Baazov Addresses AMF Probe and Brand New Jersey Question at Amaya AGM

Baazov <span id="more-16774"></span>Addresses AMF Probe and Brand New Jersey Question at Amaya AGM

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

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

‘It’s not something become taken lightly, but it’s not Hollywood either,’ Baazov told the assembled shareholders. ‘There has been no effect regarding the day-to-day operations of Amaya. It’s not using away from the mental real-estate associated with the professional team, the employees, the company, etc.’

The shareholders displayed their faith in these words by promptly Baazov that is reelecting as chairman with a majority of 96 percent, although some might have wondered what on earth he implied by ‘mental real-estate.’

AMF Raid

Amaya’s Montreal offices were raided by police and provincial market that is financial AMF in early December included in a study into alleged securities fraudulence.

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

There has 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 go through the information carefully, look at the timeline, anybody who is sophisticated and rational will come to a pretty conclusion that is rational the events that occurred getting us where we’re,’ said Baazov.

The investigation did not hinder Amaya’s present ascension to your NASDQ worldwide Select Market, which Baazov saw as integral to furthering Amaya’s position as ‘a leading global, online consumer technology business.’ The business has traded on the Toronto inventory exchange since 2013 and can continue to do therefore under a dual listing.

‘ We had been shopping for more liquidity and more publicity,’ Baazov said, of the company’s new listing. ‘I think it’s great that a Canadian company that started on the Venture [Exchange] graduated to the TSX and contains now attended the NASDAQ as well.’

New Jersey Update

Finally, Baazov offered his thoughts on the entry that is delayed of into the New Jersey market.

Early predictions had suggested the poker that is online would be given the go-ahead the year, but unseen regulatory issues be seemingly hindering its progress.

‘we are giving a lot of information showing statistical information, showing responsible gaming data, showing exactly what technologies have been innovated and applied at PokerStars,’ said Baazov. ‘we are sharing it with others showing that one can have this in a regulated fashion while having that income tax efficiency while you’re protecting consumers as well.’

On PokerStars’ efforts in lobbying for regulation 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 trying to make predictions. All we are able to state is that we’re very comfortable with a few of the movement we’ve seen. If such a thing, it’s inching towards more and more (workable) legislation.’

New Bedford Casino Plan Effortlessly Approved by Voters

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 the casino in their city, going the proposal by developer KG Urban into the mix for the final casino permit in Massachusetts.

Nearly three quarters of the voters who ended up said yes to the plan, which would place a new $650 million casino on the city’s waterfront.

Whenever the voters that are final 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 increased than 11,000 votes cast.

‘Obviously, we’re very pleased,’ stated New Bedford Mayor Jon Mitchell. ‘This is validation from the voters that the deal we got is just a good one for the city. We look forward to competing for the permit and returning brand new Bedford to its status as one of the leading cities into the Northeast.’

New Bedford Has Shown Strong Casino Support

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

The public meetings held on the problem were mainly held without event, and there did not seem to be a powerful anti-casino movement like the ones seen in several other towns and towns across Massachusetts over the past couple of years.

The KG Urban casino, which will be operated by Foxwoods, will will have to compete for the one license set aside for Southeastern Massachusetts.

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

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

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

KG Urban initially missed deadlines that are key the casino process, but by talking to the payment, surely could secure extensions for key applications.

In contrast, the Brockton proposal came across all of its deadlines without any assistance from state officials.

Multiple Bidders Could Benefit State

But that help may have already been about something more fundamental than helping KG Urban specifically.

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

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

Community support is area of the criteria looked over by the video gaming commission whenever awarding licenses, and Brockton only barely authorized their casino proposal, with just 50.5 percent of voters supporting the plan.

The Brockton proposal would place a casino at the Brockton Fairgrounds. a proposal that is third Somerset has yet to truly have a vote scheduled despite receiving extensions along with brand New Bedford.

The Tuesday vote was just one part of a week that is busy the nascent Massachusetts casino industry.

On Wednesday, the Plainridge Park Casino in Plainville will start for business; the slots parlor will feature 1,250 machines, including not only slots but in addition electronic variations of some table games, including blackjack.

NBA Withdraws Opposition to Canadian Sports Betting Reforms

NBA chief Adam Silver is known to be open to the notion of legalizing sports wagering. (Image:

The NBA has said it will no longer oppose a bill that proposes to revolutionize the Canadian activities landscape that is betting allowing Canadians to bet on single recreations 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 prohibited its citizens from betting on solitary games; instead, they content themselves with putting their money, at much longer chances, on parlay bets via the provincial lottery operators.

These, of course, involve wagering on the outcomes of two or more games.

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

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

Multi-billion-dollar Gray marketplace

Currently, single-event sports gambling handle is approximated become over $10 billion per year. According to UK data that are betting Sportradar, over 220 companies just take bets on nationwide Hockey League games, and around 120 cover Canadian Football League games.

Even the Soccer that is canadian League which can barely be believed 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 along with its fans.

Future fans would ‘never be able to enjoy the game,’ it fretted, because, rather than support a team that is favorite they would instead be drawn to ‘the competing interest of the wagering line and the funds that can be produced from it.’

The statement becomes even more hyperbolic once you consider that Canada has only one NBA team, which implies the choice of loyalties for the Canadian that is average may rather cut and dried.

But, according to the CGA, which is desperately trying to push the bill before Parliament breaks for the summer time week that is next the NBA has changed its tune.

NBA Statement

‘Consistent with the NBA’s current position regarding legalized sports betting in america, the NBA is not any longer in opposition to legalized sports betting in Canada so long as it has an appropriate legislative framework that protects the integrity for the 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 mind Adam Silver, who, in an op-ed for the nyc Times toward the end of a year ago, suggested the laws on sports betting in the United States should be changed.

‘Congress should adopt a federal framework that permits states to authorize gambling on expert sports, at the mercy of strict regulatory requirements and technical safeguards,’ he said.

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

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