UFC president Dana White recently rhapsodized about Adin Ross, noting that Ross has been more than dabbling in gambling, spending heavily without seemingly affecting his net worth.

Adin Ross Celebrated by Dana White for Low Risk Aversion

White, a bit of a gambling buff himself, appeared on the FLAGRANT podcast hosted by Akaash Sing and Andrew Schulz. White became very passionate about gambling when it was brought up and shared a story about Charles Barkley, who once wagered $650,000 at a party.

Barkley is known for his often excessive gambling and not always wise decisions. Yet, White was fascinated by Barkley’s risk aversion and was happy to share the story. “I’ll tell you this, though—Charles Barkley is a gambler, too. Charles Barkley came to Power Slap, and the one that we did at the Durango, I have a big gambling party after, and he f**king beat him for, like, $650,000,” White recounted.

Even Barkley’s exploits paled in comparison with what Adin Ross was able to do during Power Slap. “This kid is what, 22? He goes on fking… he’s up a million, he’s down $750,000, he’s up $1,500,000 in a fking Power Slap weekend,” White said, growing more excited with his account.

Adin Ross has been a fixture in gambling and streaming, often finding himself in controversial stories. He once lost $4 million in a single session, and a UNILAD story claimed that he also cheated during a game with marked cards.

In the meantime, criticism against the streamer had been shut down by fellow gambling icons, such as xQc, real name Félix Lengyel, who said that people who criticized him or Adin Ross were hypocrites who would have opted the same deals if they were offered to them. Admittedly, the paychecks both streamers command are enough to tempt the majority of people.

Adin Ross Continues to Fascinate with His Relentless Affinity for Gambling

He is also said to have lost $15 million in a single gambling session, according to media news outlet The SportsRush, citing the player’s own account, but the story was never corroborated by other sources.

Whether it’s betting or casino gaming, Adin Ross has been keen to participate, according to popular accounts. Ross also made headlines when he announced that he would be quitting his Twitch streaming career (he had been banned by the platform) to join Kick, a newly formed rival at the time. Twitch did consider unbanning Ross, but the CEO faced public criticism for potentially allowing gambling to proliferate on the Amazon-owned platform.

The streamer was also escorted out of a TwitchCon event in October 2023, following his ban from Twitch. At the time, Ross arrived with a few friends, donning Kick apparel to promote the new platform. He and his entourage were escorted out by security.

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There are a few red flags surrounding how the Nevada Gaming Control Board (NGCB) handles confidentiality. People are worried that this might affect the transparency and answerability of the state’s very profitable casino industry. 

Confidentiality Laws Hinder Public Scrutiny of Nevada’s Casinos

Licensing and regulating casinos in Nevada is the duty of the NGCB. It works under laws that make all inquiry files confidential. Critics argue that this provision in the Nevada Revised Statutes does not promote openness within an industry where billions are made.

The Enforcement Division together with the Investigations Division at NGCB perform critical activities like background checks on those seeking licenses as well as looking into crimes committed within or against any gaming establishment licensed by them. Unfortunately, these processes remain undisclosed owing to NRS 463.120 which states that anything connected with gaming inquiries should be kept secret, reported The Las Vegas Review-Journal.

David Cuillier, director of the Brechner Freedom of Information Project, has pointed out that confidentiality laws are problematic. According to Cuillier, such exceptions to open records laws – often aimed at shielding corporate secrets – diminish accountability and thwart public scrutiny. These exceptions, he said, have gradually chipped away at open record laws since the 1970s, making it much harder to get information.

The “confidentiality clause” has been a major point of contention in many high-profile cases. One of them was in regard to Scott Sibella who used to work as an executive with MGM Grand and Resorts World. During the Sibella investigation, when The Las Vegas Review-Journal requested public records concerning the case, the NGCB declined.

One of the things that has been pointed out as frustrating is the lack of openness. For example, Robert “RJ” Cipriani says he informed state agents years ago of unlawful gambling operations in certain casinos but they did nothing about it. 

Equally important, media coverage has been stifled as well in cases such as the one against Steve Wynn for sexual harassment and the unsolved murder of Benjamin “Bugsy” Siegel.

Michael Green who works as an associate history professor at UNLV explained why records have been kept secret from public knowledge until now. When the legislature established the Board back in the 1950s its main purpose was fighting organized crime within gambling houses. Hence these rules were put into place similar to those valid for police investigations requiring levels of proof while maintaining confidentiality too.

However, Cuillier urges for more transparency as he believes that if people do not have access to what they need from government agencies – especially regarding casinos which generate billions every year – then suspicion will start creeping back into everyone’s minds concerning the integrity of the sector.

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Twitch and Kick streamer Félix Lengyel, or as he is known for his online handle, “xQc,” has blasted people who have repeatedly brought up his tendency to stream gambling for the “kicks of it,” accusing the former Overwatch professional player of opportunistically accepting deals with crypto gambling platforms and casinos and expose his followers to gambling.

Who Are You to Moralize – Ghandi?

xQc has repeatedly denied any ill intent on his part but has now become irate once again, calling out his detractors “losers.” He put himself in the same basket with Trainwrecks,  a fellow streamer who has proven even more controversial over his misogynistic comments on X, formerly Twitter, against female streamers and members of the community.

xQc has called out the moralizing bunch “losers” who want “something out of it.” The streamer was convinced that it was not simply a matter of taking the moral high ground, but also a desire for those same people who blasted him to gain something financially out of the situation or impede xQc and Trainwrecks’ own success.

“Like, what do you think prompts somebody to do this? What do you think, because they’ re like the messiah, they’re like Gandhi. That they save the world? Like, dude, they want something out of it, some sort of a reward. They feel they should get the bonus for being morally just. The reality it, there isn’t [a bonus]. You’re a loser. You’re not better than anybody else, you are a dumbf—k.”

xQc is said to have $100 million non-exclusive deals with Kick, the newly-formed streaming platform that was launched to offer a laxer approach to streaming content, with a particular focus on gambling, in the wake of Twitch’s ban on gambling.

Not Ashamed to Make an Honest Living

Over the years, xQc has tried to convince his audiences that he “actually enjoyed” gambling and it was something he would rather do than play Overwatch, for example.

More recently, though, the streamer seems to be making a clean breast out of his affinity for gambling which is at least partially rooted in the serious contracts he has been landing with gambling companies.

Both Trainwrecks and xQc have reported over the years that they had been broke because of gambling and promoted at least a moderate form of responsible gambling. Yet, their relationship with the gambling industry has only grown deeper.

Twitch may also be a target for takeover from Kick’s co-founder Bijan Tehrani, who has said as much himself earlier this year.

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New York-based hedge fund, Corvex Management, has announced its entry into the ongoing drama surrounding FTSE 100 gambling giant, Entain, as it has acquired a significant 4.4% stake in the Ladbrokes owner. 

Corvex Spearheads Activist Onslaught, Deeming Current State ‘Unacceptable’

Corvex, led by former Carl Icahn lieutenant Keith Meister, has become the latest activist investor to assert itself in Entain’s affairs, labeling the current state of the company’s performance as “unacceptable.” The hedge fund emphasizes the need for a more radical overhaul, asserting that the recent management change is merely a preliminary step.

The announcement from Corvex came less than 24 hours after Nygaard-Andersen resigned, adding to the tumult surrounding Entain. The Ladbrokes owner has been grappling with a slump in its share price throughout the year, coupled with a series of unsuccessful acquisitions totaling over £2 billion ($2.6 billion).

Entain‘s joint venture with MGM Resorts International in the United States, particularly in the rapidly growing sports betting market, has been a focal point for the activist hedge fund. Corvex, already holding a stake in MGM where Meister sits on the board, aims to wield its influence to drive transformative change at Entain.

The hedge fund has expressed its intention to engage with Entain’s chairman, Barry Gibson, and interim CEO, Stella David, to actively contribute to positive changes within the organization.

Entain’s Shares Rally 7% Amidst Activist Calls for Industry-Expert Leadership

Entain’s shares experienced a nearly 7% surge, reaching slightly above £9 ($11.5) in morning trading following Corvex’s announcement. The gambling group now finds itself at a “critical juncture,” according to Corvex, suggesting that a shareholder with substantial industry and company-specific experience is necessary for the company’s revival.

Last month, Entain faced increased pressure as two US activist hedge funds, Dendur Capital and Sachem Head Capital Management, joined Eminence Capital in expressing concerns over the company’s stagnant share price and CEO Jette Nygaard-Andersen’s leadership. 

The activists cited regulatory challenges and management missteps, prompting Entain to pledge the appointment of four new non-executive directors. Activists, led by Ricky Sandler, also pushed for more inclusion on the board. Entain, in response to the increasing activist pressure, asserts its commitment to addressing shareholder concerns. The company remains confident in its ability to capitalize on significant growth opportunities, but the looming question remains whether the board will succumb to external pressures and consider a sale of the company or some of its assets.

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Leigh’s recent statements aim to honor the late MP Peta Murphy, who recently passed away from cancer. Murphy was also a staunch supporter of a more comprehensive government effort to reduce problem gaming, such as national regulation, an online gambling ombudsman, a harm reduction levy on online wagering service providers (WSPs), and a public education campaign.

Government Representatives Honored Murphy’s Legacy

During a tribute to Murphy, Leigh underscored her dedication to gambling reform, especially her passion for the recommendations outlined by a cross-party committee on online gambling harm. Murphy chaired this committee, which submitted its report to the government in June, proposing a phased ban on online gambling ads over three years as a primary measure.

It would be a fitting tribute to Peta if parliament were to enact that ban and name it after her. And, as a side benefit, we could forever redefine the term ‘Murphy’s law.’

Andrew Leigh, Assistant Minister for Competition, Charities, and Treasury

While the Australian government hasn’t formally responded to these recommendations, officials have been engaging with industry stakeholders, leaning towards limiting the frequency of ads on TV and radio rather than imposing a complete ban. According to a report by the Sydney Morning Herald, several anonymous MPs also expressed their support for such measures, even favoring a total advertising ban.

Acknowledging Murphy’s commitment to gambling reform, Prime Minister Anthony Albanese highlighted her advocacy for significant changes, including curbing the harm caused by online gambling. While the topic of gambling ads remains contentious and has been the subject of multiple discussions, Murphy was undoubtedly one of the driving forces for change in the sector.

Australia Still Faces Significant Regulatory Deficiencies

While Labor has previously implemented measures to address gambling issues, Responsible Wagering Australia, the body representing wagering service providers, opposes a blanket ban. They argue that it would significantly impact revenues that support various sectors, including regional broadcasters, sports integrity programs, and Australian content. The currently considered partial restrictions could be a reasonable alternative.

Australia’s rapidly growing gambling harm rates have been an increasingly pressing issue for the federal government. Opposition communications spokesman David Coleman criticized the current lack of initiative, drawing attention to the recently rejected bill to ban gambling ads before and after sports matches. Current regulations allow ads to stop five minutes before a game, but nothing prevents gambling companies from promoting odds during play.

Recent legislation banning the use of credit cards in iGaming was a hallmark success, but it is only one step towards solving the country’s endemic issue. As the debate around gambling advertisements continues, the push for a ban gains momentum, aligning with concerns about the impact of pervasive gambling promotions on individuals and society at large.

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Efforts toward responsible gambling over the last few years across North America have expanded. Amid the growing popularity of online gambling and sports betting, a need is observed in education on the risks of gambling and the promotion of responsible gambling tools such as deposit limits or spending limits, among other methods that seek to reduce at-risk or problem gambling.

Recently, one of Canada’s thirteen provinces, Prince Edward Island (PEI), launched a new website that underlines its commitment to responsible gambling. The website of the PEI Department of Health and Wellness offers support for people suffering from problem gambling or at-risk gambling, providing information along with a toll-free line for anyone who wishes to speak to a professional.

The website reveals that there are nearly 10 signs that people can identify they are suffering from a gambling addiction. Notably, two signs stand out as the most important and apply to people who cannot control how much money or time they spend on gambling. On the other hand, people who continuously engage in gambling activities knowing that they lose money or cause harm to their families may also be suffering from problem gambling, according to the website.

Website Needs to Offer More Resources, Information

While the new website of the Department of Health and Wellness reaffirms PEI’s commitment toward responsible gambling, an expert on gambling addiction said that more needs to be done. As announced by CBC News, Elizabeth Stephen, a Halifax-based counseling therapist who specializes in providing support to people affected by problem gambling, the website is a “missed opportunity” for the province. She criticized the information shared via the new website, claiming that more resources need to be available for individuals from the province who seek help due to a gambling-related issue.

According to Stephen, the successful reduction of problem gambling would also mean reducing the profits from the activity. She was baffled by the links the new website offered to Atlantic Lotto, outlining that businesses or organizations that benefit from gambling activities should not be referenced via a website that seeks to reduce gambling harm. Stephen explained: “It’s a hard choice, you know, to reduce harm. It means that the profit’s going to be reduced.”

The Canadian Center on Substance Use and Addiction recently outlined its Lower-Risk Gambling Guidelines, describing in detail how individuals can reduce their expenses related to gambling. While those guidelines clearly reveal what percentage of their income can different individuals spend on gambling monthly depending on their annual income, this is not the case for the new PEI website, warned Stephen.

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Taxation of retail and online gambling provides a vital stream of revenue for countries across the globe. Currently, there are strict rules regulating the gambling sector in the Netherlands and licensed operators in the country are subject to a 29.5% gambling tax. Now, a new proposal seeks to change the taxation of gambling for operators in the country, calling for an increase.

The proposal was submitted Tuesday by MPs Silvio Erkens and Chris Stoffer and it comes at a time when the Dutch government proposed a drastic increase in the levy applicable for alcohol. The government recently hinted at plans for increasing the excise duty applicable for alcoholic beverages, such as wine, beer and others, by 16.3%.

However, Erkens and Stoffer identified the potential negative impact of such an increase, claiming that it may have a significant economic impact on regions near the country’s borders. The duo outlined that people living in such regions may try to avoid the higher excise duty on alcoholic beverages by buying them from countries nearby.

To cushion the potential negative impact, of an increase in the excise duty on alcohol, the MPs submitted a proposal that calls for the increase to be in half. This would otherwise mean that the excise duty on alcohol would be increased by only 8% and to compensate for the tax revenue, Stoffer and Erkens called for an increase in gambling tax.

Increasing the Gambling Tax by 1%

Introducing half of the excise duty on alcohol is estimated to cost approximately €74 million ($78.3 million) in tax revenue. Within their proposal, the two MPs sought to fill in the gap created by the decrease in the revenue from alcohol by implementing a 1% increase in the tax rate applicable to gambling operators. This would effectively increase the tax rate from 29.5% to 30.5%.

In their proposal, Erkens and Stoffer highlighted the recent increase in the popularity of online gambling activities. Ideally, the duo sought to only increase the gambling tax applicable to online gambling operators.

“Ideally, the increase in the gambling tax would only have resulted in a heavier taxation of online gambling. However, the gambling tax is currently not differentiated with regard to different forms of gambling, which means that an increase cannot yet be focused on this group,“

reads the proposed change submitted by MPs Silvio Erkens and Chris Stoffer

However, under the existing regulations, there’s no separation between online gambling activities and land-based activities. In other words, if the proposal of the two MPs is implemented, the increase would apply to all forms of gambling in the Netherlands. This would be the case unless further changes and provisions are implemented.

If the Dutch government implements the change and increases the tax by 1%, an estimated €26 million ($27.5 million) in tax revenue is expected to be generated. The duo’s proposal also calls for an increase in the excise duty on tobacco as well, in addition to the gambling tax.

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Australian operator The Lottery Corporation has requested to be omitted from the upcoming gambling reform. Regulatory changes will prevent bettors from using credit cards for gambling, significantly changing the country’s gaming landscape. The company argues that lotteries have a low harm profile, insisting lottery tickets and scratch cards should be exempt from the Interactive Gambling Amendment Bill.

Australia Presses On with Its Gambling Reforms

Earlier this year, the Australian Government proposed several updates to the Interactive Gambling Act 2001 to prohibit users from using credit cards for gambling transactions. The proposed amendment is part of a broader effort to promote responsible gambling. Notably, The Lottery Corporation’s former parent company, Tabcorp, supports this amendment, agreeing it is vital in combating rising gambling addiction rates.

Recent updates to ID requirements for online gamblers marked the first significant milestone towards a fairer and more responsible gambling industry. The measure aims to mitigate underage gambling and alleviate some cases of gambling harm, protecting consumers from unscrupulous operators. Leading politicians have expressed their determination to push on with reforms and update regulations to navigate rising challenges.

The Australian Commonwealth Government’s push towards more responsible gambling coincides with similar measures across most local jurisdictions. New South Wales (NSW) recently pledged $100 million in funding for initiatives and services to reduce the industry’s harmful effects on communities. Such initiatives remain instrumental in reversing the country’s rising problem gambling rates by enforcing more effective regulations.

A Possible Exemption Could Have Far-Reaching Consequences

Lottery Corporation CEO Sue van der Merwe approached the Senate to request an exemption for lotteries from the upcoming ban on online gambling using credit cards and digital wallets. The company argues that lotteries have a significantly lower harm profile than other forms of gambling, relying more on their social and recreational aspects. 

Sue van der Merwe’s request likely reflects The Lottery Corporation’s fears that stricter regulations may impact the company’s bottom line. However, the measure enjoys broad industry support. Responsible Wagering Australia, representing some of the country’s top operators like Sportsbet and Ladbrokes, also released a statement in favor of the changes. 

We share the Government’s view that wagering customers should only be able to conduct their wagering activity with their own clear funds.

Responsible Wagering Australia statement

The Lottery Corporation’s call for an exemption from the impending credit card gambling ban highlights the ongoing debate about Australia’s gambling regulations. As discussions around responsible gambling continue, the decision of whether to grant this exemption will be closely watched by various industry stakeholders and may significantly impact future policies.

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The CEO of Playtech, Mor Weizer, has criticized publicly listed rivals for conducting business in what he referred to as “black markets.” In a recent interview for the Evening Standard, Weizer expressed his frustration with highly valued companies that, despite seeing substantial revenue growth and soaring share prices, operate in countries where online gambling is illegal.

Playtech Stresses Commitment to Regulated Markets Amidst Rivals’ Unregulated Ventures

While Weizer did not name specific competitors, he highlighted that some of them have experienced astronomical growth while reducing their reliance on regulated markets. He emphasized Playtech’s commitment to growing in strictly regulated markets and voiced concern about rivals using funds generated from unregulated markets to penetrate regulated ones. He even mentioned that some operators are present in markets that are on the US sanctions list.

Playtech itself operates in some Asian and Latin American countries where online gambling is unregulated but not explicitly prohibited. However, the company has experienced a decline in revenue from these markets in the first half of the year as it shifts its focus towards countries with fully regulated betting environments.

Weizer emphasized that Playtech’s primary focus is on regulated markets, where they have achieved double-digit growth. He also pointed out that Playtech’s shares trade at a lower multiple than some of their rivals listed outside of London.

Despite concerns about Playtech’s valuation, Weizer commended London investors for their sophistication and understanding of the company’s strategy, particularly regarding its dedication to strictly regulated markets.

Playtech Achieves Impressive 8% Year-on-Year Revenue Surge in H1 2023

Playtech reported robust financial performance in the first half of 2023. The company revealed an 8% year-on-year increase in revenue, amounting to €859.6 million ($919.9 million) during the six-month period ending June 30, 2023. This impressive growth was attributed to the strong performance of Playtech’s B2B division, which includes Snaitech, HAPPYBET, and Sun Bingo, generating €334.5 million ($358 million) in revenues, a 7% uptick from the previous year.

In addition to their B2B success, Playtech experienced notable growth in the Americas, with revenues soaring by 43% to €99.7 million ($106.7 million), primarily driven by their expansion in Caliente and partnerships with multiple operators across various states in the United States.

Despite challenges in certain European markets, Playtech managed to achieve a 5% revenue increase to €96.6 million ($103.3 million) in Europe, excluding the UK. However, in the UK, revenue dropped by 2% to €62.9 million due to proactive affordability checks. Notably, the company’s B2C segment saw remarkable growth, with a 9% increase in revenue to €532 million ($569.5 million), supported by Snaitech’s strong performance in Italy and the pent-up demand following the FIFA World Cup.

Playtech’s CEO, Mor Weizer, expressed optimism about the company’s future, citing expansion plans in the United States, key partnerships, and their strategic agreement with Hard Rock Digital. Weizer also highlighted the resilience of Playtech’s balance sheet, low leverage, and strong cash generation, further bolstering confidence in the company’s prospects.

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However, Asmongold has had no beef with the way Kick is supposedly “reserving” slots and promoting gambling streams. Kick was launched as an alternative by a number of companies and investors who were unhappy with Twitch’s overreaching policy on gambling streams that prohibited specific websites to be advertised while at the same time failing to define what operators were allowed.

Asmongold Remains Pragmatic in Kick Debate  

The streamer, known mostly by his monicker, has said that there was no issue with what a Reddit post he read was suggesting – namely that Kick may be booking slots for gambling streams. That tracked with the overall strategy of the company Asmongold suggested during a stream. His exact words were:

Kick’s recommended seems to reserve the third and fifth spots for gambling streams.’ There’s a chance that could be the case, I mean listen. Obviously, they’re going to make money off of gambling. This is probably smart to do.

Asmongold

Since Kick launched in March, the platform has already won many Twitch stars, demonstrating its ability to start building from the ground up. Amongst its streamers are famous personalities and established content creators such as xQc, Trainwreck, and Amouranth – all of which had a major presence in the Amazon-owned platform prior to heading out for Kick.

Drake, the famous rapper, is also streaming on Kick on occasion, and the platform already attracts a good amount of viewers. Not only that, but Kick has a far more generous revenue-sharing model, which sees the streamers get 95% of the proceeds against 5% of which go to the platform.

This is a clear act of defiance against other established platforms, including Twitch, that offer their streamers a fraction of the proceeds. Asmongold said that he would not be offering any criticism of the way Kick was doing business either.

Twitch Too Has Clear Gambling Affiliations and Ties

He said that the gambling tangent was not really worth bringing up for the simple reason that Amazon too had a partnership with DraftKings, one of the biggest gambling companies in the United States and North America.

Asmongold has even been considering making the move to Kick himself but has remained mostly neutral and has played no favours in the ongoing community debate that sees Twitch and Kick hotly disputed.

Kick has been already banned in Greece, however, precisely because it has too much gambling content. Weirdly enough, the ban does not cover Twitch, suggesting double standards to an extent.

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