Derivatives: Futures and Options

Aaron French

Aaron French

Sports betting can seem confusing or complicated for beginners. If you keep these sports betting basics in mind, then you're well on your way to making the money you want. Remember to ease your way into online betting. Doing your research and having patience will pay off for you down the line.
Aaron French

On the other hand, a put option gives the buyer the right but not the obligation to sell a certain asset at an agreed price (strike price) by a certain date in the future. Be careful and ask all the right questions before you bring out the cash.

Since most of them involve the play of big money with very little in the way of initial investment, most people fail to foresee the impact they can have on their total funds. In a put option, the option will thus, only be exercised if the strike price is higher than the going market price at that specific point of time in the future. Since it is the ‘right but not the obligation’ to buy an asset, it is obvious that the call option will only be exercised if the strike price is lower than the going market price for the underlying asset at that certain time in the future. The only difference between a normal spot transaction and a forward transaction is the time span between the contract and its fulfillment. They offer the trader, the option of passing on some of the risk that he’s bearing over to another party. Inexperienced options expire once their time duration ends and it is only the premium paid for buying the option that exchanges hands between the two parties.

Understanding Futures and Options. On the other hand, with a short position (agreement to sell), your payoff will be the differential between the spot price of the commodity then and the futures price that you have agreed on (S – F).

Certain exotic types like Cacall, Caput, Barrier options, etc., lure investors with the greed of returns, but what happens many a time is that, traders fail to see the complexity involved in them. Futures are also agreements to buy or sell commodities at a certain predetermined price at some predetermined time in the future. Last but not the least, they lend monetary power to the traders, for they can take large positions in the stock market with the minimal amount of cash, i.e., by just paying the premium amounts.

Uses in Investment Finance

Mastering these instruments can make you a millionaire overnight, but it is good to understand them first. If you wish to play the stock markets, they offer an unbelievable amount of ground to play in, especially when it comes to hedging and risk management. Plain vanilla swaps, or the least complicated of swaps, allow two parties to swap their interest obligations. When you hold a long position in a forward contract, i.e., you have agreed to buy the underlying commodity at the agreed price, your payoff will be the differential between the forward price and the spot rate at that point in the future (F – S). On the other hand, forwards, swaps, and CDS are usually traded on the over-the-counter (OTC) markets. These are normal financial instruments where you just buy or sell shares of company XYZ (for $20 each, if market value equals the intrinsic value). Lack of knowledge coupled with greed, turn them into your worst possible nightmare. There is no monetary transaction to the contract when it is first negotiated, and money only changes hands on contract maturity. Here’s and example of an underlying asset.

Futures contracts are derivatives very similar to forward contracts, with the main difference being that while forwards are traded OTC, futures are traded on an exchange. For example, if a party has a fixed rate payment obligation and another one has a floating rate one, the two can swap their interest obligations with each other without settling the underlying debt.

They are very good risk management tools and are mainly used to hedge risks that a trader is routinely exposed to. Options are fantastic in their ability to cater to every possible need of the stock market trader. Futures and options trading is fantastic as a risk reducing measure (hedging), but may not be equally fantastic as a speculative bet, especially when you do not have the required expertise, neither in derivatives nor in forecasting.

Below are some of the uses as listed by John C. He either takes on another risk in return or makes a cash payment in exchange for the risk transfer.

Instruments like forwards and futures play a key role in giving directions to the market prices of the future. By definition, they are financial instruments that derive their intrinsic values from the underlying asset that they are based on. But before you start thinking about having bigger yields out of these instruments, know a little more about them. The intention is to buy low and sell high in two different markets and pocket the differential profits.

They allow for large portfolio position changes without incurring the buying and selling transaction costs.

Forwards Contracts and Futures Contracts

By definition, a forwards contract is ‘an agreement to buy or sell an asset for a predetermined, fixed price, at a certain time or date in the future’. They can be used to hedge open positions in stocks and this makes stock trading safer. While most financial assets have intrinsic asset values or prices, the intrinsic value of a derivative is based on the financial asset that forms the basis of a derivatives contract. Hull in his 1999 book titled ‘Options, Futures, and Other Derivatives’.

They are simple financial instruments. Shares of company XYZ have an intrinsic value of $20 each. While spot is an immediate, present tense contract, a forward is a later date or future tense contract that is just being finalized today. These are extremely powerful instruments and though, ‘no guts no glory’ does summarize the ‘higher risk, higher potential return’ mantra of investment finance; having open positions in them is never prudent. Marginal swings in the value of these shares can leave you with the outcome – ‘Investment – $100 and Total Loss $100, 000′. Options are not limited to the exchange traded derivatives markets and some are also traded on the OTC markets.

Interest rate swaps are also derivatives for they too derive their values from the underlying debt instrument. So for once, a financial instrument has been named correctly, an instrument that derives its value from some other asset is termed as a derivative.

These markets happen to be of two types. Think about it and you’ll know why so many have gone down while betting on these instruments. Know their uses and advantages, their drawbacks as well as their various types, namely forwards, swaps, futures and options.

What is the Derivatives Market?

Options are basically of two types, a call option and a put option. These non-standardized financial instruments bear some amount of credit risk, since no exchange interferes between the buyer and the seller. The only difference between them and the normal financial instruments (like shares), is just the little term called ‘underlying asset’. Even though you have invested only $100, the position that you had taken in the market was on $10000 shares. When investing in these instruments, be aware of the risk that you are taking on with that kind of leverage.

When they are used for hedging, they perform exceptionally well but when used for speculation, it is not prudent to rely too heavily on them. First the futures and options are traded on the exchange traded derivatives market and are standardized instruments with negligible credit risk. Many an investor have fallen to greed in this market, for everyone else, it is a risk management boon.

Whether futures and options, or swaps and forwards, all require careful and deliberate study. Two or more options can be combined together (synthetic options) to give the trader just the kind of payoff he was visualizing, given his forecasts of the future price movements on the stock exchange. Not understanding how they work and investing large sums of money in them blindly is a folly. Being traded on exchanges robs the futures of the customization that is available on forwards, but on the other hand, as exchanges play clearing houses in the transaction, futures have relatively lower credit risk.

Options Contracts

A point to note here is that, while futures and forwards are obligatory buy and sell contracts for the holders, options are rights and not obligations that the holder can choose on whether to exercise or not. You’ll know then, why all traders haven’t mastered the art yet and become overnight millionaires. For many of these instruments, small changes in the underlying asset can swing your fortunes from millionaire to bankrupt within seconds. The value of your option to either buy or sell the shares of this company, derives its value from the actual market prices of the underlying asset, in this case, the shares of company XYZ. How else is it possible that just investing $10 should help you take positions worth $1000. Research them and you will find a very grim picture, more houses have been broken with these instruments than have been built. A call option gives the buyer the right but not the obligation to buy a certain asset from the call option writer, by a certain date and for a certain price, known as the strike price. Forwards and futures prices are good reflectors of the price directions as well as the expected change in the future prices of the underlying asset.

They offer the traders an option to change the nature of their liabilities and exchange the risks associated with some of their unwanted liabilities with some more bearable ones.

They can be used to make arbitrage profits. They are a boon for the hedgers but not always so for the arbitrageurs and speculators.

Interest Rate Swaps

Learning about derivatives is one of the most important lessons to learn, for anyone making new forays into investment finance. But when you have a derivative option on the shares of this company, you are basically holding a financial instrument that has no intrinsic value of its own. Arbitrage profit opportunities are those opportunities that allow for risk-free, zero net investment profits, by capitalizing on price differentials on the same commodity in different markets. For many, what they invest in these instruments are their savings so you can only imagine the impact.

Many investors fail to understand that investing in them means indulging in a kind of leveraging. Forwards contracts are over-the-counter contracts that usually trade on commodities. The term futures encompasses all things like foreign exchange futures and stock index futures as well

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Aaron French

Aaron French

Sports betting can seem confusing or complicated for beginners. If you keep these sports betting basics in mind, then you're well on your way to making the money you want. Remember to ease your way into online betting. Doing your research and having patience will pay off for you down the line.
Aaron French

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Nevada sports betting could be a $5 billion industry

Aaron French

Aaron French

Sports betting can seem confusing or complicated for beginners. If you keep these sports betting basics in mind, then you're well on your way to making the money you want. Remember to ease your way into online betting. Doing your research and having patience will pay off for you down the line.
Aaron French

It’s growing and growing and growing, and it’s going to get bigger.”. MGM Resorts, one of the last to make an impression on the market, is set to roll out a phone app later this month. He co-hosts “The Las Vegas Sportsline” weekdays at 2 p.m. Even without it, book director Jay Rood said, “We’re ahead of last year on handle by 5 or 6 percent, so it continues to be strong.”

“People started to bet more because they could bet on their phone,” Holt said. The Westgate unveiled a phone app Jan. “There is more access to everything, and I think the mobile app is the catalyst.”

It’s tough to find a book without a mobile app. But that trend has reversed. State gaming laws are being loosened to help pump up the handle, with entity betting being one progressive example.

Times have changed in many eye-opening ways in the past five years, and, of course, since the ’70s.

Las Vegas Review-Journal sports betting columnist Matt Youmans can be reached at myoumans@reviewjournal.com or 702-387-2907. CG Technology executives lobbied lawmakers and worked with the Gaming Control Board to get the bill passed, and the entity concept is expected to flourish for football season in the fall.

In the late 1970s, as Jimmy Vaccaro tells the story, there were times when ticket writers in Strip sports books would fall asleep behind the counter because there was so little action. “It’s a way for people outside of the state to get involved.”

Kornegay added, “Just the popularity of sports betting, the entertainment value is second to none.”

Make no mistake, offshore books such as Pinnacle Sports in Curacao and BetCRIS in Costa Rica are still doing business on American soil, but the passage and enforcement of federal online anti-gambling laws have made it more difficult for the Average Joe to wager with a credit card in recent years. It’s a cheap date,” Vaccaro said. CG Technology and William Hill sports books led the way with mobile phone apps that changed the game when introduced five years ago.

On many days, Vaccaro said, 40 percent of what is wagered with the South Point comes in on phone accounts. The Nevada handle of $2.4 billion in 1995 remained flat for more than a decade while offshore books owned the market.

Mobile phone apps and increased mainstream media coverage of sports betting are two major parts of the equation.

He’s not exaggerating, either. A record $132.5 million was wagered in the state on Super Bowl 50 — up from $98.9 million three years ago. “Las Vegas betting is stronger than ever. The sports betting handle in Nevada was $2.4 billion in 2006. It topped $3 billion for the first time in 2012, escalated to $4.2 billion last year and is projected to approach $5 billion in 2016.

“I’ve seen from studies around the world that the mobile app builds business, there’s no question about it,” said Michael “Roxy” Roxborough, an oddsmaker who founded and operated Las Vegas Sports Consultants from 1982 to 1999. “But there is no one set reason the handle is going up.”

Advances in technology have helped the state catch up. On any given day, Twitter is flooded with sports betting-related posts, helping to attract younger bettors. each year. College basketball was a spectacular draw, too, with the 67-game NCAA Tournament pulling in an estimated $200 million in March and April. And that was Super Bowl week.

Mobile apps, mainstream and social media interest, the expansion of in-game and proposition wagering, fantasy sports’ popularity, Las Vegas book upgrades, laws that caused a slight shift away from offshore wagering, and various economic and societal factors are creating a perfect storm surge for legal sports wagering in Nevada.

From his spot behind the counter at the South Point sports book, he watched amusement park-like lines form at each open window. There are a lot of moving parts contributing to what we’re seeing.”

“I’m just flabbergasted,” Vaccaro said. “People can’t get enough of it. “The world is so (bleeped) up, this is a great relief for three hours.”

“You go to these places for the Super Bowl and Final Four,” Roxborough said, “and it’s a very skewed demographic for people in their 20s.”

“We have a pretty sports-passionate culture,” Lawton said.

“In the long run, it could revolutionize sports betting in the state,” Holt said. A month after the Super Bowl brought a crush of customers, the first four days of the NCAA Tournament did the same.

“You are seeing a majority of locals betting on phone apps, and they come to your casino to watch the games. You see them drinking Coronas all day,” Vaccaro said. The Westgate recently poured more than $12 million into the installation of state-of-the-art video boards and a renovated book, and Station Casinos spent millions on new video boards at Red Rock Resort.

Offshore and underground bookmakers still dominate the action, with an estimated $400 billion bet illegally on sports in the U.S. Ten years ago, nobody cared about betting in Las Vegas.”

In the late 1990s, Roxborough said, casinos were plotting to downsize sports books. But Nevada is gaining ground and significance, and a handle approaching $5 billion (with a win percentage in the 5.5 range) is no small thing to bookmakers and casino operators.

“The way things are trending, it’s possible,” Michael Lawton, senior research analyst for the Gaming Control Board, said of the $5 billion figure. It adds up to free advertising.

The biggest events are booming. Follow on Twitter: @mattyoumans247

“The mobile app is just so popular,” Westgate sports book director Jay Kornegay said “The counter handle has not suffered, either.”

Last summer, Senate Bill 443 was signed into a law, authorizing business entities in Nevada to place wagers on behalf of investors from around the world. on ESPN Radio (1100 AM). 19, and it has boosted the book’s handle instead of cannibalizing counter business.

Kornegay, Rood and Vaccaro have appeared on ESPN “SportsCenter” spots in the past year, televised signs of increased mainstream media coverage in all forums. Vaccaro has seen almost everything there is to see during four decades as a Las Vegas bookmaker. “On a macro level, the sports betting industry in Nevada never has been stronger. “That made everyone else get an app, too, because they wanted to be competitive.”

At the South Point, Vaccaro said, around 100 customers signed up for the mobile app during the NCAA Tournament, and the book’s tournament handle was up about $1.2 million over 2015.

“Every single big event has gone up, with record-breaking handles every year,” said Matthew Holt, vice president of CG Technology sports books. A year ago, boxing’s megafight between Floyd Mayweather Jr. and Manny Pacquiao generated an estimated handle of $80 million in the state.

But there are simple theories, too.

Bookmakers all over the city are getting noticeably more aggressive in beefing up betting menus — even on baseball, golf, hockey and mixed martial arts — to create a more competitive market. Still, he was blown away in February, and then blown away again in March.

“There are more women than I’ve ever seen, and they know the money line is different from the point spread

Thiel Foundation Announces 2016 Thiel Fellows

Aaron French

Aaron French

Sports betting can seem confusing or complicated for beginners. If you keep these sports betting basics in mind, then you're well on your way to making the money you want. Remember to ease your way into online betting. Doing your research and having patience will pay off for you down the line.
Aaron French

Three years later, Yellowberry has pioneered a new approach

to this market, and has expanded beyond bras to underwear, loungewear,

and activewear.

Aditya Agarwalla (New Delhi, India)

Kisan Network

Agriculture

Marketplace

Aditya is co-founder of Kisan Network, an online

marketplace for the $200 billion Indian agricultural ecosystem. The system evaluates athlete movement to identify injury risk

factors and inform smarter training.

“We launched the fellowship in 2011 to test a simple thesis: college

isn’t right for everyone–especially for young people who want to create

new things,” said Blake Masters, President of the Thiel Foundation. Thiel Fellows receive mentorship and guidance from current and former

fellows, as well as from the Thiel Foundation’s network of technology

entrepreneurs, investors, and scientists.

Grace Xiao & Raul Jordan (Cambridge, MA)

Kynplex

Communication

Software

Grace and Raul are co-founders of Kynplex, a startup

that provides communication tools for scientific laboratories. Lunar Labs aims to bring online the 64 million

Americans–and then billions more worldwide–that don’t yet own a

smartphone.

Henry Hu (Hong Kong / San Francisco)

Cafe X

Food

Technology, Automation

A native of Beijing, Henry Hu is CEO and

co-founder of Cafe X, which designs, manufactures, and operates

automated robotic cafés that serve locally roasted coffee in 10 seconds.

“In the past few years we’ve seen a dramatic change in the way young

people approach their potential,” said Jack Abraham, Executive Director

of the Thiel Fellowship. Local governments are

increasingly interested in innovation; the Lace platform helps municipal

staff to build smarter cities.

Eva Shang (Cambridge, MA)

Legalist

Legal

Analytics

Eva is co-founder of Legalist, a legal analytics and

alert platform that helps lawyers keep track of new developments in case

law so that they can represent their clients more effectively.

Luke Sophios (San Diego)

CourseKey

Education

Technology

Luke is founder and CEO of CourseKey, a software

company that allows teachers to leverage the devices that their students

are already bringing to class – laptops, tablets, and smartphones – to

instantly create a more interactive, engaging “smart classroom”.

Samuel F. NeoReach is currently used by industry giants such as

Wal-Mart, Amazon, and NBC.

The Thiel Foundation supports science, technology, and long-term

thinking about the future. AppHub’s mission is to empower engineers by eliminating

tedious and redundant, time-consuming work.

Christian Owens (London)

Paddle.com

Software

Christian

is the founder and CEO of Paddle.com, which builds infrastructure for

software companies to help companies deal with complex issues such as

payments, taxes, localization, and analytics.

Jesse Leimgruber (San Francisco)

NeoReach

Marketing

Technology

Jesse founded and runs NeoReach, a startup

developing influencer marketing technology for Fortune 1000 brands and

their agencies. Kisan

enables farmers to sell their produce directly to institutional buyers

using a smartphone, rather than going through the physical marketplace

dominated by middlemen.

Anthony Zhang (Calgary, Alberta, Canada / Mountain View, CA)

EnvoyNow

Local

Delivery

Anthony is CEO and co-founder of EnvoyNow, a last-mile

food delivery service focusing on colleges and universities.

“This has been proven true–by the successes of our past fellows, by the

new applications we get every year, and by the growing numbers of young

people who are creating their own career paths outside of college, with

or without a fellowship from us.”

Matt Arbesfeld (Cambridge, MA)

AppHub

Developer

Tools

Matt co-founded AppHub, a company that builds tools that

let app developers deploy and update software applications easily and

instantly. By

connecting the fragmented world of scientific research, Kynplex aims to

accelerate the pace of discovery.

ABOUT THE THIEL FOUNDATION

Lexi Smith (Boston)

Carewell

Health IT

Lexi

is co-founder of Carewell, an intelligent caregiving platform that helps

caregivers take care of loved ones with dementia by using wearable

devices to learn the smartest ways to provide personalized care.

Cosmo Scharf (Los Angeles, CA)

The Virtual Reality

Foundation and Visionary VR

Virtual Reality

Cosmo

co-founded The Virtual Reality Foundation, a non-profit organization

that produces the world’s largest event showcasing virtual reality

technology, VRLA Expo, as well as The Proto Awards, the premier

celebration for recognizing virtual reality content. Their wholesome, slow-simmered bone broth is available at select

Whole Foods, Sprouts Farmers Market locations, and several online

retailers.

Megan Grassell (Jackson Hole, WY)

Yellowberry

Apparel

Megan

founded Yellowberry in high school when she realized that tween girls

like her younger sister lacked age-appropriate options when buying their

first bras. To date, Equidate

has helped thousands of employees at private companies sell portions of

their stock to accredited investors in the absence of an IPO or

corporate sale.

Joey Levy (New York)

Quizr

Sports

Gaming

Joey founded Draftpot, a daily fantasy sports platform,

from his dorm room in 2014. “Many are applying to the program with one or

two companies already under their belts–they’ve become successful

founders before they can even buy a beer.

This year’s cohort was selected from more than 6,000 applications

received from around the world.

Panashe Mahachi (Kitchener, Ontario, Canada / Mountain View, CA)

Lace

Labs

Government Technology

Panashe is

co-founder of Lace, a marketplace for cities and other municipalities to

find and purchase cutting-edge software. The fellowship provides young people with $100,000 to

learn by doing rather than by following conventional paths like college.

Young people now have more options than ever.”

Matthew Salsamendi & James Boehm (Seattle, WA)

Beam

Social

Gaming

Matt and James co-founded Beam, an interactive

live-streaming platform for gamers. He is also the

co-founder of Visionary VR, a venture-backed startup building software

for creating stories using virtual reality.

James Sun (Toronto, Canada)

Revlo

Social

Gaming

James is co-founder and CEO of Revlo, a fan engagement

platform for the game broadcaster Twitch. By leveraging the power of ocean currents to

concentrate and extract plastic waste, The Ocean Cleanup is orders of

magnitude more efficient than traditional approaches that rely on boats

and nets.

Nick Mares (San Francisco)

Kettle & Fire

Food

Nick

co-founded Kettle & Fire with his brother to bring to market the world’s

first shelf-stable bone broth made from grass-fed, pasture-raised

cattle. In turn, HelloToken has created an engine for real-time contextual

research across millions of people.

Hunter Rosenblume & Rohith Varanasi (Detroit, MI)

Lunar

Labs

Telecommunications

Hunter and Rohith

co-founded Lunar Labs, a startup that sells smartphones with no monthly

contracts and pay-as-you-go data on a per-app basis starting at just

pennies per day. Beek casts aside sterile 5-star

rating systems and lets users discuss and react to books while they are

actually reading them.

Sohail Prasad (Plano, TX / San Francisco)

Equidate

Financial

Technology

Sohail is the founder and co-CEO of Equidate, a

secondary marketplace for shares in private companies. Our message may have seemed

odd four or five years ago–some found it blasphemous to question how

well American higher education was working, and to suggest

entrepreneurship as an alternative path–but today even the colleges are

waking up; top schools are creating their own incubators, crafting more

flexible stop-out policies, and even raising venture capital funds. Augur is built on the Ethereum blockchain

and allows users to forecast events and be rewarded for predicting them

correctly.

Alex Rodrigues (Calgary, Alberta / Mountain View, CA)

Varden

Labs

Autonomous Vehicles

Alex is CEO of Varden

Labs, a startup developing self-driving shuttles for private campuses. Revlo makes it easy for

broadcasters to interact with all their fans and monetize them.

Pamela Valdes Esteva (Mexico City, Mexico)

Beek

Social

Networking

Pamela is co-founder and CEO of Beek, a social

network for millennial book lovers. Retinad helps

developers create better VR content with tools such as heat maps and

user emotional tracking so that consumers can enjoy a more immersive,

personalized virtual reality experience.

Boyan Slat (Delft, The Netherlands)

The Ocean Cleanup

Environmental

Technology

Boyan founded and runs The Ocean Cleanup, a

non-profit organization that develops technologies to rid the world’s

oceans of plastic. BioMetrix is pushing the limits of connected

technology and insight-driven intelligence with a simple, skin-adhered

sensor. For more information, see thielfoundation.org.

Joey Krug (Knoxville, IL)

Augur

Prediction

Markets

Joey is building the world’s first decentralized

prediction market platform. Beam lets viewers of live-streamed

video game sessions get involved in the game, influencing gameplay in

real time.

Introducing the 2016 Thiel Fellows

. Through a

workforce of students who live on campus, EnvoyNow makes delivery

direct-to-dorm room, direct-to-lecture hall, and direct-to-study nook

faster and more accurate than mapping software-based delivery services

can achieve.

To date, companies created by Thiel Fellows are together worth more than

$1.4 billion.

Ivonna Dumanyan (Kherson, Ukraine / Durham, NC)

BioMetrix

Wearable

Performance Technology; Artificial Intelligence

Ivonna is

co-founder and CEO of BioMetrix, a wearable platform for injury

prediction and prevention. Poirier (Montreal)

Retinad

Virtual

Reality; Gaming

Samuel is co-founder and CEO of Retinad, the

preeminent analytics platform for virtual reality apps. He is now working on Quizr, a sports betting

application that launches in Europe in late 2016.

SAN FRANCISCO–(BUSINESS WIRE)–The Thiel Foundation today accepted 29 new members into the 2016 class

of Thiel Fellows.

Varden’s technology has been used to transport thousands of people, more

than any other autonomous vehicle company in the US.

Brian Truong (Boston, MA)

HelloToken

Enterprise

Software

Brian is CEO and co-founder of HelloToken, a company

that enables digital publishers to earn up to 10x more for their content

by posing simple market research questions to readers instead of serving

ads

Will the big game save gaming in Atlantic City?

Aaron French

Aaron French

Sports betting can seem confusing or complicated for beginners. If you keep these sports betting basics in mind, then you're well on your way to making the money you want. Remember to ease your way into online betting. Doing your research and having patience will pay off for you down the line.
Aaron French

Supreme Court refused to hear the state’s appeal, leaving the ban in place.. Florida developer Glen Straub, who submitted the losing bid, is challenging the sale.

“I don’t think it’s going to be the lifeline for the casinos,” said Alex Bumazhny, who follows the casino industry for Fitch Ratings, adding that the credit rating agency “doesn’t think it will make a big difference” in Atlantic City.

The NFL subsequently sued to block the law, claiming that it violated an 1992 federal law that restricted sports betting to four states.

“The reality is that it’s a big deal for Monmouth Park and that’s it,” said Alan Woinski, the president of Gaming USA, a consulting firm based in Paramus, New Jersey, in an interview, referring to a struggling race track in Oceanport, New Jersey, that under the state’s new law will be able accept sports bets.

But State Senator Raymond Lesniak, an outspoken proponent for sports betting, pushed through a bill this that year that abolished the state’s existing prohibitions against sports betting. Though 44 percent of people surveyed by Rutgers-Eagleton poll thought that sports betting was a positive for Atlantic City, another 48 percent were less sure of its value, while another 31 percent thought it would make no difference. Over the past few months, operators of the Revel Casino Hotel, which at one time was touted as linchpin of an Atlantic City revival, Trump Plaza and Showboat, closed their doors. For one, the decline of New Jersey’s gaming industry has been years in the making and was hastened when lawmakers in neighboring Pennsylvania, a key Atlantic City market, allowed casino gaming. “This isn’t going to save Atlantic City. and the NCAA have long opposed sports gambling because of fears it would lead to game-fixing. There probably isn’t anything that can save Atlantic City.”

A further damper on sports betting profits at Atlantic City casinos is the fact that it’s legal in Delaware and a handful of other states.

DON EMMERT/AFP/Getty Images

Atlantic City’s embattled casino industry, which has lost thousands of jobs this year as money-losing operator shut their doors, shouldn’t expect much of a boost from sports betting, experts say. The Trump Taj Mahal has threatened to shut down next month unless it receives concessions from state officials. “This whole thing is a snow job.”

Under a measure New Jersey Gov. Despite such concerns, Christie initially moved to permit sports betting in 2011 after voters approved a constitutional amendment to legalize it.

Second, as an economic activity, sports betting isn’t a game-changer.

Still, sports betting is starting up in New Jersey despite ferocious competition from a number powerful interests.

revel.jpg

A lifeguard boat sits on the beach in front of the closed Revel Casino Sept. But that law comes amid a major slump in gambling in the state.

Earlier this month, Brookfield Asset Management, owner of Las Vegas’ Hard Rock Hotel & Casino, acquired Revel for $110 million, a fraction of the $2.4 billion to build. Professional sports leagues in the U.S. The AGA pegs the gross gaming revenue from sports bets at $170 million, a tiny percentage of the $10.9 billion consumers plunked down in the state’s casinos in 2012. According to data from the American Gaming Association, a trade group, about $3.4 billion was wagered on sports at casinos in Nevada in 2012, though the total amount generated by the state’s casinos race books was much smaller.

The reasons are many. Chris Christie signed into law last week, Atlantic City racetracks and casinos can start accepting sports bets. Casino industry experts have argued that it will be difficult for Brookfield to operate Revel as a casino because it never made a profit. A federal court ruled in the league’s favor, and the U.S. The state then eliminated all of its laws outlawing sports betting at tracks and casinos. 15, 2014 in Atlantic City, New Jersey.

“Nobody expected such a bizarre move,” said I. Nelson Rose, a professor at Whittier Law School who has written a textbook on gaming law, adding he wasn’t sure if New Jersey’s move will survive a court challenge. Another obstacle is that New Jersey residents are divided over the benefits of sports betting. Atlantic City casino revenue reached a peak of $5.2 billion, and tumbled to $2.86 billion last year nearly two dozen casinos were built within driving distance of the Jersey shore gambling mecca

Match-fixing fears at Australian Open after suspicious betting detected

Aaron French

Aaron French

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Aaron French

When that didn’t stop the flow, the website reduced the maxiumum amount for a single bet from $500 to $100 before suspending betting completely.

The first-round match in question was won by the pairing of Andrea Hlavackova and Lukasz Kubot, 6-0 6-3, over the pairing of Lara Arruabarrena and David Marrero.

The Times also reported that approximately $25,000 had been wagered on the match through another website, Betfair. That amount is more than 12 times the combined amount bet on three other first-round mixed doubles matches at the Australian Open.

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“Even the slightest disturbance in the betting sets off any alarms on my trading floor,” Blume told The Times. Marrero said he was battling an injury in explaining the pair’s performance, which included 12 unforced errors to Hlavackova and Kubot’s four.

The investigators alleged that the suspicious players were not disciplined by tennis officials, who in turn have claimed the investigators did not present enough evidence for them to take any action.

The incident, which was first reported by The New York Times, comes a week after the BBC and Buzzfeed reported that investigators had repeatedly flagged 16 unnamed players on suspicion of repeatedly throwing matches in exchange for cash.

The International Tennis Federation, which oversees all four Grand Slam events, including the Australian Open, had no immediate comment.

The issue of possible match-fixing reared its head again at tennis’ Australian Open Sunday when a major sports gambling website stopped taking bets on a mixed-doubles match after noticing that far more money than usual was being wagered on one of the pairings.

. “We run much like a stock exchange in terms of our day-to-day work.”

Traders at the website Pinnacle Sports suspended betting on the match approximately 13 hours before it began. Sportsbook head Marco Blume told The Times that from the time betting on the match opened Thursday, so much money was bet on Hlavackova and Kubot that the website was forced to change the match odds