The 2011 Comeback Kids

Down on your poker luck, who doesn’t think of the famous Jack Straus maxim “a chip and a chair”? Twenty-nine years ago, in the 1982 World Series of bandar judi pulsa tournament, Jack Strauss was reduced to nothing but a $500 chip and his chair. Days later, creating the legend of one of the most amazing comebacks in the history of poker, Jack Strauss won the tournament, and a $500,000 purse.

“A chip and a chair” is all you need to make your comeback. And in 2011, there are already some serious underdogs writing their own comeback stories …

Chris Moneymaker

The one-time-lucky, seven-year-bust, comeback-accountant

Who doesn’t know the story of Chris Moneymaker? He is likely the single greatest reason for poker’s popularity boom in the last 8 years. As a total unknown in 2003, and working as an accountant in Tennessee, Moneymaker bought into a $39 satellite tournament on PokerStars. He ended up winning a seat a the World Series of Poker Main Event, the most revered and coveted tournament in the world, and became a legend.

Moneymaker bested a field of 838 players. In the final heads-up match, he faced Sammy Farha, a well-known and highly successful poker celebrity. Moneymaker took first place, and the enormous $2.5 million grand prize. He quit his job to become a professional poker player, and went on to live the dream!

But, Moneymaker was a total bust.

From 2005 through most of 2008, Moneymaker didn’t record just about any live tournament cash worth talking about. In 2008, he recorded two cashes for just over $150k. In 2009, he recorded one cash for $15k. Considering living expenses, and regular poker losses, these types of cashes after 4 years of running dry were nothing but blips on the radar. (2010? No real cashes.) People have looked at Moneymaker as an amateur who got lucky once, and just didn’t have what it takes to be a regular winner. Generating mostly losses for seven years (not like he couldn’t afford to) does not earn you respect.

Enter 2011… Moneymaker hired a mental coach. He began leaning on his experience of 8 years of regular play. He developed strategies, and studies regularly. Moneymaker has decided to stop being a lucky player, and start being a smart one. The result? 2011 is only three months in, and he won second place in the National Heads up Championship (to the tune of a cool $300,000) and 11th place in the PokerStars Caribbean Adventure Main Event (for a respectable $130,000). In these three short months, he has pulled in more significant tournament money than in the entire seven years prior.

His rate of winning far exceeds anything he has ever accomplished to date, and his consistent performances suggest a totally new style of play. With determination, and the willingness to invest in developing his skill, Moneymaker has taken a whole new tack and completely upended all the negative opinions. Moneymaker is on the comeback trail, and just might be earning the respect of poker professionals by the end of 2011.

Patrik Antonius

The Finnish Rollercoaster

2009 was the year of Patrik Antonius. Up $9 million, almost all of it in online winnings, the Finnish pro put up a stellar performance. But later that year, he admitted in an interview that he “lost millions, millions, millions of dollars with other stuff last year.”

2010 didn’t get any better. He lost $3.6 million in the year from high stakes cash games alone, going nowhere about as fast as you can go. In addition to his poker losses, Antonius reportedly lost millions in sports bets, and millions on the golf course. To cap it all off, Antonius began suffering seriously from his back problems, and was forced to attend rehabilitation sessions twice a day. Antonius summed it all up pretty simply: “I hate these moments when everything just goes bad.”

That’s what they call a tailspin.

Enter 2010… Antonius plays Draw Poker. A lot of Draw Poker. It’s March, and he’s won more almost $2 million at this game alone. With his other online poker efforts, he pulled in by the end of February a huge $3 million in profit. That’s more than Moneymaker made in one of the world’s largest tournaments in 2003!

Let’s put this in perspective: last year in March, Antonius was negative $3 million. That is a $6 million difference year-to-date. That is more money than most people will earn in two lifetimes! Antonius credits his intense focus and work ethic for his ability to create such a turnaround. But come on Patrik, what poker secret do you know that we don’t? Regardless, we’ve only got respect for a player who can comeback like this.

Just remember poker players: no matter how bad it gets (losing $3 million in three months is pretty bad!), there is always another comeback story waiting to be written. All you need is a chip and a chair…

UB and Absolute hk prize May File for Bankruptcy in Norway

Author’s Note:  After this article was written, we did confirm that the rumors of an UB/AP Bankruptcy are rumors, not confirmed fact.  Any reference to a UB/AP Bankruptcy in this article are currently in question, pending legal proceedings in the US and Norway.  For more information, you can find a copy of the Blanca Games, Inc. statement for May 5, 2011 here.

The May 5th, 2011 Official Statement for Blanca Games, Inc.:

Absolute Poker and UB to Focus on Non-U.S. Business

St. John’s, Antigua and Barbuda (May 5, 2011) — hk prize Games Inc. (“Blanca”), operator of online poker rooms Absolute Poker and UB, issued the following statement today:

As previously stated, Absolute Poker and UB ceased their U.S.-facing operations due to recent legal developments in the United States. The company is currently restructuring and is focusing its resources on consolidating its non-U.S., rest-of-the-world operation and software business. In order to have a more efficient and successful future business, an immediate need to downsize and streamline operations significantly at both online poker rooms has been required. Absolute Poker and UB continue to operate their non-U.S.-facing business.

This decision comes after considerable review and analysis of the impact that ‘Black Friday’ has had on the business as a whole. The workforce has been liquidated, and the process of rehiring approximately 20% of staff in key positions has commenced. All affected employees have been informed of this necessary restructure.

A company spokesperson said: ”We regret that we have been compelled to take these actions. We have worked tirelessly to create a truly amazing company that is filled with extraordinary people. We have always been and still remain fully committed to our employees and players. At the same time, we are confident that this restructuring will strengthen the company and its future.”

The Company spokesperson also addressed erroneous reports that Blanca has filed for bankruptcy. The apparent confusion over this issue stems from the fact that Blanca recently informed a debt holder, Madeira Fjord, that it was terminating debt payments to, and its relationship with them. As a result, Madeira Fjord apparently filed a notice of bankruptcy in Norway. This notice has no negative impact upon Blanca, the operating company, or its brands. As stated previously, Absolute Poker and UB continue to operate their non-U.S. facing business around the world.

For non-U.S. players, Absolute Poker and UB have increased their maximum withdrawal limits to $1000 for Visa withdrawals and $500 for all other methods. The number of transactions being processed per day has been significantly increased as well. Players are still restricted to one transaction per week, but we are working to return non-U.S. withdrawals to normal service levels as quickly as possible.

As confirmed earlier this week, the company’s legal counsel is in continuing discussions this week with the U.S. Attorney’s office to formalize an agreement that would facilitate the return of funds to U.S. players.

Let’s just say for a moment that you are an online poker player who was in some way affected by the events of Black Friday (and I’m guessing that this is most of you, actually).  You went from enjoying your favorite online games everyday to having the entire thing shut down in a matter of one day, and yet if you played on Pokerstars, the news still isn’t all bad.  Sure, you have no place to play for now, but at least you’re with a site that has been able to process withdrawals by the thousands already.  If you were a Full Tilt Poker user, your site is still in the process of getting funds returned, but it looks likely that your answer is coming soon, and you’ll likely be getting your money back in the near future.  If you played at Ultimate Bet or Absolute Poker, you might be worried if your player funds could be all but a memory now.

Blanca Games, Inc., based out of Norway but employing many in the nation of Costa Rica, was rumored to have filed for bankruptcy in Norwegian courts today, citing the lack of immediate and future cash flow options.  They could be out of money altogether, and your guess is as good as mine as to where it all went, but the reality is that they have laid off almost their entire work force and sent out a statement to shareholders that basically attempts to exonerate them of all future financial obligations.

But, I suppose we should have seen something dramatic coming for this little operation — after all, Poker’s greatest one man hype machine, Phil Hellmuth, cut ties with UB after years of sponsorship there, as did well-respected female pro Annie Duke.  It was assumed in both cases that another sponsorship would come soon, but Hellmuth is still without online sponsorship, and Annie Duke is busy serving as Commissioner of the Federated Poker League.  They moved on, and I guess at this point that is our only option, as well.

If you had funds on this site, it’s too bad on several fronts, and you should not feel as though all sites are this shady when it comes to their financial obligations.  But then again, a case like this one, a case where untold millions of dollars may ultimately (pun intended) vanish into thin air, underscores EVEN MORE our need as players for regulated poker in the United States.  It’s the surest way to guarantee that a shady bankruptcy from a company without integrity can never disrupt the playing futures of this many individuals again.

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Who Has the Loosest Slots in Vegas?

Who Has the Loosest Slots in Vegas?

I’m proud to feature my list of which casinos in Las Vegas have the loosest reeled slots. The top ten, based on nickel slots are:

Top Ten Casinos

Rank Casino Average

Return

1 Palms 93.42%

2 Gold Coast 92.84%

3 Sahara 92.81%

4 (tie) Bourbon Street 92.63%

4 (tie) Imperial Palace 92.63%

4 (tie) Slots a Fun 92.63%

7 Key Largo 92.6%

8 Western 92.57%

9 Ellis Island 92.56%

10 El Cortez 92.56%

For the entire list please visit my slot machine appendix 3.

How They Work

In my experience slot machines are the most misunderstood form of gambling in the casinos. Not only do most players misunderstand how they work so do the writers of most books on slot machines. Consider yourself lucky to have stumbled upon this page for you are about to learn the secrets behind the reels.

Before I explain how modern slot machines work let me explain how they don’t work. Many books on slot machines incorrectly state that each reel is equally likely to stop on each position, or stop. They reason that if a slot machine has 22 stops on each reel and one jackpot symbol on each reel, then the probability of hitting the jackpot is 1 in 223 = 1/10648. This was true of the early days of slot machines before they become ทางเข้า789bet electronic, and of multi-line machines. However this is not true of single line machines, which most slot machines are. The fact is that on single line machine each stop is electronically weighted and the probability of the reel stopping on each symbol is proportional to its weight.

Following is a detailed explanation of how modern single-line slot machines work.

Player initiates a new play by inserting a coin, pulling the handle, or hitting the ‘spin’ button.

The machine selects three random numbers. These are chosen from a random number generator that is constantly drawing random numbers at a rate of thousands per second. The numbers chosen at the moment the play is initiated are the ones used to determine the final outcome. In other words the outcome is predestined the moment you spin the reels.

The raw three random numbers chosen from the previous step will usually be very large, very small is also a possibility. These numbers will be converted to a desired range, for example integers from 0 to 63. An easy way this can be done is to divide the large number by the desired number and taking the remainder.

The small random numbers will go through a mapping table to be assigned a specific reel to stop on. Each possible random number on each reel is mapped to a specific stop. Generally the higher paying symbols are mapped to fewer numbers.

Almost instantly after the player presses spin the machine has determined where the reels are going to stop. It then lets them spin a few seconds for entertainment value and then will exactly where programmed to.

Multi-line slots, both with physical as well as video display reels do not have weighted reels. Otherwise the process is the same as above. In video display slots representations of actual reels are used, which can be quite large, 60 symbols or more.

In an effort to illustrate how reels are weighted I played a Double Strike slot machine in Reno almost 4000 times and recorded the outcome of every spin. For all the details on that visit my slot machine appendix 5.

Variable State Slots

Some of the video display slot machines have a feature in which a bonus rises the more the player plays it. When the reels stop in a particular configuration the player wins the coins in the meter. These kinds of slots have variable states. In other words the higher the state the greater the expected payback. Examples of this kind of machine include Piggy Bank, Car Race, Temperature Rising, and Double Diamond Mine.

It is possible to have a positive expected value playing slots if you only play variable state slots in very high states. Sometimes casual players will walk away from a machine in a high state. However this secret is long since out and competition for these games can be severe, fistfights have been known to occur over them.

Slot Payback

Based on my own research among 62 Las Vegas casinos here are the rates of return for video display slot machines according to coinage.

Slot Machine Payback

Coinage Average

Return

5 cents 91.17%

10 cents 91.64%

25 cents 92.15%

50 cents 93.00%

1 dollar 93.72%

Returns can vary substantially from casino to casino. This is just a generalization, and there are many exceptions, but as a rule of thumb the nicer the casino the tighter the slots are.

Myths

Below are some of the biggest myths about slot machines.

Slot machines stop on any possible set of stops with equal probability

As explained above this is not true of modern single line slot machines. Some stops are much more likely than others.

Slot machines are programmed to go through a cycle of payoffs. Although the cycle can span thousands of spins once it reaches the end the outcomes will repeat themselves in exactly the same order as the last cycle.

This is not true at all. Every trial is random and independent of all past trials.

Slot machines are programmed to pay off a particular percentage of money bet. Thus after a jackpot is hit the machine will tighten up to get back in balance, and when a jackpot has not been hit for a long time it is overdue and more likely to hit.

The only part of this that is true is that they are designed to pay off a particular percentage. However the laws of probability dictate that the longer the machine is played the closer it will come to its target payoff, even with every trial being completely random. A jackpot is equally as likely to be hit on every spin, regardless of past outcomes.

Hot/cold coins are more likely to yield good returns.

The temperature of the coin does not matter. It also does not matter how long it has been since the coin was last played.

Machines pay more if a player card is not used.

The mechanism that determines the outcome of each play does not consider whether a card is used or not.

If I use a slot card the casino will report my winnings to the IRS.

The use of a slot card will not change your tax liability. If you win $1200 or more in a single spin (including the original wager) then the casino will report the win whether a slot card is used or not. Any smaller win will not be reported whether or not a slot card is used. The casino does not add up the smaller wins and report them to the IRS. Aside from the big wins, the player is on the honor system to report a net win over the entire year.

Other Tips

Here are some other miscellaneous tips to help you cut down the house edge.

Most machines reward you for playing the maximum coins. For example the jackpot may pay 2000 coins with 2 coins played, but 4000 with 3 coins played. Many other gambling writers advise the player to always play the maximum coins. However if the max coin incentive is small I believe it is better to play one coin at a higher coinage than max coins at a lower coinage. This is because casinos generally increase the return percentage as the coinage goes up.

Never leave or play a machine that owes you money. Sometimes a machine will run out of money before it is finished paying you off. If you get up someone else can sit at your machine and claim they hit your jackpot. If you put another coin you may lose the evidence so don’t touch anything until you are paid off.

Look for certain banks of machines that are certified to a certain percentage. Some casinos will have banks of dollar machines that are certified at 97% payback or so. Be careful to believe claims such as “our slots return 97%.” This likely refers to just certain machines, so look for those specifically under a sign indicating their payback percentage.

If you like to hop from machine to machine then don’t forget your coin cup. I once lost a cup with about $40 in quarters at Caesars Palace and I’m still mad at myself for it.

Check the slot card reader from time to time. Sometimes contact will be lost for no apparent reason and you won’t get credit for any play until you reinsert it.

There Is No Easy Way

There are lots of people selling the “secrets” of winning at slots and promise easy winnings to the buyer. Don’t waste your money. There are only two ways to beat the slots without cheating: (1) Play variable state slots (as explained above) in high states and (2) play progressive slots when the meter is unusually high. Based on what I have seen those authors promising easy money at the slot machines are not exploring these methods but instead rambling on with a mixture of correct and incorrect information, neither of which will give the player an edge. Here are is just some example The Casino Slot Machine Player Gambler’s Program

I know this cliche is old and tired but it is still right, “If it sounds too good to be true it probably is.”

Roobet Crash

Florida Cruise Ship Faces Illegal Betting Suit

The trial began Wednesday in the state’s civil case against the former owners of the Palm Beach Princess cruise ship, alleging that they allowed illegal sports betting in their casino. Gambling is not legal until cruise ships enter international waters, which begin three miles from shore. Assistant Attorney General Stephen LeClair says the Palm Beach Princess, which is owned by Leo Equity Group and Deerbrooke Investments, engaged in bookmaking before the ship ever set sail. Before the ship hit international waters, passengers were able to file papers with the casino outlining the sporting events they wanted to bet on and how much they wanted to wager. Alan Rose, the attorney for the ship’s former owner, expressed that before the ship hit international waters, passengers were allowed to submit only betting slips on sporting events about to begin. The trial, which is expected to last a week, is before Palm Beach County Circuit Judge Jorge Labarga.

Mississippi Casinos’ Holiday Giveaways

Holiday gifts are in the mix for casinogoers who use their players’ club cards when playing slots and table games at Mississippi casinos during December. Players who accumulate the needed points in the required time can receive gifts as wine Roobet Crash charms, cookie jars, Christmas bears and cuddly critters. For earning 400 points during the month, Treasure Bay Casino in Biloxi offers a wine charm – small charms to place on the stem of a wine glass. For 600 points, players at Beau Rivage receive a snowman cookie jar; and in Vicksburg, the Isle of Capri Casino is giving away Christmas Beanie Bears to 200-point earners.

Two Hit Quartermania Jackpot

The new Quartermania progressive jackpot slot games hit twice in Nevada casinos on Sunday, paying the lucky winners over $200,000. The slot games are developed by International Gaming Technologies (IGT). According to IGT’s vice president of MegaJackpots John Sears, “These new Quartermania games are hotter than Hades, which is, well, appropriate since one of them is called Diablo Diamonds.” The first jackpot was hit Sunday morning at the Las Vegas Flamingo by Tracy Gray of North Carolina – a $226,000 Instant Winner MegaJackpots award. Then, just before midnight, James McKee of Ohio won more than $201,000 while playing Quartermania at the Stardust. The newly-revised Quartermania theme features two 3-coin, 3-line spinning reel slot games. One is Triple Texas Tea, which is based on the wildly-popular video slot, and the other is Diablo Diamond, a new spin on the classic Double-Diamond theme. Both games feature bonus rounds where the action moves to the three bonus reels where Texas Ted or Diablo announce the mounting grand total win. Quartermania also offers a “MiniMania” award that starts at $2,000.

Joker123 Slot

Visa and the U.S. Government Clash Joker123 Slot

A U.S. House subcommittee met last Thursday to discuss the credit card- and financial services industries’ roles in online gambling. And from all accounts, the meeting only served to further polarize the opposing sides.

The House Financial Services Subcommittee on Oversight and Investigations was convened to examine the relationship between online gambling and financial service companies as part of a growing demand that the government limit access to Internet wagering.

Representatives from the Interactive Gaming Council, the National Association of State and Provincial Lotteries, the National Thoroughbred Racing Association, the National Collegiate Athletic Association and Visa, met before the committee to argue their cases. But the deck was stacked against the online gambling industry and the credit card companies before they even reached the meeting.

One of the key subcommittee members was Rep. James Leach of Iowa, who has sponsored a bill that would make it illegal to use checks, debit-, and credit cards to pay debts for, or receive profits from, Internet gambling.

The hearing also comes just as Rep. Robert Goodlatte is preparing to re-launch his online gambling prohibition bill. The bill received majority support in the House last year, but failed to pass because it did not receive a two-thirds vote. Goodlatte wants to ban most forms of Net wagering, and plans to include many of Leach’s financial provisions in his revised legislation.

Several issues came to the fore during Thursday’s hearing. Experts from both sides told the subcommittee that it is difficult to prevent children from accessing gambling sites, that it is difficult to regulate most casino operations, and that problem gamblers can quickly get in over their heads.

Notwithstanding, representatives from the gaming industry told the subcommittee that efforts to ban online gambling would be difficult and that the U.S. government would be better off trying to regulate the industry.

The committee was also told that efforts to prevent credit card companies from processing transactions would likely fail because of the use of alternative payment solutions such as PayPal.

Government legislation that would restrict the Joker123 Slot business practices of the credit card companies proved to be a particularly contentious issue during the hearing. Mark McCarthy, head lobbyist for Visa USA Inc, said gamblers could get around financial regulations by using online payment companies. He also added that Leach’s proposed bill would put an unreasonable burden on Visa and other financial service companies to enforce federal regulations.

Visa maintains that gamblers themselves should bear the responsibility for wagering online with credit cards. Not surprisingly, Leach disagreed with that sentiment. “We have an absolute obligation to look at this issue before it gets out of hand,” he said.

The use of credit cards in online gambling is undoubtedly a serious issue, and as Rep. Leach noted, one that should be addressed. But opponents of the proposed financial legislation (and all-out ban) have raised some compelling issues of their own that cannot be ignored by the U.S. government.

It seems that a major showdown is brewing between the casinos, the credit card companies, and the U.S. federal government. And if this hearing is any indication of what’s to come, it will be quite a battle.

Stay tuned to WINNERonline for more details of this hearing and proposed legislation as it becomes available.

SKYBLOCK MONEY CONFERENCE: WHEN VENTURE CAPITALIST MEETS BITCOIN

Bitcoin Magazine was proud to serve as a sponsor for the 2013 Inside Bitcoins Conference in New York City on Tuesday, July 30 at the Hotel New Yorker. Mediabistro ran the conference and drew in several hundred Bitcoin Entrepreneurs and Venture Capitalists. Taking place in the financial and exchange hub of the world, creative minds came together on Tuesday to discuss the tremendous potential of Bitcoin and the continual shift to digital currencies.

23 year old BitInstant CEO, Charlie Shrem, opened up the morning to highlight that Bitcoin is, “cash with wings.” Schrem started BitInstant with an initial investment from his mother of 10,000 USD. Now Shrem has an opportunity to attract investors a bit farther away from home.

Jaron Lukasiewicz, CEO of Coinsetter, followed to contrast the promise of Bitcoin with the challenges posed by the currently outdated financial regulatory structure. With previous experience in startup ticketing, Lukasiewicz highlighted that Bitcoin is the dominant virtual currency and through his new leveraged forex trading platform, Coinsetter, hopes to facilitate expedient money transfer. With high hopes for a dominant cryptocurrency, Lukasiewicz stands behind Bitcoin and hopes to bring greater liquidity into the Bitcoin system.

Manu Sporny, founder and CEO of Digital Bazaar, followed to share of his W3C Web Payments group’s work to analyze a new API for performing payments via web browsers and other web based devices. Manu has continued to forge the trail in creating open standards and open technology to integrate payments into the core architecture of the web. Learn more about SKYBLOCK MONEY

Three panel discussions followed on Gold 2.0. The VC Take Bitcoin, Bitcoin and Freedom of Speech, and Legal and Regulatory Issues Facing Virtual Currency Businesses. Panelists discussed the shift in focus from gold to Bitcoin and the ability to utilize the currency to donate to journalists, publishers, political groups and whistleblowers freely. As a, “censorship resistant currency,” according to John Perry Barlow of the Freedom of Press Foundation, Bitcoin promotes and acts as a form of free speech. The final panel including James White, Director of Tax Issues for the US Government Accountability Office, touched upon financial regulation and any boundaries to heed to when developing bitcoin software.

The day concluded with insight from BitPay Co-Founder and CEO, Tony Gallippi, ZipZap, Inc. Founder and CEO, Alan Safahi, DirectPayNet President, Maria Sparagis, Let’s Talk Bitcoin! Editor-in-Chief, Adam B. Levine, and Spotify Head of Special Projects, Shakil Khan and American Banker Executive Editor, Marc Hochstein.

The next Inside Bitcoins Conference is already scheduled to take place in Las Vegas on December 10-11. Bitcoin Magazine truly appreciated those of you who took time during the conference to stop by our table and say hello. We look forward to meeting you at the next conference!

New Casinos Can Be a Singapore Online Casino Gamble

Online gambling is red hot. Every week two or three new online casinos open for business. This week, for example, it’s SpeedBet and Aspinalls, just to name two.

But when it comes to Internet casinos “newer” doesn’t necessarily mean “better”.

Several casinos have faltered at start-up. Take Asian Gamble at theredline.com, for example. The casino debuted last summer with promising new software only to shut down days later when players found the games bug-ridden. Today, the site has dissappeared entirely.

Other casinos, such as Rated Player, Four Aces Casino, Ascot Casino and Players Fortune, discovered that operating a Web casino wasn’t profitable for them and pulled the plug — without settling player accounts.

Of course, not all new Internet casinos are destined to fail. For example, the aforementioned SpeedBet (powered by Net Entertainment) looks solid. Net Entertainment has already worked out the glitches at CasinoDomain and Cherry Casino. So although the casino is new, the software and operator are not.

This week’s other casino entry, Aspinalls, is new to online gambling, but has 40 years experience and an excellent reputation in the land-based casino industry. Aspinalls is the first casino, to my knowledge, to use IQ-Ludorum casino software, so there may be a “break-in” period while they iron out the kinks. (IQ-Ludorum has considerable experience powering online sportsbooks.)

So if it’s so risky to play a newly launched Internet casino, why do many online gamblers do it? The first reason is lack of knowledge. Some players don’t take the time to research their casino choice. The second reason is greed. Many experienced online gamblers are keen to collect a new sign-up bonus, which they believe offsets the risk of not getting paid. The third reason is variety. Veteran i-gamblers tire of the same old software and want to try newer — and hopefully more exciting — games.

Rule of Thumb: Avoid unknown casino operators with unproven software. Stick to recognizable brands with player-tested software.

It’s official: at $236,000 and counting, Jackpot Singapore Online Casino Mania is pleased to announce our Rags to Riches slot has broken the world record for largest progressive jackpot ever offered online.

The winner of this massive progressive payday will become the biggest online jackpot winner of all time.

Rags to Riches breaks our previous world record of $235,661.88, won on our Caribbean Poker progressive by ‘Creed’, a player from Texas in March, 2001.

Visit JackpotMania.com and choose a casino for your chance to become part of history in the making.

Starnet Settles Class Action Lawsuit

Starnet Communications International, a subsidiary of World Gaming plc, a global pioneer in I-gaming technologies, has signed a Memorandum of Understanding to fully settle in all respects all class action lawsuits consolidated in the United States District Court for the District of Delaware that have been pending since late 1999.

“Today’s settlement is a major accomplishment that will have a positive impact on the company going forward. I am glad to have it behind us,” said Michael Aymong, CEO of World Gaming. “This settlement is not an admission of guilt or wrongdoing. It’s about continuing our efforts to significantly grow the business and dramatically increase shareholder value.”

Aymong joined World Gaming in April of this year and since that time, the company has taken a number of steps to improve productivity, enhance product development and sales capabilities, as well as augment the company’s management structure.

The Memorandum of Understanding was reached with Co-Lead Counsel for the plaintiffs and Class members. The settlement will see the issuance of 1,050,000 World Gaming shares, with a guaranteed minimum value of $1,050,000, together with payment of costs, not exceeding $50,000, and payment of administrative expenses, not exceeding $50,000. The settlement reflected in the Memorandum of Understanding is subject to formal notification to the class of shareholders and Court approval.

“We believe that our ability to reach a share-based settlement is a strong vote of confidence in World Gaming and its current business direction,” said Aymong. “We continue to strengthen our leadership position in the industry everyday and the elimination of this issue is one more powerful step forward.”

Congress decision boosts chances for California’s first urban Sg Online Casino

Gov. Gray Davis and a federal courtroom are the next hurdles for an Indian tribe that wants to build California’s first urban casino.

Davis and a group of San Francisco-area card clubs had been waiting for Congress to reconsider last year’s authorization for the Lytton Band of Pomo Indians to open a casino in a San Pablo card room.

However, U.S. Sen. Harry Reid, D-Nev., dropped his opposition this week in return for language in an Interior Department spending bill a spokesman said would prevent the spread of urban gambling across California. That could potentially threaten Nevada’s casinos.

Opponents are disappointed by Reid’s decision, but “we’re prepared to get the issue resolved by a court, and we always have been,” said Robert D. “Bo” Links, attorney for Artichoke Joe’s card club.

A Nov. 16 hearing is set in Sacramento federal court on opponents’ efforts not only to block the tribe’s plans, but to toss out Indian gaming in California.

The suits contend California’s Proposition 1A violates federal equal protection guarantees by giving Indians exclusive rights to operate casinos. They contend the amendment that made the casino possible when it was inserted into federal law last year by U.S. Rep. George Miller, D-Martinez, also singles out one tribe of fewer than 220 members for special treatment.

Tribal attorney Anthony Cohen expects the tribe to prevail in court, which would permit the federal Bureau of Indian Affairs to give the tribe formal title to the land. The bureau has delayed the transfer pending the legal review.

The transfer would allow the tribe to begin operating bingo-type games, such as tip jar, punch board, pull tab, lotto and similar Class 2 games, as well as limited card games already allowed at the card room. Cohen said the tribe already is planning to seek the necessary tribal and federal permits so it can begin gaming as soon as it acquires title.

That alone would improve the impoverished tribe’s finances, Cohen said. But the tribe would then apply to Davis for a compact allowing it to operate Class 3 table games, creating the state’s first urban casino.

Davis has asked the attorney general’s office to come up with options for blocking the casino.

“He doesn’t want to see a big expansion of Indian gambling in California, particularly in urban areas,” said Davis spokeswoman Hilary McLean.

“The ball’s kind of in the governor’s court,” said Michael Franchetti, who represents the Lucky Chances card room opposing the tribe’s plans.

Franchetti and U.S. Sen. Dianne Feinstein, D-Calif., contended that the congressional language approved by Reid would do nothing to prevent the spread of Indian gaming to urban areas.

“This is establishing a precedent of off-reservation Sg Online Casino. And once it starts, it can sweep the state,” said Feinstein. “There are 109 separate and independent tribal governments in California, of which 46 already have operational casinos. All the rest could do the same thing as the Lytton Tribe.”

Reid spokesman Nathan Naylor said the language “will make sure this doesn’t happen again.”

U.S. Sens. Arlen Specter and Rick Santorum, both R-Pa., were among senators pushing for resolution of the matter. Their state is home to Philadelphia sports entrepreneur Sam Katz, who represents more than 20 San Pablo Casino investors.

“They had a lot of money at risk, and I gather they put a full-court press on” to force a compromise, said Franchetti. “It looks like Philadelphia interests out-muscled Nevada interests.”

Togel Hongkong

Burswood profit down, looking for cost cuts

PERTH-based gaming group Burswood Ltd said today that identifying further cost savings and productivity improvements will continue in 2001/02.

“To date, cost reduction measures will result in annual savings in excess of $6.0 million before tax, the benefits of which will be ongoing,” said managing director John Schaap.

Burswood today reported a net profit for 2000/01 of $22.1 million, down from $32.1 million previously.

Total revenue fell 6.4 per cent to $346 million.

Mr Schaap said that the result reflected challenging business conditions during a period of organisational restructuring and the effects of disruption caused by major construction work to improve the Burswood International casnio’s facilities.

It also reflected a very low win percentage on Togel Hongkong  international commission business.

“Whilst the result is 31 per cent below last year, it includes a number of positive signs. We achieved further growth in video gaming machine revenue and made significant improvements to the underlying operating efficiency of the business,” he said.

He said the result also highlights the impact of win percentages on profit results. If expected win percentages for international commission business had been achieved, net profit would have been around $7.6 million higher in 2001 and around $4.7 million lower in 2000 than figures reported for those years.

The result included an expense after tax of $2.0 million relating to restructuring costs.

The restructuring will achieve further ongoing annual savings of around $4.0 million after tax.

Burswood’s overall gaming revenue fell $20 million to $277.2 million, mainly as a result of a low win percentage on international commission business.

Revenue from international commission business fell to $54.5 million from $79.3 million.