Baazov Addresses AMF Probe and New Jersey Matter at Amaya AGM

Baazov <span id="more-2598"></span>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 something to be taken lightly, but it’s perhaps not Hollywood either.’

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

‘It’s not something become taken gently, nonetheless it’s not Hollywood either,’ Baazov told the assembled investors. ‘There is no effect regarding the day-to-day operations of Amaya. It’s perhaps not using far from the real-estate that is mental of administrator team, the staff, the company, 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 may have wondered what the heck he intended by ‘mental property.’

AMF Raid

Amaya’s Montreal workplaces were raided by police and provincial financial market regulators AMF in early December as an element of an investigation into alleged securities fraudulence.

Amaya’s share rates skyrocketed in the lead up towards the company’s acquisition of PokerStars summer that is last plus some form of insider trading was suspected.

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

‘If people go through the information carefully, look at the timeline, anyone who is sophisticated and rational can come up to a pretty conclusion that is rational the events that happened to have us where we’re,’ said Baazov.

The investigation didn’t hinder Amaya’s recent ascension towards the NASDQ worldwide Select Market, which Baazov saw as integral to furthering Amaya’s place as ‘a leading global, online consumer technology business.’ The organization has traded on the Toronto Stock exchange since 2013 and will continue doing therefore under a dual listing.

‘ We had been finding more liquidity and more publicity,’ Baazov said, of the company’s new listing. ‘I think it’s great that a company that is canadian began on the Venture [Exchange] graduated to the TSX and has now attended the NASDAQ as well.’

Brand New Jersey Update

Finally, Baazov offered his applying for grants the entry that is delayed of into the nj-new Jersey market.

Early predictions had recommended the internet poker giant would be given the go-ahead the year, but unseen regulatory issues seem to be hindering its progress.

‘we are giving a whole lot of data showing statistical information, showing accountable gaming data, showing exactly what technologies have been innovated and applied at PokerStars,’ said Baazov. ‘We’re sharing it with others showing while you might be protecting consumers as well. that one can have this in a regulated fashion and also have that income tax efficiency’

On PokerStars’ efforts in lobbying for regulation in other areas that are key such as Pennsylvania and California, he said: ‘We don’t have a crystal ball, and as it pertains to politics we do not like attempting to make predictions. All we are able to say is that we’re very confident with a number of the movement we’ve seen. If such a thing, it’s inching towards more and more (workable) regulation.’

New Bedford Casino Plan Easily 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 a casino within their city, going the proposal by developer KG Urban into the mix for the casino that is final in Massachusetts.

Nearly three quarters of the voters whom proved said yes to the plan, which would place a new $650 million casino on the city’s waterfront.

When the voters that are final tallied, 73 percent of voters were in favor of the plan, while 27 percent said they were against having a casino in the city. Turnout was a modest 21 %, with more than 11,000 votes cast.

‘Obviously, our company is very pleased,’ said New Bedford Mayor Jon Mitchell. ‘This is validation from the voters that the deal we got is really a good one for the city. We look forward to competing for the license and New that is returning Bedford its status as you of the leading cities in the Northeast.’

New Bedford Has Shown Strong Casino Help

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

The public meetings held on the problem were mostly held without event, and there did not seem to be a strong anti-casino motion like the ones seen in many other towns and towns across Massachusetts in the last several years.

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

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

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

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

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

On the other hand, the Brockton proposal met all of its due dates without any help from state officials.

Multiple Bidders Could Benefit State

But that help might happen about something more fundamental than helping KG Urban especially.

Having multiple bidders for the license can lead to the two bidders contending to help make the best proposition, and enable cities and hawaii gaming payment to achieve a deal that is better for the host communities and Massachusetts than if there ended up being just a single proposal to choose from.

New Bedford’s leg that is biggest up could be the ease with which local voters approved the casino project.

Community support is the main criteria viewed by the gaming commission whenever licenses that are awarding and Brockton only barely approved their casino proposition, with only 50.5 percent of voters supporting the program.

A casino would be placed by the Brockton proposal at the Brockton Fairgrounds. a third proposal in Somerset has yet to have a vote scheduled despite receiving extensions along with New Bedford.

The Tuesday vote had been just one part of a week that is busy 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 just slots but additionally electronic versions of some table games, including blackjack.

NBA Withdraws Opposition to Canadian Sports Betting Reforms

NBA chief Adam Silver is famous to most probably to the basic notion of legalizing sports wagering. (Image:

The NBA has said it will no longer oppose a bill that proposes to revolutionize the Canadian activities landscape that is betting allowing Canadians to bet on single sports 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 residents from betting on single games; instead, they content themselves with putting their money, at longer chances, on parlay bets via the lottery that is provincial.

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

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

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

Multi-billion-dollar Gray marketplace

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

Even the Soccer that is canadian League which can barely be said to have a ‘global reach,’ is covered by at the 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 with its fans.

Future fans would ‘never find a way to enjoy the game,’ it fretted, because, rather than help a favorite group, they might instead be drawn to ‘the competing interest associated with the wagering line and the money which can be made from it.’

The statement becomes much more hyperbolic once you consider that Canada has only one NBA team, which suggests the decision of loyalties for the average Canadian could be rather cut and dried.

Nonetheless, based on the CGA, which is desperately trying to push the bill before Parliament breaks for the summer week that is next the NBA changed its tune.

NBA Statement

‘Consistent with all the NBA’s current position regarding legalized activities betting in america, the NBA is not any longer opposed to legalized sports betting in Canada as long as it has an appropriate framework that is legislative protects the integrity associated with 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 shift that is recent place of NBA head Adam Silver, who, in an op-ed for the ny Times toward the end of a year ago, suggested the laws on sports betting within the United States ought to be changed.

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

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

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