Baazov Addresses AMF Probe and New Jersey Question at Amaya AGM
David Baazov, reelected as Chairman of Amaya Inc. On the AMF investigation: ‘It’s not a thing to be taken lightly, but it’s not Hollywood either.’
The scrutiny that is ongoing Amaya Inc by the Quebec financial regulator is not a cause for concern, reiterated its CEO and Chairman, David Baazov, at the company’s first annual general conference in Montreal this week.
‘It’s not something become taken gently, but it’s maybe not Hollywood either,’ Baazov told the assembled shareholders. ‘There was no effect regarding the day-to-day operations of Amaya. It’s maybe not taking far from the psychological real-estate associated with administrator team, the employees, the organization, etc.’
The shareholders displayed their faith in these words by promptly reelecting Baazov as company chairman with a majority of 96 percent, although some might have wondered what on earth he meant by ‘mental real-estate.’
AMF Raid
Amaya’s Montreal workplaces were raided by police and provincial economic market regulators AMF in early December as part of a study into alleged securities fraud.
Amaya’s share prices skyrocketed in the lead up towards the business’s acquisition of PokerStars last summer, and some form of insider trading was suspected.
There has been no accusations of wrongdoing by AMF, but the investigation drags on, and its existence remains an embarrassment for Baazov, Amaya and their global aspirations.
‘If people go through the information carefully, look during the timeline, anybody who is sophisticated and rational may come up to a pretty conclusion that is rational the events that took place to get us where we’re,’ said Baazov.
The investigation neglected to hinder Amaya’s recent ascension to the NASDQ worldwide Select Market, which Baazov saw as integral to furthering Amaya’s position as ‘a leading global, online customer technology business.’ The company has traded on the Toronto inventory change since 2013 and will continue doing therefore under a dual listing.
‘ We had been hunting for more liquidity and much more visibility,’ Baazov said, of the organization’s new listing. ‘I think it’s great that a Canadian company that began on the Venture [Exchange] graduated to the TSX and it has now attended the NASDAQ as well.’
Brand New Jersey Update
Finally, Baazov offered his applying for grants the entry that is delayed of into the nj-new Jersey market.
Early predictions had suggested the internet poker giant would be given the go-ahead the year, but unseen regulatory issues look like hindering its progress.
‘We’re giving plenty of data showing statistical data, showing accountable gaming data, showing what technologies have been innovated and applied at PokerStars,’ said Baazov. ‘we are sharing it with others to show while you might be protecting consumers as well. that you could have this in a regulated fashion while having that tax efficiency’
On PokerStars’ efforts in lobbying for regulation in other key areas, such as for instance Pennsylvania and California, he said: ‘We don’t have a crystal ball, and in regards to politics we definitely don’t like wanting to make predictions. All we are able to state is that we’re very more comfortable with some of the movement we’ve seen. If any such thing, it’s inching towards more and more (workable) legislation.’
New Bedford Casino Plan Effortlessly Approved by Voters
Brand New Bedford easily approved a proposal to build a casino on the city’s waterfront. (Image: Kostow Greenwood Architects LLP)
New Bedford voters overwhelmingly showed approval for the casino within their city, going the proposal by developer KG Urban into the mix for the casino that is final in Massachusetts.
Nearly three quarters of the voters whom turned out said yes to the plan, which would place a new $650 million casino on the city’s waterfront.
Whenever the final voters had been tallied, 73 percent of voters were in favor of the plan, while 27 percent said they were against having a casino in the city. Turnout was a modest 21 per cent, with more than 11,000 votes cast.
‘Obviously, we are very pleased,’ stated New Bedford Mayor Jon Mitchell. ‘This is validation from the voters that the deal we got is really a good one for the city. We look forward to competing for the license and New that is returning Bedford its status as one for the leading cities in the Northeast.’
New Bedford Has Shown Strong Casino Support
Caused by the vote was somewhat predictable, as New Bedford had twice previously voted in favor of casino gambling in the past two years.
The public meetings held on the problem were largely held without event, and there didn’t seem to be a strong movement that is anti-casino the people seen in several other towns and metropolitan areas across Massachusetts in the last couple of years.
The KG Urban casino, which could be operated by Foxwoods, will have to compete now for the one license set apart for Southeastern Massachusetts.
There was one other proposition that has also gotten approval that is local a similarly-sized resort that could be built in Brockton.
The Massachusetts Gaming Commission could choose to award a permit to either project, or potentially award no license at all.
Nonetheless, some of the commission’s recent actions might show a preference for the brand New Bedford project.
KG Urban initially missed deadlines that are key the casino process, but by speaking with the commission, was able to secure extensions for key applications.
In comparison, the Brockton proposal met all of its deadlines without any help from state officials.
Multiple Bidders Could Benefit State
But that help may were about something more fundamental than helping KG Urban specifically.
Having multiple bidders for the license can lead to the two bidders competing to help make the best proposal, and allow cities and their state gaming commission to reach a deal that is way better for the host communities and Massachusetts than if there had been just a single proposition to select from.
New Bedford’s leg that is biggest up can be the ease with which local voters approved the casino task.
Community support is an element of the requirements looked over by the gaming commission when licenses that are awarding and Brockton only barely approved their casino proposal, with only 50.5 percent of voters supporting the program.
A casino would be placed by the Brockton proposal at the Brockton Fairgrounds. a proposal that is third Somerset has yet to have a vote scheduled despite receiving extensions along with brand New Bedford.
The Tuesday vote was just one part of a week that is busy the nascent Massachusetts casino industry.
On Wednesday, the Plainridge Park Casino in Plainville will start for business; the slots parlor will feature 1,250 machines, including not merely slots but in addition electronic versions of some table games, including blackjack.
NBA Withdraws Opposition to Canadian Sports Betting Reforms
NBA chief Adam Silver is well known to be open to the basic notion of legalizing sports betting. (Image: slate.com).
The NBA has said it’ll no longer oppose a bill that proposes to revolutionize the Canadian recreations landscape that is betting allowing Canadians to bet on single activities games.
The league has become the first to officially reverse its stance on Bill C-290, the Canadian Gaming Association (CGA) said this week.
The Criminal Code in Canada has long prohibited its citizens from betting on single games; instead, they content themselves with putting their money, at longer odds, on parlay bets via the provincial lottery operators.
These, of course, involve wagering regarding the outcomes of several games.
The reasoning is that betting on single games might encourage gambling addiction and match-fixing.
Proponents regarding the bill believe that reforms would channel billions in funds into the hands associated with lottery that is provincial, rather than the huge unlicensed overseas market, which currently caters for Canada’s kinkier betting requirements.
Multi-billion-dollar Gray Market
Currently, single-event sports wagering handle is estimated become over $10 billion per year. Based on UK betting data firm Sportradar, over 220 companies just take bets on nationwide Hockey League games, and around 120 cover Canadian Football League games.
Even the Canadian Soccer League, which can hardly be believed to have a ‘global reach,’ is covered by at least 130 foreign bookmakers.
The NBA initially stated its opposition when the bill ended up being introduced in 2012, claiming that C-290 threatened to ‘injure’ the relationship the league enjoyed having its fans.
Future fans would ‘never be able to savor the game,’ it fretted, because, rather than support a team that is favorite they’d instead be drawn to ‘the competing interest associated with gambling line and the funds that may be created from it.’
The statement becomes even more hyperbolic when you consider that Canada has just one NBA team, which indicates the choice of loyalties for the average Canadian could be rather cut and dried.
Nevertheless, according to the CGA, which is desperately trying to push the bill before Parliament breaks for the summer week that is next the NBA changed its tune.
NBA Statement
‘Consistent using the NBA’s current place regarding legalized activities betting in the usa, the NBA is no further opposed to legalized sports betting in Canada as long as it has an appropriate legislative framework that protects the integrity regarding the game under strict regulatory requirements and technological safeguards,’ said the NBA, as quoted by the CGA in a hearing of the Senate of Canada’s Legal and Constitutional Affairs Committee this week.
The statement echoes the present change in place of NBA head Adam Silver, who, in an op-ed for the New York Times toward the end of last year, suggested the laws on sports betting within the United States must certanly be changed.
‘Congress should follow a federal framework that enables states to authorize wagering on professional sports, subject to strict regulatory needs and technical safeguards,’ he said.
All other major united states sports leagues, however, remain intransigent on the subject, and meanwhile, C-290, which has been languishing in the Senate for the best component of three years, remains a long shot. Currently, though, long shots are all that Canadians are permitted to bet on.