Gambling Facts

A modern-day Robin Hood has emerged on the Las Vegas scene and some families couldn’t be happier. This anonymous professional gambler, known only as Robin Hood 702, is a high-stakes blackjack player who puts his money to good use through personal charity. Here’s more on his story:

eCanadaNow: Modern Day Gambling Robin Hood

A modern day Robin Hood “702” has emerged in the gambling world and has already donated $35,000 to a needy family. The fortunate family, from Detroit, has a daughter with brain cancer and was in dire need of money.

A website was set up for those who want to be considered for a donation again this year. Families in dire financial need must submit videos explaining why they need the money. He will pick the family that touches his heart most. Those looking for publicity should leave Robin Hood 702 alone.

The blackjack gambler will fly the chosen family to Las Vegas. They will watch him play and, whether he wins or loses, he will pay at least half of their bills. Robin Hood’s good friend will match the final cash donation. He will not be gambling to earn the money.

Thaindian News: Blackjack Robin Hood to help two deserving families this year

Last year, a modern Robin Hood helped a family out of debt and to begin life anew. This year, he has roped in more benefactors, and plans to help not 1, but 2 families who face a financial crisis and need immediate help.

He is as a “self-made man and expert blackjack player” and will help a family based on their video submission. He will fly them to Vegas and provide an all-expense paid weekend, including a true high-roller suite, show tickets, spa appointments, and meals. His website claims, “You will live like the high roller Robin Hood 702 is, then watch him win the money you need to become debt-free.” He guarantees that if you’re selected, at least half of your bills will get paid no matter what happens at the table. Last years family got this special treatment and $35,000.

“I’m looking for anyone that’s in debt … that needs some help” says the anonymous gambler, who will be working the tables to raise money for another family in need. “I’m going to look for the story that’s really going to touch my heart. That’s it.”

Fox News: Modern-Day Robin Hood

Robin Hood 702 is a high stakes blackjack player known in Vegas casinos for wagering thousands of dollars a hand, sometimes winning and losing hundreds of thousands of dollars in a single day.

Now he’s offering his skills, and his own money, to help a family in need. He wants to remain anonymous to keep the focus on the good deed he’s ready to do.

“I’m looking for a well deserving family up against hard times. People $25,000 to $50,000 in debt who did right by family or neighbors in the past. Now it’s their time to be helped and I want to be the one to help them.”

He’s created a website, Robinhood702.com, where he’ll collect submissions now through Sept. 15 before choosing a winner. Anyone can nominate a friend, relative, neighbor or themselves, by sending a video explaining their hardships, contributions or other reasons they should be chosen. He’ll choose a winner after confirming the details of their story and financial crisis.

The chosen family is promised “an unforgettable experience” in Las Vegas or a similar gaming venue. He’ll fly them in, put them up in a high-roller suite and cover meals, spa treatments and show tickets. He’ll go into the casino’s VIP high-limit room and win the money necessary to pay off their debt.

“What if you lose?” I ask him. “I won’t” he insists.

He doesn’t recommend that others try this and says he knows some perceive gambling as “the dark side,” but he believes he can use it to do good and says he hopes to start a national movement, with people using their skills or expertise in other fields to help families in crisis.

“My goal,” he says, “is to save someone’s house, pay their debts and win back their American dream.”

Robin Hood 702 is a pro blackjack player who will choose a needy family and pay off at least half of their debts while they live like high-rollers.

Australian newspaper, “The Mail,” published the summary of an exchange that they had with a mysterious Australian, in which he offered to sell the personal details of 4.5M Ladbrokes betting customers this weekend. The police, Britain’s Information Commissioner’s Office, and The Mail are working together to resolve the matter.

The Herald Sun: Mystery Aussie in Ladbrokes breach

A mystery Aussie approached UK newspaper, The Mail, and offered to sell confidential information about millions of punters who’ve placed bets with bookmaker Ladbrokes. The newspaper was given 10,000 Ladbrokes customers’ personal information including addresses, account numbers, phone numbers, and gambling histories on Sunday after the man claimed to have cracked the bookmaker’s 4.5 million member database.

Ladbrokes is contacting its punters to assure safety on credit card details, passwords and other financial information. The police were also contacted and informed of the breach. The matter’s also under investigation by Britain’s data watchdog, the Information Commissioner’s Office (ICO).
The Australian, “Daniel,” offered to sell the database, claiming that he worked as a computer security consultant for Ladbrokes in Britain 2 years ago.

“We’ve been informed that a person connected to our organisation offered details from a customer database to the Mail on Sunday,” Ciaran O’Brien, head of PR at Ladbrokes stated. “This is a criminal act and we are working with the police, the ICO and the newspaper to identify and apprehend the culprit.”

Mail Online: For sale: Personal details of millions of Ladbrokes gamblers, offered to the MoS by a mysterious Australian

Millions of British gamblers’ confidential records were offered for sale to The Mail on Sunday. The huge data theft is at the center of an investigation after the paper was given personal information about 10,000 Ladbrokes customers and offered access to its 4.5 million member database.

Last night we alerted Ladbrokes of the breach and handed the customer files to the Information Commissioner’s Office (ICO), which immediately began to investigate. The records include home addresses, gambling histories, customer account numbers, dates of birth, phone numbers and email addresses.

Ladbrokes contacted the police and started to reassure customers that credit card details, passwords and other financial information is safe.

During protracted negotiations via email and in one phone call, the man who offered to sell the information gave his name only as ‘Daniel’ and claimed to represent an Australian company. The Mail received an email from ‘Daniel’ Sunday, saying that he was ending negotiations and warning against passing his details to the authorities.

The Mail was first approached by ‘Daniel’ earlier this month. He said he had been passed the data by a ‘relatively junior’ employee, who was trying to sell it on. ‘Daniel’ claimed that his initial intention was to tip Ladbrokes off about the breach, but he then decided it would be better to contact the media.

IT Wire: Ladbrokes secures personal data, wanna bet?

A data breach of 4.5M Ladbrokes customers’ personal and gambling details emerged over the weekend. Ladbrokes are adamant that customers are safe. An exposing summary of an exchange with ‘Daniel’ of Melbourne was publically displayed by the newspaper, “the Mail,” on Sunday.

Prior to going public, the paper passed all information to Britain’s data oversight group, the Information Commissioner’s Office (ICO) for a more formal investigation.

‘Daniel’ claimed to be from DSS Enterprises, an organization run by Dinitha Subasinghe. The newspaper did not indicate whether ‘Daniel’ spoke with an accent.

Initially, ‘Daniel’ told the newspaper that he was going to contact Ladbrokes but decided to contact the media directly with the information that he’d been passed the stolen data by a relatively junior employee of Ladbrokes who was trying to sell it on.

Playtech announced yesterday that they have formed a joint venture with Scientific Games, a US company that has strategic ties with state lottery operators. Through the new partnership, Playtech will provide online gambling software for use in gaming terminals currently offered by Scientific Games in the UK. The venture places Playtech in a prime position to re-enter the US online gambling market should it open in the future.

Financial Times: Playtech gets ahead of the game

Playtech made a huge step forward in the global lottery market by sealing a deal with Scientific Games, a gaming services provider in the US. The deal gives Scientific Games access to government contracts, and provides a boost to its Videobet machines business.

As US state governments begin to legislate for online gambling, their local lottery operators need online casino, poker, bingo and other online gambling products to remain competitive.

Fortunately for Playtech, Scientific Games supplies lottery systems in 31 US jurisdictions. This gives Playtech a direct route into a market that it was forced to exit back in 2006, when the Bush administration closed the doors to online gambling in the US.

Playtech’s chief executive Mor Weizer said: “This secures our position in the US and provides a great opportunity if and when the US market is regulated.”

After the announcement, Playtech shares jumped 18% to 515p, bringing it back to levels last not seen since August 2008.

Wall Street Journal: Playtech Signs Joint Ventures With Scientific Games

Playtech Ltd., a designer, developer and licensor of software for the online and land-based gambling industry, recently announced the creation of a strategic partnership with New York-based Scientific Games Corp. The partnership will see the companies jointly develop and market next-generation online and land-based gambling products and services to regulated gaming operators in the US and abroad.

MAIN FACTS:

• The partnership will combine Playtech’s gambling software and portfolio of products with Scientific Games’ ability to provide services to government-sponsored gaming operators in regulated (and soon to be regulated) jurisdictions.
• An exclusive joint venture called ‘Sciplay’ will focus on the global online gambling market. It will use software Playtech’s technology together with Scientific Games’ global infrastructure and experience.
• Playtech will develop gambling terminal software for Scientific Games and its subsidiary The Global Draw, including upgrades to of existing terminals in the UK currently using the Videobet platform.

Reuters: Playtech forms joint venture with Scientific Games

Online gambling software provider Playtech just announced the formation of a strategic partnership with US-based lottery operator Scientific Games.

The joint venture is called Scriplay. A statement released yesterday by Playtech Chief Executive Mor Wizer and Scientific Games Chief Exectutive Mike Chambrello described how the venture will combine Playtech’s technological expertise with Scientific Games’ experience and strong relationships with US state lotteries.

The statement further explains that the companies will “jointly develop and market next-generation internet and land-based gaming products and services to regulated gaming operators in the U.S. and other countries”.

“We have highly complementary skill-sets allied with a global reach and this partnership provides the opportunity to leverage off this combined know-how to maximum effect.”

After the announcement, shares in Playtech were trading at 475.5 pence, up 9%, valuing the business at 1.14 billion pounds ($1.86 billion).

A new bill was just introduced to the state senate of New Jersey that would allow Atlantic City casinos to offer online gambling services. The game terminals would have to be located in restricted areas of casinos and racetracks, and all equipment would have to be located within the boundaries of the city, making this more “local intranet” gambling than true internet gambling.

Press of Atlantic City: Legislation would permit online betting at Atlantic City casinos

New legislation introduced a few days ago would allow online gambling at casinos in Atlantic City, New Jersey.

The bill is sponsored by state Senator Raymond Lesniak. Specifically, it would allow “New Jersey residents to place wagers on casino games via the Internet.” All online games from blackjack to poker would be available.

The bill would require that all computers used for legal online gambling be located in a separate area of a casino, “but within the territorial limits of Atlantic County.”

An annual tax of 20% on gross revenue from online gambling would be paid into a casino revenue fund. A new unit would be created under the state’s Casino Control Comission called Division of Internet Wagering.

The Casino Control Commission along with the New Jersey Racing Commission would also allow the operation of online gambling terminals at racetracks, where “individuals who have registered to participate in Internet wagering may wager on games conducted at casinos in Atlantic City.”

WebProNews: New Jersey Considers Legalizing Online Gambling

A newly proposed law introduced in New Jersey would allow players there to gamble online through special websites run by casinos in Atlantic City.

The bill was introduced into the New Jersey State Senate last week by Senator Raymond Lesniak. Incidentally, Lesniak also introduced a different bill which asks New Jersey residents to vote on a constitutional amendment which would allow state-regulated sports betting at Atlantic City casinos.

Right now, New Jersey offers legal online gambling on horse races to local residents through the 4NJbets.com website. If this bill passes, the state will change the law to permit online versions of any game currently allowed in Atlantic City casinos, such as poker, blackjack and baccarat. The new online gambling system would be controlled and regulated by the New Jersey Casino Control Commission, which would establish a new Division of Internet Wagering to manage operations and licensing.

“We’re happy that New Jersey has taken this issue into their own hands,” said iMEGA chairman Joe Brennan Jr.

StandardBred Canada: Gaming ‘Terminals’ Coming To NJ Tracks?

A newly proposed bill introduced by New Jersey state senator Raymond Lesniak could allow Atlantic City casinos to offer online gambling services to New Jersey residents. The bill reportedly has some support in the senate already, but those that do not want to online gaming at the state’s racetracks are voicing their displeasure.

An article by Press of Atlantic City states that Mark Juliano, who is chief executive officer of the three Trump Entertainment Resorts casinos in Atlantic City, revealed that the legislation appears to allow racetracks to also get video lottery terminals.

The report further states that any equipment used to run the new internet gambling system must be located within the territorial limits of Atlantic County, such as within a casino or at another secure location.

The bill reportedly states that the New Jersey Casino Control Commission might also let racetracks operate online gambling terminals. These terminals will likely be identical in appearance to slot machines found at local casinos.

After Gov. Riley’s anti-gambling task force was deterred from action by a judge’s order in Alabama recently, the debate over gambling and its legality has escalated rapidly. The subject has the potential to split the states vote, and a scandalous resignation has fueled the fire.

WTVM 9: AL task force commander quits after gambling win

The commander of Alabama Gov. Bob Riley’s task force on illegal gambling has resigned due to a recent, $2,300 win at a brick-and-mortar casino in Mississippi. David Barber, the commander, resigned on behalf of his actions potential to be a “political distraction” for the task force.

The commander submitted a formal resignation in a letter to the governor on Friday. In the letter, Barber explained that he gambled at a casino in Mississippi and legally won the money in a game.

Both Riley and Barber, the former district attorney in Jefferson County, claim that the electronic bingo machines used in a new facility operated in Alabama are, in fact, slot machines, which are currently illegal in Alabama.

Barber’s resignation arrived on the same day that the Alabama Supreme Court lifted a judge’s order which had blocked the task force from raiding electronic bingo operations at Country Crossing in Dothan.

CBS 42: Jackpot! Gambling Task Force Commander Resigns

Bob Riley’s Commander of the Illegal Gambling Task Force, David Barber, struck a generous jackpot of $2300 on recent trip to Mississippi. Trying to remove himself from the politics circling around the issue, David Barber resigned from his position. Here are a few excerpts from the Commanders resignation and the Governors reply:

Commander David Barber
I hereby resign as Commander of your Task Force on Illegal Gambling.

While I remain committed to the Task Force’s goals, I have concluded that my continued participation will become a political distraction from the Task Force’s important work. On a recent visit to Mississippi, I visited a legal casino and won a $2,300 prize playing a legal game. While my actions were in full compliance with the law, I am convinced that the forces that operate illegal casinos in Alabama will focus on my actions as part of their continuing effort to smear you and your Task Force.

Governor Riley
With regret I accept your resignation as Commander of the Task Force on Illegal Gambling.

I want to commend you for your service to the State of Alabama as the Task Force’s leader. Adherence to the rule of law is the cornerstone of the free and fair society that we enjoy in our state and nation. Thank you for being willing to take a stand in support of that most fundamental principal.

WSFA 12 (NBC): Congressman Bright weighs in on gambling debate

Without a doubt, gambling is the hottest topic in Alabama. According to 2nd District Congressman, Bobby Bright, “This shouldn’t be an issue that divides our state.” Regardless, this is one such issue. The definition of gambling legality is creating tension between the state’s residents and leaders.

Congressman Bright thinks there’s a more suitable solution to the issue than ridding the state of electronic bingo machines according to the wishes of Gov. Riley.

“What we could all do is agree on a referendum and let the people decide. That way it eliminates the Governor having to go down into a community and raid and make it look like he’s fighting the local leadership.”

Should the situation lead to a referendum, there must be boundaries.

“It would need to be regulated. A commission should be set up and private individuals should not be profiting from the proceeds of a gambling initiative if it passed,” he adds.

While the congressman doesn’t agree with gambling, he knows the decision isn’t his to make.

“I also am a public servant speaking for my constituents. And whatever they choose to do, however they choose to live their life in their communities, I will honor that.”

Bright hopes that if a referendum were passed, education would be the recipient of the industry’s revenue.

Two of the largest online poker sites in the world, FullTilt and PokerStars, are both calling on players to help with relief efforts in Haiti, where a massive earthquake has taken the lives of thousands, and left many more without a home. All money donated will be matched by the sites, and then donated to the likes of Red Cross and UNICEF.

Mirror.co.uk: PokerStars sets up Haiti earthquake appeal

A devastating earthquake recently hit Haiti, and it is thought to have killed tens of thousands of people. Many around the world are wondering how they can help. PokerStars has been quick to facilitate come to aid during previous disasters, and once again the site has provided people with an easy way to donate money to relief efforts in the area.

Players at PokerStars have already donated thousands since the appeal launched a few days ago. All the money raised will be given to the Red Cross to help its relief efforts in the earthquake-stricken Caribbean nation. PokerStars has announced that they will match every dollar raised.

The appeal will run until midday on January 31. Here is how to get involved:

- From the PokerStars website, go to Tourney >> Special and enter one of the ‘Haiti Earthquake Relief’ tournaments listed there. ‘Buy-ins’ range from $1,000 all the way down to $1. These are not actual tournaments, and all of the ‘entry fees’ go straight to the relief fund.

- Another way to contribute is to make a “private player transfer” for any amount directly into to a dummy account called ‘Haiti Fund’. Go to ‘Requests’ in the site’s top menu and select ‘Transfer Funds’.

PokerStars is thankful for all who show their support.

ESPN: Tournaments created to help victims in Haiti

Poker players and online poker sites around the world are stepping up to help the victims of the recent earthquake in Haiti. Through the poker sites Full Tilt and PokerStars, players can donate money by either transferring funds through the game software or by playing in a mock tournament.

“Anyone watching the news knows how important it is to get help to the Haitians as quickly as possible,” said professional poker player Phil Gordon. “Poker players can effectively double their donations through the mechanisms set up by Full Tilt and the generous matching program. This is a great chance to show the world how poker players can step up and help in a true humanitarian crisis.”

Full Tilt is currently offering two different ways for players to donate donate. First, players can register to play in “fake” tournaments at different buy-in levels. The tournaments won’t run, but instead money will be donated. The other option is for players donate their own specific amount through the “Aid for Haiti” account, which can accept any amount over $5 as a donation.

Things are happening pretty much the same way at PokerStars, which is offering “dummy” charity tournaments with buy-ins that range from $1 to $1,000. The site intends to match all donations, and the money generated will be given to the Red Cross. Additionally, players can donate to the PokerStars account “Haiti Fund”. PokerStars says that thousands have already donated, and the site hopes to do all it can to help to the people of Haiti.

If there ever was a time for the internet poker community to make a difference, these next few days are the perfect opportunity.

Chicago Now: Play Poker, Help Haiti

On January 12, 2010, a 7.0 magnitude earthquake struck Haiti, killing tens of thousands of people.

The quake tore open the land not far from the country’s capital of Port-au-Prince, causing wide-spread devastation on a massive scale.

It is in situations like this when we see the best (and worst) that humanity has to offer, where unlikely heroes and villains emerge to show off either their sincerity or their cold-heartedness.

For this crisis, the online poker industry has emerged on the side of the heroes.

Both Full Tilt Poker and Pokerstars, both huge sites in the online poker industry, are calling players to give aid to the people of Haiti.

Full Tilt and Pokerstars have organized several charity tournaments that players can participate in to help raise money for UNICEF, the Red Cross and Doctor Without Boarders in Haiti.

Both sites have vowed match every dollar raised. Full Tilt has even created a dummy player account called “Aid for Haiti” where real players can transfer their donations directly.

This humanitarian fund raiser is not operating without solid promotional backing. Both Full Tilt and Pokerstars have already made strong efforts to spread word about their Haitian earthquake relief appeal, even going as far as to announce it during live poker tournament broadcasts.

Poker pro Barry Greenstein once said that poker sometimes feels like a “hollow” profession, like a career that is all about taking without ever giving. Greenstein’s solution was to become involved with charity, and now poker players from around the world can follow his lead.

From out of nowhere it seemed like the United States, and the rest of the world for that matter, fell into a huge whole of economic depression about 2 years ago. It came and it seems that its still here, but in sunny Las Vegas profits are once again on the rise.

Business Week: Vegas Casinos Revenue Up 8.3%, First Gain in 2 Years

For the first time in about 2 years, gambling revenue in Las Vegas rose 8.3 % in November. Nevada’s Gaming Control Board said proceeds on the Strip rose to $473.8 million. Revenue for all of Clark County, including downtown Las Vegas, gained 6.9 % to $750.8 million, according to the board.

Vegas resorts have slashed room prices and increased special offers to spur demand. Daily room rates in October 2009 were $99.59 on average, down 14% from 2008, according to the Las Vegas Convention and Visitors Authority.

December 2007 was the last time gambling revenue increased, and then it rose less than 1%. New Jersey’s Casino Control Commission says Atlantic City gambling proceeds fell 9.8% last month.

Market Watch: Nevada gambling revenue up for first time since 2007

Good news came from Nevada, Tuesday, when state regulators reported an increase in gambling revenue for November, the first monthly rise in almost two years. Silver State casinos reported $873.2 million for the month, up 4.4% from November 2008. On the Las Vegas Strip, revenue increased more than 8% to $473.8 million.

Other jurisdictions reporting increases include North Las Vegas, the Boulder Strip and parts of Washoe County. The rest of Nevada was down by anywhere from 1.7% in downtown Las Vegas to almost 27% in South Lake Tahoe.

The total win on table games statewide jumped 17% to just more than $308 million, largely due to a better than doubling of the take from baccarat on the Strip. Slot-machine revenue was down slightly to $547 million.

Hotel rooms that were $300 are typically running at half that, squeezing margins in a business that’s traditionally high priced. These low room rates are attracting leisure travelers long priced out of the high-end resorts, keeping occupancy levels from falling as far as other key measures, but pressuring other revenues.

Analyst, Bill Lerner, commented, “multiple restaurateurs that we have spoken with are experiencing growth in key metrics such as covers and average checks,” and when that is combined with “overall Las Vegas visitation momentum … we are more confident that 2010 will represent the positive inflection in Las Vegas.”

ABC News: Nev. Casino Winnings up for 1st Time in 23 Months

November gambling revenue in Nevada rose for the first time in roughly two years, as casinos won nearly $873.2 million from bettors. The 4% rise in revenue from last November was the first increase after 22 months of declines.

State revenues collected in December topped $57 million, up 28.3% from $44.4 million last year. Taxes paid on casino winnings account for about 30 % of the state general fund. The control board said the state collected $313.2 million in the first 6 months of the fiscal year, down 5.1 % compared with July-December 2008.

November’s results benefited from baccarat on the Strip and the Nov. 14 Manny Pacquiao-Miguel Cotto boxing match at the MGM Grand. Revenue at Downtown Vegas casinos was down 1.3 %, while North Las Vegas and the Boulder Strip saw double-digit increases.

Clark County, which includes Las Vegas and is Nevada’s largest county, was the only county in the state with a year-over-year increase in monthly revenue.

From the first of the year, Estonians can gamble online. For now, only locally-hosted sites are allowed to operate. Any online gambling website in Estonia that does not meet new regulations will be blocked. In 2011, the country will open its online gambling industry to foreign operators.

The Baltic Times: Estonia Legalizes Online Gambling

Estonia recently legalized internet gambling in order to generate revenue through taxation.

The country is hoping to adopt the Euro next year and is frantically looking for further sources of income after suffering one of the hardest-hitting recessions in the EU.

This move to legalize online gambling was influenced in part by recent and very successful poker tournament held in the country. The tournament was sponsored by PokerStars, one of the largest online gambling sites in the world.

According to the Estonian Free Press, players will be able to use Estonian online gaming sites starting immediately. In 2011, Estonia’s internet gambling market will open to foreign operators.

“We are truly glad of this opportunity to start our partnership with Olympic as the leading casino entertainment provider in Central and Eastern Europe,” says Mor Weizer, Executive Manager of Playtech, who has been granted one of the first foreign licenses.

Estonian poker legend Imre Leibold believes development may be detrimental to Estonian players. “The possibility that online poker gaming could be restricted is not good news for us,” he said. “I believe and hope that the whole affair is resolved and that there will be several reasonable gaming locations on the market. However, if things get tough, one may have to consider moving residence or start working abroad like Estonian builders in Finland.”

Estonian Free Press: Estonia Legalizes Online Gambling

Following the success of the Baltic Poker Festival, held in Estonia organized by online poker site PokerStars, Estonia prepares to its doors to the global internet gambling market that.

Starting immediately, the Government will allow Estonian players to gamble online. The liberalization of online gambling is expected to help the nation financially through taxes imposed on gaming operators.

With the Estonian economy down by close to 36%, these changes will bring even more revenue in 2011 when the gambling market will open to international gaming operators that are able to satisfy the regulation requirements.

Until then, Estonians will be able to play only at locally-run sites, like the one set up by the Olympic Casino group that is running on Playtech software.

Now that online gambling in Estonia is as legal as it is in land-based casinos, here is hoping that no one will have to report about stories about things such as the Arvo Viool scandal – the ex-manager of the Fund for Furthering Culture who was arrested and imprisoned for stealing 500,000 Euros from the State to satisfy his gambling addiction.

Baltic Repots: Online Gambling Regulation Begins

Online gambling in Estonia has gone unregulated for many years, but now that is all changing since the government now requires online casinos to be physically hosted in Estonia.

Before January 1 2010, gambling sites could not be hosted Estonian servers, and players could freely use foreign hosted sites. The new Gambling Act reverses this; now, online gambling sites must be hosted on Estonian servers, and those not will be blocked.

For a company set up an online gambling site in Estonia, they must receive a license and agree to pay a 5% sales tax (excluding player winnings).

“As such, online gambling taxation in Europe is nothing new, it has been applied in most of the countries,” says Annika Vilu, spokeswoman of the Ministry of Finance. “Estonia’s tax rate is still one of the lowest in Europe.”

According to Tõnis Rüütel, executive director of Estonian Association of Gambling Operators, “There are countries with smaller tax rate, such as Malta and Gibraltar with 3 percent but we don’t want to have a reputation of a tax paradise. Also the situation so far has been absurd as the gambling addiction emerged in Estonia, but all of the income went elsewhere.”

If an online gambling site in Estonia does not meet these new requirements, its website will be blocked and its bank accounts will be frozen.

“We’ll see how the law comes into force, and if it will be possible to block the gambling sites not fit for the requirements, but some other countries have not been able to do it so far including the U.S.,” Rüütel said.

Cornell University Student, Kyle Siler, did a massive sociologic study based on 27 million hands of poker and the ratios of wins and losses which can also be attributed to everyday life. According to his results, the more poker wins a player has, the more he/she is likely to lose.

Time: How Winning Can Mean Losing — in Poker and in Life

One can learn a lot about gambling by analyzing 27 million hands of online poker. Cornell University’s Kyle Siler has done just that. His findings: the more hands you win, the more money you’re likely to lose — and this proves true well beyond a game of cards.

Siler wasn’t interested in just poker, but in the idea of how people handle risk, reward and payoffs. Gambling is perfect for studying these factors — and a rich pool of data can be found on the Internet, where millions can play at once and transactions are easy to observe and record.

To gather data, Siler used a software, PokerTracker, and made it collect and collate information on small- medium- and large-stakes games. While crunching the information, he found the strange, inverse relationship between the number of hands won and the amount of money lost. He also noticed that it was novice players who lost the most.

The reason: a majority of wins tallied were for small stakes. The longer new players played the more confident they got, and the likelier they were to lose one or a few big hands. “People overweigh their frequent small gains vis-à-vis occasional large losses,” Siler says.

Investing, driving, buying a house and merely crossing the street are all acts that involve discernible risks and uncertain rewards. The more small returns you get from small investments, the likelier you are to make, and lose, a big investment.

Walking away from a poker table can be easy, but walking away from life — and all the risks and rewards it presents you — isn’t an option. In both venues, the rule should be the same: gamble only what you can afford to lose — and know when you’re approaching those stakes.

USA Today: Poker wins often lead to bigger losses, study says

In a Journal of Gambling Studies report, Cornell University sociologist, Kyle Siler, observed 27 million online poker hands from the past 2 years, to find that winning lots of small stakes ends up losing to bigger losses. Siler analyzed data on 300,000 poker players playing styles to winnings, and found an, “increased proportion of aggressive players as one moves up stakes.”

Given the huge role of luck in delivering big payoffs and big losses, the best poker players must learn to keep winning or losing in stride. An amateur poker player, Siler says his study helped calm his play at the card table.

Science Daily: Online Poker Study: The More Hands You Win, the More Money You Lose

A new Cornell study of online poker seems counterintuitive: The more hands players win, the less money they’re likely to collect, especially when it comes to novice players. The likely reason, said Cornell sociology student Kyle Siler, is that multiple wins are likely for small stakes, but the more you play, the more likely you will eventually lose big losses.

Siler said, “people overweigh their frequent small gains vis-à-vis occasional large losses in everyday life.” In other words, players feel positively reinforced by their streak of wins but don’t understand how occasional large losses offset their gains.

The research not only examined poker, but also “speaks to how humans handle risk and uncertainty,” said Siler, whose look at online poker combines aspects of behavioral economics, economic sociology and social science theory. “Riskiness may be profitable, but also increases the variance and uncertainty of payoffs.

In online poker, a multibillion dollar industry, Siler concluded that the biggest opponent for many players may be themselves, “given the challenges of optimizing one’s mindset and strategies, both in the card game and the meta-games of psychology, rationality and socio-economic arbitrage which hover beneath it,” he said.

People must realize that their limits and understand that big losses offset multiple small gains when dealing with internet gambling and life in general.

Fifty-two year old Cliff Bryant, placed several accumulator bets on whether cities in Britain would enjoy a White Christmas, and won all of them bringing his winnings to £7.1 million. Ladbrokes, the betting site where he placed the bet, is refusing to pay out this sum on account of the bets being accumulators instead of singles.

Press Association: No £7.1m payout after bet ‘error’

Bookmaker Ladbrokes refuses to pay off a bet worth £7.1 million to a man who wagered snow would fall on Christmas because it was accepted by mistake. Cliff Bryant placed 2 £5 accumulators on snow fall across 24 British Cities on December 25.

Ladbrokes staff accepted the bet by mistake as the company rules state such a wager can only be a single bet. The first accumulator would’ve netted Mr. Bryant over £4.9 million, the second £2.23 million. The company honored the relevant single bets and paid out a lesser £31.78 instead. They’ve since apologized for the mistake.

Mr. Bryant is seeking legal advice over the error and says he was “gutted” by the decision. He urged the company to make rules clearer. A Ladbrokes spokesman said company rules state “snow at Christmas” bets must be singles only, rather than accumulators.

Reuters: Bookie refuses to pay out £7 million on snow bet

Cliff Bryant placed 2 £5 accumulator bets that snow would fall on 24 towns and cities across the north of England on Christmas. Now he’s being refused the £7.1 million payout he won.

“We have apologized to the customer for any confusion and for mistakenly accepting an accumulator bet when our own rules state that only single bets are available on a market of this nature,” said a Ladbrokes spokesman. “We are happy to void the bets and to pay the customer his winnings on the relevant singles.” That would be a mere £32.

The graphic designer from Southampton, says he was “gutted” and will seek legal advice. He claims the 1st bet would have won him 4.9 million pounds, with the second adding 2.2 million. “If I make a mistake in my work like that it costs me dearly and I think the offer should be a lot more generous than they have made.”

Ladbrokes gave Bryant details of the Independent Betting Adjudication Service (IBAS), an neutral adjudicator that deals with gambling operators and customers disagreements.

Danny Cracknell, an IBAS manager, told Reuters that Bryant had been in contact and they would be investigating the issue once he had completed the relevant forms.

Mirror.co.uk: Punter furious after bookies refuse to pay out on £7m white Christmas bet

A UK punter thought he won £7million betting on a white Christmas and ended up with just £31. Cliff Bryant spent £10 on 2 accumulator bets that 24 UK cities would see snow fall on Christmas. All of his predictions were correct but he was later told that his wager was invalid.

Company rules say accumulators, a series of linked bets, can’t be placed on the chances of a white Christmas. Cliff received the winnings he would have got had he placed 24 single bets. The dad-of-three, said: “My heart was beating fast when I thought I’d won but now I’m absolutely fuming. If I’d been paid I would have loved to have got my teeth done.”

A Ladbrokes spokesman said: “We apologize that a bet was taken in error. We intend to talk to Mr. Cliff to see if we can make it up to him.”

Cliff Bryant would’ve made over £7 million this Christmas but Ladbrokes claims that his bets were invalid and will award him only £31 due to the mishap.