#11 Weekly Digest – Latest News in US Gambling World
The gambling market in the world is massive and is a definite contributor to the world economy. According to reports by market analysts, the global gambling market is projected to be worth almost $648 billion by 2027, growing at a compounded annual growth rate of 5.6%. In the US alone, the gambling market is worth $120 billion, with online gambling holding a major share of the market as well. If you have an interest in the gambling market of the US and the world, then it is a good idea to keep yourself updated on all the recent events.
Here is an in-depth and compact news digest that will familiarize you with all of the recent developments that have taken place in the world of gambling and real money betting. All of the noteworthy gambling news of the past few weeks have been noted down for you to peruse.
New Jersey DGE to Fine Casinos Who Delay Player Withdrawals
On January 13 2020, the Division of Gaming Enforcement (DGE) of the New Jersey state government issued an advisory bulletin, responding to thousands of complaints made by players in the state. Many of the online gamblers in the state have registered complaints with the DGE that the cashout process takes very long, often two weeks to a month. Sometimes, they are even encouraged by the casino to cancel their withdrawal.
Some of the complainants even reported to the DGE that the casino representative that they were offered bonus money, free spins, extra incentives, etc. so that they would cancel their withdrawal transaction. David Rebuck, the current Director of the New Jersey DGE, has therefore issued an advisory bulletin to all of the online operators currently active in the state. In particular, the massive “volume of complaints” has shaken the DGE.
Rebuck also said in the bulletin that this advisory bulletin was aimed to ensure that players are protected and that the gaming industry operates in a responsible manner. Rebuck also said that asking players to cancel their withdrawal attempts and wager their winnings again is “unacceptable”. He added that asking patrons to rescind their withdrawal, either covertly or overtly, is completely prohibited under the framework set up by the NJ DGE.
Complaints have also been registered by Stop Predatory Gambling (SPG), an NGO devoted to player protection. In the conclusion of this bulletin, it was also stated that any unacceptable delay of withdrawal requests will be investigated by the NJDGE. If the actions of the operator are inconsistent with the rules set up by the Division of Gaming Enforcement, then the operators will be subjected to civil penalties and heavy fines.
Online Poker and Gambling Set to be Legalized in Indiana
Online gambling is set to be legalized in the state of Indiana, with a bill brought back on the House floor by State Senator Jon Ford. This bill was first introduced in the State Senate in October of 2020, but at that time, online poker was not included. However, a revised bill that has been named SB-417 with online poker in tow has been reintroduced in the Indiana State Senate.
Initially, State Senator Ford did not include online poker and its variants because he thought it would hurt the chances of the bill passing through. However, after thorough discussions with industry experts and fellow lawmakers, he has reintroduced the bill in the State Senate with the online poker clause fully intact. According to Ford, “They didn’t think it would be as big an issue as I thought it would be”.
SB-417 would permit all of the 14 legal casinos in the state of Indiana to operate their own online gambling platforms, where it would be legal for 21+ Indiana citizens to bet from time to time. Apart from their land-based casinos, these Indiana casinos would also be able to operate their own racebooks, sportsbooks, etc. Ford is hopeful that his bill will get a Senate Public Policy Committee hearing soon.
However, the casinos would only be able to set up an online platform after obtaining an online gaming license from the state of Indiana. The bill specifies that they will have to pay the state a fee of $100,000 for the license. They will also have to pay the state $25,000 annually so that their license can be renewed. This will bring in $65-80 million in tax revenue.
WSOP Announced 2021 Online Circuit In Lieu of Physical Events
As the COVID-19 pandemic has made large scale public gatherings very dangerous, the World Series of Poker (WSOP) is going to conduct an expanded online circuit in 2021. Just last week, the WSOP website published the WSOP Online Circuit Series Schedule. The first WSOP online event is going to be called the Winter Online Super Circuit. It started on January 14 2021 and will continue till the end of January.
Every event in the 2021 WSOP Circuit is going to feature at least 12 official ring poker events. This is great news for fans of poker, who will be able to enjoy the experience online instead of in Las Vegas. Out of all the circuit events, four special ones have also been dubbed “Super Circuits” and they are going to have more than 18 ring events each and special prizes.
The WSOP 2021 Online Super Circuit is going to end with the WSOP Online Circuit Championship, where $250,000 are up for grabs. This is going to be the 2021 COVID-19 analog of the Global Casino Championship that is held every year. This will be an invitation-only tournament that will only be open to players who have won ring events in the 2021 season or have been in the Top-50.
According to WSOP Executive Director Ty Stewart, “Players deserve great tournaments and great value year-round”, which is why he and other WSOP executives came up with the idea of a 2021 Online Circuit. Poker fans can now enjoy the proceedings from the comfort and safety of their own homes. The winner of the year end championship is going to be awarded the coveted WSOP Gold Bracelet, a symbol of champions.