Gambling in the USA
Bitcoin closer to gambling than investing, says Bank of Canada governor
Bank of Canada governor Stephen Poloz is sounding the alarm on Bitcoin, calling the purchase of the cryptocurrency “closer to gambling than investing.”
Bank of Canada governor Stephen Poloz is sounding the alarm on Bitcoin, calling the purchase of the cryptocurrency “closer to gambling than investing.”
In a speech at the Canadian Club Toronto on Thursday, the governor said Bitcoin is not a reliable store of value and does not constitute “money.”
He added that buying the cryptocurrency “means buying risk” and urged those flocking to it to “read the fine print.”
“It is a situation which has the ingredients of something that could be a significant disturbance,” Poloz said to reporters after his speech when asked about Bitcoin’s wider ramifications. “I’m hopeful that the system will treat it cautiously from here.”
Poloz’s comments come one day after the chair of the U.S. Federal Reserve Board Janet Yellen called Bitcoin a “highly speculative asset” that “doesn’t constitute legal tender.”
But on Sunday, Cboe Global Markets launched Bitcoin futures and CME Group Inc. says it plans to follow suit on Dec. 17, giving investors more ways to tap the cryptocurrency.
The price of Bitcoin has soared this year, briefly touching US$19,000 earlier this month before slipping to roughly US$16,700 on Thursday late afternoon. At the beginning of the year, one bitcoin was worth roughly US$996.
Poloz said Thursday the Bitcoin price chart “looks like the left-hand side of an Eiffel tower. You don’t see that very often.“
He likened it to the tech boom and bust, roughly two decades ago.
“The good news is it did not have widespread effects,” Poloz said. “It was fairly restricted to stocks in that sector, and if you got in late you lost some money, but you knew it was high risk when you got into it.“
The theme of Poloz’s speech Thursday focused on three “slower-moving, nagging issues” that keep him awake at night, describing them as concerns that are a little different than the more-pressing, immediate issues. His list included high house prices and household debt, cyber threats, and the difficult job market for young people.
He also spoke about the Canadian economy overall, saying it is running at close to full tilt at a part of the economic cycle that he thinks of as “the sweet spot.”
Poloz said that while a mechanical approach to setting interest rates would suggest that higher borrowing rates should already be in place, the central bank has been focused on scrutinizing some “unusual factors” at play.
That includes encouraging signs that companies are starting to expand their capacity by investing in equipment and by hiring more people, growing wages and a sudden jump in participation by young people.
Poloz said the bank’s governing council believes there’s still more room, albeit diminishing, for the labour market to grow before it starts pushing inflation higher. That factor could be providing an offset to the upward pressure from an economy operating close to its capacity and growth forecasts above potential.
He did acknowledge, however, that the current policy setting “clearly remains quite stimulative.”
The central bank introduced two rate hikes this year due to the strong economy — once in July and again in September.
But since then, Poloz has kept the rate on hold, including at last week’s announcement. He pointed to uncertainty over trade and a greater-than-expected weakness in exports as reasons to stand firm.
Still, he continued to warn that higher interest rates will likely be required over time, even though the bank will proceed with caution by carefully assessing the incoming data.
Online sports betting operators are set to see record-breaking wagering on March Madness this year.
The three-week long, single-elimination, seven-round NCAA college basketball tournament got underway in Indiana on March 18 and runs until the Championship final on April 5.
The dramatic growth of sports betting popularity over the last two years has been attributed to the ever-expanding US legal market which has seen 14 new legal jurisdictions open up and offer legal sports gambling. This equates to almost 74 million more Americans being able to safely and legally bet on March Madness this year.
The latest state to offer sports betting was North Carolina which went legal on March 18 just in time for bettors to get involved in the March Madness action.
17.8 million say they will place a bet online, up 206% from 5.8 million in 2019.
According to a report published by the American Gaming Association (‘AGA’) $8.5 billion was gambled on March Madness in 2019 by 5.8 million people.
With 45% of American adults now living in a state with legalized sports betting the number of people doing their March Madness betting online is expected to top 17 million in 2021.
Offline bets are also estimated to increase this year with the number of Americans placing their college basketball bets at brick-and-mortar sportsbooks nearly doubling.
March Madness Key Dates:
- March 18-19: First Round
- March 20-21: Second Round
- March 25-26: Sweet 16
- March 27-28: Elite Eight
- April 3: Final Four
- April 5: National Championship
2021 March Madness Wagering Estimates
47.4 million American adults are expecting to bet on March Madness this year. That’s more than 20% of the population!
Although that’s about the same number that indicated they would bet on the tournament in 2019, the number of people betting with a sportsbook is set to rise dramatically.
Other key findings reported by the American Gaming Association:
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30.6 million Americans expect to place more traditional NCAA March Madness bets with sportsbooks on this year’s tournament, up from 17.8 million in 2019.
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8.3 million expect to place a bet at a physical sportsbook, up 79% from 2019.
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36.7 million Americans say they will fill out a bracket, down 8 percent from 2019.
Bill Miller, President and CEO, American Gaming Association said “The sports betting landscape has changed dramatically since 2019 – and as a result, tournament betting has transformed. With more legal, regulated options than ever before, millions of customers now have safer ways to enjoy all the fun and suspense only March Madness provides.”
This year, due to the global pandemic, the tournament will be held entirely in a single state (Indiana) with the Championship final game scheduled for April 5 at the Lucas Oil Stadium in Indianapolis.
According to Vegas-Odds.com futures betting data from online sportsbooks – the teams most likely to take home the Championship trophy are the Gonzaga Bulldogs (+170), Baylor Bears (+375) and the Houston Cougars (+800).
More March Madness Facts & Stats:
- Gaming analysts Eilers & Krejcik estimated that if all 50 U.S. states had legal online sports betting, sportsbooks would handle $15.2 billion in total bets for March Madness alone, grossing about $1.2 billion of revenue.
- Interest in this NCAA men’s college basketball tournament is up slightly from 2019 with 26% of Americans saying they are very interested in March Madness, compared to 23% two years ago.
- Regulated Vs International Sportsbooks : $3.9 billion of bets will come mostly by way of international websites and bookmakers, though 4.1 million people will also place legal wagers through licensed U.S based casinos & sportsbook operators.
- The betting odds of predicting all 63 March Madness games correctly is 1 in 9.2 quintillion!
- The longest winning streak of NCAA tournament bracket picks to start the March Madness tournament stands at an astonishing 49, with an Ohio bettor correctly predicting the entire 2019 NCAA tournament into the Sweet 16 stage.
Casino operators in California are investing in the business to be able to compete with Las Vegas.
Casino operators in the State of California are innovating the market to strengthen its potential and be able to compete with the neighbouring city of Las Vegas, the most renowned gaming hub of the country. According to a recent study, 27 percent of tourists in Las Vegas come from the state of California.
Therefore, local native tribes that operate casinos in the region decided to further invest in innovative gaming services for residents and boost the regional economy. The operators are planning to improve current casino services by adding “integrated resorts, complete with shops, restaurants, spas and various other entertainment activities.”
Katherine Spilde, director of Sycuan Institute on Government Gaming at San Diego State University, explained: “The tribes are really responding to a mature tourist market.” And added: The integrated resort is the evolved model of gaming where the gaming is just one part of the larger experience.”
Meanwhile, the Soboba Band of Luiseno Indians has recently held a pre-inauguration event celebrating the upcoming casino in California. The ceremony was held last Monday and authorities lifted white beams containing the signatures of tribal members, casino employees and construction workers to the top of the frame of the six-story hotel.
Canadian investment firm, Pollard Equities Limited has announced it has reached an agreement with NYX Gaming Group and Scientific Games Corporation to support the proposed acquisition of NYX by Scientific Games for $631m.
A shareholders meeting to discuss the proposed acquisition is scheduled for the 20 December in Las Vegas, Nevada.
The acquisition can proceed if a majority in number of NYX shareholders present and voting, either in person or by proxy, represent at least 75% in value of the NYX ordinary shares held by those NYX shareholders present and voting, either in person or by proxy (excluding those shares already held by Scientific Games) or by a simple majority of the votes cast by the holders of NYX ordinary shares.
At present Pollard Equities Limited owns 8,621,300 ordinary shares of NYX and 4,000,000 warrants having upped its number of warrants last month in a CDN$120,000 deal bringing its potential stake in NYX Gaming up to 11.2%.
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