Baazov Addresses AMF Probe and New Jersey Matter at Amaya AGM

David Baazov, reelected as Chairman of Amaya Inc. On the AMF investigation: ‘It’s not something to be taken lightly, but it is maybe not Hollywood either.’

The scrutiny that is ongoing Amaya Inc by the Quebec financial regulator is not really a cause for concern, reiterated its CEO and Chairman, David Baazov, at the company’s first annual general meeting in Montreal this week.

‘It’s not something become taken lightly, but it’s perhaps not Hollywood either,’ Baazov told the shareholders that are assembled. ‘There was no effect on the day-to-day operations of Amaya. It’s not taking far from the real-estate that is mental of professional team, the staff, the company, etc.’

The shareholders displayed their faith in these terms by promptly reelecting Baazov as company chairman with a majority of 96 percent, although some might have wondered what the deuce he meant by ‘mental real-estate.’

AMF Raid

Amaya’s Montreal workplaces had been raided by police and provincial economic market regulators AMF in early December as an element of an investigation into alleged securities fraud.

Amaya’s share costs skyrocketed in the lead up towards the organization’s acquisition of PokerStars summer that is last plus some form of insider trading was suspected.

There have 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 have the information carefully, look at the timeline, anyone who is sophisticated and rational can come up to a pretty conclusion that is rational the events that took place to get us where we have been,’ said Baazov.

The investigation did not hinder Amaya’s recent ascension towards the NASDQ Global Select Market, which Baazov saw as integral to furthering Amaya’s position as ‘a leading global, online customer technology company.’ The organization has traded on the Toronto inventory change since 2013 and will continue doing so under a dual listing.

‘ We had been looking for more liquidity and much more visibility,’ Baazov said, of the company’s new listing. ‘I think it’s great that the company that is canadian began on the Venture [Exchange] graduated to the TSX and it has now visited the NASDAQ as well.’

New Jersey Update

Finally, Baazov offered his ideas on the delayed entry of PokerStars into the New Jersey market.

Early predictions had suggested the online poker giant would be given the go-ahead the year, but unseen regulatory issues look like hindering its progress.

‘We’re giving a lot of data showing statistical information, showing accountable gaming data, showing exactly what technologies have been innovated and applied at PokerStars,’ stated Baazov. ‘We’re sharing it with others to exhibit that you can have this in a regulated fashion and have that tax efficiency while you’re protecting customers as well.’

On PokerStars’ efforts in lobbying for legislation in other key areas, such as for example Pennsylvania and California, he said: ‘We don’t have a crystal ball, and with regards to politics we do not like attempting to make predictions. All we can state is that we’re very more comfortable with a few of the movement we’ve seen. If any such thing, it is inching towards more and more (workable) regulation.’

New Bedford Casino Plan Easily 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 a casino inside their city, moving the proposal by developer KG Urban into the mix for the casino that is final in Massachusetts.

Nearly three quarters of the voters who ended up stated yes to the plan, which would place a new $650 million casino in 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 had been against having a casino in the city. Turnout was a modest 21 percent, with an increase of than 11,000 votes cast.

‘Obviously, our company is really pleased,’ said New Bedford Mayor Jon Mitchell. ‘This is validation from the voters that the deal we got is a good one for the city. We look ahead to competing for the permit and returning brand new Bedford to its status as one associated with the leading cities within the Northeast.’

New Bedford Has Shown Strong Casino Help

Caused by the vote ended up being somewhat predictable, as New Bedford had twice formerly voted in favor of casino gambling in the previous two decades.

The public meetings held in the problem were mainly held without event, and there did not appear to be a strong anti-casino movement like the ones seen in lots of other towns and cities across Massachusetts over the past few years.

The KG Urban casino, which will be operated by Foxwoods, will have to compete now for usually the one permit set apart for Southeastern Massachusetts.

There clearly was one other proposition that has also gotten regional approval: a similarly-sized resort that could be built in Brockton.

The Massachusetts Gaming Commission could elect to award a permit to either project, or potentially award no license at all.

However, some of the payment’s recent actions might show a preference for the New Bedford project.

KG Urban initially missed key deadlines for the casino process, but by conversing with the payment, surely could secure extensions for key applications.

On the other hand, the Brockton proposal met all of its due dates without any assistance from state officials.

Multiple Bidders Could Benefit State

But that help may are about something more fundamental than helping KG Urban specifically.

Having multiple bidders for the license may lead to the two bidders competing to help make the proposal that is best, and enable cities and hawaii gaming commission to attain a deal that is much better for the host communities and Massachusetts than if there was just an individual proposition to choose from.

New Bedford’s leg that is biggest up could be the ease with which local voters approved the casino task.

Community support is area of the requirements looked at by the gaming commission when licenses that are awarding and Brockton only barely approved their casino proposition, with just 50.5 percent of voters supporting the master plan.

A casino would be placed by the Brockton proposal at the Brockton Fairgrounds. a third proposal in Somerset has yet to truly have a vote scheduled despite receiving extensions along with brand New Bedford.

The Tuesday vote had been just one part of the busy week for the nascent Massachusetts casino industry.

On Wednesday, the Plainridge Park Casino in Plainville will open for business; the slots parlor will feature 1,250 machines, including not just slots but also electronic versions of some table games, including blackjack.

NBA Withdraws Opposition to Canadian Sports Betting Reforms

NBA chief Adam Silver is famous to be open to the basic idea of legalizing sports betting. (Image:

The NBA has said it’ll no longer oppose a bill that proposes to revolutionize the Canadian recreations betting landscape by enabling 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 forbidden its citizens from betting on solitary 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 in the outcomes of several games.

The thinking is that betting on single games might encourage addiction that is gambling match-fixing.

Proponents associated with the bill believe that reforms would channel billions in funds into the hands of this provincial lottery corporations, rather than the huge unlicensed offshore market, which currently caters for Canada’s kinkier betting requirements.

Multi-billion-dollar Gray Market

Currently, single-event sports betting handle is projected to be over $10 billion per year. Based on UK betting data firm Sportradar, over 220 companies simply take bets on nationwide Hockey League games, and around 120 cover Canadian Football League games.

Even the Canadian Soccer League, which can barely be said to have a ‘global reach,’ is covered by at the least 130 foreign bookmakers.

The NBA initially stated its opposition when the bill was introduced in 2012, claiming that C-290 threatened to ‘injure’ the relationship the league enjoyed using its fans.

Future fans would ‘never have the ability to enjoy the game,’ it fretted, because, rather than support a team that is favorite they would instead be drawn to ‘the competing interest associated with betting line and the funds that may be created from it.’

The statement becomes all the more hyperbolic when you consider that Canada has just one NBA team, which suggests the decision of loyalties for the average Canadian could be rather cut and dried.

However, based on the CGA, which is desperately trying to push the bill before Parliament breaks for the summer time next week, the NBA changed its tune.

NBA Statement

‘Consistent with all the NBA’s current place regarding legalized recreations betting in the usa, the NBA is not in opposition to legalized sports betting in Canada so long as it has an appropriate legislative framework that protects the integrity of this 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 shift that is recent place of NBA head Adam Silver, who, in an op-ed for the ny Times toward the end of this past year, suggested the laws on sports betting within the United States should be changed.

‘Congress should adopt a federal framework that enables states to authorize betting on professional sports, subject to strict regulatory needs and technological safeguards,’ he said.

All other major North American activities leagues, however, remain intransigent on the subject, and meanwhile, C-290, which includes been languishing in the Senate for the part that is best of three years, remains a long shot. Currently, though, long shots are all that Canadians are allowed to bet on.