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Saturday, September 22, 2018

Erkut Yilmaz Joins WPT Champions Club with Borgata Poker Open Victory

5:52 AM 0
Casino News Daily
Erkut Yilmaz Joins WPT Champions Club with Borgata Poker Open Victory

The WPT champions club has a brand-new member and his name is Erkut Yilmaz, a player from Sacramento, California. Yilmaz topped the field of this year’s WPT Borgata Poker Open $3,500 Main Event for a first-place cash prize of $575,112 after putting up a great show in the final stages of the tournament.

The final day of the Main Event was played on Friday at the host venue, Atlantic City’s Borgata Casino. Six survivors returned to play down to a champion. It was namely Yilmaz who led the pack of six with a massive chip advantage over everyone else left. The player had a total of 21.575 million in chips at the start of final day action, good for 144 big blinds and well ahead of his nearest competitor. Oleg Schnaider was that nearest competitor with 7.75 million/52 big blinds.

A long playdown period on the previous day, when players had to whittle down the field to the final six, provided for quick action on the final day. Players began falling out in the very early stages of that last day of the race. The first elimination occurred on the 11th hand of play and it did not take long before the heads-up phase was reached. It is important to note that Yilmaz was the player to dominate action throughout the whole final table.

Heads-Up Recap

While action during the initial stages of final-day play unfolded quickly, the same cannot really be said about the heads-up duel. Yilmaz played against poker pro TK Miles for the title. The match kicked off with the eventual champ holding the chip lead. However, at one point, Miles managed to outmaneuver his opponent and assume the chip leader status for a short while.

Yilmas quickly regained control over the majority of chips in play and from that stage on, the player never looked back. He weakened his opponent’s stack and defense, until Miles did not have much to fight with.

On what turned out to be the final hand in play, Miles limped from the button and Yilmaz checked. The [5h][4s][3s] flop arrived to see Yilmaz check and Miles bet 800,000. Yilmaz raised with an all in. Miles called for his last 15.8 million.

Miles turned over [Kd][5s] to Yilmaz’s [6d][3d]. The [6h] on the turn and the [4h] on the river sealed it for this year’s Borgata Poker Open Main Event. Miles went out as the runner-up. The player received $383,399 for his efforts and for running so deep into one of the most popular tournaments to be taking place annually.

As mentioned above, Yilmaz collected the lion’s share of the prize pool, good for $575,112. His prize also included a $15,000 seat into the season-ending WPT Tournament of Champions.

This year’s edition of the Borgata Poker Open drew a field of 1,075 entries, who generated a prize pool of $3,441,075. The top 136 finishers received a share of the money, with min-cashes starting from $3,049.

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The post Erkut Yilmaz Joins WPT Champions Club with Borgata Poker Open Victory appeared first on Casino News Daily.

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Golden Entertainment division expands with local acquisition

12:12 AM 0
World Casino News
Golden Entertainment division expands with local acquisition

PT’s Entertainment Group, a division of Golden Entertainment Inc. (NASDAQ:GDEN), has acquired all three of the T-Bird Lounge & Restaurants’ Las Vegas locations. According to the Las Vegas Sun, after completing the acquisition the local pub giant will assume operations of the trio of valley locations including 9465 S. Eastern Ave, 6560 W. Warm Springs Road […]
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Friday, September 21, 2018

FanDuel Sportsbook's glitch resolved

6:09 PM 0
Casino City Times
FanDuel Sportsbook's glitch resolved
After an error, FanDuel refused to pay $82,610 to Anthony Prince, who placed the $110 bet on the Denver Broncos. But after three days of deliberation, the sportsbook paid Prince in full.
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FanDuel Back-Pedals, Agrees to Pay Bettor $82K

11:39 AM 0
Casino News Daily
FanDuel Back-Pedals, Agrees to Pay Bettor $82K

After creating controversy with its decision not to honor a fan’s bet after a glitch in the live odds-making system, FanDuel back-pedaled to avoid the negative publicity. The Newark resident will now receive $82,610 in winnings that should have been paid out according to the 750-1 odds displayed on his ticket.

On Sunday, FanDuel’s Sportsbook at the Meadowlands Racetrack in New Jersey sold a ticket to Anthony Prince, who wagered on the Denver Broncos vs. Oakland Raiders that was being played at the time. The bet he placed on the game was in-play, a term that refers to live bets, so the odds were changing as the game progressed. But an error occurred in the live feed at that specific moment when Prince purchased his betting ticket and as a result, the odds were displayed incorrectly.

Instead of buying into correct odds of -600 on Broncos to win, he received +750,000, or odds of 750-1. This was, of course, a ridiculous betting line caused by a glitch in the odds-making system that lasted 18 seconds, according to FanDuel. Whether knowingly or not, Prince exploited that error. Wagering $110 on the Broncos with the ticket, he should have won $82,610. The sportsbook, however, said that the ticket was actually worth only $18.35 and declined to pay out any additional winnings.

The dispute was almost immediately reported by a local TV channel and a wider coverage followed this week in some of the largest sports media networks. While backed up by the gambling regulations in New Jersey and the company’s own policies, FanDuel’s decision caused huge controversy. On Tuesday, the daily fantasy sports provider and bookmaker issued an official statement, explaining why it would not pay out the erroneous bet. Winning bets were honored at the accurate market price, the company added.

Change of Heart or a PR Stunt?

This past week was marked by a negative publicity for FanDuel caused by the rejection of the $80,000 bet. As per current provisions in the state’s gambling legislation, the bookmaker has the right to void winnings generated from a technical error such as in Anthony Prince’s case. While the decision to stiff that bet may have been, indeed, correct and fair, it was certainly not in the best interest of the company.

Many journalists and sports analysts criticized FanDuel for their stance, saying that it was the bookmaker’s fault for allowing such glitches to happen. Bettors, on the other hand, were not to blame for exploiting flaws in the betting systems. Similar opinions were shared by many sports fans on social media, as well. The bookmaker has probably had a change of heart regarding the dispute as it came out with another statement Thursday evening.

In it, FanDuel explains that it is not legally bound to pay out these erroneous bets. It will honor them either way, however, as it is dedicated to providing its customers with a gambling experience that is, most of all, fun. This one is on the house, FanDuel assures bettors.

With this surprising twist, the sportsbook is apparently recognizing the risk of creating a negative image for itself in the media for a handful of bets, even if they are worth tens of thousands of dollars. Some commentators have described the company’s newly changed position as a PR stunt, and rightfully so. Such criticism could damage not only its public image but also its future business opportunities.

The post FanDuel Back-Pedals, Agrees to Pay Bettor $82K appeared first on Casino News Daily.

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Cherry AB brings Blitzino.com to Germany

6:00 AM 0
World Casino News
Cherry AB brings Blitzino.com to Germany

After launching the Snabbare.com and Hajper.com domains for players in its home nation earlier in the year, Swedish iGaming firm Cherry AB has now announced the premier of the new Germany-facing online casino at Blitzino.com. To be operated by ComeOn! concern: Stockholm-listed Cherry AB used an official Wednesday press release (pdf) to reveal that Blitzino.com […]
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SuperBook to be rolled out across the United States

12:18 AM 0
World Casino News
SuperBook to be rolled out across the United States

American casino owner, Westgate Resorts, has announced that it is set to expand the influence of the SuperBook sportsbetting facility located inside its giant Westgate Las Vegas Resort and Casino by offering the sportsbook’s services as a ‘white-label’ solution. Partnering with Paragon Gaming Corporation: The Orlando-headquartered company used an official Wednesday press release to reveal that […]
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Thursday, September 20, 2018

New hotel-casino could come to Illinois

US State and Local Governments Rake in $40.8 Billion in Gambling Taxes

12:30 PM 0
Casino News Daily
US State and Local Governments Rake in $40.8 Billion in Gambling Taxes

US governments on all levels, federal, state and local, received $40.8 billion in tax revenues from the rapidly growing gambling industry in 2017. The sector contributed $261 billion to the United States economy and employed more than 1.8 million people, a new study by Oxford Economics reveals.

The research, published this week by the American Gaming Association, uncovers the key role of the gambling industry in the nation’s economy. The latest data shows the striking impact of casinos on other sectors such as hospitality, finance, insurance, and real estate. The gambling business has also become a large employer, while tax revenue from it alone provides funds, which would allow for the hiring of 692,000 new teachers, says Sara Slane, senior vice president of public affairs for the American Gaming Association, in an official statement.

According to the American Gaming Association (AGA), casino gaming has expanded to multiple new markets in the past few years, supporting the development and funding of various community projects in education, healthcare, etc. In 2017, the total economic impact of the gaming industry was $261.4 billion. This figure refers to the business sales or the output, which includes much more than just casino revenues.

Instead, researchers at Oxford Economics took various aspects of the gambling industry into account. Native American casinos, for example, generated $33.7 billion in total revenue, while commercial casinos earned $55.7 billion, for a total casino revenue of $89.4 billion. Nearly $73 billion of it represents the gross gaming revenue, while the rest of the money was generated by lodging, food and beverage, and entertainment.

Another figure included in the 2017 statistics is the gaming manufacturers’ revenue, which totaled $6.3 billion. In addition, ancillary spending added another $13.3 billion – these are the purchases of casino patrons that are made outside the gambling facilities but are completely dependent on casinos. Overall, the total direct spending generated by the gambling industry last year was $109 billion. The commercial casino industry brought $40.8 billion in total tax revenues, $10.7 billion of which came directly from gambling.

However, the economic impact of the gambling sales far extends this figure and shows the sector’s actual potential for supporting employment and boosting revenues in many other industries.

Huge Economic Impact

As mentioned above, local, state and federal governments received $40.8 billion in tax revenues from the casino and gambling industry last year. As city and state coffers were boosted by billions of dollars, a wide range of projects and services were funded such as hospitals, schools, public safety, infrastructure projects, educational programs, etc. Interestingly, the total tax impact per household was estimated – it was $343 per US household. In other words, every household in the country received a share of the taxes collected from the gaming sector in 2017.

One of the most important roles of the gambling industry is its influence on employment in the United States, according to researchers. The Oxford Economics study shows that commercial casinos employed 361,000 people, while tribal casinos employed another 198,000 individuals in 2017. The income generated from this labor was $26.5 billion, estimates reveal. An additional 17,100 employees worked for gaming manufacturers, earning $1.1 billion.

Patrons’ ancillary spending, as explained above, directly generated 151,000 jobs in other sectors, with $5.7 billion in labor income. The gambling business supported a total of 727,000 direct jobs that accounted for $33.3 billion of wages, salaries, and tips, the report reveals. That is not all, however, and researchers explain that the business activity of the gaming industry has, in fact, caused a chain effect that ultimately generated indirect labor income of $18.3 billion.

Last, but not least, casino workers, as well as employees in businesses directly or indirectly influenced by the gaming industry spend on services and goods from completely different sectors. As a result, the induced labor income last year totaled $22.3 billion. Overall, the gambling industry supported 1.8 billion jobs that generated $74.0 billion in salaries, benefits, and tips.

The post US State and Local Governments Rake in $40.8 Billion in Gambling Taxes appeared first on Casino News Daily.

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