Esports Entertainment Group (EEG) is closing down its esports-focused sportsbook Vie.gg in the UK, Spain and New Jersey, according to an email sent to its customers across these jurisdictions.

Informing Vie.gg Customers

EEG informed customers that its websites in the UK, Spain and New Jersey in the US would remain active only until the end of the month and effective November 1, 2022, would be shut down.

“We have made the difficult decision to close Vie.gg,” EEG wrote in the email, informing its customers that they would have until November 1 to log in and close their accounts.

The Vie.gg esports-focused betting operation has been active in the past two years in the UK and Spain and it was only in April 2022 that EEG launched it in New Jersey, in partnership with Bally’s Atlantic City Hotel and Casino, having acquired a temporary license from the Division of Gaming Enforcement earlier in the year.

EEG further stated in the email that any accounts that remain open at that date would undergo an automatic closure and funds remaining on players’ balances would be returned by check to the address registered on the account.

Too Costly to Continue Operating

The answer to why EEG is closing down its esports-focused sportsbook operation can be found in the words of EEG’s chief executive officer Grant Johnson, who said in an interview with NJ Gambling Sites earlier this week that the company cannot bear seven-figure costs a year for operating an esportsbook in New Jersey., with the situation in Spain and the UK not much different.

He then added that the company’s plans of raising capital were thwarted by the radical market turn and that by the time EEG received approval “the world has changed,” hence the need for restructuring to “last through to more stable markets.”

“At this time, NJ, Spain, and the UK are all jurisdictions that we don’t have the required capital to stay active in,” Johnson continued, explaining why EEG is reducing its “burn and putting some cash back in the bank,” adamant that stressful times require difficult decisions.

In May, EEG posted its third-quarter earnings report and revealed that the business would be facing significant liquidity issues going forward despite the revenue growth. The Hoboken-based full-stack esports and gambling operator also revised its previously issued full-year revenue guidance.

Addressing the near-term challenges for the business, Johnson said that the lack of liquidity has already impacted the company by not allowing it to fully monetize its Helix, ggCircuit, and EGL esports assets and resulted in a multi-million impairment charge.

A series of disappointing quarterly results saw investors dump stock of two of the largest tech companies, Meta and Google, while gambling tech stocks show little signs of recovery.

A sluggish third-quarter report from Meta was the final straw that broke the camel’s back as investors, concerned about the global economic outlook, began divesting stock of the largest tech companies.

Following the company’s downbeat quarterly report on Wednesday, a sell-off of Meta stock began and continued on the next day as the share price briefly fell below $100, its lowest level since 2016, to register a decrease of 25% since its Wednesday high.

Meta is like being between a hammer and a hard place, put under pressure by its competitor TikTok on one side and deprived of advertising revenue as part of the global slowdown in advertising spend due to recession fears, on the other.

The social media giant registered 4% less in sales during the quarter and 52% lower profit year-over-year. On top of that, Meta warned investors that more of the same is coming.

Meta was also impacted by the change in the App Tracking Transparency policy of Apple’s App Store implemented last year as Apple’s requirement for developers to let users opt-in or opt-out of in-app tracking is messing with Meta’s primary advertising model and can result in a $10 billion ad revenue loss this year.

Apple’s idea to force developers to spend more on advertising their products  brought side effects such as gambling apps to advertise beneath problem gambling apps and apps for children’s education.

Google Also Feeling the TikTok Pinch

Meta’s results were the latest in a series of disappointing earnings reports this week as the biggest tech companies are battling with an industry-wide slowdown.

Google’s parent, Alphabet, reported a 6% increase in revenue on Tuesday but failed to meet market expectations and the company’s share price lost more than 5% in after-hours trading.

Similar to Meta, Google is also under competitive pressure from TikTok amid a global economic downturn, and its advertising revenue, albeit 2.6% up on the previous year’s respective period, fell short of analysts’ expectations.

Gambling Stocks Down in 2022

Gambling tech B2B supplier Evolution AB also published its third-quarter report this week, posting a 37.1% increase in revenue and a 37.5% increase in operating profit year-over-year. Evolution’s share price was down nearly 40% in 2022 alone but has since recovered half of the losses.

Entain, another of the large-cap gambling stocks, had a similar downward trajectory in 2022 having lost to date over 25% of its share value, while since January, 888 Holdings is down nearly 70%.

Parx Casino in Pennsylvania is facing a new lawsuit by a personal injury firm filed on behalf of a visitor that was assaulted. Philadelphia personal injury firm Wapner Newman revealed Friday it filed a lawsuit against the operator on behalf of a visitor that was assaulted and robbed earlier this month. The firm explained that the incident dates to the early hours of October 1, 2022.

The Incident Dates Back to October 1

During the incident, the plaintiff, a 71-year-old man who was a guest of Parx Casino, was brutally assaulted and robbed. The lawsuit claims that Parx Casino’s security failed to prevent the incident. Moreover, the claim alleges that the venue’s security did not intervene during the assault and also failed to respond to the attack in a timely manner.

“Our client trusted that Parx would provide him with a safe place to gamble, and to come and go in a safe manner. Parx utterly failed to meet this reasonable expectation.“

Julianna Burdo, member of Wapner Newman’s catastrophic injury group

According to Julianna Burdo, who is a part of Wapner Newman’s catastrophic injury group, the plaintiff trusted Parx Casino to provide a safe place for him to gamble. At the same time, the visitor expected to be safe while coming in and going out of the venue.

“Security personnel at Parx were not patrolling this parking lot and camera surveillance was not being properly monitored, or it was simply ignored,“

added Burdo

Ultimately, Burdo claimed that Parx Casino failed to ensure the safety of their visitor. She also alleged that the venue’s security employees were not guarding the specific parking lot where the customer was attacked. Last but not least, Burdo claimed Parx Casino’s security did not conduct proper surveillance.

The Venue Must Safeguard the Well-Being of Its Visitors

Robert Miller, Wapner Newman’s managing partner, added that the gambling venue has an obligation to keep its visitors safe. He explained that this obligation includes preventing criminal activities, protecting the visitors from such incidents and responding in a timely manner to such events. Miller reassured that the company will seek justice for its client. Finally, he said that visitors to the venue deserve better protection from Parx Casino.

“Parx is obligated to keep its patrons safe. The way to ensure safety and protect its patrons is to prevent criminal activity or detect and respond to incidents in a rapid manner.“

Robert Miller, managing partner at Wapner Newman

Robberies at casino properties aren’t uncommon considering that some perpetrators may target specifically patrons that have won large sums. This is a prime reason why gambling venues implement strict security protocols and solutions such as monitoring, facial recognition and more.

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Ex-poker superstar Annie Duke, formerly known as “The Duchess of Poker,” believes that sometimes being a quitter is not as bad as people claim. In an interview with Reuters, Duke opposed the idea of “never giving up,” saying that sometimes it is best to cut your losses.

The Duchess Says Quitting Is Not Always Bad

Duke said that many people tend to stigmatize quitting as a bad thing when in reality, it is often the better choice. She said that the “quiet quitting” approach where employees slowly disengage from their work is a bad trend and advised people to learn when to walk away.

To better communicate this idea, Duke published a new book called “Quit: The Power of Knowing When To Walk Away.” In her new work, the former poker pro argues that quitting is a critical skill people should learn.

While Duke agrees that quitting recklessly is a bad thing, she believes people can intelligently quit their jobs, hobbies, bad habits or social circles when they’ve stopped bringing in value. For example, leaving a toxic relationship or a dead-end job is not a bad thing, Duke says, adding that giving up one thing will often make way for another.

Duke’s Advice to Her Fans and Readers

Duke’s book is based on several principles. First of all, she advises people to not postpone quitting indefinitely. She said that people who frequently find themselves thinking about quitting should have probably already done so. The former poker star added that people who stick to a bad job for a few more years ought to instead quit and use that time to build a better career.

Another crucial skill, Duke said, is knowing when to fold. She took a stance against the infamous sunk cost bias that is affecting people’s decisions. Like in gambling, people should know how to identify a losing game and cut their losses.

To help them with decision-making, Duke advises her readers to establish what she calls “kill criteria.” What she proposes, basically, is setting limits and markers prior to beginning a new activity. This way, knowing when to fold would be much easier.

Lastly, The Duchess of Poker advised people to get a “quitting coach” – someone who might not share the same biases as her readers and would help them make important decisions. She said that quitting coaches should be people who really care like family members or close friends.

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The Commodity Futures Trading Commission (CFTC), which is the primary derivatives regulator in the US, is expected to decide on a very important matter by the end of this week: should traders be allowed to place market bets on the upcoming elections in the country? Opposing voices have issued warnings regarding the risks associated with a favorable decision, should one be taken. 

The Kalshi Decision

The commission has until Friday to decide whether to grant retail-focused futures market Kalshi the right to offer contracts for Democrats VS Republicans wagers. The wagers would, of course, focus on who will come out with flying colors out of the midterm battle. If Kalshi is given the green light, the historical decision would prepare the ground for important establishments ready to buy and sell on the results of the US election result.

Healthy Markets Association’s president Tyler Gellasch is one of the voices that oppose the idea. He argued that while financial products and gambling situations can be easily generated by “most events in the world,” the question of whether it is also a good idea to do it still remains. He also raised concerns over the idea of “market integrity and market manipulation.”

On the other hand, Kalshi’s co-founder and ex-quant dealer Tarek Mansour spoke about the company’s proposal as an effort to offer retail traders the same types of instruments that are normally used by institutional traders to obtain hedged publicity for the outcomes of elections. He further added that the risk from an election “is not just borne by big institutions, it is borne by everyone.”

A Long-Term Ban on US Elections

The US has banned betting on US elections for a long time. In 2012, the CFTC said NO to a similar proposal made by Nadex, a small derivates market, which was asking for futures for political events. The commission used the argument that the respective proposal was going against the curiosity of the general public.

Moreover, binary choices continue to be controversial topics for a number of global regulators. For example, they are outlawed in the UK, where they are considered “gambling products dressed up as financial instruments.” A similar argument was used by Dennis Kelleher, the president of Better Markets, a client monetary reform group in the US. In a letter addressing the CGTC, Kelleher spoke about Kalshi’s proposed contract as something that would add to the “deeply troubling trend toward the ‘gamification’ and ‘realization’ of finance.”

On the other hand, Kalshi’s co-founder Mansour argued that the buying and selling of futures should not be equated with a form of gambling. He spoke about the artificial risk in roulette and sports betting and explained that, in the futures market, that type of risk already exists in a natural way, suggesting that buying and selling futures would resemble insurance more than a type of gambling.

Cincinnati Bengals vs Cleveland Browns a.k.a. the Battle of Ohio is one of the fiercest rivalries in the NFL. Both teams play in the AFC North, meaning that this fixture has a direct impact on their chances of making the playoffs. The same is the case in the 2022 NFL – whoever wins on Halloween will make one giant leap toward the postseason.

For the Bengals, winning on Monday Night Football would mean equaling the record of the Baltimore Ravens, who are currently topping the divisional table. For the Browns, a win in the MNF game of Week 8 would mean ending the 4-game losing streak and staying in the contest for the playoffs.

That said, both teams have plenty of reasons to give their utmost on October 31, which is why we expect to see a real spectacle at FirstEnergy Stadium.

Cincinnati Bengals vs Cleveland Browns Week 8 Odds

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Amid the ongoing review of the Gambling Act in the UK, another lead part of the Department of Culture, Media and Sport (DCMS) announced his resignation. Earlier this week, Damian Collins, announced his decision to step down from his role with the DCMS.

Damian Collins Steps Down from DCMS

In a statement released via Twitter, Collins revealed that it was exciting to collaborate with the expert team within the DCMS. Together with the DCMS, he helped push forward strategic measures such as the Online Safety Bill. However, Collins revealed that he decided to step down from his current position and added that he will further support the efforts of the DCMS in parliament from the backbenches.

“It has been a real pleasure to work with the team DCMS to take forward the Online Safety Bill and other measures to strengthen our digital economy. I will now continue to support these efforts in parliament from the backbenches.“

Damian Collins

Fourth Minister to Resign the Position

Collins has been a Member of Parliament (MP) for Folkestone and Hythe since 2010. Between 2016 and 2019, he was a chair of the House of Commons Digital, Culture, Media and Sport Select Committee, while in 2021, he chaired the UK Parliament Joint Committee for the draft of the Online Safety Bill, a proposal that seeks to improve the internet security and safety.

It was back in July when Collins took the leading role with the DCMS as Minister for Tech and Digital. This happened after Chris Philp resigned in protest of PM Boris Johnson’s leadership. But they are not the only two ministers to resign from the position. Nigel Huddleston and John Wittingdale were also in that role but decided to step down.

Collins’ decision to resign follows the appointment of Michelle Donelan as the secretary of state for the DCMS. Britain’s former PM, Liz Truss, announced Donelan’s appointment last month. Now, under the new prime minister Rishi Sunak, Donelan will continue to serve in her position with the DCMS.

Isleta Resort and Casino, a gambling and hospitality venue in Albuquerque, New Mexico, has enriched its offerings with a new hybrid digital roulette table, courtesy of Interblock.

Isleta Launched a New Table from Interblock

Interblock is one of the world’s best providers of luxury electronic tables. As such, the company has supplied Isleta Resort and Casino with one of its finest products – a hybrid digital roulette table. The new table boasts two live interconnected color-coded roulette wheels. According to the operator, Isleta is now the first venue in the world to run a live dual roulette table.

The dual element will allow the new table to be twice as profitable as a classic game of roulette. The new product showcases Interblock’s knack for innovation, as well as its understanding of how to create products that are both novel and exciting without reinventing the wheel.

The dual roulette is a fairly simple yet effective concept that will provide Isleta visitors with unorthodox experiences. While some people are concerned about the safer gambling aspect of the new game, experts suggested that enforcing lower minimum bets will prevent irresponsible play.

The New Offering Quickly Became a Fan Favorite

Calvin Jiron, Isleta’s director of table games, welcomed the new addition to the casino’s roster. He called the dual-roulette idea “an amazingly fun way” to enjoy the classic table game.

With over 120 spins per hour, our players love the fast-paced play as much as the excitement of playing on two wheels at the same time. As the first of its kind, it’s going to attract table game players from all over the state.

Calvin Jiron, director of table games, Isleta Resort and Casino

Jiron lauded Interblock’s capabilities, saying that the double roulette is so exciting that even people who usually prefer slot games are now regulars at the new table. The director concluded that the new concept makes it easy to play and earn money from double bets.

Interblock Continues Its Expansion

Interblock is steadily expanding its presence in the gaming industry by launching new products with some of the best global and regional operators. The company recently reinforced its footprint in Romania by launching its Universal Cabinet Blackjack casino tables at the Elite Slots Casino in Pitesti.

Interblock is able to innovate the casino sector thanks to its experienced team of gambling industry veterans. In August, for example, the luxury solution developer welcomed Marco Herrera to the company, naming him president of the EMEA region. Herrera has a proven track record of boosting businesses and is one of the many steps Interblock has taken to expand its presence in the region.