Funds Archives - Keno Wizard https://kenowizard.com/tag/funds/ The Ultimate Keno Destination for Odds, Tips & Tricks Mon, 01 Jan 2024 09:49:20 +0000 en-US hourly 1 https://wordpress.org/?v=6.6.1 https://i0.wp.com/kenowizard.com/wp-content/uploads/2023/02/cropped-keno-wizard-icon.png?fit=32%2C32&ssl=1 Funds Archives - Keno Wizard https://kenowizard.com/tag/funds/ 32 32 230792155 NH Concord Casino Shuts Down amid Owner’s COVID Funds Misuse https://kenowizard.com/2024/01/01/nh-concord-casino-shuts-down-amid-owners-covid-funds-misuse/ https://kenowizard.com/2024/01/01/nh-concord-casino-shuts-down-amid-owners-covid-funds-misuse/#respond Mon, 01 Jan 2024 09:49:20 +0000 https://kenowizard.com/2024/01/01/nh-concord-casino-shuts-down-amid-owners-covid-funds-misuse/ A former state senator, the owner of the casino, has been accused of misusing public COVID-19 relief funds to purchase luxury cars. The accusations have been vehemently denied by both former Rep. Senator Andy Sandborn and his legal representative who has accused the state of building its case on thin grounds and without substantiated evidence. [...]

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A former state senator, the owner of the casino, has been accused of misusing public COVID-19 relief funds to purchase luxury cars. The accusations have been vehemently denied by both former Rep. Senator Andy Sandborn and his legal representative who has accused the state of building its case on thin grounds and without substantiated evidence.

Looking into the Former Senator’s COVID Fund Spending

Although examiner Michael King, who oversaw the case, did not outright confirm the allegations – as it was beyond his remit, King still noted that the accusations were serious enough for the New Hampshire State Lottery Commission to consider revoking Sanborn’s gaming license.

Sanborn is accused of improperly obtaining federal funds and then misrepresenting their use. The commission and King argue that Sanborn paid himself large sums and failed to keep a detailed enough record-keeping to dispel doubt, prompting the regulator to order the casino shut. This undermined the public confidence, King noted.

The good news for the property is that it may reopen in six months, but only under the aegis of a new owner. This means that Sanborn would have to sell the business. As to the exact severity of the allegations against Sanborn, they pertain to an $844,000 fund that was handed down by the Small Business Administration.

According to investigators, when applying, Sanborn did not specify that he owned a casino business and was applying as a casino business for the loan. Such businesses were not eligible to obtain funding at the time.

Time Begins to Tick for Sanborn and the Concord Venue

 Yet, Sanborn is alleged to have secured the funding and then spent at least $181,000 on two Porsche race cars with another $80,000 on a Ferrari for his wife. He also paid himself $183,000 for “rent” for the Concord venue.

Interestingly, the loan was also spent on luxury goods – the cars – that were not American-made which was another violation of the terms of securing the funding and its subsequent spending.

The commission and King have agreed to wait until Sanborn has a chance to sell his business while suspending operations at the venue for the time being providing it’s done within six months. It’s yet not clear if he will continue challenging the commission and its conclusions.

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Funds for Oakland A’s new Las Vegas stadium are falling into place https://kenowizard.com/2023/06/01/funds-for-oakland-as-new-las-vegas-stadium-are-falling-into-place/ https://kenowizard.com/2023/06/01/funds-for-oakland-as-new-las-vegas-stadium-are-falling-into-place/#respond Thu, 01 Jun 2023 22:53:06 +0000 https://kenowizard.com/2023/06/01/funds-for-oakland-as-new-las-vegas-stadium-are-falling-into-place/ The Nevada Independent reported on Friday that a bill was to be introduced that day into the state Senate outlining the amount of state funding lawmakers were willing to tentatively commit to funding a new stadium for the Oakland A’s MLB baseball team on land provided by Ballys’ Tropicana Las Vegas. The nine-acre plot is [...]

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stakeholder_numbers_gelling_for_usdlr1_5_billion_as_stadium_at_tropicana_on_lv_strip_1_4_publicThe Nevada Independent reported on Friday that a bill was to be introduced that day into the state Senate outlining the amount of state funding lawmakers were willing to tentatively commit to funding a new stadium for the Oakland A’s MLB baseball team on land provided by Ballys’ Tropicana Las Vegas. The nine-acre plot is part of 35 acres owned by GLPI and leased for 99 years by Bally’s. The proposed stadium and entertainment site sits on a contiguous plot of land along with the casino resort hotel.

A financing package, capped at $380 million in public funds was proposed later that day in the bill with those funds contributing to the overall expected cost of the project being $1.5B.

Governor’s Office Introduced the Measure

According to updates and later reporting by the news source, a good portion of the previously announced funding structure carried over from discussions to the written proposed legislation. The draft, seen by reporters there prior to being introduced at the capitol was the first glimpse in writing of the scope of a potential financing agreement that includes $120m from Clark County (where Paradise, Nevada “The Strip” is located), and $180m in tax credits (transferable) by the state.

The Governor’s office itself introduced Senate Bill SB509 which foresees the management of a Stadium Authority undertaken by a 9-member board. The Stadium Authority itself has been authorized since 2016 and the venue it oversees and manages would reportedly be named Allegient Stadium.

Since no new revenue-based funding would be needed, only transferable tax credits, a simple majority vote in both houses of Congress, and a signature by Governor Joe Lombardo who has been in office since January of this year is all that is needed for the measure to become law. A more detailed look at the tax credits shows them to consist of tax-increment financing (TIF district) to repay county bonds and a 30-year-long exemption from taxes. GLPI/Bally’s would allow the use of the property for zero fees and create their own revenue from it by means other than rent or lease costs to the Stadium Authority or ball club.

The ball club itself would be responsible for any over-runs in costs, rather than the county or state, and the property tax exemption would be separate from the private portion of the funding needed to bring the project to fruition.

Adding to the public good and mitigating any potential unseen impacts of the deal, the measure would require the county to create a “resort corridor homelessness prevention and assistance fund”. There would be no financial input from the Authority of the project until construction is completed and then only after debt obligations are met. It would be managed by a partnership with the Nevada Resort Association and the Oakland A’s and will seek to reduce homelessness throughout the Southern Nevada resort corridor.

The corridor, which includes the Las Vegas and Reno areas, has a higher homeless rate than the national average with the Reno area suffering the greatest incidence count between the two. However, it has recently been estimated that as many as 1,500 people live “like moles” beneath the Strip area in tunnels mostly to escape the heat.

Unhoused Population Would Get Help from Funding Scheme

Stated reasons for the higher homeless rate include inflation, high rent, and unemployment. Direct studies of problem gambling and homelessness by causation are few and far between. While the number of homeless people in Nevada could be 3x as many as the national average it’s unclear how baseball or expanded gambling at Bally’s Tropicana Las Vegas would contribute to the problem so the fund should probably be seen simply as a way for lawmakers to capture a financial opportunity to address a very real need in the area with “found money” rather than a mitigation measure.

Earlier, the athletic club had sought $500m in public funding to relocate to a new stadium in Las Vegas but abandoned that plan when the Bally’s opportunity presented itself to them, saving the public some $120m over the previous “ask”.

The Oakland A’s AAA Farm Team, the Las Vegas Aviators of the Minor league have been in the valley as Oakland affiliates since 2019 with the club’s origins in the valley going back to 1983 as the Aviators and under other names, affiliations, and locations since 1919. The Oakland A’s have been seeking a move from California to Las Vegas since at least September 2021 amid trouble securing a new stadium in Oakland. The current arena was first opened in 1966 and last renovated in 2017 after only one other refurbishment in 1995-1996.

The Independent reports that all is not a smooth slide to home base with the deal as the Republican governor and Democratic lawmakers are struggling to address overall budget issues with less than two weeks left in the regular legislative session. Senate leaders and the governor have seemingly used stadium approval as a bargaining chip to get their way. It’s not out of the question for a special legislative session to be called to extend lawmaking business, but it’s unclear if the stadium proposal would survive such a measure or if the governor might try to use his veto power on individual segments of the state’s budget in an attempt to exert power of the Democratic lawmakers or simply keep the government running.

Fast Tracking of Bill Possible

However, special legislative rules do allow for the fast-tracking of certain bills, bypassing the regular parliamentary (bureaucratic) process and allowing lawmakers to amend important measures much quicker than normal. As the measure was introduced in the Senate it would presumably be passed there, be forwarded to the House for approval, and then arrive on the Governor’s desk for his signature or veto.

Source: A’s stadium bill language arrives, caps public financing at $380M, The Nevada Independent, May 26, 2023

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Denmark Allocates Funds for Combating Gambling Harm https://kenowizard.com/2023/04/20/denmark-allocates-funds-for-combating-gambling-harm/ https://kenowizard.com/2023/04/20/denmark-allocates-funds-for-combating-gambling-harm/#respond Thu, 20 Apr 2023 20:00:38 +0000 https://kenowizard.com/2023/04/20/denmark-allocates-funds-for-combating-gambling-harm/ Denmark has a concerning gambling problem. The country, which has a population of 5.85 million, has a whopping 500,000 people suffering from gambling problems. This figure was reported by Rambøll last year, as commissioned by the Gambling Authority. The harm rates have more than doubled since 2016, sparking concerns about the future of the country. [...]

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Denmark has a concerning gambling problem. The country, which has a population of 5.85 million, has a whopping 500,000 people suffering from gambling problems. This figure was reported by Rambøll last year, as commissioned by the Gambling Authority.

The harm rates have more than doubled since 2016, sparking concerns about the future of the country. Luckily, many people now realize the dangers of gambling addiction, prompting active efforts to reduce it.

As a result, the Danish government has now agreed to set aside DKK 10 million (around $1.47 million) for treating gambling harm each year from 2023 to 2025. The project will see this money invested in various initiatives.

A Breakthrough of How the Money Will Be Used

The Danish government officialized its plans for 2023, sharing details on how the money will be used.

DKK 5 million will be used for the research of gambling addiction. Research groups can apply for a grant by contacting the Ministry of the Interior and Health. The main purpose of this research would be to find ways to treat problem gambling.

Another DKK 2.5 million will be provided to the local regulator, which will run a new information campaign. The authority will target people of all ages and will try to convey how dangerous irresponsible gambling can be.

Furthermore, DKK 1.5 million has been set aside for the development of a national information platform where people can find educational materials on gambling addiction.

Lastly, a million will be used by the regulator to begin a study of gambling addiction in Nordic countries. The study, however, would depend on the other Nordic countries’ willingness to collaborate. If they fail to allocate funds for the project, the Danish regulator will simply move the funds to its national campaign.

Bruus Praised the Funding

Jeppe Bruus Christensen, Denmark’s Minister for Taxation, described the recent developments in gaming as “very worrying.” He emphasized that problem gambling can cause long-term damage to the lives of those who suffer from it.

Bruus said that Denmark has an obligation to protect vulnerable groups from harm, which is why the country needs to reinforce its efforts against problem gambling.

Therefore, we need to both strengthen information efforts towards children and young people and research into gambling addiction.

Jeppe Bruus Christensen, Minister for Taxation, Denmark

Bruus concluded that he is very happy that more funding has now been allocated for this cause.

A month ago, on the other hand, Denmark introduced player registrations for land-based gaming. This will hopefully help the country mitigate gambling fraud while protecting at-risk players.

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New Funds to Help Spelinspektionen Target Unlicensed Operators https://kenowizard.com/2023/04/07/new-funds-to-help-spelinspektionen-target-unlicensed-operators/ https://kenowizard.com/2023/04/07/new-funds-to-help-spelinspektionen-target-unlicensed-operators/#respond Fri, 07 Apr 2023 03:31:13 +0000 https://kenowizard.com/2023/04/07/new-funds-to-help-spelinspektionen-target-unlicensed-operators/ The Swedish Gaming Authority (Spelinspektionen) is likely to receive new funds to help its mission to enhance the supervision of the gaming market in the country and oust unlicensed operators. Combat Organized Crime The Swedish government proposed legislators increase the budget allocated to Spelinspektionen in 2023 by SEK2.4 million ($230,360) to boost the watchdog’s capabilities [...]

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The Swedish Gaming Authority (Spelinspektionen) is likely to receive new funds to help its mission to enhance the supervision of the gaming market in the country and oust unlicensed operators.

Combat Organized Crime

The Swedish government proposed legislators increase the budget allocated to Spelinspektionen in 2023 by SEK2.4 million ($230,360) to boost the watchdog’s capabilities to counter organized crime and create a safer gambling marketplace in the country.

The proposal was made as part of the upcoming spring budget amendment and is based on an agreement between the government and the Sweden Democrats, justified by the regulator’s need to handle a large influx of permit applications concurrent with other important supervisory tasks in 2023.

Commenting on the proposal, Angelika Bengtsson, sports policy spokesperson for the Democrats, outlined the regulator’s need for active supervision of the gaming market to be able to combat criminal activity and protect those who are most exposed.

Tackling the unlicensed market represents a significant part of this task, she added, explaining that it would help counter organized crime and strengthen consumer protection as “unlicensed gambling evades tax revenue, leads to problem gambling and contributes to match-fixing.”

As the gaming industry in the country continues to grow and generate significant turnover, so does the risk for criminal activities such as money laundering and match-fixing related to the sector to occur, which, in many cases is also part of organized international crime with local branches. That risk is estimated to be the highest among operators that do not hold a license.

Block Payments, Covert Supervision

Therefore, the government submitted a proposal for measures that would give Spelinspektionen powers to more effectively block payments for unlicensed operators as part of its enforcement actions and allow the regulator the opportunity to perform covert supervision.

Financial Markets Minister Niklas Wykman stressed the great damage that can be done by unlicensed gaming operators and the need for the national regulator to remove them from operating in the market, highlighting that the increased resources would facilitate the regulator’s ability to use its new supervisory tools and tackle the black market.

A recent study into the habits of gamblers in the country showed that only 8% of them participated in gambling activities via an unlicensed website, of which only 6% admitted to having gambled with offshore operators intentionally, while the remaining 2% said they had done this without knowing.

Further encouraging for Spelinspektionen, 77% of the participants in the study declared their intention to refrain from gambling with unlicensed operators.

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GeoComply Funds ICRG’s Research on Self-Exclusion Programs https://kenowizard.com/2023/03/30/geocomply-funds-icrgs-research-on-self-exclusion-programs/ https://kenowizard.com/2023/03/30/geocomply-funds-icrgs-research-on-self-exclusion-programs/#respond Thu, 30 Mar 2023 02:52:15 +0000 https://kenowizard.com/2023/03/30/geocomply-funds-icrgs-research-on-self-exclusion-programs/ Geolocation technology and services provider GeoComply announced it has teamed with the International Center for Responsible Gaming (ICRG) for a research project on self-exclusion programs. Is Enhancing These Programs Beneficial? The two-year research funded by GeoComply will study the long-term effectiveness of voluntary self-exclusion schemes implemented by land-based and online gambling operators to determine whether [...]

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Geolocation technology and services provider GeoComply announced it has teamed with the International Center for Responsible Gaming (ICRG) for a research project on self-exclusion programs.

Is Enhancing These Programs Beneficial?

The two-year research funded by GeoComply will study the long-term effectiveness of voluntary self-exclusion schemes implemented by land-based and online gambling operators to determine whether these programs would be beneficial for the industry.

Arthur B. Paikowski, president of the ICRG, commented on the partnership and the need for additional research on the prolonged efficacy of voluntary self-exclusion programs, explaining why further assessment of these programs is needed.

“There is a necessity to determine whether enhancing these programs would result in more customer participation and whether this would be beneficial,” he said.

The research will seek to provide answers to questions about the most effective long-term form of self-exclusion; the ideal time for a player to utilize a self-exclusion tool – both, online or at a land-based gaming venue; operator or regulator criteria for letting people who have self-excluded back into gaming; the potential stigmatizing effect of self-exclusion blocking people from using these tools; the most suitable way of registering; and others.

Happy to Support the ICRG’s Research

Highlighting the company’s commitment to responsible gambling initiatives since its inception over a decade ago, Anna Sainsbury, co-founder and chief executive officer of GeoComply, outlined the industry need for further evidence about the effectiveness of self-exclusion programs.

“We need more data to support the industry’s actions around RG, and I am really happy that we can support the ICRG’s research in this important area,” Sainsbury stated.

Dedicated to promoting responsible gambling practices worldwide, the ICRG is seeking to prevent people from experiencing problem gambling and reduce the harmful impact of excessive gambling on their lives by working closely with governments, regulators and industry stakeholders to promote responsible gambling policies and industry best practices, as well as engaging in research on gambling behavior and the risks of gambling.

The results of the two-year research on self-exclusion programs funded by GeoComply will be published in October 2025.

Last month, the geolocation technology and services provider announced that Super Bowl LVII registered 100 million geolocation checks, with 7.4 million user accounts accessing the service over the weekend and many bettors choosing to wager from the stadium while watching the game.

Also in February, GeoComply saw its patent infringement case against competitor Xpoint dismissed in court after a federal judge ruled GeoComply’s patent invalid, stating that it sought to patent subject matter that cannot be patented.

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