Baazov Addresses AMF Probe and New Jersey Matter at Amaya AGM



David Baazov, reelected as Chairman of Amaya Inc. On the AMF investigation: ‘It’s not a thing to lightly be taken, but it is not Hollywood either.’

The scrutiny that is ongoing Amaya Inc by the Quebec financial regulator is not a cause for concern, reiterated its CEO and Chairman, David Baazov, at the company’s first annual basic meeting in Montreal this week.

‘It’s not something to be taken planet 7 oz no deposit codes 2018 gently, but it’s not Hollywood either,’ Baazov told the assembled investors. ‘There has been no effect on the day-to-day operations of Amaya. It’s maybe not taking far from the real-estate that is mental of executive team, the employees, the organization, etc.’

The shareholders displayed their faith in these terms by promptly reelecting Baazov as company chairman with a big part of 96 percent, although some might have wondered what the deuce he suggested by ‘mental real-estate.’

AMF Raid

Amaya’s Montreal workplaces had been raided by police and provincial market that is financial AMF in early December included in a study into alleged securities fraudulence.

Amaya’s share costs skyrocketed in the lead up to your organization’s acquisition of PokerStars summer that is last plus some form of insider trading was suspected.

There has been no accusations of wrongdoing by AMF, but the investigation drags on, and its existence remains an embarrassment for Baazov, Amaya and their global ambitions.

‘If people have the information carefully, look during the timeline, anyone who is sophisticated and rational will come up to a pretty logical conclusion about the events that happened to obtain us where we have been,’ said Baazov.

The investigation didn’t hinder Amaya’s present ascension to your NASDQ worldwide Select Market, which Baazov saw as integral to furthering Amaya’s place as ‘a leading global, online consumer technology company.’ The business has traded on the Toronto Stock trade since 2013 and will continue to do so under a listing that is dual.

‘ We were looking for more liquidity and much more visibility,’ Baazov said, of the business’s new listing. ‘I think it’s great that a Canadian company that started on the Venture [Exchange] graduated to the TSX and has now attended the NASDAQ as well.’

Brand New Jersey Update

Finally, Baazov offered his ideas on the delayed entry of PokerStars into the New Jersey market.

Early predictions had suggested the on-line poker giant would be given the go-ahead the year, but unseen regulatory issues look like hindering its progress.

‘we are giving a great deal of information showing statistical information, showing gaming that is responsible, showing what technologies have been innovated and applied at PokerStars,’ said Baazov. ‘We’re sharing it with others to exhibit as you are able to have this in a regulated fashion and have that income tax efficiency when you are protecting customers as well.’

On PokerStars’ efforts in lobbying for regulation in other key areas, such as for example Pennsylvania and California, he said: ‘We don’t have a crystal ball, and with regards to politics we definitely don’t like trying to make predictions. All we can say is that we’re very comfortable with a few of the movement we’ve seen. If anything, it is inching towards more and more (workable) legislation.’

New Bedford Casino Plan Effortlessly Approved by Voters

New Bedford easily approved a proposal to build a casino on the city’s waterfront. (Image: Kostow Greenwood Architects LLP)

New Bedford voters overwhelmingly showed approval for the casino inside their city, moving the proposal by developer KG Urban into the mix for the casino that is final in Massachusetts.

Nearly three quarters of the voters who ended up stated yes to the plan, which would place a new $650 million casino on the city’s waterfront.

Whenever the voters that are final tallied, 73 percent of voters were in favor of the plan, while 27 percent said they had been against having a casino in the city. Turnout was a modest 21 per cent, with an increase of than 11,000 votes cast.

‘Obviously, we’re really pleased,’ stated New Bedford Mayor Jon Mitchell. ‘This is validation from the voters that the deal we got is a good one for the city. We look forward to competing for the permit and returning brand new Bedford to its status as one for the leading cities within the Northeast.’

New Bedford Has Shown Strong Casino Support

Caused by the vote had been somewhat predictable, as New Bedford had twice previously voted and only casino gambling in the past two decades.

The public meetings held on the problem were largely held without event, and there did not seem to be a strong anti-casino motion like the people seen in lots of other towns and towns across Massachusetts in the last few years.

The KG Urban casino, which is operated by Foxwoods, will now have to compete for the one license set apart for Southeastern Massachusetts.

There was one other proposition that has also gotten approval that is local a similarly-sized resort that would be built in Brockton.

The Massachusetts Gaming Commission could choose to honor a license to either project, or potentially award no license at all.

But, a few of the payment’s recent actions might show a preference for the brand New Bedford project.

KG Urban initially missed key deadlines for the casino process, but by speaking with the payment, was able to secure extensions for key applications.

In comparison, the Brockton proposal came across all of its due dates without any assistance from state officials.

Multiple Bidders Could Benefit State

But that help may have already been about something more fundamental than helping KG Urban especially.

Having multiple bidders for the license can result in the two bidders contending to really make the proposal that is best, and enable cities and hawaii gaming payment to attain a deal that is much better for the host communities and Massachusetts than if there had been just a single proposition to pick from.

New Bedford’s biggest leg up can be the ease with which local voters approved the casino task.

Community support is area of the requirements looked at by the video gaming commission when awarding licenses, and Brockton only hardly authorized their casino proposal, with just 50.5 percent of voters supporting the master plan.

The Brockton proposal would place a casino at the Brockton Fairgrounds. a third proposal in Somerset has yet to truly have a vote scheduled despite getting extensions along with New Bedford.

The Tuesday vote ended up being just one part of the busy week for the nascent Massachusetts casino industry.

On Wednesday, the Plainridge Park Casino in Plainville will open for business; the slots parlor will feature 1,250 machines, including not only slots but additionally electronic variations of some table games, including blackjack.

NBA Withdraws Opposition to Canadian Sports Betting Reforms

NBA chief Adam Silver is well known to likely be operational to the basic concept of legalizing sports betting. (Image: slate.com).

The NBA has stated it will no longer oppose a bill that proposes to revolutionize the Canadian activities landscape that is betting allowing Canadians to bet on single activities games.

The league has become the first to officially reverse its stance on Bill C-290, the Canadian Gaming Association (CGA) said this week.

The Criminal Code in Canada has long forbidden its citizens from betting on single games; instead, they content themselves with putting their money, at much longer odds, on parlay bets via the provincial lottery operators.

These, of course, involve wagering regarding the outcomes of several games.

The reasoning is that wagering on single games might encourage gambling addiction and match-fixing.

Proponents for the bill believe that reforms would channel billions in funds into the hands of this lottery that is provincial, rather than the huge unlicensed offshore market, which currently caters for Canada’s kinkier betting requirements.

Multi-billion-dollar Gray marketplace

Currently, single-event sports handle that is betting estimated become over $10 billion per year. Based on UK betting data firm Sportradar, over 220 companies take bets on National Hockey League games, and around 120 cover Canadian Football League games.

Perhaps the Soccer that is canadian League which can scarcely be thought to have a ‘global reach,’ is covered by at the very least 130 foreign bookmakers.

The NBA initially stated its opposition when the bill was introduced in 2012, claiming that C-290 threatened to ‘injure’ the relationship the league enjoyed along with its fans.

Future fans would ‘never manage to savor the game,’ it fretted, because, rather than support a team that is favorite they might instead be drawn to ‘the competing interest for the gambling line and the amount of money which can be made from it.’

The statement becomes much more hyperbolic when you consider that Canada has just one NBA team, which suggests the decision of loyalties for the Canadian that is average may rather cut and dried.

Nonetheless, according to the CGA, which is desperately trying to push the bill before Parliament breaks for the summer time next week, the NBA has changed its tune.

NBA Statement

‘Consistent with the NBA’s current position regarding legalized sports betting in the us, the NBA is no longer in opposition to legalized sports betting in Canada as long as there is an appropriate framework that is legislative protects the integrity of the game under strict regulatory requirements and technological safeguards,’ said the NBA, as quoted by the CGA in a hearing of the Senate of Canada’s Legal and Constitutional Affairs Committee this week.

The statement echoes the current shift in position of NBA mind Adam Silver, who, in an op-ed for the nyc Times toward the end of this past year, suggested the laws on sports betting in the US should really be changed.

‘Congress should follow a federal framework that permits states to authorize wagering on expert sports, at the mercy of strict regulatory requirements and technical safeguards,’ he said.

All other major North American activities leagues, however, remain intransigent on the subject, and meanwhile, C-290, which includes been languishing in the Senate for the best component of three years, remains a long shot. Currently, though, long shots are all that Canadians are permitted to bet on.

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