There was a one in 292m chance of it happening and it turns out … I didn’t beat the odds. I regret to inform you that I have not won the $1.9bn (£1.7bn) Powerball jackpot, the largest lottery prize in US history, despite splashing out on three $2 tickets.
Some people may be of the opinion that not winning the jackpot is a blessing of sorts. There are, after all, lots of stories about people who win the lottery and find it ruins their life. Friends and family harass them for money; they burn through their winnings; life loses its meaning. While that’s all very sad, let me tell you right now: winning almost two billion dollars would not ruin my life. I wouldn’t be one of those people who squanders their money on fast cars (I can’t drive) and vintage champagne (OK, maybe I’d buy some champagne). I would use the cash wisely.
OK, OK, not entirely wisely. It goes without saying that I would donate to charity and do good deeds blah blah blah. But I’d save a little money for eccentric-rich-person stuff. I wouldn’t pull an Elon Musk and buy Twitter, but I’d definitely pull a Barbra Streisand and clone my dog.
But do you know what I’m most excited about? My lottery-funded petty revenge fund. I mean, what is the point of being filthy rich if you can’t be petty? There is a developer who bought the house next door who has been making my life hell for months with 7am construction starts. If I was a newly minted multimillionaire, I would buy all the properties within a five-mile radius of this developer’s house and turn them into rehabilitation centres for sick racoons. Knowing he was lying awake listening to the sounds of racoons scratching and screeching in the Philadelphia night would bring more joy to me than a superyacht in the Mediterranean. (My wife may not agree.) I guess I could use the rest of the money for therapy.
It was the same old story for Daniel Negreanu — bad beats and misfortune in crucial all ins — in his quest to end a nine-year World Series of Poker (WSOP) bracelet drought.
The Poker Hall of Famer couldn’t close it out, busting in fourth place, at the final table of WSOP Europe’s Event #8: €25,000 No-Limit Hold’em Platinum High Roller at King’s Casino in Rozvadov, Czech Republic, Tuesday night. Paul Phua, however, could, and took home the €482,433 first place prize, his first bracelet. Gab Yong Kim was the runner up for €298,163.
Crucial Hands Doom Negreanu
One of the most confusing mysteries in poker is Negreanu’s WSOP performance since 2013. Over that span, he’s reached 19 final tables, made millions of dollars, and been an annual contender for WSOP Player of the Year. Outside of perhaps Shaun Deeb, who coincidentally finished third on Tuesday, he’s arguably been the top overall performer in bracelet events during those nine years.
But he simply has not been able to get over the hump at a WSOP final table, and the €25k high roller was sort of a microcosm for how things have gone for him in recent years.
With four players remaining, he held the chip lead but the blinds were at a point where the lead could shift on any given hand. He first lost a preflop all in with pocket 7’s against Deeb’s ace-rag. Then, he flopped a pair of aces against Phua, who turned a set and then was paid off on the river. In the latter hand, the momentum had completely shifted away from the GGPoker ambassador and over to the Triton Poker co-founder.
With the blinds at 200,000/400,000 and a 400,000 big blind ante, Negreanu moved all in with pocket 5’s and was called by Phua, holding pocket 4’s. “DNegs” was in excellent position to get back to 25 big blinds, but his opponent flopped a set and that was all she wrote.
Negreanu was out in fourth place for €146,370, his 19th consecutive WSOP final table appearance without winning a bracelet. Deeb, who was chasing his sixth bracelet, then busted in third place for €205,566. To add insult to injury, his attempt to chase the $2 billion Powerball jackpot was unsuccessful.
Phua and Kim would go on to play a short heads up match that ended with the former winning a 60/40 preflop all in. The champion received €482,433 and the runner up was paid €298,163.
Although he’s still stuck on six bracelets, Negreanu, the Canadian-born poker legend, recently won the $300,000 buy in Super High Roller Bowl for $3.3 million, more than erasing his $1.1 million losses during the summer WSOP in Las Vegas.
WSOP Europe Event #8 Final Table Results
There were 67 entrants in the eighth event of the WSOP Europe series, which included the 2022 World Series of Poker Main Event champion, Espen Jorstad, who snuck into the final table but was the first to go in ninth place for €45,242. Here are the full final table results:
It’s time for the final week of the Premier League before the 2022 World Cup break. Round 16 of the 2022-23 EPL is on the program this coming weekend, which brings us a couple of interesting matchups. Arguably the most interesting matchup of the round is Newcastle vs Chelsea.
The Magpies are without a loss since August and are on a four-win streak at the moment. The result is that they’re now sitting in the no.3 position in the Premier League standings – their best placement in years.
The Blues were high in the EPL table until recently. However, after two straight losses, they’ve dropped to the no.7 place.
Newcastle vs Chelsea Premier League Odds
Moneyline
Newcastle
+129
Draw
+240
Chelsea
+200
Goals
Over 2.5
-106
Under 2.5
-104
*Odds taken from bet365 on Tuesday, November 8.
When, Where, and How to Watch?
Place: St. James’ Park in Newcastle, England
Date: Saturday, November 12, 2022
Time: 1:30 PM ET
How to Watch: NBC Sports
Newcastle Going for Their Fifth Straight Win
August 31 – that’s the date when Newcastle lost a game the last time. It happened at Anfield against Liverpool, who won 2-1. Since then, the Magpies are 6-3-0 in the Prem. Further, they are undefeated at home – St. James’ Park – since April.
They’re great in literally all areas of play. Their offense is third-most productive in the Premier League with 27 goals in 14 games. Their defense is even better – with 0.78 goals conceded per game, they’re the best in the league.
What makes Newcastle so great in 2022 is that these guys play like a real team. There are no big superstars on the roster, but every player does his part the best he can. As a result, 50% of their players have scored at least one goal in the 2022-23 EPL season.
Chelsea Looking for Their First EPL Win in Almost a Month
Graham Potter started his Chelsea tenure in top gear. His team won the first three EPL games since he got in charge. However, the Blues then hit a rough patch. First, they played a draw against Brentford and Manchester United. Then, they lost to Brighton (Potter’s former team) and Arsenal.
They did, however, do very well on the continent, securing a spot in the Champions League knockouts in 2023 – they’re gonna play against Dortmund in the Round of 16.
The problem is that in the Prem, they’re now seventh, with just two points more than Liverpool, Fulham, and Crystal Palace. All three of those teams could leapfrog them if they lose to Newcastle on Saturday.
Newcastle vs Chelsea Prediction
Confidence is high among Newcastle’s players, who are going to be on the front foot on Saturday. They don’t feel threatened by the Blues, which is why we expect them to start attacking from the very first moment.
This, however, doesn’t mean their tactic will play off. The Blues are a talented bunch, with plenty of players who know how to fight back. That said, we expect to see a real thriller at St. James’ Park, with goals on both sides. But which team will score more? We think neither.
As Nigeria prepares for the lofty ambition of becoming a completely cashless society, the Federal Inland Revenue Service of Nigeria (FIRS) has inked an agreement with Great Britain’s E-Technologies Global Limited to bring its revenue tracking and tax collections into the post-modern age.
Nigeria is also inviting “tier-1” online gambling operators that comply with anti-money-laundering (AML) and responsible gambling protocols to apply for a Remote Operator Permit and provide monitored gambling services in Nigeria.
The E-Technologies agreement is key to the government’s plans to move forward and is the first public/private partnership of its kind to encompass transaction monitoring, tax collection at the point of sale, and to provide tools for regulators to enforce tax laws..
E-Tech’s Sentinal National Payment Gateway builds on earlier Fintech but in a first for the gambling industry, the system requires integrated payment service providers to deduct taxes at the point of consumption or transaction and tender the tax funds to the government in real-time as the transaction occurs.
Earlier deployments of similar systems include Estonia’s ERPLY, a real-time Point-of-Sale (POS) and retail software management system that automates all elements in a single system including point-of-sale transaction, back office, inventory management, accounting, employee payroll, customer CRM, and multi-channel/e-commerce.
According to ERPLY, “Just Four years after the introduction of [GOV POS]
regime as a tool for revenue enhancement in Tanzania, we have witnessed a growth of about 73% in VAT revenue collections.”
FIRS has ordered all operators that offer online gaming services to players in Nigeria to connect to the Sentinal system by December 31, 2022.
In a pitch to operators, the government noted that the new system will allow them to offer services in the country without the need to incorporate there in order to offer legitimate services to residents.
Once an operator is connected to the Sentinal system, gaming duties will be deducted as the players deposit and the duty will be remitted in real-time directly to the government.
Director General of the National Lottery Regulatory Commission of Nigeria, Mr. Lanre Gbajabiamila said that adopting the system was a “huge step” for taxation of the gaming industry.
“Online gaming continues to grow rapidly in Nigeria, particularly on mobile, and the adoption of E-technologies’ Sentinal National Payment Gateway is a huge step for us to allow us to capture gaming duty at the source.
“We are welcoming all responsible offshore gaming operators to apply for a Remote Operator Permit as long as they pass all the relevant criteria including full AML screening and responsible gaming practices. We are proud to be the first country to adopt the Sentinal System and we believe it will bring a real national benefit to Nigeria,” the lottery director noted.
CEO of E-Technologies Global Limited, David Kicks commented: “Governments in rapidly developing nations are struggling to keep pace with the evolution of eCommerce and the ascent of mobile transactions.
“We are thrilled that the Nigerian Government has made the decision to integrate our Sentinal System, which empowers them to streamline online taxation. By understanding better how the payments ecosystem behaves and evolves, we can drive a paradigm shift towards a point of consumption tax methodology,” Kicks said.
The Central Bank of Nigeria, CBN, stated on October 26 that it would take “decisive steps” to ensure that Nigeria operated a 100 percent cashless economy.
CBN Governor, Godwin Emefiele made the comment on the first anniversary of the Central Bank’s Digital Currency, the eNaira.
“The destination as far as I am concerned is to achieve a 100 percent cashless economy in Nigeria.”
Emefiele said that the eNaira central bank digital currency had recorded over eight billion transactions and that Nigerians can expect to see added functionalities in the cashless currency in the coming months.
Emefiele said: “The additional functionalities include onboarding of revenue collection agencies to increase and simplify collections.”
Source: Nigeria adopts pioneering system to collect taxes directly and in ‘real time’ from online transactions, EU Gaming News, October 31, 2022
The post Nigeria to Collect Gambling Taxes in Real Time, Invites Operators appeared first on Casino News Daily.
Macau judicial authorities are aiming to close the case revolving around the ex-CEO and founder of Suncity Group Alvin Chau, scheduling the hearing of the final arguments from the defendants and prosecution for November 21.
Macau Judge in a Hurry to Close Chau Case
It seems like the judge responsible for the criminal lawsuit against former Suncity Group Alvin Chau and 20 other defendants wants to finish the case as quickly as possible.
There are further witnesses and testimonies to be heard but the judge has scheduled the final phase of the lawsuit – the hearing of the last arguments from both sides – to take place in just two weeks on November 21. So far 92 individuals have been heard in connection with the Suncity Group case.
The main focus of the trial has been the side-betting schemes that allegedly ran at Suncity Group and connected junket operators.
During the trial hearings up to now, it was revealed that there was a side-betting system called the Opsman system, which was allegedly set up with the help of an IT company from mainland China.
The system was organized and commissioned by junket agent Cheong Chi Kin, who was close to Alvin Chau at the time.
However, during his testimony, Cheong alleged that the Opsman system was operated through separate entities and was not connected to Suncity Group.
Plaintiffs Demand Further Hearings of Witnesses
The plaintiffs in the case are all of Macau’s casino operators except Melco Resorts. They have demanded that further testimonies are heard as allegedly the five concessionaires have lost more than $250 million due to the side-betting practices run by Suncity Group and other junket operators.
The Macau SAR government seems also to have suffered a major loss due to the illegal gambling operations of Suncity Group and the junkets.
According to a 224-page long indictment the Macau state budget was deprived of around $1 billion in tax revenue for the period from 2013 to 2021. This was the result of illegal side-betting practices which meant that a lot of the gambling revenue effectively remained “under the table” and, consequently, untaxed. According to the revelations, side-betting was a usual practice in Macau’s VIP rooms.
Alvin Chau was arrested in November 2021 and a major scandal erupted resulting in a significant crackdown on junket operations from the Macau SAR government.
Major changes were made to Macau’s gambling regulations and this meant that the government succeeded in more or less eradicating VIP rooms and operations run by junket agents.
Casino-themed parties are hugely popular. After all, it gives you and your friends an opportunity to dress up, have a few drinks, and gamble the night away. What’s not to love about that?
Unfortunately, planning a casino-themed party is nowhere near as fun as attending one. In fact, it can quickly become a chore.
To help you out, we’ve put together this step-by-step guide that tells you everything you need about throwing casino parties, from guidance on the law to what games you should play.
Take the guesswork out of party planning and read on to make sure that your party is perfect in every way.
Step 1: Check The Law
It’s important to state at this point that holding a commercial casino night without a license is very, very illegal almost everywhere in the world.
It could land you with hefty fines and even prison. So please don’t do that.
Remember, in the US gambling laws differ widely from state to state, so it’s important to check that whatever you’re planning complies with federal, state, and local laws.
But rest assured, you only need a permit if you’re running a casino business and profiting from real money wagers. Holding a casino party for fun at home is completely legal.
Often the best way to stay on the right side of the law is to play it safe by providing your guests with play chips (instead of cash) and awarding a prize for whoever finishes the night with the biggest heap.
Hosting a casino-themed fundraising party is slightly more complicated with every state having its own unique laws. So, be sure to check out our other guide if you’re looking to raise money for charity.
👉 How To Legally Host A Gambling Fundraiser
Also, don’t forget that for both parties and fundraisers you need to be sure that alcohol doesn’t fall into underage hands.
If minors are going to be attending be sure to have a system in place to check IDs.
Step 2: Work Out Your Budget
The great thing about throwing a casino-themed party is that it doesn’t have to break the bank.
You can always host it at home or in the office; just buy a few green tablecloths to throw over tables or desks and you’ll get an instant casino feel.
Card games are the easiest and cheapest games to organize; all you need is a few decks of cards and some tokens to act as chips.
However, if you have a bigger budget you can set about building the party of your dreams.
This can include hiring out a location, renting proper casino games such as roulette wheels and slots, or even bringing in professional dealers and live music!
Either way, the most important thing to do is work out your budget before you start planning the party and to make sure that you stick to it.
After all, you don’t want to run out of money halfway through the planning process.
Step 3: Choose Your Location
The location will depend on your budget. Can you afford to rent out a space?
If not, having it from the comfort of your own home can work too. Decorating the space with giant dice and playing cards will go a long way in giving you that casino feel.
Add in some playing tables and you may not even recognize your own living room.
If the party is for work, having it in your own home might not be appropriate. Instead, the office should be fine.
Just make sure to get the business owner’s permission and to make sure they are comfortable with the theme. The last thing you need is for the boss to come and shut the fun down.
If you have the money, hiring a venue will instantly add some glitz and glamor to your party. You could consider renting a function room in a hotel, or maybe even a marquee to put up in a garden.
Of course, the easiest way to throw a casino-themed party is to rent out an actual casino. There are many businesses which will help you find and rent out a space, whether it be a private room, or the entire casino.
This is an expensive choice for sure, but it will definitely make this party one to remember.
Wherever you decide to host the party be sure to choose a location that is neither too big or too small. No one wants to be packed into a tight space or for your party to feel empty.
Step 4: Pick A Theme And Dress Code
Now, before you say anything, we know the theme is casino, but that doesn’t mean your party has to be the same old Las Vegas themed night.
Why not get creative and pick a more specific casino theme?
For example, you could have a James Bond casino party with everyone dressing up as their favorite character from the films and books.
Or, if you’re feeling more retro, why not go for a Great Gatsby theme and break out the jewelry, elbow length gloves, and fancy cocktails?
Either way, picking a theme is a great way of telling your guests how they are expected to dress – a vital part of any party.
And while having an extra theme will make the outfits that much more exciting, a generic casino theme still offers a lot of scope to get fancy.
If you decide to go formal, ask your male attendees to wear black suits and ties or bowties. Women should come in evening dresses, complete with as much gold and sparkly jewelry as is humanly possible.
If “chilled out” is more your style, jeans and t-shirts will work just fine, although formal wear will bring a touch of class to your party.
Step 5: Decide On Entertainment
This is the really fun part. After all, what’s a casino party without any gambling?
When it comes to games our advice is to pick the one you think your guests will enjoy the most and, above all else, keep it simple!
No one wants to be forced to learn a load of complicated instructions for a game they’ve never played before while at a party. So, we recommend going for the casino classics – roulette, blackjack and poker.
That’s because these games are all easy to set up, learn and play. What makes them even better is that you don’t need any expensive equipment to play them either.
You can pick up a poker tabletop, a blackjack table cover, and a roulette set for under $30 each.
Regardless of what games you decide on, it’s important to remember to buy some playing chips.
It’s a good idea to only use a maximum of three different colors. This will make the chips easier to keep track of and means that players don’t have a lot of values to learn.
If you’ve got a bit more cash, it’s worth thinking about hiring a professional dealer. That way you and your buddies are free to hang out and enjoy the action.
Want to make your casino party even more legit? Then hire slot machines for the night. A local party store or casino equipment rental company should be able to help you out.
Or, as we have previously mentioned, go all the way and rent yourself an entire casino!
When it comes to entertainment, casinos don’t rely on gambling games alone and your party shouldn’t either.
You’ll want to make sure there’s music. This can range from organizing a playlist, hiring a DJ, or even paying for a live band if you have space in your budget.
Another good idea is to hire a photographer or photo booth. Trust us, you’ll want to have memories of this night to look back on!
Step 6: Send Out Invitations
A party is nothing without its guests, so be sure to send out invites well ahead of time.
What’s more, this gives you the perfect opportunity to finalize a guest list, and double check how many people you are inviting.
Using physical invitations is an opportunity for you to get creative. Depending on your theme you could style them as giant playing cards, or formal 1920s invitations.
If you don’t have much budget and you already have everyone’s contact details, then a group email should be fine too.
This type of invitation works really well for office parties because you probably all email each other on a daily basis anyway.
The most important thing to do when sending out invites is to make sure that all the necessary details are included:
Occasion
Location
Date
Start and finish time
Theme
Dress code
Plus ones
RSVP/Contact details
Any extra info e.g. food will/won’t be provided
Just remember, the more information you put on the invitation, the fewer questions you will have to answer in private.
Step 7: Make Sure There Are Refreshments
Food and drink are an important part of any party, and your night will be no different. But not all types of food are suitable for casino-themed parties.
Why?
Because your guests are going to be busy with their hands.
That means, when it comes to food, you should give them something that’s both easy to eat and non-greasy/sticky so the cards and chips remain clean.
Of course, when it comes to drinks, cocktails are the order of the day. After all, who doesn’t want to sip on a martini when they play poker?
Cocktails can be expensive to make, so limit your costs by only having a few popular options like mojitos and martinis. You can even make them in bulk beforehand to save time.
Unless, of course, you have the means to hire a private bar.
Remember that cocktails aren’t for everyone, so be sure to provide popular alternatives like beer and wine, as well as non-alcoholic options for non-drinkers.
Step 8: Enjoy The Fun
Now that you’ve set the stage for an awesome night, all that’s left to do is get yourself ready and wait for your guests to arrive.
We can’t promise that you’ll finish the evening richer, but we can guarantee you’ll have an amazing night of casino-themed fun.
Multiple alleged participants of a drug ring are facing charges for drug and money laundering conspiracies. The drug syndicate, famous as “Team Cookies,” distributed drugs including controlled substances such as Fentanyl, cocaine, methamphetamine and laundered money, the Department of Justice (DOJ) claims.
Using the Ghost Baggage Method
An investigation was conducted by agents from the Drug Enforcement Agency (DEA), Detroit Division, in collaboration with law enforcement from Michigan State Police, Kentucky State Police, Wayne County Airport Police Department and other law enforcement structures. Ultimately the investigation resulted in charges against 13 individuals that were believed to be involved in the drug syndicate. Charges against them were announced by the DoJ back in February this year.
Prosecutors claimed that the “Team Cookies” drug syndicate used a method called “ghost baggage.” The method isn’t something new or unseen before but rather needed to get the attention of law enforcement before charges started to pile up against the alleged participants.
Ghost baggage is a method that involves checking in luggage at an airport but not boarding the plane. Upon investigation, law enforcement found that using the method, the drug syndicate was able to transport luggage filled with money and drugs between Phoenix, Arizona and Detroit. Upon sending the luggage, the drug ring members would have a courier collect it at the delivery destination. The involved parties exchanged a picture of the slip of the luggage for identification purposes. Thanks to the ghost baggage method, the group tried to avoid being busted with drugs, but this did not last for long.
Illegal Proceeds Were Laundered via Casinos
According to prosecutors, the money derived from the illegal activity was used by the drug syndicate to buy guns and expensive items, while some was even laundered through casinos in Detroit. In a recent report released by The Detroit News, Assistant US Attorney David Portelli said that the aforementioned indictment did not involve a small-time gang but a significant drug trafficking organization. He pointed out that the drug syndicate was in charge of millions of pills of fentanyl, as well as other drugs such as crack cocaine, cocaine and more.
“This indictment…involved a drug trafficking organization that engaged not only in trafficking some drugs but trafficking an immense amount of drugs. Over a million pills of fentanyl…are involved in this, as well as methamphetamine, cocaine, crack cocaine and other substances, including marijuana.“
David Portelli, Assistant US Attorney
The alleged participants of the drug gang are currently awaiting their trial. Prosecutors allege that Leo Todd was the leader of the drug ring. Together with Todd, a 37-year-old man from Detroit, Kyle Kennard, is also believed to be involved in the operation. If the two are convicted, they may be facing a prison sentence of 10 years each.
After reports that women make up just 4 percent of the 100 million poker players in the world, PokerStars announced it is teaming up with Poker Power to launch a four-week boot camp “aimed at women with a keen interest in the game who want to strengthen their skills and evolve their experience.”
The partnership with the women-led Poker Power, previously known as Poker Powher, is “a key part of PokerStars’ commitment to the growth of the game and to supporting women in poker,” according to a press release.
“These boot camps are an essential first opportunity to pique interest in women who have never played the game before and to motivate those that play poker, to continue to evolve their skills and gain confidence at the tables,” said Rebecca McAdam Willetts, PokerStars Director of Partnerships, PR and Consumer Engagement. “We’re committed to making poker as inclusive and accessible for everyone and it’s our mission to create equal opportunities and a safe space for the poker community.”
Helping Women “Build Their Confidence”
The four-week boot camp curriculum will include practice sessions on Poker Power Play, Poker Power’s teaching app, and specialized tournaments and home games on PokerStars, with modules “tied to themes of confidence, boldness, determination, perception and discipline.”
The boot camp will also include one-on-one tutorials with PokerStars’ Ambassadors Jen Shahade, GJ Reggie and Lali Tournier to help prepare the women to play to win a place at a special event at the European Poker Tour (EPT) Prague stop in December.
Jennifer Shahade
Ultimately, the collaborative boot camp “will see novice women players around the globe learn gameplay skills that translate to real-world success including negotiation, strategic decision-making and capital allocation.”
“Our four-week course will not just teach women about poker but equip them with important life skills that can be applied to business, parenthood and general life,” said Poker Power Managing Director Erin Lydon. “I hope through this partnership, we can create more opportunities for women, and that perceptions of poker will begin to shift and more women will feel empowered and safe to step up to the gaming table.”
Sign up on PokerStars today!
A Chance to Win a PSPC Platinum Pass
After the four-week boot camp, the participants, who were selected through an anonymous survey, will have the opportunity to play at EPT Prague for a Platinum Pass to the PokerStars Players No-Limit Hold’em Championship (PSPC) in the Bahamas in January.
Should they win the pass, they will join other recent female Platinum Pass winners including Giada Fang and Rishva Iyer, who won the Bahamas trip by taking down the first-ever Road to PSPC Women’s Event at Live! Casino in Philadelphia.
Rishva Iyer
A Platinum Pass includes:
Buy-in to the $25,000 PSPC
Six nights of hotel accommodation for the winner and a guest in a 5-star hotel
Airport transfers
$1,900 expense money
Platinum Pass Winner experiences during the event
The Latest Poker Power Initiative
The boot camp is just the latest initiative by Poker Power, whose instructors include Xuan Liu, Amanda Botfeld and 2021 Mid-States Poker Tour (MSPT) Player of the YearKyna England, to help women discover the game and empower female players at the table.
In March 2021, the organization partnered with World College Tour for the Poker Powher Global Women’s Poker Tournament on PokerStars.
The previous year, Poker Power advisory board member Melanie Weisner appeared on the PokerNews Podcast for a “Women in Poker” episode and talked about the organization’s efforts to empower women on the felt.
To learn more about Power Poker, visit the organization’s website at pokerpower.com.
Fox Corporation has won the battle to be able to purchase an 18.6% stake in FanDuel from the US sportsbook’s parent company based on a December 2020 valuation. A New York arbitrator ruled on Friday that Fox is entitled to exercise its right to purchase the stake, but the price for doing so would be at least $4.1bn.
believed that the acquisition price for Fox would be based on fair current market value in July 2021
Fox had argued that the price should be based on the $11.2bn valuation from when Flutter Entertainment bought a 37% stake in FanDuel in December 2020. Flutter believed that the acquisition price for Fox would be based on fair current market value in July 2021.
The arbitrator ended up agreeing that the price would be based on the December 2020 market value but stated that the true valuation at the time was $20bn. Numerous factors were taken into consideration to come up with the valuation, including a comparison with FanDuel’s chief rival DraftKings.
Still some uncertainty
Fox issued a statement following the Judicial Arbitration and Mediation Services ruling, welcoming “the fair and favorable outcome.” It emphasized that it is under no obligation to go through with exercising its option to buy the FanDuel stake. The option is valid for ten years, ending in December 2030. The arbitrator has implemented a 5% annual escalator to the buying price and Fox would need to pay all cash to acquire the stake.
provides certainty on what it would cost Fox to buy into this business”
Flutter also released a statement on the ruling, with CEO Peter Jackson saying that the ruling “vindicates the confidence we had in our position on this matter and provides certainty on what it would cost Fox to buy into this business.”
Fox believes that the ruling means that Flutter will not be able to proceed with an initial public offering (IPO) for FanDuel without getting the green light from the arbitrator or consent from Fox. Flutter does not agree with this view and believes that no such consent would be necessary to proceed with taking FanDuel public.
A complex situation
There has been ongoing legal action between Fox and Flutter regarding this issue for more than a year, initiated by Fox in April 2021. As part of the dispute, Fox Sports threatened to ban all FanDuel ads from its network.
FanDuel is the market leader in the US sports betting; Flutter Entertainment owns 95% of the operator.
Fox had a 5% stake in The Stars Group before Stars merged with Flutter in May 2020 and held a ten-year option to buy half of The Stars Group’s US business. Following Flutter’s purchase of The Stars Group, Fox received a 2.6% stake in Flutter, as well as the option to buy an 18.6% stake in FanDuel.
The post Arbitrator Rules Fox Can Buy an 18.7% Stake in FanDuel, Based on $20bn Valuation appeared first on VegasSlotsOnline News.
Billions of dollars in Bitcoin were seized and their owner finally admitted to acquiring them illegally. The wrongdoer stole more than 50,000 Bitcoin from a shady dark web website.
Law Enforcement Uncovered Zhong’s Cache
As announced by Damian Williams, the US attorney for the Southern District of New York, and Tyler Hatcher, the special agent in charge of the Internal Revenue Service, Criminal Investigation, Los Angeles Field Office, James Zhong admitted to acquiring over 50,676 pieces of Bitcoin from the dark web. He stole the cryptocurrency from Silk Road, an illegal internet marketplace.
The Bitcoin were seized a year ago, after a warrant allowed authorities to search Zhong’s home in Gainesville, Georgia. Law enforcement found devices containing a little over 50,676 Bitcoin, valued at $3.36 billion at the time of the fining. This is notably the biggest crypto seizure in US history and the second-largest financial seizure.
The Government announced that it is seeking to forfeit around 51,680 Bitcoin, Zhong’s 80% interest in RE&D Investments, $661,900 seized from the defendant’s home and various metals that were also seized during the action.
Zhong Stole Billions from the Dark Web
James Zhong, according to Williams, committed wire fraud and stole around 50,000 Bitcoin from Silk Road almost ten years ago. However, the stash, which remained a mystery for a while, has now been discovered.
Thanks to state-of-the-art cryptocurrency tracing and good old-fashioned police work, law enforcement located and recovered this impressive cache of crime proceeds.
Damian Williams, US attorney for the Southern District of New York
Williams added that this shows the US government will never stop following the money, regardless of how well-hidden they are. He praised the work of the Internal Revenue Service, Criminal Investigation’s Cyber Crimes Unit, and thanked the Athens-Clarke County Police Department in Athens, Georgia, for its assistance.
Meanwhile, Hatcher elaborated that Zhong used an elaborate scheme to steal the Bitcoin in question. The robber had made many accounts and exploited the Silk Road system to steal the cryptocurrency. Following the crypto robbery, the wrongdoer laundered the Bitcoin through complex transactions in an attempt to cover his tracks. However, this didn’t stop the IRS-CI special agents from eventually tracking him down.
Zhong pled guilty on November 4 this year. As someone who participated in wire fraud, he faces up to 20 years in prison. His exact sentence will be determined by judge Paul Gardephe and will be announced on February 22.
