The truth, however, is that while the distancing of Mr Dikshit can’t be bad for Party Gaming, it is still frustratingly unclear what the odds are on a successful return to the U.S. market.” In five weeks, the financial services industry in the United States must fall into full compliance with the regulations of the Unlawful Internet Gambling Enforcement Act (UIGEA). The impact of the December 1st deadline remains to be seen, but the Poker Players Alliance (PPA) recently authored a letter to U.S. Treasury Secretary Timothy Geithner and Federal Reserve Chairman Ben Bernanke asking for the UIGEA’s regulations to be delayed by one year.

Party Gaming Cofounders Ruth Parasol and Russ DeLeon, a husband and wife team, have not yet announced their intentions to sell stock or formulate a plea agreement with the U.S. Government. (Credit: Poker News Daily)

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Schwarzenegger may take axe to TVs - 18th October 2009

LARGE-SCREEN television sets could be banned within weeks in California in an attempt to cut the state's rising energy bill.

Governor Arnold Schwarzenegger supported controversial proposals by California's energy commission to impose strict energy consumption limits on TVs with screens more than 101 centimetres wide.

The commission claimed the estimated 35 million television sets and related gadgets in the state accounted for about 10 per cent of household energy consumption.

Large LCD or plasma screen sets use up to three times as much power as traditional models.

Manufacturers were reported to have said little to sway the commission's opinion.

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Political insiders launch attacks on Linda

The following news has just been released by Jodi Latina, Director of New Media, Linda McMahon for Senate 2010.

It seems hard to believe that it's been less than a month since Linda announced her candidacy for the U.S. Senate. Since then, support for her campaign has been growing at a remarkable rate. Connecticut voters know Linda is the one Republican candidate in this race who can beat Chris Dodd and make Washington work for ordinary people instead of the special interests.

As is often the case when a political outsider begins shaking up the system, the career political insiders are fighting for their survival. That's no surprise. Their careers depend on protecting the status quo. What is shocking, however, is that Linda's political opponents -- just about all of whom are part of the political establishment -- are launching negative personal attacks so early.

It appears her primary opponents are so concerned about her candidacy that they are engaging in a seemingly coordinated negative attack on her. What are they afraid of?

Several weeks ago, they attacked Linda for not voting in a few recent elections. But then the Hartford Courant reported that the very politicians attacking Linda had also missed numerous elections. In fact, her most vocal opponent himself missed at least 11 local elections! The difference is that Linda was honest from the outset, putting her record on Linda2010.com for all to see. She acknowledged her missed votes were inexcusable, and she took complete personal responsibility -- unlike the career insiders who did their best to cover up their records.

It's sad really.

Now the political insiders are at it again. They are claiming Linda is not a real Republican because, as CEO of a nonpartisan, publicly traded company, she gave political contributions to Democrats as well as Republicans. The fact is Linda is a fiscally conservative Republican, and as CEO of WWE, she gave $70,700 in federal contributions to Republicans, $34,100 to Democrats and $2000 to Independents, since 1980.

Linda has helped elect far more Republicans than Democrats, but they didn't bother to tell you that. Linda has helped Republican mayors, Governor Rell, Republican Members of Congress, Republican Town Committees, the Connecticut Republican Party and the list goes on... Linda has it all posted online for everyone to see.

Linda refuses to play the old game in which politicians divert attention from their own records with non-stop negative attacks. The career political insiders started going this negative so early because they're obviously terrified of Linda's candidacy.

So much for Ronald Reagan's 11th Commandment...

Linda's support is growing in leaps and bounds because she's a different kind of candidate who isn't beholden to special interests and isn't afraid to be open and honest -- even when the truth is inconvenient. She's not taking a penny of special interest money, because the only interest groups she cares about are ordinary people.

Thank you for supporting Linda. Spread the word on Twitter; tell your friends through Facebook.

Together we will take Washington back from the special interests and put people back in control.

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James Packer's Double Bay to double pay - 25th September 2009

NSW casino control authorities have knocked on the head rumours that James Packer has plans to build a casino in the ritzy and prestigious Sydney harbourside suburb of Double Bay.

Double Bay businesses have been abuzz in recent weeks with talk that casino magnate Packer has been talking about acquiring the old Ritz Hotel with a view to fixing it up and putting a casino on the site at a future date.

But the State Government was quick to scotch the rumours.

A spokeswoman said yesterday that legislation prohibited establishment of a second casino in NSW for at least 10 years, adding NSW "is a one-casino state". She said there was "one licence to be had" and Tabcorp had recently renewed it.

Tabcorp has a 12-year licence on Star City. It was renewed in October, 2007 and has another 10 years to run until its expiry.

According to the Casino Control Act of 1992, the business of gambling in NSW will be kept in check with licensing restrictions preventing the operation of a second casino.

Like his father, Packer has long had designs on getting a casino licence in NSW.

But the licensing restrictions mean that he will either have to apply for the existing licence now held by Tabcorp or lobby the Government to make a second licence available.

Kerry Packer and a consortium spent a small fortune bidding for the first casino licence but lost out to the Showboat group in 1994. It is a dream James still hopes to realise, say sources.

In the meantime, the Government has approved expansion plans for Star City - but poker-machine numbers will remain unchanged. (Credit: News Limited, Wires, Google News)

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Linda McMahon to run for Senate in Connecticut

TheHill.com reports that Linda McMahon is about to announce her plans to run for Senate in Connecticut. National Republican Congressional Committee spokesman Ed Patru, who Linda has reportedly hired, is quoted as saying: "[Linda] is taking into consideration a number of factors, including resources and the time commitment it would take to win...She plays to win, so if she gets in, she's in all the way. She has the capacity to bring considerable resources to the race, and she has an established record."

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Tax doubts hamper bidders for Tote Tasmania - 8th September 2009

Uncertainty regarding a tax exemption for Tote Tasmania on betting pool arrangements in mainland states has left bidders such as Tabcorp unable to value the company accurately. The Tasmanian government was hoping to have the sale finalised by early this month, but the process has hit a roadblock as betting pool tax exemptions remain unresolved. The Victorian government, led by Victorian Racing Minister Rob Hulls, has granted an extension until January 31 for the matter to be determined.

References: Australian Financial Review, Fairfax Media, Wires, Tabcorp, Tasmanian Government, Victorian Racing

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The Great British Lobby - The Telegraph

A technology group advised by David Blunkett, the former Home Secretary, is one of several British companies spending millions of pounds lobbying American politicians in a bid to shape legislation in the US.

UC Group, an online payment services group, has spent some $5.23m (£3.2m) on lobbying fees in recent years, one of several companies deploying millions to influence gambling legislation in the US.

Sportingbet, PartyGaming and Pokerstars have all hired high profile lobbying firms in the US to represent their interests as they prepare for the likely opening-up of the US online gaming market.

UC Group acts for 10 gaming companies, offering back-office and anti-money laundering operations and hopes to profit from any opening of the market. The group has worked to promote Senator Barney Frank's efforts to overturn the ban on online gaming.

The size of the company's lobbying expenses - which stretch to $2.31m since last September - are particularly eye-catching given it made just £3m in pre-tax profits last year.

Kobus Paulsen, UC Group's chief executive, suggested it was part of the group's long-term strategy. "We are certain that our efforts will yield an open market for non-US based gaming operators," he said.

Ruth Parasol and Russell De Leon, the PartyGaming founders, have spent up to £929,000 on lobbying fees since last September to influence online gaming legislation in the US.

It remains unclear whether any of those fees have been channelled towards lobbying over issues related to their potential prosecution for allegedly breaking US laws banning internet gambling.

Anurag Diskit, another founder, stunned the gaming industry in April this year by pleading guilty to breaking US laws and agreeing to pay a $300m fine. Ms Parasol, Mr De Leon and a third founder, Vikrant Bhargava, have yet to settle with the US Department of Justice.

Lobbying records for Sportingbet, the online gaming firm that also faces potential charges, show the company has paid $60,000 over the last year in relation to the "settlement of potential criminal charges related to online gambling". (Credit: The Telegraph)

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