Despite still facing an upward challenge from the US government, NBA Commissioner Adam Silver is confident that sports gambling is about to become a reality pretty soon. He is assured that the league won’t be downgraded as some sceptics have stressed, but rather it will benefit and more importantly profit from the new undertaking.

Boston.com: NBA Commissioner Envisions Legalized Sports Gambling

Latest gambling news reports that Silver is determined many states that are currently experiencing financial difficulties will want to follow the model set by Nevada. The gaming state allows sports betting and is showing a steady growth.

Silver commented how gambling in sports is simply inevitable and the negative economic climate will dictate a need for a new revenue source. Considering just how lucrative the business is, it is easy to see why the Commissioner believes it will benefit them and the league.

“It’s inevitable that, if all these states are broke, that there will be legalized sports betting in more states than Nevada and we will ultimately participate in that. If you have a gentlemen’s bet or a small wager on any kind of sports contest, it makes you that much more engaged in it. That’s where we’re going to see it pay dividends.”

Silver brings a fresh approach to the question of sports gambling to the NBA, as the league didn’t seem too fond of the plan before he came to his position. The previous Commissioner David Stern disapproved of the idea and many other objectives that were proposed by Silver before.

However, now it seems that Silver’s aims may come to fruition should everything work out according to plan. He indicated that NBA teams already have the right to enter marketing deals with casinos, so sports gambling should be the next step.

“If people are watching a game and clicking to bet on their smartphones, which people are doing in the United Kingdom right now, then it’s more likely you’re to stay tuned for a long time.”

Bloomberg: NBA’s Silver Says Legal Sports Gambling in U.S. is Inevitable

Adam Silver wants the National Basketball Association (NBA) to profit from the fresh idea of sports gambling. On previous occasions the NBA seemed reluctant to allow the business to form into reality as they blocked New Jersey from introducing sports betting as a business.

Despite the fact that the NBA did not support New Jersey Governor Chris Christie in his intentions of introducing sports gambling, the league is looking to profit from the broadening of legal sports betting in US. “It’s inevitable that, if all these states are broke, that there will be legalized sports betting in more states than Nevada and we will ultimately participate in that.”

Silver has been part of the NBA for over two decades and managed to take over from the spot of former Commissioner David Stern in February of this year. He asserts that he doesn’t see anything morally wrong with sports betting, and highlighted that teams already make marketing and licensing deals with casinos, therefore the NBA would only profit from it.

ESPN: Adam Silver: Betting is Inevitable

Unlike previous indications made by the world’s best basketball league, sports betting is looking to become a reality according to new NBA Commissioner Adam Silver. He is convinced that it is “inevitable” as it is only a matter of time before it happens.

Merely two years ago, the NBA joined the rest of the professional sports leagues in the US in efforts to prevent an Eastern state from offering any sports betting activities. The NBA, NCAA, MLB, NFL and NHL were all part of a group that blocked New Jersey from pursuing their sports gambling aspirations.

In a court room hearing former NBA Commissioner David Stern criticized New Jersey Governor Chris Christie for lack of morality and only being interested in money. “The one thing I’m certain of is New Jersey has no idea what it’s doing and doesn’t care because all it’s interested in is making a buck or two. They don’t care that it’s at our potential loss.”

The NBA managed to have their way in court as the Department of Justice also weighed in on the matter which eventually led to the judge ruling in their favor and dismissing New Jersey’s hopes of sports betting. Nevertheless, the state is pursuing its ambitions to legalize the business, and considering the recent change in NBA leadership that may very well happen.

The Washington Post: The NBA went to court to stop expanded sports gambling. Now Commissioner Adam Silver says he’s fine with it

According to gambling news, New Jersey pushing hard to implement sport gambling in the state, however it got pulled on the side by a group professional sports leagues. Two federal courts took the side of the league and prevented New Jersey from fulfilling its aims. The state tried to have a hearing with the US Supreme Court, but they got declined in June.

At the time when the NBA was against the introduction of sport betting, David Stern was the Commissioner of the league. However, now things have changed quite a bit considering the new and completely opposite stance that the NBA is taking.

New Commissioner Adam Silver assumed his new position as the head of the league and has expressed support for sports gambling. He asserted that the NBA stands to benefit from the spreading of sports betting in the US, despite not backing New Jersey Governor Chris Christie.

Christie is an avid supporter or sports gambling, however recently he stated that the state should follow federal law. He said the New Jersey needs to “determine if a different approach towards sports wagering would comply with federal law.”

He also added, “While I do not agree with the Circuit Court’s decision, I do believe that the rule of law is sacrosanct, binding on all Americans. That duty adheres with special solemnity to those elected officials privileged to swear and oath to uphold the laws in our nation.”

Despite still facing an upward challenge from the US government, NBA Commissioner Adam Silver is confident that sports gambling is about to become a reality pretty soon. He is assured that the league won’t be downgraded as some sceptics have stressed, but rather it will benefit and more importantly profit from the new undertaking.

Boston.com: NBA Commissioner Envisions Legalized Sports Gambling

Latest gambling news reports that Silver is determined many states that are currently experiencing financial difficulties will want to follow the model set by Nevada. The gaming state allows sports betting and is showing a steady growth.

Silver commented how gambling in sports is simply inevitable and the negative economic climate will dictate a need for a new revenue source. Considering just how lucrative the business is, it is easy to see why the Commissioner believes it will benefit them and the league.

“It’s inevitable that, if all these states are broke, that there will be legalized sports betting in more states than Nevada and we will ultimately participate in that. If you have a gentlemen’s bet or a small wager on any kind of sports contest, it makes you that much more engaged in it. That’s where we’re going to see it pay dividends.”

Silver brings a fresh approach to the question of sports gambling to the NBA, as the league didn’t seem too fond of the plan before he came to his position. The previous Commissioner David Stern disapproved of the idea and many other objectives that were proposed by Silver before.

However, now it seems that Silver’s aims may come to fruition should everything work out according to plan. He indicated that NBA teams already have the right to enter marketing deals with casinos, so sports gambling should be the next step.

“If people are watching a game and clicking to bet on their smartphones, which people are doing in the United Kingdom right now, then it’s more likely you’re to stay tuned for a long time.”

Bloomberg: NBA’s Silver Says Legal Sports Gambling in U.S. is Inevitable

Adam Silver wants the National Basketball Association (NBA) to profit from the fresh idea of sports gambling. On previous occasions the NBA seemed reluctant to allow the business to form into reality as they blocked New Jersey from introducing sports betting as a business.

Despite the fact that the NBA did not support New Jersey Governor Chris Christie in his intentions of introducing sports gambling, the league is looking to profit from the broadening of legal sports betting in US. “It’s inevitable that, if all these states are broke, that there will be legalized sports betting in more states than Nevada and we will ultimately participate in that.”

Silver has been part of the NBA for over two decades and managed to take over from the spot of former Commissioner David Stern in February of this year. He asserts that he doesn’t see anything morally wrong with sports betting, and highlighted that teams already make marketing and licensing deals with casinos, therefore the NBA would only profit from it.

ESPN: Adam Silver: Betting is Inevitable

Unlike previous indications made by the world’s best basketball league, sports betting is looking to become a reality according to new NBA Commissioner Adam Silver. He is convinced that it is “inevitable” as it is only a matter of time before it happens.

Merely two years ago, the NBA joined the rest of the professional sports leagues in the US in efforts to prevent an Eastern state from offering any sports betting activities. The NBA, NCAA, MLB, NFL and NHL were all part of a group that blocked New Jersey from pursuing their sports gambling aspirations.

In a court room hearing former NBA Commissioner David Stern criticized New Jersey Governor Chris Christie for lack of morality and only being interested in money. “The one thing I’m certain of is New Jersey has no idea what it’s doing and doesn’t care because all it’s interested in is making a buck or two. They don’t care that it’s at our potential loss.”

The NBA managed to have their way in court as the Department of Justice also weighed in on the matter which eventually led to the judge ruling in their favor and dismissing New Jersey’s hopes of sports betting. Nevertheless, the state is pursuing its ambitions to legalize the business, and considering the recent change in NBA leadership that may very well happen.

The Washington Post: The NBA went to court to stop expanded sports gambling. Now Commissioner Adam Silver says he’s fine with it

According to gambling news, New Jersey pushing hard to implement sport gambling in the state, however it got pulled on the side by a group professional sports leagues. Two federal courts took the side of the league and prevented New Jersey from fulfilling its aims. The state tried to have a hearing with the US Supreme Court, but they got declined in June.

At the time when the NBA was against the introduction of sport betting, David Stern was the Commissioner of the league. However, now things have changed quite a bit considering the new and completely opposite stance that the NBA is taking.

New Commissioner Adam Silver assumed his new position as the head of the league and has expressed support for sports gambling. He asserted that the NBA stands to benefit from the spreading of sports betting in the US, despite not backing New Jersey Governor Chris Christie.

Christie is an avid supporter or sports gambling, however recently he stated that the state should follow federal law. He said the New Jersey needs to “determine if a different approach towards sports wagering would comply with federal law.”

He also added, “While I do not agree with the Circuit Court’s decision, I do believe that the rule of law is sacrosanct, binding on all Americans. That duty adheres with special solemnity to those elected officials privileged to swear and oath to uphold the laws in our nation.”

The gambling business is a massive industry that brings in enormous earnings year after year. Therefore, the Labour Party of UK has decided to take certain measures to see more money flowing back to the basic elements of sports by proposing a levy for sportsbetting. Some of the money will also be directed to help battle gambling problems that some players encounter.

The Labour Party believes that this step will help them create a solid foundation for future athletes, as revenues generated by the levy will go to their development.

The Guardian: Labour’s betting levy to be used for grassroots and problem gambling

The Labour Party is in the process of implementing a hefty levy on all bookmakers, as they hope to raise considerable revenue to redistribute throughout different areas in sports. A percentage of the levy revenue will go to problems dealing with gambling addictions and related issues, according to latest gambling news.

Harriet Harman and Clive Efford, shadow culture secretary and shadow sports minister respectively, have both issued a document “sports for all” as part of the levy proposal. Currently the levy is only applicable to horseracing, while around GBP 82 million given back to the racing industry in 2014.

Efford commented, “We believe it is right that businesses that make money from sport should contribute to sport. We are consulting on whether we should introduce a levy on betting, including online betting, to fund gambling awareness and support for problem gambling but also to improve community sports facilities and clubs.”

He also highlighted the importance of having the money returned to the grassroots of different sports, as that would help create the next wave of highly skilled athletes. “It’s my preference that the income from the levy went into a general pool to help grassroots sport and from which the respective sports would draw their future elite sportsmen and women.”

Reuters: UK opposition weighs betting levy to fund grassroots sport

Internet betting and Premier League TV revenue is the main target of the new levy, as the Labour Party is taking steps to see more people become involved in sports. The London Olympics 2012 served a great purpose in promotion people to become more active and partake in sporting recreations.

At the moment the levy is only attributed to horseracing activities, however the Labour Party sees additional potential in the Premier League and sportbetting providers.

Harriet Harman, shadow culture secretary, is certain that charging a new tax levy to the Premier League and betting firms will benefit the overall society. “Our consultation looks at a number of ideas which aim to boost investment in community and grassroots sports by getting tough with the Premier League and betting companies.”

Currently, the TV deals that the Premier League teams have negotiated are worth a staggering GBP 5 billion spread over a three year period. Labour wants more money to be directed to the lower levels of English football, to assist everyone involved.

The proposed levy received criticism from one online sportsbooks, namely Ladbrokes. The director of external relations of the betting giant, Donald McCabe, expressed his viewpoints on the levy matter that is surely going to impact their business.

“As far as we are aware no bookmaker or betting operator ever closed a community sports field or club. So we are not sure why an extra tax is being proposed on an industry already facing two tax increases and which pays out over 65 percent of all its earnings in taxes and levies.”

The Premier League issued a statement whereby they assert that the League already gives out GBP 56 million per season to good causes and grassroots football. They also spread out over GBP 60 million per season to lower tier clubs to help finance their operations.

“We understand that all those interested in the long-term health of English football want to see better grassroots facilities and higher levels of participation, particularly amongst young people. This is why we are committed to continue the unprecedented levels of funding we provide as well as being happy to engage on these matters.”

The Spectator: Labour’s sports betting levy will hit poor punters

A spokesperson from William Hill stated that the firm “welcomed all initiatives” that would benefit sports across all levels, but raised questions regarding the funding scheme. “We don’t believe that problem should be passed on to us,” said the spokesman.

The reasoning behind William Hill’s objections is that the gambling industry already shells out over GBP 1 billion to the UK Treasury. Another GBP 400 million is likely to be raised the following year, after recent new initiatives raised at the last Budget.

When it comes to imposing the new levy to the Premier League, clubs will have to charge more for their services, namely season tickets and similar products. For instance, football team Tottenham Hotspur charges its fans GBP 1,320 for the most expensive season tickets.

Taking into account that Premier League can be considered a “middle class” pursuit, a small hike in prices of season tickets could probably be tolerated by fans. However, the real problem with the proposed levy begs the question who will suffer from it? The middle class will most likely be able to afford the price increase, while another group won’t.

Many punters actively bet on a regular basis, however it is mainly considered to be a norm with the “working class.” The vast majority of people who bet regularly do not have over GBP 1,000 to splash out on a season ticket. So in reality they are the ones that would have to pay for the increase in prices of the new proposed levy.

BBC: Sport betting levy amongst ‘innovative’ Labour sport plans

Shadow culture secretary, Harriet Harman, claimed that the objective to use the 2012 Olympic Games as a tool to achieve higher sports activity within society did not have the effect they initially hoped for. She issued a statement saying that “strong government leadership” was necessary to achieve that goal.

Harman highlighted the negative results by saying, “We were all proud to host the Olympics and Paralympic Games in London two years ago, but instead of seeing increased participation things have got worse, especially among young people, as a result of the government axing school sports partnerships.”

Harman also added that she will look at options of restoring a rule to schools which dictated that students must have at least two hours of sport per week. Gambling news reports this requirement was previously removed by the coalition that made educational reforms.

All of these efforts are part of Labour’s plan titled More Sport for All. Part of the new plan includes setting new target for female participation in sports and also increasing the overall number of women on boards of sporting organizations.

The gambling business is a massive industry that brings in enormous earnings year after year. Therefore, the Labour Party of UK has decided to take certain measures to see more money flowing back to the basic elements of sports by proposing a levy for sportsbetting. Some of the money will also be directed to help battle gambling problems that some players encounter.

The Labour Party believes that this step will help them create a solid foundation for future athletes, as revenues generated by the levy will go to their development.

The Guardian: Labour’s betting levy to be used for grassroots and problem gambling

The Labour Party is in the process of implementing a hefty levy on all bookmakers, as they hope to raise considerable revenue to redistribute throughout different areas in sports. A percentage of the levy revenue will go to problems dealing with gambling addictions and related issues, according to latest gambling news.

Harriet Harman and Clive Efford, shadow culture secretary and shadow sports minister respectively, have both issued a document “sports for all” as part of the levy proposal. Currently the levy is only applicable to horseracing, while around GBP 82 million given back to the racing industry in 2014.

Efford commented, “We believe it is right that businesses that make money from sport should contribute to sport. We are consulting on whether we should introduce a levy on betting, including online betting, to fund gambling awareness and support for problem gambling but also to improve community sports facilities and clubs.”

He also highlighted the importance of having the money returned to the grassroots of different sports, as that would help create the next wave of highly skilled athletes. “It’s my preference that the income from the levy went into a general pool to help grassroots sport and from which the respective sports would draw their future elite sportsmen and women.”

Reuters: UK opposition weighs betting levy to fund grassroots sport

Internet betting and Premier League TV revenue is the main target of the new levy, as the Labour Party is taking steps to see more people become involved in sports. The London Olympics 2012 served a great purpose in promotion people to become more active and partake in sporting recreations.

At the moment the levy is only attributed to horseracing activities, however the Labour Party sees additional potential in the Premier League and sportbetting providers.

Harriet Harman, shadow culture secretary, is certain that charging a new tax levy to the Premier League and betting firms will benefit the overall society. “Our consultation looks at a number of ideas which aim to boost investment in community and grassroots sports by getting tough with the Premier League and betting companies.”

Currently, the TV deals that the Premier League teams have negotiated are worth a staggering GBP 5 billion spread over a three year period. Labour wants more money to be directed to the lower levels of English football, to assist everyone involved.

The proposed levy received criticism from one online sportsbooks, namely Ladbrokes. The director of external relations of the betting giant, Donald McCabe, expressed his viewpoints on the levy matter that is surely going to impact their business.

“As far as we are aware no bookmaker or betting operator ever closed a community sports field or club. So we are not sure why an extra tax is being proposed on an industry already facing two tax increases and which pays out over 65 percent of all its earnings in taxes and levies.”

The Premier League issued a statement whereby they assert that the League already gives out GBP 56 million per season to good causes and grassroots football. They also spread out over GBP 60 million per season to lower tier clubs to help finance their operations.

“We understand that all those interested in the long-term health of English football want to see better grassroots facilities and higher levels of participation, particularly amongst young people. This is why we are committed to continue the unprecedented levels of funding we provide as well as being happy to engage on these matters.”

The Spectator: Labour’s sports betting levy will hit poor punters

A spokesperson from William Hill stated that the firm “welcomed all initiatives” that would benefit sports across all levels, but raised questions regarding the funding scheme. “We don’t believe that problem should be passed on to us,” said the spokesman.

The reasoning behind William Hill’s objections is that the gambling industry already shells out over GBP 1 billion to the UK Treasury. Another GBP 400 million is likely to be raised the following year, after recent new initiatives raised at the last Budget.

When it comes to imposing the new levy to the Premier League, clubs will have to charge more for their services, namely season tickets and similar products. For instance, football team Tottenham Hotspur charges its fans GBP 1,320 for the most expensive season tickets.

Taking into account that Premier League can be considered a “middle class” pursuit, a small hike in prices of season tickets could probably be tolerated by fans. However, the real problem with the proposed levy begs the question who will suffer from it? The middle class will most likely be able to afford the price increase, while another group won’t.

Many punters actively bet on a regular basis, however it is mainly considered to be a norm with the “working class.” The vast majority of people who bet regularly do not have over GBP 1,000 to splash out on a season ticket. So in reality they are the ones that would have to pay for the increase in prices of the new proposed levy.

BBC: Sport betting levy amongst ‘innovative’ Labour sport plans

Shadow culture secretary, Harriet Harman, claimed that the objective to use the 2012 Olympic Games as a tool to achieve higher sports activity within society did not have the effect they initially hoped for. She issued a statement saying that “strong government leadership” was necessary to achieve that goal.

Harman highlighted the negative results by saying, “We were all proud to host the Olympics and Paralympic Games in London two years ago, but instead of seeing increased participation things have got worse, especially among young people, as a result of the government axing school sports partnerships.”

Harman also added that she will look at options of restoring a rule to schools which dictated that students must have at least two hours of sport per week. Gambling news reports this requirement was previously removed by the coalition that made educational reforms.

All of these efforts are part of Labour’s plan titled More Sport for All. Part of the new plan includes setting new target for female participation in sports and also increasing the overall number of women on boards of sporting organizations.

USA Today Sports: Vegas says LeBron’s return makes Cavaliers NBA title favorites

Since announcing his return to the Cavaliers, speculators and basketball experts have been throwing around the high possibility of them winning the championship in the following season.

Gambling news reports that a single hour after LeBron made his intentions public, the Ohio based team were ranked as 4/1 favorites for the NBA title. They were ahead of teams like San Antonio Spurs (5/1) and Oklahoma City Thunder (6/1).

Looking back some time before King James returned home, at the beginning of the offseason the Cavs were on the opposite end of the spectrum in term of title success. Bookmakers gave them odds of 60/1 of achieving glory in the 2014-2015 season. However, as speculation about the star player’s return grew over time so did their chances.

Their first improved odds stood at 50/1, and then jumped to 30/1, before eventually leapfrogging to 10/1 earlier in the week. Cavaliers’ odds were fourth best in the league, only behind Oklahoma City, San Antonio and Miami Heat.

Although the possibility of LeBron leaving Miami increased the Cavs’ odds, in the initial stages the South Florida team didn’t experience any changes in terms of their chances of success in the next season. They were hailed as favorite for the next season, although after the news confirmed about LeBron departure, their odds went down substantially.

Heat’s NBA title hopes for the next season stand at around 50/1, which caused many people to liken the sudden turn in championship odds to a Las Vegas stock crash. The Miami team currently has worse odds than New York Knicks, Brooklyn Nets and Toronto Raptors. Heat stands on par with Memphis Grizzlies and New Orleans Pelicans.

Cleveland.com: With LeBron James returning, Cleveland Cavaliers have the best odds of winning NBA title, according to Las Vegas oddsmakers

The Cavaliers went from outsiders to serious contenders for the NBA title in a matter of weeks. Las Vegas bookies believe that the Cavs can make a serious impact in the competition this year, as their star player has returned to his roots giving them a massive boost.

Although San Antonio Spurs have managed to win the NBA this year, their chances of achieving consecutive titles have been trumped with the LeBron returning to the Cavs. The Texas-based team have been assigned odds of 5/1, making them second favorites behind the team that now boasts the league most dominating player.

Betting providers were predicting that there would a significant shift in the future betting preferences on the Cavs, as they were 80/1 outsiders a little over a week ago. Now, they command the greatest odds for the following season. Oklahoma City Thunder (6/1) and Chicago Bulls (7/1) are the other favorites to lift the NBA trophy next year.

Latest gambling news indicated that odds started changing two weeks ago, as more and more news started to circulate about LeBron’s possible move back to the team where he started his illustrious career. MGM Resorts gave the Cavaliers 20/1 odds on Monday morning, but quickly altered their chances all the way down to 8/1 by Wednesday.

nj.com: 2014 NBA Championshi[ Odds: LeBron James makes Cleveland the favorites

The Cleveland Cavaliers went from being one of the least promising teams to number one favorites virtually overnight, according to Las Vegas oddsmakers. The team hailing from Ohio will be severely tested once the season commences, as the public will then be able to judge if King James can carry the team on his own.

Despite having one of the most talented players of all time in their ranks, the Cavs are nevertheless outsiders for the title next season, as LeBron believes there is much to improve with the squad. He assured the fans that he will try his best, but currently does not have high hopes for title success.

“I’m not promising a championship. I know how hard that is to deliver. We’re not ready right now. No way. Of course, I want to win next year, but I’m realistic. It will be a long process, much longer than it was in 2010. My patience will get tested. I know that.”

He also added that he is looking forward in helping mound the team that could possibly have the capability to win the trophy that has long eluded them. “I’m going into a situation with a young team and a new coach. I will be the old head. But I get a thrill out of bringing a group together and helping them reach a place they didn’t know they could go.”

International Business Times: NBA Betting Odds: Cleveland Cavs Favored To Win 2014-2015 Championship With LeBron

The 2014-2015 season is looking to be an exciting one for the NBA, and especially for Cavaliers fans. With LeBron back to his old town, he will be tasked with shouldering the responsibility and leading a team to NBA glory. Luckily, Las Vegas sportsbooks have expressed support for their ambitions as they favor the Cavs to win the championship.

Although the Cleveland team ranked poorly in terms of their chances of success, many bookmakers immediately changed their odds once LeBron announced his intention to return. Betting providers believe James has the ability to transform a team that managed to record merely 33 wins throughout the whole 2013-2014 season.

When LeBron decided to switch teams in 2010 in search of major titles, the Cavaliers endured a horrible spell without him during the past four years. According to sports scores news, in the first season without their star man Cavs could barely manage to win 19 games. The next three years after that, they achieved only 78 win and not a single playoff appearance.

However, now the future seems far brighter for them than before. Although LeBron’s presence alone can inspire the team to success, the Cavs have assembled a solid team that can challenge for the NBA title.

The Ohio-based team have drafted a talented point guard Kyrie Irving on a five-year deal, following his success last season with 20.8 points and 6.1 assists. Additionally, they also had the first overall pick drafting Andrew Wiggins in June, while also adding Anthony Bennett in the 2013 draft.

Without LeBron, Miami’s chances of reaching the finals in the next season are limited. Las Vegas Bookies have given Miami odds of 50/1, considering that Chris Bosh is also likely to leave imminently for Houston Rockets on a max contract.

USA Today Sports: Vegas says LeBron’s return makes Cavaliers NBA title favorites

Since announcing his return to the Cavaliers, speculators and basketball experts have been throwing around the high possibility of them winning the championship in the following season.

Gambling news reports that a single hour after LeBron made his intentions public, the Ohio based team were ranked as 4/1 favorites for the NBA title. They were ahead of teams like San Antonio Spurs (5/1) and Oklahoma City Thunder (6/1).

Looking back some time before King James returned home, at the beginning of the offseason the Cavs were on the opposite end of the spectrum in term of title success. Bookmakers gave them odds of 60/1 of achieving glory in the 2014-2015 season. However, as speculation about the star player’s return grew over time so did their chances.

Their first improved odds stood at 50/1, and then jumped to 30/1, before eventually leapfrogging to 10/1 earlier in the week. Cavaliers’ odds were fourth best in the league, only behind Oklahoma City, San Antonio and Miami Heat.

Although the possibility of LeBron leaving Miami increased the Cavs’ odds, in the initial stages the South Florida team didn’t experience any changes in terms of their chances of success in the next season. They were hailed as favorite for the next season, although after the news confirmed about LeBron departure, their odds went down substantially.

Heat’s NBA title hopes for the next season stand at around 50/1, which caused many people to liken the sudden turn in championship odds to a Las Vegas stock crash. The Miami team currently has worse odds than New York Knicks, Brooklyn Nets and Toronto Raptors. Heat stands on par with Memphis Grizzlies and New Orleans Pelicans.

Cleveland.com: With LeBron James returning, Cleveland Cavaliers have the best odds of winning NBA title, according to Las Vegas oddsmakers

The Cavaliers went from outsiders to serious contenders for the NBA title in a matter of weeks. Las Vegas bookies believe that the Cavs can make a serious impact in the competition this year, as their star player has returned to his roots giving them a massive boost.

Although San Antonio Spurs have managed to win the NBA this year, their chances of achieving consecutive titles have been trumped with the LeBron returning to the Cavs. The Texas-based team have been assigned odds of 5/1, making them second favorites behind the team that now boasts the league most dominating player.

Betting providers were predicting that there would a significant shift in the future betting preferences on the Cavs, as they were 80/1 outsiders a little over a week ago. Now, they command the greatest odds for the following season. Oklahoma City Thunder (6/1) and Chicago Bulls (7/1) are the other favorites to lift the NBA trophy next year.

Latest gambling news indicated that odds started changing two weeks ago, as more and more news started to circulate about LeBron’s possible move back to the team where he started his illustrious career. MGM Resorts gave the Cavaliers 20/1 odds on Monday morning, but quickly altered their chances all the way down to 8/1 by Wednesday.

nj.com: 2014 NBA Championshi[ Odds: LeBron James makes Cleveland the favorites

The Cleveland Cavaliers went from being one of the least promising teams to number one favorites virtually overnight, according to Las Vegas oddsmakers. The team hailing from Ohio will be severely tested once the season commences, as the public will then be able to judge if King James can carry the team on his own.

Despite having one of the most talented players of all time in their ranks, the Cavs are nevertheless outsiders for the title next season, as LeBron believes there is much to improve with the squad. He assured the fans that he will try his best, but currently does not have high hopes for title success.

“I’m not promising a championship. I know how hard that is to deliver. We’re not ready right now. No way. Of course, I want to win next year, but I’m realistic. It will be a long process, much longer than it was in 2010. My patience will get tested. I know that.”

He also added that he is looking forward in helping mound the team that could possibly have the capability to win the trophy that has long eluded them. “I’m going into a situation with a young team and a new coach. I will be the old head. But I get a thrill out of bringing a group together and helping them reach a place they didn’t know they could go.”

International Business Times: NBA Betting Odds: Cleveland Cavs Favored To Win 2014-2015 Championship With LeBron

The 2014-2015 season is looking to be an exciting one for the NBA, and especially for Cavaliers fans. With LeBron back to his old town, he will be tasked with shouldering the responsibility and leading a team to NBA glory. Luckily, Las Vegas sportsbooks have expressed support for their ambitions as they favor the Cavs to win the championship.

Although the Cleveland team ranked poorly in terms of their chances of success, many bookmakers immediately changed their odds once LeBron announced his intention to return. Betting providers believe James has the ability to transform a team that managed to record merely 33 wins throughout the whole 2013-2014 season.

When LeBron decided to switch teams in 2010 in search of major titles, the Cavaliers endured a horrible spell without him during the past four years. According to sports scores news, in the first season without their star man Cavs could barely manage to win 19 games. The next three years after that, they achieved only 78 win and not a single playoff appearance.

However, now the future seems far brighter for them than before. Although LeBron’s presence alone can inspire the team to success, the Cavs have assembled a solid team that can challenge for the NBA title.

The Ohio-based team have drafted a talented point guard Kyrie Irving on a five-year deal, following his success last season with 20.8 points and 6.1 assists. Additionally, they also had the first overall pick drafting Andrew Wiggins in June, while also adding Anthony Bennett in the 2013 draft.

Without LeBron, Miami’s chances of reaching the finals in the next season are limited. Las Vegas Bookies have given Miami odds of 50/1, considering that Chris Bosh is also likely to leave imminently for Houston Rockets on a max contract.

The Washington Post: 2014 World Cup: Germany overwhelms shorthanded Brazil in semifinal, 7-1

World Cup semi-final stage is where the remaining best teams meet. Two of them qualify for the final, while the losers face one another in a fight for the third place. For the past three World Cups, the German side has managed to secure two bronze medals and one silver medal. They are truly a team to be reckoned with, as they always have a plethora of gifted players.

Many believed that the host nation had reasonable chances of proceeding to the final, however no one was prepared for what Germany were about to do to the five-time world champions. The semi-final against Brazil shocked millions across the globe, as they witnessed something unbelievable. Germany demolished the South Americans a staggering 7-1.

An entire nation was on its knees, crying and waiting for it for be over before the Europeans had another shot on goal. However, there are certain reasons as to why they succumbed to such a horrible defeat. Brazil had to cope with playing without star striker Neymar, while one of the world’s best defenders, Thiago Silva, was suspended for the match.

Gambling news reports that Brazilian captain David Luiz tried to put on a brave face, but was barely able to hold back tears for experiencing what many would consider football humiliation. Brazil was under severe pressure to win the esteemed trophy, which might have back-fired during the match and eventually saw them put on a disastrous performance.

abcNEWS: 2014 FIFA World Cup: Germany Defeats Brazil 7-1, Reaches Final

Germany scored the opening goals of the match in the 11th minute with Thomas Muller being the finisher. After that in a span of a mere 6 minutes four more goals went in the back of the Brazilian net with rapid succession, as if the hosts had no goalkeeper. Miroslav Klose scored in the 23rd, while Kroos added two more in the 24th and 26th minute followed by Khedira’s strike in the 29th. After that barrage, all hopes of Brazil reaching the final were shattered.

Germany striker Klose set a new World Cup record. At 36 years old he still has a clinical finish, as he managed to score the second goal of the game. This put him on the pedestal for scoring the most goals in World Cup competitions.

As if sinking Brazil with 7 at the back of the net wasn’t enough, the German forward dethroned the great Ronaldo who had 15 goals in the competition. Klose is now the player to beat as he commands 16 goals to his name.

YahooNEWS: World Cup 2014: Biggest shocks in history after Germany beats Brazil 7-1

The 7-1 result also marks Brazil’s greatest loss in history. Before that, the only other memorable severe loss came at the hands of Uruguay in the 1920 Copa America, when they were beaten 6-0.

Undoubtedly, the match will go down in history alongside other games that sent shockwaves throughout the world. When Brazil hosted the World Cup for the first time in 1950, they were also deemed tournament favorites, but had to settle for e second place finish as mighty Uruguay defeated them 2-1 on home soil.

The match is commonly referred to as “Maracanazo” which translates into the “The Blow of Maracana,” the stadium that they played at in the final. The game still remains as a painful memory for many Brazilians today. A sports score that they have never gotten over.

Perhaps the game between Netherlands and Spain can be matched as the other most shocking result at this year’s competition. The Dutch took their revenge on the Spaniards, as they previously lost a final against them in the last World Cup in 2010. Spain were punished with a massive 5 goals, while the defending champions managed only one goal in the opening game.

A similar thing happened with Argentina in the 1990 World Cup in Italy, when they were stunned with a 1-0 loss to Cameroon in their first game. Before that, in 1986 Argentina were crowned champions and no one anticipated Cameroon to pull off a surprise.

France experienced the same situation when they were held by Senegal to a 1-0 defeat in 2002. Four years prior they celebrated lifting their first World Cup trophy in their homeland, however they couldn’t replicate the same performance as before.

Independent.ie: One Paddy Power punter correctly predicted 7-1 obliteration in Brazil-Germany semi

It seems as if nobody could have foreseen such a catastrophe occur for Brazil. Experienced punters would have placed safer bets on game like this, however there was one man that didn’t practice the conventional betting system.

Online gambling news state that a punter in the UK made an astonishing bet by wagering on predicting the correct score of the match. The odds were heavily stacked against his prediction with Paddy Power offering 500/1 for that particular bet. As is turned out he was, scooping a massive reward that resulted in a profit of GBP 3,500 for that wager.

Paddy Power also states that some other lucky bettors predicted Brazil would lose 5-0 by half-time, which secured them a handsome 4-figure sum. The bookmaker’s spokesperson said, “It was nice that the rest of the Brazil team decided to miss the match in tribute to Neymar and Silva – but in reflection they’ll probably realize it kind of backfired.”

sportskeeda: FIFA World Cup: Fans betting correctly on Germany’s 7-1 win over Brazil make a fortune

There were also more astonishing bets made on the game that will forever be remembered as the demise of Brazil. One betting player managed to win a fortune with his audacious bet. He scored over $46,000 on a mere wager of $20, which is an astonishing return on investment.

Additionally, a Brazilian native didn’t seem to support her country for the win, but trusted her husband’s instinct when she placed a meagre 10 Brazilian Reals on predicting the score. She only managed to win 200 Reals but the story behind the bet is astonishing. Her husband reportedly told her the result of the match while sleepwalking through their house.

This year’s World Cup has been a bonanza for some lucky players. A Spanish bettor won $135,000 worth of gas for placing a bet against his native country when they faced Holland in the first match of their group.

Had Brazil lost out on penalties or by a very small goal margin, then the story would have been different. Nevertheless, hearts would have still been broken but the overall sentiment would have played out differently. Losing by a massive 6 goal difference on their own land is something no team ever wants to go through. Regaining confidence after that is difficult.

The Washington Post: 2014 World Cup: Germany overwhelms shorthanded Brazil in semifinal, 7-1

World Cup semi-final stage is where the remaining best teams meet. Two of them qualify for the final, while the losers face one another in a fight for the third place. For the past three World Cups, the German side has managed to secure two bronze medals and one silver medal. They are truly a team to be reckoned with, as they always have a plethora of gifted players.

Many believed that the host nation had reasonable chances of proceeding to the final, however no one was prepared for what Germany were about to do to the five-time world champions. The semi-final against Brazil shocked millions across the globe, as they witnessed something unbelievable. Germany demolished the South Americans a staggering 7-1.

An entire nation was on its knees, crying and waiting for it for be over before the Europeans had another shot on goal. However, there are certain reasons as to why they succumbed to such a horrible defeat. Brazil had to cope with playing without star striker Neymar, while one of the world’s best defenders, Thiago Silva, was suspended for the match.

Gambling news reports that Brazilian captain David Luiz tried to put on a brave face, but was barely able to hold back tears for experiencing what many would consider football humiliation. Brazil was under severe pressure to win the esteemed trophy, which might have back-fired during the match and eventually saw them put on a disastrous performance.

abcNEWS: 2014 FIFA World Cup: Germany Defeats Brazil 7-1, Reaches Final

Germany scored the opening goals of the match in the 11th minute with Thomas Muller being the finisher. After that in a span of a mere 6 minutes four more goals went in the back of the Brazilian net with rapid succession, as if the hosts had no goalkeeper. Miroslav Klose scored in the 23rd, while Kroos added two more in the 24th and 26th minute followed by Khedira’s strike in the 29th. After that barrage, all hopes of Brazil reaching the final were shattered.

Germany striker Klose set a new World Cup record. At 36 years old he still has a clinical finish, as he managed to score the second goal of the game. This put him on the pedestal for scoring the most goals in World Cup competitions.

As if sinking Brazil with 7 at the back of the net wasn’t enough, the German forward dethroned the great Ronaldo who had 15 goals in the competition. Klose is now the player to beat as he commands 16 goals to his name.

YahooNEWS: World Cup 2014: Biggest shocks in history after Germany beats Brazil 7-1

The 7-1 result also marks Brazil’s greatest loss in history. Before that, the only other memorable severe loss came at the hands of Uruguay in the 1920 Copa America, when they were beaten 6-0.

Undoubtedly, the match will go down in history alongside other games that sent shockwaves throughout the world. When Brazil hosted the World Cup for the first time in 1950, they were also deemed tournament favorites, but had to settle for e second place finish as mighty Uruguay defeated them 2-1 on home soil.

The match is commonly referred to as “Maracanazo” which translates into the “The Blow of Maracana,” the stadium that they played at in the final. The game still remains as a painful memory for many Brazilians today. A sports score that they have never gotten over.

Perhaps the game between Netherlands and Spain can be matched as the other most shocking result at this year’s competition. The Dutch took their revenge on the Spaniards, as they previously lost a final against them in the last World Cup in 2010. Spain were punished with a massive 5 goals, while the defending champions managed only one goal in the opening game.

A similar thing happened with Argentina in the 1990 World Cup in Italy, when they were stunned with a 1-0 loss to Cameroon in their first game. Before that, in 1986 Argentina were crowned champions and no one anticipated Cameroon to pull off a surprise.

France experienced the same situation when they were held by Senegal to a 1-0 defeat in 2002. Four years prior they celebrated lifting their first World Cup trophy in their homeland, however they couldn’t replicate the same performance as before.

Independent.ie: One Paddy Power punter correctly predicted 7-1 obliteration in Brazil-Germany semi

It seems as if nobody could have foreseen such a catastrophe occur for Brazil. Experienced punters would have placed safer bets on game like this, however there was one man that didn’t practice the conventional betting system.

Online gambling news state that a punter in the UK made an astonishing bet by wagering on predicting the correct score of the match. The odds were heavily stacked against his prediction with Paddy Power offering 500/1 for that particular bet. As is turned out he was, scooping a massive reward that resulted in a profit of GBP 3,500 for that wager.

Paddy Power also states that some other lucky bettors predicted Brazil would lose 5-0 by half-time, which secured them a handsome 4-figure sum. The bookmaker’s spokesperson said, “It was nice that the rest of the Brazil team decided to miss the match in tribute to Neymar and Silva – but in reflection they’ll probably realize it kind of backfired.”

sportskeeda: FIFA World Cup: Fans betting correctly on Germany’s 7-1 win over Brazil make a fortune

There were also more astonishing bets made on the game that will forever be remembered as the demise of Brazil. One betting player managed to win a fortune with his audacious bet. He scored over $46,000 on a mere wager of $20, which is an astonishing return on investment.

Additionally, a Brazilian native didn’t seem to support her country for the win, but trusted her husband’s instinct when she placed a meagre 10 Brazilian Reals on predicting the score. She only managed to win 200 Reals but the story behind the bet is astonishing. Her husband reportedly told her the result of the match while sleepwalking through their house.

This year’s World Cup has been a bonanza for some lucky players. A Spanish bettor won $135,000 worth of gas for placing a bet against his native country when they faced Holland in the first match of their group.

Had Brazil lost out on penalties or by a very small goal margin, then the story would have been different. Nevertheless, hearts would have still been broken but the overall sentiment would have played out differently. Losing by a massive 6 goal difference on their own land is something no team ever wants to go through. Regaining confidence after that is difficult.

Over the past few years, economists and analysts have warned about the “casino saturation” in the north-eastern part of the US. Now authorities and business owners are witnessing the disaster and there’s nothing they can do about it.

With growing competition from other states in the area, New Jersey’s Atlantic City is in a desperate financial situation. There is no way out this time. The only thing left to do is to accept the defeat and close the resort’s unprofitable casinos, one by one. Otherwise, authorities are considering rebranding the city and turning it into a destination that offers visitors more than just casino games.

Let’s take a closer look at what recent gambling news have to say on the subject.

Philly.com: With casinos closing, Atlantic City considers future

About 2,100 employees received 60-day notices the next day, after Caesars Entertainment announced it was closing its Mardi Gras-themed casino, Showboat, by the end of this summer. The bad news comes only a few months after the Atlantic Club also went out of business and Revel is also likely to shutter if its owner doesn’t find a new buyer.

“Atlantic City is undergoing a massive economic transition,” Mayor Don Guardian said at a news conference Friday held at the site where a new nongaming attraction is being built. “We know it is painful for those who are losing their casino jobs.”

Liza Cartmell, chief executive officer of the nonprofit Atlantic City Alliance, told reporters: “Recent developments in Atlantic City are part of the larger picture of excess gaming across the United States that’s leading to painful economic decisions.”

There are simply too many casinos in the country, industry experts say. Over the past ten years, 26 gambling venues opened in the Northeast corridor alone; a dozen of them are located in Pennsylvania and a new one is scheduled to open in Baltimore later in August. The development of the casino industry in the area has put an end to the monopoly enjoyed by Atlantic City for nearly three decades.

ABC News: Atlantic City Casino Shutdown Needed, Analysts Say

The number of casinos in Atlantic City could go down from 12 to 9 by Labor Day, as analysts say the resort has too many gambling venues.

“We know that the oversupply of gaming product is a regional issue, as we’re seeing the effects of the pressure all around Atlantic City,” says Israel Posner, executive director of the Lloyd D. Levenson Institute of Gaming, Hospitality and Tourism at Stockton College.

Atlantic City is going through a rough patch and Mayor Don Guardian believes a makeover will be difficult, but necessary. Officials say the time has come for the city transform itself and become a multi-faceted destination, where casino games are just one of the many entertainment options available.

“Although it is sad today, it’s part of the transition that Atlantic City needs to have,” the mayor told reporters. “There is pain as we go through this transition, but it’s critical for Atlantic City to realize we are no longer the monopoly of gaming on the East Coast. If you build more and more casinos and don’t increase the amount of people coming to them, you’re sharing that wealth. We’re just going through a very difficult time.”

Boston Globe: Atlantic City sees our folly of casinos

The US Supreme Court struck down New Jersey’s attempt to legalize sports betting and Atlantic City casinos are going out of business, despite Governor Chris Christie pumping $260 million of his constituents’ money into one of the local casinos.

While Connecticut’s Mohegan Sun and Foxwoods are considered interlopers who steal customers from the New Jersey resort, the story published in the Boston Globe says all players are “suckers, willing to part with their money for the house, because the house always wins.”

Locals worry about Massachusetts casinos stealing even more business. The market is already oversaturated, they say, and Atlantic City is already competing with Vegas, Connecticut and Philadelphia.

The Guardian: Atlantic City shutters casinos as north-east US builds gambling market

It’s becoming more and more obvious that there are too many casinos in Atlantic City. Competition has caused the Atlantic Club to close its doors, Revel says it will do the same unless owners find a new buyer and Caesars Entertainment is giving up on the Showboat.

During his five years in office, Mayor Don Guardian saw a quarter of the city’s casinos close. He believes this is a sign that Atlantic City needs a makeover, from a popular gambling resort to a multi-faceted destination instead.

Over the past seven years, casino revenue in the city has plunged from $5.2 billion to almost half that amount, reaching just $2.86 billion in 2013. Meanwhile, Pennsylvania surpassed Atlantic City as the country’s second largest casino market after Nevada. And with New Jersey’s new laws allowing locals to play casino games and online poker tournaments, profits soared even more.

All this sounds like bad news, but Fitch Ratings has a different opinion, claiming that “the closure makes financial sense for Caesars and is a positive for the oversupplied Atlantic City market.” According to the expert, Caesars will regain lost customers at its other resorts in the area.

CityLab: Atlantic City Is Becoming the Detroit of Casino Culture

At the beginning of the year, when the media argued that Atlantic City could be going the way of Detroit – which suffered a big shock after being forced to shut down gambling venues – State Senate President Stephen Sweeney and Chris Christie both promised they would not let the city “become Detroit”. Now, the resort is facing a wave of casino closings.

Former casino workers are furious over losing their jobs and Bob McDevitt, president of Local 54 of the Unite-HERE union, told reporters that Caesars’ decision to shut down the Showboat was “a criminal act”, as the venue was still making profit.

To help former employees find new positions within the company, Caesars promised to give them preference for existing roles at the company’s other three Atlantic City venues.

Over the past few years, economists and analysts have warned about the “casino saturation” in the north-eastern part of the US. Now authorities and business owners are witnessing the disaster and there’s nothing they can do about it.

With growing competition from other states in the area, New Jersey’s Atlantic City is in a desperate financial situation. There is no way out this time. The only thing left to do is to accept the defeat and close the resort’s unprofitable casinos, one by one. Otherwise, authorities are considering rebranding the city and turning it into a destination that offers visitors more than just casino games.

Let’s take a closer look at what recent gambling news have to say on the subject.

Philly.com: With casinos closing, Atlantic City considers future

About 2,100 employees received 60-day notices the next day, after Caesars Entertainment announced it was closing its Mardi Gras-themed casino, Showboat, by the end of this summer. The bad news comes only a few months after the Atlantic Club also went out of business and Revel is also likely to shutter if its owner doesn’t find a new buyer.

“Atlantic City is undergoing a massive economic transition,” Mayor Don Guardian said at a news conference Friday held at the site where a new nongaming attraction is being built. “We know it is painful for those who are losing their casino jobs.”

Liza Cartmell, chief executive officer of the nonprofit Atlantic City Alliance, told reporters: “Recent developments in Atlantic City are part of the larger picture of excess gaming across the United States that’s leading to painful economic decisions.”

There are simply too many casinos in the country, industry experts say. Over the past ten years, 26 gambling venues opened in the Northeast corridor alone; a dozen of them are located in Pennsylvania and a new one is scheduled to open in Baltimore later in August. The development of the casino industry in the area has put an end to the monopoly enjoyed by Atlantic City for nearly three decades.

ABC News: Atlantic City Casino Shutdown Needed, Analysts Say

The number of casinos in Atlantic City could go down from 12 to 9 by Labor Day, as analysts say the resort has too many gambling venues.

“We know that the oversupply of gaming product is a regional issue, as we’re seeing the effects of the pressure all around Atlantic City,” says Israel Posner, executive director of the Lloyd D. Levenson Institute of Gaming, Hospitality and Tourism at Stockton College.

Atlantic City is going through a rough patch and Mayor Don Guardian believes a makeover will be difficult, but necessary. Officials say the time has come for the city transform itself and become a multi-faceted destination, where casino games are just one of the many entertainment options available.

“Although it is sad today, it’s part of the transition that Atlantic City needs to have,” the mayor told reporters. “There is pain as we go through this transition, but it’s critical for Atlantic City to realize we are no longer the monopoly of gaming on the East Coast. If you build more and more casinos and don’t increase the amount of people coming to them, you’re sharing that wealth. We’re just going through a very difficult time.”

Boston Globe: Atlantic City sees our folly of casinos

The US Supreme Court struck down New Jersey’s attempt to legalize sports betting and Atlantic City casinos are going out of business, despite Governor Chris Christie pumping $260 million of his constituents’ money into one of the local casinos.

While Connecticut’s Mohegan Sun and Foxwoods are considered interlopers who steal customers from the New Jersey resort, the story published in the Boston Globe says all players are “suckers, willing to part with their money for the house, because the house always wins.”

Locals worry about Massachusetts casinos stealing even more business. The market is already oversaturated, they say, and Atlantic City is already competing with Vegas, Connecticut and Philadelphia.

The Guardian: Atlantic City shutters casinos as north-east US builds gambling market

It’s becoming more and more obvious that there are too many casinos in Atlantic City. Competition has caused the Atlantic Club to close its doors, Revel says it will do the same unless owners find a new buyer and Caesars Entertainment is giving up on the Showboat.

During his five years in office, Mayor Don Guardian saw a quarter of the city’s casinos close. He believes this is a sign that Atlantic City needs a makeover, from a popular gambling resort to a multi-faceted destination instead.

Over the past seven years, casino revenue in the city has plunged from $5.2 billion to almost half that amount, reaching just $2.86 billion in 2013. Meanwhile, Pennsylvania surpassed Atlantic City as the country’s second largest casino market after Nevada. And with New Jersey’s new laws allowing locals to play casino games and online poker tournaments, profits soared even more.

All this sounds like bad news, but Fitch Ratings has a different opinion, claiming that “the closure makes financial sense for Caesars and is a positive for the oversupplied Atlantic City market.” According to the expert, Caesars will regain lost customers at its other resorts in the area.

CityLab: Atlantic City Is Becoming the Detroit of Casino Culture

At the beginning of the year, when the media argued that Atlantic City could be going the way of Detroit – which suffered a big shock after being forced to shut down gambling venues – State Senate President Stephen Sweeney and Chris Christie both promised they would not let the city “become Detroit”. Now, the resort is facing a wave of casino closings.

Former casino workers are furious over losing their jobs and Bob McDevitt, president of Local 54 of the Unite-HERE union, told reporters that Caesars’ decision to shut down the Showboat was “a criminal act”, as the venue was still making profit.

To help former employees find new positions within the company, Caesars promised to give them preference for existing roles at the company’s other three Atlantic City venues.

Since introducing online gambling to its residents, the state of New Jersey has not been able to achieve the financial results that they hoped for. Internet gambling was legalized in efforts to help the ailing economy, but has so far shown no signs of improvement.

New Jersey Governor Chris Christie has previously asserted that the industry will generate substantially more than what the current reality shows. In efforts to boost the online gambling industry, he was been trying to add an online sports betting service to the current offer, but nothing has come to fruition so far.

New York Business Journal: New Jersey’s online gambling flop threatens the rest of the state’s spending

A month ago in May, New Jersey Governor Chris Christie predicted that the state would see an inflow of $180 million during this year from taxes associated with online gambling operations. Considering that the state is estimating much smaller figures closer to $12 million, the Governor’s predictions were highly overvalued.

According to gambling news, the whole New Jersey gambling scene doesn’t have very good prospects for the future. The state’s overall casino industry is currently experiencing an economic slump, as many gaming facilities are not achieving expected results.

The online gambling sector is not performing as anticipated due to certain challenges. Some banks do not allow their clients to use their credit cards for internet gambling purposes, making it difficult for players to gamble with their money.

The biggest problem stems from the fact that some reports indicate that New Jersey has an illegal online gambling market which is valued at over $400 million a year. This may prove to be a great obstacle for legislator trying to implement changes to their online gaming market, by adding sports betting to their ranks.

Bloomberg Businessweek: Online Gambling Slump Adds to Christie’s N.J. Budget Woes

New Jersey initially saw a decline in revenues in April, just months after starting their online gambling industry. The decrease in online traffic is not the only gaming sector suffering a gradual revenue decrease. Casinos in Atlantic City have seen their revenues drop a massive 44% since peaking in 2006.

The state has high investments in Atlantic City, as it depends on the coastal town to provide jobs, attract tourists and most importantly taxes. The current economic climate will see the state government receive considerably less than initially expected.

Online mobile news reports that New Jersey is hoping to get $12 million from taxes, an amount that is substantially less than what the first projections claimed. Governor Christie believed that they could fetch somewhere around the $180 million mark form imposing the 15% internet gambling tax, however that figure now seems like a distant dream.

The chief operating officer of the Borgata Hotel Casino & Spa, Tom Balance, commented on the unlikely turn of events for the industry. “I don’t think anyone had the crystal ball to predict what the market would be.”

The Republic: New Jersey’s Internet gambling revenue falls again in May; industry struggling after 6 months

Following the first disappointing results in April, New Jersey has not managed to see an increase occur over time. Instead, online gambling revenue has been declining for two consecutive months.

Atlantic City’s casinos first showed signs of a bad economy when some of them started closing down. The Atlantic Club shut down operations in January, which served as a precursor of the state of the market. Additionally, casinos in Atlantic City recorded a 3.1% revenue decrease as compared to a year before.

Online gambling was introduced as a way for the state to create additional tax revenue sources, as other sectors of the market were not performing well. Governor Christie assumed that the overall value for the first year of online gambling operations would amount to over $1 billion.

However, many Wall Street analysts disagree with his estimates, as they anticipate to find gambling results far lower than $1 billion. They forecast the industry to generate somewhere between $200 million and $300 million for the year. Up until now gaming companies have managed to only make $61.9 million, a figure that is far below the projected results.

Nj.com: Online gambling hits wall in NJ 6 months after launch.

Since introducing online gambling to its residents, the state of New Jersey has not been able to achieve the financial results that they hoped for. Internet gambling was legalized in efforts to help the ailing economy, but has so far shown no signs of improvement.

New Jersey Governor Chris Christie has previously asserted that the industry will generate substantially more than what the current reality shows. In efforts to boost the online gambling industry, he was been trying to add an online sports betting service to the current offer, but nothing has come to fruition so far.

New York Business Journal: New Jersey’s online gambling flop threatens the rest of the state’s spending

A month ago in May, New Jersey Governor Chris Christie predicted that the state would see an inflow of $180 million during this year from taxes associated with online gambling operations. Considering that the state is estimating much smaller figures closer to $12 million, the Governor’s predictions were highly overvalued.

According to gambling news, the whole New Jersey gambling scene doesn’t have very good prospects for the future. The state’s overall casino industry is currently experiencing an economic slump, as many gaming facilities are not achieving expected results.

The online gambling sector is not performing as anticipated due to certain challenges. Some banks do not allow their clients to use their credit cards for internet gambling purposes, making it difficult for players to gamble with their money.

The biggest problem stems from the fact that some reports indicate that New Jersey has an illegal online gambling market which is valued at over $400 million a year. This may prove to be a great obstacle for legislator trying to implement changes to their online gaming market, by adding sports betting to their ranks.

Bloomberg Businessweek: Online Gambling Slump Adds to Christie’s N.J. Budget Woes

New Jersey initially saw a decline in revenues in April, just months after starting their online gambling industry. The decrease in online traffic is not the only gaming sector suffering a gradual revenue decrease. Casinos in Atlantic City have seen their revenues drop a massive 44% since peaking in 2006.

The state has high investments in Atlantic City, as it depends on the coastal town to provide jobs, attract tourists and most importantly taxes. The current economic climate will see the state government receive considerably less than initially expected.

Online mobile news reports that New Jersey is hoping to get $12 million from taxes, an amount that is substantially less than what the first projections claimed. Governor Christie believed that they could fetch somewhere around the $180 million mark form imposing the 15% internet gambling tax, however that figure now seems like a distant dream.

The chief operating officer of the Borgata Hotel Casino & Spa, Tom Balance, commented on the unlikely turn of events for the industry. “I don’t think anyone had the crystal ball to predict what the market would be.”

The Republic: New Jersey’s Internet gambling revenue falls again in May; industry struggling after 6 months

Following the first disappointing results in April, New Jersey has not managed to see an increase occur over time. Instead, online gambling revenue has been declining for two consecutive months.

Atlantic City’s casinos first showed signs of a bad economy when some of them started closing down. The Atlantic Club shut down operations in January, which served as a precursor of the state of the market. Additionally, casinos in Atlantic City recorded a 3.1% revenue decrease as compared to a year before.

Online gambling was introduced as a way for the state to create additional tax revenue sources, as other sectors of the market were not performing well. Governor Christie assumed that the overall value for the first year of online gambling operations would amount to over $1 billion.

However, many Wall Street analysts disagree with his estimates, as they anticipate to find gambling results far lower than $1 billion. They forecast the industry to generate somewhere between $200 million and $300 million for the year. Up until now gaming companies have managed to only make $61.9 million, a figure that is far below the projected results.

Nj.com: Online gambling hits wall in NJ 6 months after launch.

In efforts to re-enter the US poker market, PokerStars agrees sale to Canadian gaming supplier Amaya Gaming for $4.9 billion.

Amaya Gaming completes a deal to become the world biggest online poker firm after a $4.9 billion purchase of Pokerstars. Many observers see the acquisition as a way to re-enter the US market as they have previously had differences of opinion with certain government departments, namely with the US Department of Justice.

The DOJ claimed that PokerStars violated the codes of the Wire Act, which prohibits certain gambling activities. PokerStars eventually relocated its headquarters to the Isle of Man, off the coast of UK, but continued the legal battle with the DOJ.

The company enlisted the services of some insightful attorneys and law firms that challenged the decision by the DOJ. They claimed that PokerStars did not violate any US gambling laws.

Subsequently, PokerStars made its mark in the US by taking over the biggest online poker market in the world. Soon after President George W. Bush signed the Unlawful Internet Gambling Enforcement Act, which spelled the end for PartyGaming in the US. Nevertheless, PokerStars continued to operate in the US, while Full Tilt claimed the whole market.

Forbes: Amaya Gaming in Deal to Buy PokerStars for $4.9 Billion

In 2011, US federal prosecutors challenged PokerStars’ gambling operations in the country. US Attorney for the Southern District of New York, Preet Bharara, charged the founder of PokerStars along with 10 other relevant individuals.

The founder, Isai Scheinberg, was one of the people accused of money laundering, bank fraud and most importantly providing illegal betting services. PokerStars took in bets and staged online poker tournaments on a regular basis.

The US Attorney claimed that Scheinberg and others went against the Unlawful Internet Gambling Enforcement Act of 2006, which makes it illegal for companies to accept bets online where it is not deemed legal.

Following the indictment, PokerStars relented in their legal battle in 2012 and agreed to pay a settlement fine of $731 million to the Department of Justice. Despite paying the hefty fee, the poker firm did not admit any wrongdoing to the charges brought against them.

Bloomberg: PokerStars Sale a Jackpot for New Online Billionaire Scheinberg

Gambling news reports that since the onset of the legal charges Scheinberg has been living on the Isle of Man. His son Mark Scheinberg makes regular visits to the US to keep track of further business and legal developments.

The Department of Justice has labelled Isai Scheinberg as the main “founder, owner and principal decision-maker for Pokerstars.” They also consider the mobile gaming founder as being “at large.”

Amaya Gaming disagrees with the statements made by the DOJ. The company has made an official announcement after the sale, stating that poker site was started and run by the son, Mark Scheinberg, and not the father. Mark also expressed his version by commenting, “I am incredibly proud of the business Isai and I have built over the last 14 years.”

The Guardian: Family behind PokerStars and Full Tilt Poker to sell business for GBP 2.9bn

Amaya Gaming primarily deals with supplying betting equipment and hardware for other gaming firms, however the purchase of PokerStars will potentially see it become the greatest online poker provider. Currently, the industry is estimated to be worth a staggering $4 billion while Amaya seeks to hold a significant portion of that through PokerStars.

To help broker the deal Amaya has hired the financing services of several prominent banking institutions. Deutsche Bank AG (DBK), Barclays Plc (BARC), Macquaire Group Ltd. and Blackstone Group LP were all involved in providing their expertise.

In order to make the purchase, Amaya had to take out huge loans from the aforementioned banks. Billions have been borrowed, however considering the future potential for online poker in some states it appears to be simply a matter of time before they make a substantial return on their investment.

Amaya Chairman and chief exec, David Baazov, indicated the importance of acquiring PokerStars for the US market. “Having this brand and this company in the US is going to be very significant for states.”

Baazov has been credited with transforming the company into what it is today. He joined Amaya in 2006, two years after it was initially founded, and after successful acquisitions of smaller firms he saw Amaya’s growth rise exponentially.

Baazov commented on the company’s effective business model. “Everyone had a very fragmented approach. We built it all on a vision of convergence. It’s a very large industry and it’s going to continue to grow.”

Bloomberg Businessweek: Amaya Soars to record After $4.9 Billion PokerStars Deal

In efforts to re-enter the US poker market, PokerStars agrees sale to Canadian gaming supplier Amaya Gaming for $4.9 billion.

Amaya Gaming completes a deal to become the world biggest online poker firm after a $4.9 billion purchase of Pokerstars. Many observers see the acquisition as a way to re-enter the US market as they have previously had differences of opinion with certain government departments, namely with the US Department of Justice.

The DOJ claimed that PokerStars violated the codes of the Wire Act, which prohibits certain gambling activities. PokerStars eventually relocated its headquarters to the Isle of Man, off the coast of UK, but continued the legal battle with the DOJ.

The company enlisted the services of some insightful attorneys and law firms that challenged the decision by the DOJ. They claimed that PokerStars did not violate any US gambling laws.

Subsequently, PokerStars made its mark in the US by taking over the biggest online poker market in the world. Soon after President George W. Bush signed the Unlawful Internet Gambling Enforcement Act, which spelled the end for PartyGaming in the US. Nevertheless, PokerStars continued to operate in the US, while Full Tilt claimed the whole market.

Forbes: Amaya Gaming in Deal to Buy PokerStars for $4.9 Billion

In 2011, US federal prosecutors challenged PokerStars’ gambling operations in the country. US Attorney for the Southern District of New York, Preet Bharara, charged the founder of PokerStars along with 10 other relevant individuals.

The founder, Isai Scheinberg, was one of the people accused of money laundering, bank fraud and most importantly providing illegal betting services. PokerStars took in bets and staged online poker tournaments on a regular basis.

The US Attorney claimed that Scheinberg and others went against the Unlawful Internet Gambling Enforcement Act of 2006, which makes it illegal for companies to accept bets online where it is not deemed legal.

Following the indictment, PokerStars relented in their legal battle in 2012 and agreed to pay a settlement fine of $731 million to the Department of Justice. Despite paying the hefty fee, the poker firm did not admit any wrongdoing to the charges brought against them.

Bloomberg: PokerStars Sale a Jackpot for New Online Billionaire Scheinberg

Gambling news reports that since the onset of the legal charges Scheinberg has been living on the Isle of Man. His son Mark Scheinberg makes regular visits to the US to keep track of further business and legal developments.

The Department of Justice has labelled Isai Scheinberg as the main “founder, owner and principal decision-maker for Pokerstars.” They also consider the mobile gaming founder as being “at large.”

Amaya Gaming disagrees with the statements made by the DOJ. The company has made an official announcement after the sale, stating that poker site was started and run by the son, Mark Scheinberg, and not the father. Mark also expressed his version by commenting, “I am incredibly proud of the business Isai and I have built over the last 14 years.”

The Guardian: Family behind PokerStars and Full Tilt Poker to sell business for GBP 2.9bn

Amaya Gaming primarily deals with supplying betting equipment and hardware for other gaming firms, however the purchase of PokerStars will potentially see it become the greatest online poker provider. Currently, the industry is estimated to be worth a staggering $4 billion while Amaya seeks to hold a significant portion of that through PokerStars.

To help broker the deal Amaya has hired the financing services of several prominent banking institutions. Deutsche Bank AG (DBK), Barclays Plc (BARC), Macquaire Group Ltd. and Blackstone Group LP were all involved in providing their expertise.

In order to make the purchase, Amaya had to take out huge loans from the aforementioned banks. Billions have been borrowed, however considering the future potential for online poker in some states it appears to be simply a matter of time before they make a substantial return on their investment.

Amaya Chairman and chief exec, David Baazov, indicated the importance of acquiring PokerStars for the US market. “Having this brand and this company in the US is going to be very significant for states.”

Baazov has been credited with transforming the company into what it is today. He joined Amaya in 2006, two years after it was initially founded, and after successful acquisitions of smaller firms he saw Amaya’s growth rise exponentially.

Baazov commented on the company’s effective business model. “Everyone had a very fragmented approach. We built it all on a vision of convergence. It’s a very large industry and it’s going to continue to grow.”

Bloomberg Businessweek: Amaya Soars to record After $4.9 Billion PokerStars Deal

The Scottish independence referendum is just three months away and it will happen on 18th September 2014. The decision about it came after the Scottish and the UK governments signed an agreement, followed by the Scottish Independence Referendum Bill, which dealt with the details around this historic event.

The Bill was passed by the Scottish Parliament in November 2013 and it received Royal Assent in December 2013. The Electoral Commission put forward the following wording for the referendum question: “Should Scotland be an independent country?” which people have to answer when they go to vote.

Naturally, this issue is pretty hot in Scotland and there are a lot of scenarios and speculations discussed among people and the media. The latest impressive gambling news came from a Surrey punter, who gambled GBP 400,000 that Scottish voters will say no at independence referendum. More about one of largest political bets even placed can he found on:

TheGuardian: Scottish independence referendum: man bets £400,000 on no vote

Bookmakers around the country are extremely excited about the impressive bet calling it the “biggest political bet ever struck.”

One of the biggest betting houses in the UK William Hill reported that the bettor in question showed a banker’s draft for GBP 400,000 in a branch in south-west London. Keeping in mind that the odds are at 1/4 for a no vote, he will most probably earn profit of GBP 100,000.

Additionally, William Hill reported that it already has a GBP 200,000 bet placed again on a no vote, which isn’t surprising as people’s support for a no vote has grown by eight points to 61%, while backing for a yes vote has declined to 18%.

Graham Sharpe, spokesman of William Hill commented: “As far as we can ascertain, this is the biggest political bet ever struck.”

Moreover: “The previous record was a GBP 200,000 bet also struck on a no vote in the Scottish referendum earlier in the campaign, and the same amount was gambled by a customer who backed David Cameron to become Tory leader.”

And: “We are now well on the way to turning over GBP 1 million on the outcome of the Scottish referendum, which is exceeding our expectations.”

TheIndependent: Scottish referendum set to be the most gambled on political event ever

William Hill is definitely one of the big winners, who are discussed in numerous gambling blogs, as this referendum will most probably earn the company more than any other political vote.

Sharpe added the revenue results on the referendum outcome are very impressive, especially keeping in mind that “our total turnover on the last General Election in 2010 was no more than one and a half million.”

With the current bet of GBP 400,000 the UK is pretty high in the table of political bets, very close behind the biggest reported non-UK bet, which was GBP 419,000. It was placed by an Australian gambler, who bet that Tony Abbott would win the 2013 Australian general election.

TheTelegraph: Man bets £400,000 on Scotland saying ‘no’

The GBP 400,000 wager on the outcome of the independence referendum in Scotland is definitely one of the most commented issues in the UK, prior the vote, which will happen in September this year.

William Hill reported that the bettor, who is part of all conversations in the gambling circles, is middle-aged man from Surrey and didn’t have Scottish accent. He placed the bet through a banker’s draft and will have the chance to “make profit” of GBP 100,000 if his prediction comes true.

In reality, “there are less than 100 campaign days to go until Scottish voters go to the polls to decide whether their country should remain part of the United Kingdom.”

Naturally, all three parties in UK’s parliament offered deals to Scotland if it rejects the independence, like more powers on the issues of tax and spending.

However, there are some controversies regarding the support, as last week Gordon Brown, who supports the “No” campaign against independence, accused David Cameron of making a “big mistake” in confronting Scotland against England in his attempt to save the union.

The former Prime Minister expressed his concern that threatening the Scottish population with cuts of jobs and bankruptcy if they vote for independence, transformed the debate and made it simply “Scotland versus Britain.”

Reuters: Gambler in England bets 400,000 pounds that Scots will reject independence

One of the “world’s biggest ever political bets” will most probably bring the bettor who placed it quite impressive revenue.

The GBP 400,000 bet is twice as big as the one of GBP 200,000, also placed on a no vote, by a Scottish man at an earlier stage of the independence referendum campaign.

Despite the larger percentage of people who will most probably vote “No”, in comparison to the supporters of Scottish independence, there are still a lot of voters who haven’t made up their minds.

Thus: “The bookmakers said they had shortened their odds on a “no” vote to 1/5, suggesting this was now more likely to happen than previously thought. Their odds on a “yes” vote stand at 10/3, meaning winners getting 10 pounds back for every three they bet.”

The Scottish independence referendum is just three months away and it will happen on 18th September 2014. The decision about it came after the Scottish and the UK governments signed an agreement, followed by the Scottish Independence Referendum Bill, which dealt with the details around this historic event.

The Bill was passed by the Scottish Parliament in November 2013 and it received Royal Assent in December 2013. The Electoral Commission put forward the following wording for the referendum question: “Should Scotland be an independent country?” which people have to answer when they go to vote.

Naturally, this issue is pretty hot in Scotland and there are a lot of scenarios and speculations discussed among people and the media. The latest impressive gambling news came from a Surrey punter, who gambled GBP 400,000 that Scottish voters will say no at independence referendum. More about one of largest political bets even placed can he found on:

TheGuardian: Scottish independence referendum: man bets £400,000 on no vote

Bookmakers around the country are extremely excited about the impressive bet calling it the “biggest political bet ever struck.”

One of the biggest betting houses in the UK William Hill reported that the bettor in question showed a banker’s draft for GBP 400,000 in a branch in south-west London. Keeping in mind that the odds are at 1/4 for a no vote, he will most probably earn profit of GBP 100,000.

Additionally, William Hill reported that it already has a GBP 200,000 bet placed again on a no vote, which isn’t surprising as people’s support for a no vote has grown by eight points to 61%, while backing for a yes vote has declined to 18%.

Graham Sharpe, spokesman of William Hill commented: “As far as we can ascertain, this is the biggest political bet ever struck.”

Moreover: “The previous record was a GBP 200,000 bet also struck on a no vote in the Scottish referendum earlier in the campaign, and the same amount was gambled by a customer who backed David Cameron to become Tory leader.”

And: “We are now well on the way to turning over GBP 1 million on the outcome of the Scottish referendum, which is exceeding our expectations.”

TheIndependent: Scottish referendum set to be the most gambled on political event ever

William Hill is definitely one of the big winners, who are discussed in numerous gambling blogs, as this referendum will most probably earn the company more than any other political vote.

Sharpe added the revenue results on the referendum outcome are very impressive, especially keeping in mind that “our total turnover on the last General Election in 2010 was no more than one and a half million.”

With the current bet of GBP 400,000 the UK is pretty high in the table of political bets, very close behind the biggest reported non-UK bet, which was GBP 419,000. It was placed by an Australian gambler, who bet that Tony Abbott would win the 2013 Australian general election.

TheTelegraph: Man bets £400,000 on Scotland saying ‘no’

The GBP 400,000 wager on the outcome of the independence referendum in Scotland is definitely one of the most commented issues in the UK, prior the vote, which will happen in September this year.

William Hill reported that the bettor, who is part of all conversations in the gambling circles, is middle-aged man from Surrey and didn’t have Scottish accent. He placed the bet through a banker’s draft and will have the chance to “make profit” of GBP 100,000 if his prediction comes true.

In reality, “there are less than 100 campaign days to go until Scottish voters go to the polls to decide whether their country should remain part of the United Kingdom.”

Naturally, all three parties in UK’s parliament offered deals to Scotland if it rejects the independence, like more powers on the issues of tax and spending.

However, there are some controversies regarding the support, as last week Gordon Brown, who supports the “No” campaign against independence, accused David Cameron of making a “big mistake” in confronting Scotland against England in his attempt to save the union.

The former Prime Minister expressed his concern that threatening the Scottish population with cuts of jobs and bankruptcy if they vote for independence, transformed the debate and made it simply “Scotland versus Britain.”

Reuters: Gambler in England bets 400,000 pounds that Scots will reject independence

One of the “world’s biggest ever political bets” will most probably bring the bettor who placed it quite impressive revenue.

The GBP 400,000 bet is twice as big as the one of GBP 200,000, also placed on a no vote, by a Scottish man at an earlier stage of the independence referendum campaign.

Despite the larger percentage of people who will most probably vote “No”, in comparison to the supporters of Scottish independence, there are still a lot of voters who haven’t made up their minds.

Thus: “The bookmakers said they had shortened their odds on a “no” vote to 1/5, suggesting this was now more likely to happen than previously thought. Their odds on a “yes” vote stand at 10/3, meaning winners getting 10 pounds back for every three they bet.”