Aug

22

U.S. Treasury warns casinos on illegal sports betting | Reuters

Liam Carroll

Liam Carroll

Liam Carroll is the creator of Sportsbook Investing, the premier website for making money with Understanding Sports Betting Odds. He has successfully been beating sportsbooks for years using his proven system and top sports picks based on lines, trends, angles, and years of experience. Learn about his system for FREE at http://markettenola.com
Liam Carroll

It said $140 billion is laundered annually through sport betting. The report urged governments to correct what it called a vulnerability of sport betting to organized crime.

ST. states including Nevada, home of Las Vegas. National Football League’s Super Bowl on Feb. casino industry. The letter also reminds casinos that they must take a risk-based approach to compliance, focusing on gaming that presents the greatest money laundering threat.

FinCEN noted that prior to the news of its planned guidance, it had been “planning on communicating to the casino industry directly with respect to a particular concern in this regard.”

Freeman said the risk of money laundering “is far greater in the vast, unregulated, illegal sports betting market than in the highly regulated, legal gaming industry. . The letter was dated Dec. This poses distinct money laundering risks for casinos,” FinCEN said in the letter.

The global International Centre for Sport Security reported last year that 80 percent of global sport betting is illegally transacted, and therefore invisible to authorities. LOUIS U.S. 22 Thomson Reuters article, which said the department was likely to press casinos to take a greater role in fighting illegal sport book activity.

“Increases in sports betting conducted on behalf of third parties are facilitating criminal activity and posing a money laundering risk to the U.S financial system,” the Treasury said in a letter made public on Friday.

Regulators and law enforcement authorities are concerned by intelligence suggesting that criminals are making bets with legal sports book operations, using intermediaries, or “runners,” to place bets, the Treasury bureau said.

The FinCEN letter was addressed to the president of the American Gaming Association (AGA), the trade group for the U.S. The AGA, citing the Thomson Reuters article, had asked FinCEN about its plans to issue guidance.

Sports gambling is legal in only four U.S. casinos must take steps to combat illegal sports gambling, the Treasury Department has told an industry group in a letter that came just weeks before the Super Bowl, one of the biggest betting events of the year. Runners have been known to loiter at casinos, keeping numerous mobile phones and tablets near them to receive orders from illegal gambling rings.

“In these cases, the intermediaries rarely voluntarily disclose to the casino that a transaction is being conducted on behalf of a third party, thereby disguising the third party’s role in the transaction and obscuring the source of funds used to place the bet. 24. 1 yields one of the busiest sports book weekends of the year.

(Reporting by Brett Wolf of the Compliance Compelete service of Thomson Reuters Accelus, Editing by Randall Mikkelsen and David Gregorio)

By Brett Wolf

| ST.

The letter with guidance for casinos from Treasury’s Financial Crimes Enforcement Network (FinCEN) came in response to a Dec. LOUIS

The letter reminds casinos that the Bank Secrecy Act requires them to ask gamblers whether their bets are for themselves, and to report any wagers for third parties as suspicious activity. However, illegal sports betting operations around the world, including online outfits, sometimes offset bets they receive by placing casino wagers, law enforcement sources told Thomson Reuters.

“While casinos routinely look for suspicious bets at sports books and have worked with law enforcement to identify illegal activity, in some cases leading to criminal convictions, no such oversight exists for the illegal sports betting market,” he said.

In a statement responding to FinCEN’s letter on Friday, AGA President and Chief Executive Officer Geoff Freeman said the group “welcomes continued guidance from FinCEN.” He added that “members are committed to robust anti-money laundering measures” and that they “invest significant resources to tailor risk-based compliance programs for every corner of the casino, including sports books.”

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Aug

21

Spider Fighting and Gambling in the Philippines

Liam Carroll

Liam Carroll

Liam Carroll is the creator of Sportsbook Investing, the premier website for making money with Understanding Sports Betting Odds. He has successfully been beating sportsbooks for years using his proven system and top sports picks based on lines, trends, angles, and years of experience. Learn about his system for FREE at http://markettenola.com
Liam Carroll

Upon learning of his son’s death, the father sought out his son’s killer and hacked him to death with a jungle bolo.

Sept.03,2010 Negros Occidental, Philippines

“Man killed, one hurt over spider-fighting”. Although it never deteriorated to such tragic outcome as the news stories below:

A spider fight in a local town ended in tragedy with one man killed and another wounded after an argument over a disputed bet.The suspect armed with a handgun fired point blank at the head of his opponent killing him instantly and wounded another as he fled the scene of the crime.

We stabled them in empty matchboxes or in a specially constructed box which usually have separate cells to house several spiders. Occasionally we were found out because of a tattletale schoolmate (usually a girl). A bill or two missing from a parent’s wallet. they are feed with insects but we avoid feeding them before a fight to make them more aggressive

Over an unpaid 5 peso bet (10 cents) a 15 year old stab to death a 13 year old boy.

Fights would be arrange after school or even during school hours if we could manage to play hooky.The fights were stage in hidden and out of the way places far from parental eyes.Gambling was always involve and most of our lunch money went into it. :))

Sept 20,2010 Liloan town,northern Cebu,Philippines

“2 minors killed over spider-fighting bet”

Heated arguments from hot heads sometimes occur because some boy felt he was cheated or welsh on a bet. Fistfights were not uncommon and going home with a bruised eye and soiled or torn school uniform resulted in the discovery of our illicit activities and the accompanying consequences. Needless to say, a lot of us got to taste the leathery sting of a belt. Some petty larceny was sometimes resorted to acquire the necessary stake money Get More Info

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Aug

20

Negative Effects of Gambling

Liam Carroll

Liam Carroll

Liam Carroll is the creator of Sportsbook Investing, the premier website for making money with Understanding Sports Betting Odds. He has successfully been beating sportsbooks for years using his proven system and top sports picks based on lines, trends, angles, and years of experience. Learn about his system for FREE at http://markettenola.com
Liam Carroll

A recreational activity is supposed to be refreshing and relaxing, but something like gambling is contrary to the very purpose of recreation. In spite of the losses incurred, they continue betting. Thus, gambling can have a grave economic impact which is difficult to reverse.

? Gambling has proven to be addictive. It can drag you into crime, gambling isn’t fun.

? Substances of abuse are served at casinos and in pubs and clubs, thus increasing the likelihood of gamblers consuming them. ? Apart from absence at work and drop in efficiency, a common observation is that gamblers tend to steal money and engage in fraudulent behavior to recover from financial losses incurred when gambling, or to get more money to bet.

? According to a study by the George State University, 50% of the problem gamblers commit crime. It only leads to a thoughtless expenditure of money and valuables.

? A majority of those addicted to gambling have substance abuse disorders.

? Gambling at the cost of one’s job results in a decline in the quality of his professional life. The greed never ends and they keep betting more and more. Betting is a mentally taxing activity, and as one goes on risking more and more money, anxiety starts building.

? Children of parents who are problem gamblers or gambling addicts tend to feel abandoned and angry, further increasing stress and leading to strained family relations.

? People continue gambling with the greed of winning money. Sports betting and arbitrage betting are the other types. Some take to substance abuse to supplement the high they get from winning huge sums while gambling. Card games, coin tossing, and dice-based games are some non-casino based forms of gambling. The stress of risking huge amounts of money or the frustration after losing it can increase the tendency of abuse in gamblers. The addiction robs a gambler of all the productive time and leads to loss of efficiency at work. When they lose the money they had risked, they further gamble to recover the lost amount and it becomes a vicious circle even they can’t escape from.

You could be at gunpoint or holding the gun. The two go hand in hand. On giving a serious consideration to the negative effects of gambling, we realize that it is best avoided.

Mental and physical health problems, financial issues, and conflicts in the family are among the common negative effects of gambling. Forget satisfaction or peace, it is not even refreshing in the real sense. It soon becomes a habit that can’t be broken.

? Over time, the practice of gambling starts becoming a habit and begins to have damaging effects at psychological, physical, and social levels. It causes a decline in his/her work performance, thus hampering his career.

? The costs of treating compulsive gamblers are huge. The addiction leads people to continue with gambling irrespective of whether they earn or lose in the deal. A study by the same university suggested that 73% of the individuals who are imprisoned are found to be problem gamblers.

? Research has shown that gambling can lead to harmful behavior in people. Six to eight million people in America are estimated to have a gambling problem.

? An Austrian study said that around 1 in 5 suicidal patients had a gambling problem.

? Addiction to gambling has been linked with substance abuse. Because of this, they land in worse situations and take the wrong decisions in life.

? Similar to how an individual keeps consuming substances like drugs or alcohol to experience an altered mental state, he continues to gamble. The addiction gets on to the gamblers to such an extent that they fail to think wisely before acting. Their mental state can even lead to suicidal tendencies.

Compulsive gambling leads to bankruptcy

? They start borrowing money and take secret loans. This proves to be detrimental to their social and family life. They tend to stay away from their near ones, resulting in distrust between them and their loved ones.

? According to the University of New York, in people with alcohol use disorders, the chances of developing an addiction to gambling are 23 times higher.

? Problem gamblers and addicts tend to abuse their family members. The effect is similar to that of having a drug or a drink, which is why gambling changes one’s mental state and mood.

? Studies show that children with a sibling or parent addicted to gambling, are more likely to take to substance abuse.

Games offered in casinos, table games like poker, Red Dog, and Blackjack, as also electronic games like Slot Machine and Video Poker are some of the common types of gambling. According to the National Research Council, 10 to 17% of the children of problem gamblers have been abused and so have 25 to 50% of the partners of problems gamblers.. The skill of a gambler lies in weighing the three parameters and making a decision about what amount should be staked and how much should be expected in return.

? As gambling leads to increased criminal activities, in a way, gamblers add to the burden on prisons and the legal system.

? The addiction to gambling can leave one in bankruptcy. Some go that way to forget the sorrow of losing big sums when gambling.

Gambling refers to the betting of money on an event with an uncertain outcome, with the intent of winning additional wealth. Due to lost mental peace, they may ill-treat their spouse and children. The National Council of Problem Gambling (NCPG) describes this type of gambling behavior as problem gambling.

Initially, one looks at gambling as a way to run away from life’s problems, or from stress, anger, and loneliness. Over time, it becomes a habit, and eventually an obsession that can’t be overcome. To add to the so-called merry atmosphere, gamblers often smoke or drink while playing.

Gambling = Thoughtless Expenditure + Waste of Time

? The stress from gambling may Get More Info

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