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.
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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.”