gambling

Study: Youth gambling isn't just entertainment

Mar 21, 2013
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Gambling takes place every day and is a rapidly growing form of entertainment. With the Superbowl in the rearview mirror and March Madness full speed ahead, many people have been placing bets as they root for their favorite teams to make it to the Big Dance. It’s more than just a game; it’s a big business for gamblers.

A study done by the International Centre for Youth Gambling Problems, says that between 60%-80% of high school students have gambled for money during the past year.

    After the fall of Lehman Brothers, Joe Peta needed a new employer. He found a new job in New York City but lost that, too, when an ambulance mowed him down as he crossed the street on foot.

In search of a way to cheer himself up while he recuperated in a wheelchair, Peta started watching baseball again, as he had growing up. That's when inspiration hit: Why not apply his outstanding risk-analysis skills to improve on sabermetrics, the method made famous by Moneyball--and beat the only market in town, the Vegas betting line? Why not treat MLB like the S&P 500?

In his book, Trading Bases: A Story About Wall Street, Gambling, and Baseball (Not Necessarily in That Order), Peta shows how to subtract luck from a team's statistics to best predict how it will perform in the next game and over the whole season. His baseball "hedge fund" returned an astounding 41 percent in 2011-- with daily volatility similar to funds he used to trade for.

BOSTON (AP) — The gambling industry spent $2.3 million dollars lobbying Beacon Hill lawmakers in 2012, a drop from the $3.1 million spent by the industry in Massachusetts in 2011.

A review of lobbying records by The Associated Press found that despite the decline, companies hoping to land one of the state's coveted casino license still poured hundreds of thousands into lobbying.

WAMC

The Massachusetts Gaming Commission has begun several days of meetings  to address dozens of policy questions.   It’s a prelude to the commissioners writing the final regulations to fully implement the year old gambling law and license resort casinos.   WAMC”s Pioneer Valley Bureau Chief Paul Tuthill reports.

       The gaming commissioners, meeting in Boston, voted unanimously Tuesday to set a policy that bans a community from holding a referendum on a casino project until it has been determined the developer is suitable to hold a gaming license in Massachusetts. 

Two high powered casino operators affirmed their commitments this week to pursue projects in Springfield Massachusetts.  Officials in Holyoke, a late entry to the western Massachusetts casino competition, are moving to form committees to review proposals from developers.  WAMC’s Pioneer Valley Bureau Chief  Paul Tuthill has an update on the fast moving casino story.

WAMC

Officials in Springfield Massachusetts have agreed to changes in a casino selection competition to address concerns about the timetable that were  raised last week by the Massachusetts Gaming Commission. It will likely push back until next summer a voter referendum on a casino in Springfield..  WAMC’s  Pioneer Valley Bureau Chief Paul Tuthill reports.

  

      Massachusetts Governor Deval Patrick will give final approval today to a formal casino agreement with the Mashpee Wampanoag tribe.  The compact gives Massachusetts a lucrative cut of casino revenues and commits the state to help overcome the obstacles that could prevent construction of what would be the state’s first Native American resort casino.  WAMC’s Pioneer Valley Bureau Chief Paul Tuthill reports.

WAMC

A Nevada based gaming company says it is ready to build a casino on a former industrial site in Springfield Massachusetts.  The company says it has come up with a plan to address traffic concerns about the project, but it faces competition for a casino license.  WAMC”s Pioneer Valley Bureau Chief Paul Tuthill reports.

With less than 48 hours until the first race of the 2012 season at Saratoga Race Course – today we’re talking gambling.

While the Saratoga season is just beginning, already reports indicate Governor Andrew Cuomo is set to unveil the members of the New York Racing Association’s new board, whose installation was precipitated earlier this year after the naming of new president Ellen McClain without input from state officials, following the firing of former president and CEO Charles Hayward, an alleged party to a scandal that cost the betting public over $8 million.

Massachusetts Casino Panel to Take over Racing Commission

Jun 21, 2012

The Massachusetts Gaming Commission is holding its first meeting after taking control of the state racing commission.  WAMC’s Tristan O’Neill reports…

The new five-member gambling panel is charged with licensing and overseeing up to three casinos and a slots parlor in Massachusetts.

Under the casino law approved by lawmakers and signed by Governor Deval Patrick, the panel is charged with overseeing virtually all gambling in the state, except for the lottery.

That includes taking over the responsibilities of the state racing commission.

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