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☆ This man says he lost all his savings gambling online in China, where players visit 'mirror' websites that change URLs daily and fake 'friends' recruit gamblers in chat groups
▼ + stars: | 2022-10-22 | by ( Jyoti Mann | ) www.businessinsider.com time to read: +7 min

Gambling is illegal in most parts of China, apart from the state-owned national lotteries, and recognised gambling sites are blocked from Chinese users. It is one of many gambling companies that have mirror sites. Experts told Insider mirror websites are a "common" practice by betting companies in countries that don't allow gambling. A virtual armyHuang said it was easy to find a link to a new mirror gambling site once an old one has been blocked: his friends sent him the URL. They make friends with people and claim that they have won money gambling, and encourage other users to visit mirror sites.

☆ Australia casino firm Star to be fined $62 million following inquiry, Sydney Morning Herald reports
▼ + stars: | 2022-10-16 | by ( ) www.reuters.com time to read: +2 min

SYDNEY, Oct 17 (Reuters) - Australian casino firm Star Entertainment Group (SGR.AX) will be fined A$100 million ($62 million) after an inquiry found it failed to prevent money laundering and criminal activity in its Sydney casino, the Sydney Morning Herald reported. The New South Wales Independent Casino Commission (NICC) will hand down the decision on Monday, the newspaper reported on Sunday, citing unidentified sources. The report said it had identified "systemic governance, risk and cultural failures" at the Sydney casino of Star, Australia's second-biggest casino operator. Neighbouring Queensland state this month declared Star was unsuitable for a gambling licence after an inquiry found it concealed illegal Chinese wagering payments and lured problem gamblers. Australia's casino sector was put under intense scrutiny over the last three years after media reports accused Star's larger rival Crown Resorts Ltd of money laundering, prompting some states to launch inquiries.

☆ Warren Buffett gambled on our future online and won $2 million, but what exactly is Long Bets website and why are Gen Z TikTokers suddenly paying attention?
▼ + stars: | 2022-10-09 | by ( Jordan Hart | ) www.businessinsider.com time to read: +4 min

Long Bets launched in 2002 as a project of the nonprofit Long Now Foundation. In 2018, Warren Buffett won a $2 million wager he placed in 2008. Notable businessman Warren Buffett won a bet in 2017 that he'd placed on the website nearly 10 years prior. Although the Long Bets site has been open to anyone for several years to make scientific or societal predictions, Gen Z TikTokers are just now finding out about it. Long BetsThe buzz started with a viral video about a 10,000-year clock being built by Jeff Bezos and the Long Now Foundation, of which Long Bets is a part.

☆ I binge-listened to tech podcasts for a week, and what I learned about Silicon Valley is kind of scary
▼ + stars: | 2022-10-04 | by ( Adam Rogers | ) www.businessinsider.com time to read: +19 min

2: The hosts don't know what they don't knowThe problem is, VC podcasts don't stick to the core issues of venture capital. 3: The hosts want us to believe what they don't knowThere's a shocking amount of this kind of drivel on the tech podcasts. This is what a good tech podcast should do: Use access to the best and most successful investors and innovators to illuminate the way Silicon Valley works. But that's not what matters in the world of tech podcasts. But after 40 hours of listening to tech podcasts, I feel kind of bad about it.

☆ Slots to smartphones: Pandemic sends Australia’s gambling problem online
▼ + stars: | 2022-09-29 | by ( ) www.nbcnews.com time to read: +5 min

Australia’s gambling industry has been in the spotlight in recent years, with public inquiries lashing its biggest casino operators due to lapses in money laundering protections. Online gambling has also been the focus of inquiries, but with its increasing prevalence, the government has answered consumer advocates with a pledge to take a deeper look. Australia overtook Britain, which has nearly three times its population, to rank third by online loss, behind the United States and Japan, said H2. The new center-left federal government this month said it will hold a parliamentary inquiry into online gambling, though some recommendations of a 2015 inquiry are yet to take effect. “At their fingertips they have 24-hour access to gambling online.

Online gambling has also been the focus of inquiries, but with its increasing prevalence, the government has answered consumer advocates with a pledge to take a deeper look. Australia overtook Britain, which has nearly three times its population, to rank third by online loss, behind the United States and Japan, said H2. The new centre-left federal government this month said it will hold a parliamentary inquiry into online gambling, though some recommendations of a 2015 inquiry are yet to take effect. "At their fingertips they have 24-hour access to gambling online. Wareham, the coffee technician, said he no longer uses poker machines and that family responsibilities help him control his online betting.

They accounted for 71% of arrivals before the pandemic, with another 19% coming from Hong Kong, according to the tourism board. Register now for FREE unlimited access to Reuters.com RegisterCasinos have supported heady growth since 2002 when Macau opened the market to multiple operators. Macau’s tiny population of 680,000 was nearly 70% richer on a per capita basis than their peers in Hong Kong, per the International Monetary Fund. But their collective enthusiasm masks an awkward reality: Macau’s dependence on the gambling industry looks increasingly fraught. Gaming revenue, which peaked at $45 billion in 2013, has never recovered from the blow to VIP business, sinking to $36 billion by 2019, per Macau’s Gaming Inspection and Coordination Bureau.

☆ The UK is gripped by an economic crisis of its own making
▼ + stars: | 2022-09-29 | by ( Mark Thompson | ) edition.cnn.com time to read: +8 min

“While this is welcome, the fact that it needed to be done in the first place shows that the UK markets are in a perilous position,” said Paul Dales, chief UK economist at Capital Economics, commenting on the bank’s intervention. “It wouldn’t be a huge surprise if another problem in the financial markets popped up before long,” Dales added. The UK government should also postpone its tax cuts, El-Erian said. We look like reckless gamblers who only care about the people who can afford to lose the gamble,” one former Conservative minister told CNN. “Truss and Kwarteng are now facing a severe economic crisis as the world’s financial markets wait for them to make policy changes that they and the Conservative party will find unpalatable,” the Eurasia analysts wrote.

☆ Macau casino operators soar as China allows tour groups after nearly 3 years
▼ + stars: | 2022-09-26 | by ( ) www.reuters.com time to read: +2 min

A woman rest next to the decoration inside the Wynn Palace casino resort in Macau, China December 20, 2019, on the 20th anniversary of the former Portuguese colony's return to China. Sands China (1928.HK) rose more than 13%, Wynn Macau (1128.HK) climbed 7%, Galaxy Entertainment (0027.HK) advanced 10% while shares of SJM (0880.HK) and MGM China (2282.HK) jumped 8% each. Currently, Chinese tourists to Macau need to book a visa appointment followed by a week-long approval process. The individual visa scheme accounted for around 50% of Chinese visitors to Macau in 2019 while tour groups accounted for around 25% of visitation. In the first phase, the resumption of tour groups will come from five provinces -- Guangdong, Shanghai, Zhejiang, Jiangsu and Fujian -- which represented almost 60% of mainland visits to Macau in 2019.

REUTERS/Peter NichollsLONDON, Sept 23 (Reuters) - Britain's main opposition Labour Party criticised the Conservative government's economic plans on Friday, describing the new prime minister and finance minister as "two desperate gamblers in a casino" who had run out of ideas. "The prime minister and chancellor (finance minister) are like two desperate gamblers in a casino chasing a losing run," she told parliament. Taking aim at the lack of independent scrutiny of the government's plans, Reeves described Kwarteng's statement as "a budget without figures, a menu without prices". While Labour and other opposition lawmakers were biting in their criticism of the government's fiscal statement, supporters of Britain's new government hailed its radicalism. Some said previous Conservative governments, in power for 12 years with five of them in coalition with the Liberal Democrats, should have adopted the policies a long time ago.

☆ Two-thirds of bettors already bombed out of a $6 million Vegas NFL contest—but there's 1 silver lining
▼ + stars: | 2022-09-22 | by ( Ryan Ermey | ) www.cnbc.com time to read: +4 min

These contests require each participant to choose one NFL team to win each week, without picking the same squad twice. As for us losers, there's one silver lining: The IRS allows gamblers to deduct their losses — with a few important caveats. If you're a pro, you can deduct your losses as business expenses on Schedule C without having to itemize. Whether you're a pro or not, you can only deduct losses to the extent that they offset your winnings. "In a perfect scenario, you'll be able to show all of your income and deduct all your losses," he says.

☆ A new sports-betting app that lets gamblers trade bets like stocks is launching, as startups race to build the Robinhood of wagering
▼ + stars: | 2022-09-15 | by ( Ashley Rodriguez | ) www.businessinsider.com time to read: +6 min

Its app, which lets users to trade sports bets like they would stocks, launches in New Jersey Thursday. On Thursday, its new app that allows users to trade sports bets like they would stocks goes live in New Jersey. Sporttrade, which Insider trialed in its beta version this week, looks more like a trading app than a sportsbook. In the US, there are now various peer-to-peer exchanges from BettorEdge to Prophet that let users bet against each other instead of playing against the house. It's also hoping to build on that with word of mouth as people start to experience the app firsthand.

☆ How sports betting is changing the media industry in the US
▼ + stars: | 2022-09-07 | by ( Ashley Rodriguez | Colin Salao | ) www.businessinsider.com time to read: +3 min

The ties between media outlets and gambling operators have only deepened since. Read more about how FuboTV is rethinking its sports betting strategy after August layoffs. On top of that, the US sports gambling industry is still in its infancy. New York turned on mobile sports betting in January, which could be a boon for the media industry even though the market could be tricky for gambling companies. A list of our recent coverage of the US sports betting industry follows.

☆ Fear and loathing on Wall Street: Inside the paranoid, hyper-competitive onslaught to prevent quant traders from defecting to rivals
▼ + stars: | 2022-07-31 | by ( Alex Morrell | ) www.businessinsider.com time to read: +23 min

Current and former employees at prominent quant trading operations spoke to Insider anonymously for this story, citing fear of legal reprisals. "At the NSA, the penalty for leaking is twenty-five years in prison," Simons liked to tell employees, according to Gregory Zuckerman's book "The Man Who Solved the Market." In the early 2000s, quant noncompetes were narrower and shorter — six to nine months was industry standard, quant recruiters who had to navigate these obstacles told Insider. But it has aggressively pursued employees it believes have crossed the firm, according to court filings and media reports. Absent such changes, quant noncompetes will likely continue to proliferate with little resistance from employees.

Persons: Ken Griffin, they'd, It's, Matt Moye, they've, David Marshall, Jim Simons, George Soros, John Paulson, Philip Falcone, Jonathan Ernst, RenTech, Simons, Gregory Zuckerman's, Moye, quant, Pavel Volfbeyn, Alexander Belopolsky, spooked, Eric Wepsic, Shaw, —, Izzy Englander, Rick Wastrom, Smith Hanley, Jane Street burgeoned, Peter Friedman, Brennan Hughes, Griffin —, They've, Friedman, Chase Lochmiller, Ray Dalio, Jane Street, Hughes, Samuel Estreicher, Estreicher, I'm, David, Wastrom, Marshall, noncompetes Organizations: Citadel Securities, Renaissance Technologies, Citadel, St John's Law School, Center for Labor, Employment, REUTERS, NSA, Fund, RenTech, Millennium Management, Millennium, D.E, Trading, Integra Advisors, Wall, Google, Sigma, Polychain, Getty, Bridgewater Associates, National Labor Relations Board, Schonfeld Strategic Advisors, Group, New York University, school's Center for Labor, John's Law, —, New Locations: America, Bridgewater, New York, Hudson, Riker's Island, Houston, Chicago, Connecticut, — California, St, New York , Illinois

☆ I treat people with sports-betting and gambling addictions. Here's how I help them recognize the problem and what treatment is like.
▼ + stars: | 2022-03-25 | by ( Elle Hardy | ) www.businessinsider.com time to read: +11 min

Many of my sports-gambling clients are reluctant to see me, but gambling therapy may be conditional on living with their parents or partner or accessing family money. Helping people with a sports-gambling addiction is tough because, as with all gambling addictions, there's a history of winning. Recognizing a gambling addiction can be difficultGambling is often described as the "invisible addiction." To help gamblers recognize the extent of their disorder, I start with a spreadsheet exerciseI ask them to total time and money spent gambling over three to six months. The network is a single national access point to local resources for those seeking help for a gambling problem.

☆ There's a debate raging in video games over whether loot boxes should be classified as gambling
▼ + stars: | 2020-07-05 | by ( Isobel Asher Hamilton | ) www.businessinsider.com time to read: +7 min

There's a debate raging over whether in-game loot boxes encourage kids to gamble. In the UK, the House of Lords this week recommended the legal reclassification of loot boxes in video games as gambling. Experts are divided over whether paying for loot boxes has a causal link to gambling and one told Business Insider it could be "apocalyptically stupid" to regulate loot boxes like gambling without doing more research. In some games, players are able to trade the rewards they get from loot boxes with each other for real money. The 71% figure referred to the share of players in the sample who had played games with loot boxes, not the share of games containing loot boxes.

Persons: —, David Zendle, Zendle, Pete Etchells, Andrew Przybylski, Przybylski Organizations: Service, FIFA, Steam, Juniper Research, University of York, Bath Spa University, Oxford Internet Institute, Business

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