Stock market secrets: 4 lessons from the GameStop (GME) saga

first_img See all posts by Cliff D’Arcy Cliff D’Arcy | Wednesday, 17th February, 2021 | More on: GME Stock market secrets: 4 lessons from the GameStop (GME) saga I would like to receive emails from you about product information and offers from The Fool and its business partners. Each of these emails will provide a link to unsubscribe from future emails. More information about how The Fool collects, stores, and handles personal data is available in its Privacy Statement. Click here to claim your copy now — and we’ll tell you the name of this Top US Share… free of charge! Image source: Getty Images. Enter Your Email Address Cliffdarcy has no position in any of the shares mentioned. The Motley Fool UK has no position in any of the shares mentioned. Views expressed on the companies mentioned in this article are those of the writer and therefore may differ from the official recommendations we make in our subscription services such as Share Advisor, Hidden Winners and Pro. Here at The Motley Fool we believe that considering a diverse range of insights makes us better investors.center_img Renowned stock-picker Mark Rogers and his analyst team at The Motley Fool UK have named 6 shares that they believe UK investors should consider buying NOW.So if you’re looking for more stock ideas to try and best position your portfolio today, then it might be a good day for you. Because we’re offering a full 33% off your first year of membership to our flagship share-tipping service, backed by our ‘no quibbles’ 30-day subscription fee refund guarantee. “This Stock Could Be Like Buying Amazon in 1997” I’m sure you’ll agree that’s quite the statement from Motley Fool Co-Founder Tom Gardner.But since our US analyst team first recommended shares in this unique tech stock back in 2016, the value has soared.What’s more, we firmly believe there’s still plenty of upside in its future. In fact, even throughout the current coronavirus crisis, its performance has been beating Wall St expectations.And right now, we’re giving you a chance to discover exactly what has got our analysts all fired up about this niche industry phenomenon, in our FREE special report, A Top US Share From The Motley Fool. Simply click below to discover how you can take advantage of this. Our 6 ‘Best Buys Now’ Shares So far in 2021, the major UK and US stock-market indexes have had a positive start. Since 2020, the FTSE 100 is up roughly 275 points (4.3%) and the S&P 500 by over 175 points (4.7%). Furthermore, the past month has been one of the most exciting periods in years.That’s because the market dynamic in the US was suddenly subverted and destabilised by a mass movement. This new crowd is the R/WallStreetBets (WSB) Reddit posse — and their most successful target to date has been US retailer GameStop (NYSE: GME). Here are four lessons I’d offer from GameStop’s spectacular rise and fall. 5G is here – and shares of this ‘sleeping giant’ could be a great way for you to potentially profit!According to one leading industry firm, the 5G boom could create a global industry worth US$12.3 TRILLION out of thin air…And if you click here we’ll show you something that could be key to unlocking 5G’s full potential…1. Shorting can be a graveyardExcellent analysis by popular players on WSB revealed that more than three-fifths (60%) of GameStop’s stock had been lent out and shorted. Shorters make money by borrowing stock, selling it, and then buying it back later at a lower price to pocket the difference. By combining in a mass-buying frenzy, the WSB crowd drove up GME, forcing it relentlessly upwards. This forced shorters to purchase GME shares at ever-rising prices, triggering more waves of buying. As a result, hedge fund Melvin Capital lost more than half of its funds in January. Ouch.2. GameStop can stay irrational…“Markets can stay irrational longer than you can stay solvent”. Although this shrewd quote is often attributed to famous economist John Maynard Keynes, it’s not found in print before the late 1980s. Whatever its origin, it has long been one of my favourite market sayings. For long periods, stock values can become unhinged from reality — indeed, for far longer than any rational person would expect. At its depths in 2020, GameStop stock crashed to a lifetime low of $2.57 and closed last year at $18.84. At the peak of buying mania on 28 January, it had skyrocketed to $483. How’s that for irrational markets?3. Smart money early, dumb money lateI was temping in the City of London in maybe 1987 when I asked one top trader for his secret to successful trading. I’ll never forget his awesome reply. He said, “Smart money early, dumb money late“. In other words, when it comes to riding trends for maximum profit, it’s best to get in long before the crowd arrives. He added that as trades get more crowded, returns get more widely dispersed and, therefore, the game is all but over. After 29 January, trading in GameStop remained very lively, but this bubble was bursting. GME stock has fallen in seven of the past 11 trading days and has crashed a massive nine-tenths (89.7%) from its $483 climax. Yikes.4. What goes up (like GameStop), must come downIn nearly 35 years of investing, I’ve tried to avoid any and all shares with a bad smell. This malodour might stem from rumours of accounting issues, fraud, deception, or other suspect behaviour. But one of the worst smells comes from stocks that are obviously being manipulated, as with GameStop. With the price being driven up into the stratosphere, it was unclear when this bubble would pop. But it was only a matter of time before financial gravity would eventually overwhelm GME’s buying momentum.And the final lesson for UK investors? Thankfully, this kind of market madness is still rare in London, but it could take off. Please don’t blow up your ISA chasing bubble stocks and manipulated shares. The big money comes from long-term investment and reinvesting dividends!last_img read more

Megan Pacey to leave Institute of Fundraising

first_img Howard Lake | 20 January 2009 | News About Howard Lake Howard Lake is a digital fundraising entrepreneur. Publisher of UK Fundraising, the world’s first web resource for professional fundraisers, since 1994. Trainer and consultant in digital fundraising. Founder of Fundraising Camp and co-founder of GoodJobs.org.uk. Researching massive growth in giving. Tagged with: Institute of Fundraising Law / policy Recruitment / people AddThis Sharing ButtonsShare to TwitterTwitterShare to FacebookFacebookShare to LinkedInLinkedInShare to EmailEmailShare to WhatsAppWhatsAppShare to MessengerMessengerShare to MoreAddThis After three years as Director of Policy and Campaigns at the Institute of Fundraising, Megan Pacey is leaving to take up a new role as chief executive of ‘Early Education’, the national charity for early years practitioners and parents.Lindsay Boswell, Chief Executive of the Institute of Fundraising, thanked Pacey for her achievements. “Megan has driven forward the work of the policy, campaigns, standards and information functions of the Institute of Fundraising with a rigour that has benefited and been felt across the sector”, he said.“Her highly detailed and analytical work in the area of Gift Aid has ensured that the reforms to date have been of significant benefit to fundraising organisations, providing an extra £300 million of income to charities. Megan Pacey leaves a legacy that will support the Institute and sector to continue to move this agenda forward for the benefit of fundraising organisations”.Pacey helped develop the Codes of Fundraising Practice including introducing a legal review process to ensure that the Codes are updated legally on a regular basis.Boswell concluded: “Her legacy to the Institute is a highly developed programme of information resources and systems which supports fundraisers on the telephone, through email and on the internet.”Pacey will leave the Institute on 13 February 2009, and take her her chief executive role on 1 April 2009.www.institute-of-fundraising.org.uk  60 total views,  1 views today AddThis Sharing ButtonsShare to TwitterTwitterShare to FacebookFacebookShare to LinkedInLinkedInShare to EmailEmailShare to WhatsAppWhatsAppShare to MessengerMessengerShare to MoreAddThis Megan Pacey to leave Institute of Fundraisinglast_img read more

Push Begins for Tax Breaks from Lame Duck Congress

first_img Previous articlePence/Ellspermann Tell EPA, Ditch the RuleNext articleCommodity Classic Still Growing as 20th Nears Gary Truitt Push Begins for Tax Breaks from Lame Duck Congress Home Indiana Agriculture News Push Begins for Tax Breaks from Lame Duck Congress By Gary Truitt – Nov 17, 2014 Facebook Twitter Push Begins for Tax Breaks from Lame Duck CongressSeveral tax reform bills which would have a direct benefit to farming operations are being considered by the current lame duck session of Congress. Bills that did not see action prior to the election may see action during the current lame duck session of Congress. But Bob Stallman, President of the AFBF, a veteran observer of many such sessions, is not optimistic that a lot will be accomplished in the end, “Hope springs eternal for lame duck sessions, but they seldom live up to hopes and expectations.”An issue that is likely to see action is a tax reform bill that is very important to farmers, “Especially section 179 and bonus deprecation will make a major impact on farming operations.” Farm Bureau has joined a coalition of farm and business organizations calling on Congress to take action on the tax reform legislation.  Stallman said Congress is likely to act on tax issues to avoid angering voters, “It is an issue that is appropriate and possible in the lame duck session.”Some have suggested that even immigration could see action during this session. Stallman says that issue will likely have to wait until next year and a new Congress. “We will see what Republicans will do next year when they have control of the Senate. Perhaps they will craft reform that their members can pass and the President will sign.” Stallman said immigration reform is vital for American agriculture, especially a guest worker program. SHARE SHARE Facebook Twitterlast_img read more

RSF’s counter-proposals for French “news manipulation” bill

first_imgNews June 5, 2018 – Updated on June 6, 2018 RSF’s counter-proposals for French “news manipulation” bill “We’ll hold Ilham Aliyev personally responsible if anything happens to this blogger in France” RSF says FranceEurope – Central Asia Media independence Conflicts of interestFreedom of expression June 4, 2021 Find out more Receive email alerts The bill aims to address the threat that disinformation or “fake news” offensives pose to democratic processes, including next year’s European elections. It is understandable and justifiable to try to prevent manipulative content from circulating online, but the solutions proposed in the bill could be unworkable and even counter-productive. Because of a perceived urgency, the bill was drafted in a rush and takes insufficient account of the possible perverse legal and political effects during wars waged by authoritarian regimes. One of the bill’s key provisions is an extension of the powers of the High Council for Broadcasting (CSA), which regulates broadcasting in France. It would be empowered to rescind the licence of a radio or TV broadcaster (or refuse to give it a licence) if the broadcaster was controlled or “under the influence” of a foreign government and if it “threatened the nation’s fundamental interests, above all by broadcasting false news.” A different approach should be used. Instead of targeting “foreign influence,” the CSA should be able to demand guarantees of editorial independence from all media outlets and to issue an appropriate sanction when it is established that an outlet is not complying. Imposing the same requirements on all media (regardless of geographic origin) would prevent reprisals by countries that are already waging information wars. As regards the creation of a mechanism for summary judgments during elections to prevent the online dissemination, by artificial and massive means, of “false news liable to affect the integrity of the polls,” RSF calls for rejection of the amendments referring to “dishonesty” and defining “false news.” In an emergency, a judge would be unable to evaluate the honesty of the person circulating a news item. And defining false news as “any allegation of a fact lacking verifiable elements liable to make it probable” misunderstands the nature of journalistic work and does not leave it to the judge to determine a news item’s clearly erroneous nature. RSF calls for reinforcement of the non-accountability criteria (due to anonymity or dissemination from abroad, for example), preventing French jurisdiction. At the same time, RSF doubts the effectiveness of this provision and fears perverse effects, with those responsible for deliberately mendacious content being able to argue that their case is not within the judge’s competence. As regards the bill’s reference to a requirement for online platforms to cooperate and act transparently, RSF believes that such an important issue should be the subject of a separate law. The impact that these privately-owned companies have on the dissemination of information, access to information, and the integrity of the public debate requires stronger democratic guarantees. The obligation to be transparent about content sponsoring during elections should be a permanent one. But more is needed. The legal status of online platforms needs a complete overhaul. A new regime of responsibilities and obligations must be established, especially with regard to algorithmic transparency and neutrality, promotion of content honesty and respect for international standards on freedom of expression. The national assembly’s legal committee added a provision to the bill on 22 May requiring online platforms to cooperate with “organizations representing journalists, press publishers and broadcasting services” to “identify and promote news content produced by media companies in their news content listings.” This is something that RSF has been recommending. RSF is currently working with media professionals on a “Journalism Trust Initiative” to define a set of standards on media transparency, media independence and respect for journalistic ethics. Media that satisfy these standards would be awarded a JTI certification that gave them concrete advantages. France is ranked 33rd out of 180 countries in RSF’s 2018 World Press Freedom Index. RSF_en News FranceEurope – Central Asia Media independence Conflicts of interestFreedom of expression Reporters Without Borders (RSF) has drafted counter-proposals for a bill “to combat news manipulation” that the French national assembly is due to begin debating on the 7th June after discussion and amendment in committee. The goal of RSF’s counter-proposals is to be able to respond to information wars without engaging in them. to go further Help by sharing this information Use the Digital Services Act to make democracy prevail over platform interests, RSF tells EU RSF denounces Total’s retaliation against Le Monde for Myanmar story Organisation June 2, 2021 Find out more News Follow the news on France News May 10, 2021 Find out morelast_img read more

Castlederg one of 11 towns to lose their Ulster Bank branch

first_img Castlederg one of 11 towns to lose their Ulster Bank branch News, Sport and Obituaries on Monday May 24th By News Highland – November 15, 2017 Facebook Ulster Bank has confirmed it is closing 11 branches in Northern Ireland, a number of them in the North West.They are Dungiven and Draperstown in County Derry, Irvinestown in County Fermanagh Stewartstown and Castlederg in County Tyrone.West Tyrone MLA Daniel Mc Crossan says this now means Castlderg will have no bank at all in the town.He’s calling on people to protest against the closure, saying the move towards online banking is isolating people…………..Audio Playerhttp://www.highlandradio.com/wp-content/uploads/2017/11/danbank.mp300:0000:0000:00Use Up/Down Arrow keys to increase or decrease volume. DL Debate – 24/05/21 Pinterest Pinterest Twitter Harps come back to win in Waterford Arranmore progress and potential flagged as population grows Google+center_img WhatsApp Homepage BannerNews Previous articleDerry’s ‘historic core’ named as Northern Ireland’s Best PlaceNext articleLetterkenny Chamber hosting meeting to discuss “Four Lane” works News Highland RELATED ARTICLESMORE FROM AUTHOR Journey home will be easier – Paul Hegarty Facebook Twitter Google+ Important message for people attending LUH’s INR clinic WhatsApplast_img read more

Plans for Church Lane restoration progressing well

first_img By News Highland – April 6, 2019 Google+ Plans for Church Lane restoration progressing well Pinterest RELATED ARTICLESMORE FROM AUTHOR Harps come back to win in Waterford News, Sport and Obituaries on Monday May 24th Previous articleInternational Pan Celtic Festival returns to LetterkennyNext articleTheresa May offers fresh talks with Labour over Brexit plan News Highland Twitter Plans for the restoration of buildings in the Church Lane area of the Cathedral Quarter, Letterkenny are said to be progressing well.Back in February €200,000 in funding was allocated by the Heritage Council under the Historic Towns Initiative Fund.Extensive restoration work is expected to begin next month to improve the appearance of the buildings in the area.Collette Beattie is Conservation Officer with Donegal County Council:Audio Playerhttp://www.highlandradio.com/wp-content/uploads/2019/04/collette10am.mp300:0000:0000:00Use Up/Down Arrow keys to increase or decrease volume. Facebook Facebookcenter_img FT Report: Derry City 2 St Pats 2 WhatsApp Pinterest Twitter Journey home will be easier – Paul Hegarty AudioHomepage BannerNews Derry draw with Pats: Higgins & Thomson Reaction Google+ DL Debate – 24/05/21 WhatsApplast_img read more

High school football coach pulls off sweet proposal with the help of his players

first_img Written by Last night my baby said yes!!! Love my queen pic.twitter.com/XZM0vz2tGP— Coach Pickett (@Coach_Fis) November 3, 2018On Nov. 2, with a minute and 30 seconds left in the game, Pickett asked some of his players to give roses to Wilson.In a video shared to Pickett’s Twitter account, Wilson collects roses from the boys as Pickett gets down on one knee.The touching moment was met with cheers and applause. Beau Lund November 7, 2018 /Sports News – National High school football coach pulls off sweet proposal with the help of his playerscenter_img Here is the proposal and my queen saying yes! What made it even more of a great moment was my players being so happy for me! I love my boys so thankful God put me in their lives l. Love my queen Ashley Wilson pic.twitter.com/ObUg9nMypC— Coach Pickett (@Coach_Fis) November 4, 2018“You can tell by her face she was very shocked,” Pickett said. “I’m just grateful that God was able to place her in my life. When you can find a woman like that, that’s all you can ask for.”Pickett also said he is grateful to Lanier’s head coach, Korey Mobbs, for welcoming him to the team. Copyright © 2018, ABC Radio. All rights reserved. FacebookTwitterLinkedInEmailiStock/Thinkstock(SUGAR HILL, Ga.) — A high school football coach in Georgia enlisted his team to help him pop the question to his girlfriend.Nafis Pickett is the recruiting coordinator and wide receiver coach for Lanier High School’s football program.Pickett told ABC’s Good Morning America that when it came time to propose to his girlfriend of one year, Ashley Wilson, he asked some of his players to help.“She’s the love of my life,” Pickett, 31, said. “She supports me in everything I do … She’s at every single football game, she knows it’s my passion. She knows I’ll do anything [for] those boys.”last_img read more

London letting agents sentenced for money laundering

first_imgHome » News » Agencies & People » London letting agents sentenced for money laundering previous nextAgencies & PeopleLondon letting agents sentenced for money launderingThree agents running infamous firm in the capital receive suspended sentences after pleading guilty to facilitating the use of bank accounts for fraud.Sheila Manchester18th October 201902,498 Views Three London letting agents have been given suspended sentences following an investigation into their activities by the National Trading Standards eCrime Team.It found that an infamous online property letting business – Oliver Knights – had been used as a vehicle for fraud that led to at least £50,000 financial loss for tenants and landlords.This is not the first time The Negotiator has reported on Oliver Knights.Guilty pleasAll three defendants pleaded guilty to money laundering, having knowingly allowed their bank accounts to launder the proceeds of lettings frauds between 31st December 2013 and 4th September 2015. These proceeds specifically relate to rental payments received for properties that were never available to rent.The sentences were:Adnan Iqbal 34 from Barking, sentenced to 10 months, suspended for 18 monthsShaidul Islam 29 from Ilford, sentenced to 1 year, suspended for 18 monthsKamran Malik 31 from Plaistow, sentenced to 1 year, suspended for 18 months.Mr Islam and Mr Malik were also ordered to pay compensation orders totaling £15,000, to be redistributed to victims. They were also each ordered to do 120 hours unpaid community work.The investigation was prompted by 40 complaints to Action Fraud and Citizens Advice about Oliver Knights. It is not suggested that the defendants were involved in the underlying frauds.Lord Toby Harris, Chair, National Trading Standards, said, “The defendants knowingly allowed fraudulent payments to be made into bank accounts and – while not being the architects of the fraud – have benefited financially from fraudulent activity. We are determined to clamp down on those who benefit from the financial exploitation of others.”“The internet is a natural place to search for rental properties, but online search portals can be manipulated by criminals and it’s important to be vigilant – always check properties through accredited schemes and avoid paying deposits before you have visited the property yourself. Importantly, never feel pressured to transfer money to strangers.”Letting agentsOliver Knights advertised properties to let on Rightmove, Zoopla, Gumtree and their own site. After initial dialogue and viewings, consumers paid deposits and rent in advance only to be told that the property was no longer available, or to not hear anything further from Oliver Knights representatives.Some properties offered for rent had never been available and had been falsely advertised. Oliver Knight London trading standards October 18, 2019Nigel LewisWhat’s your opinion? Cancel replyYou must be logged in to post a comment.Please note: This is a site for professional discussion. Comments will carry your full name and company.This site uses Akismet to reduce spam. Learn how your comment data is processed.Related articles Letting agent fined £11,500 over unlicenced rent-to-rent HMO3rd May 2021 BREAKING: Evictions paperwork must now include ‘breathing space’ scheme details30th April 2021 City dwellers most satisfied with where they live30th April 2021last_img read more

HE Bill defeated in Lords after peers react to “marketisation” reform fears

first_imgHe told Cherwell: “Of course it’s true that students, who now pay large sums of money for their education, deserve fi rst class teaching. This Bill, and the new bureaucracies it creates, will do nothing to encourage that.”Patten also raised fears that plans to create an ‘Office for Students’ could threaten the ancient autonomy of Oxford, Cambridge, and other universities.Macdonald said: “It is essential that our universities retain their autonomy and academic freedom from government control. This is key to their integrity and to the respect that they command world wide. But the Higher Education Bill threatens all this by placing universities more directly under the direction of Whitehall”.Kennedy said: “I want reassurances on the face of the bill that government will preserve the Haldane principle that politicians do not interfere in choices for research.“I understand and support efforts to improve teaching, as some universities neglect student teaching, but we have to protect the Oxford system.”The bill seeks to implement the Teaching Excellence Framework (TEF), which would operate through the National Student Survey (NSS). This week OUSU encouraged students to boycott the survey.The decision in the Lords follows student campaigns against the bill over the past months.In a statement to Cherwell, Eden Bailey, OUSU VP for Academic Affairs, said: “As the uproar from the House of Lords demonstrates, the heavy criticism of the government’s HE Bill is not unique to students.“From academics to university chancellors, those with experience in the sector believe the Bill threatens everything from access to Higher Education, quality of teaching, attractiveness of British universities to international students, to British universities being able to secure vital funding for research.”Professor Ian Walmsley, Pro-Vice-Chancellor for Research and Innovation at Oxford, said to Cherwell that the bill “presents both opportunities and risks for UK university research.”While praising the bill’s attempts to “join up” research, he warned that “there are risks in implementing changes to a system that already delivers more influential research per pound spent than any other in the world, while any reduction in the independence of the formerly separate research councils must not come at the expense of their ability to support ambitious discipline-specific research.”A spokesperson for the Department of Education insisted that it was “listening carefully to the views of students, universities, academics and parliamentarians”.She said: “We want more young people to have the opportunity to access a high-quality university education, and the measures proposed in the Higher Education and Research Bill are critical to making this possible.” The government’s controversial plans to make it easier for new profit-making universities to award degrees have been rejected by the House of Lords.The defeat follows criticisms of the higher education and research bill from Oxford college principals and senior academics, who claim it threatens academic independence by “advancing an ideologically driven marketisation” of the universities sector.In reaction to the success of the amendment, one of over 500 which have been tabled, Oxford Chancellor Lord Patten told Cherwell: “Heaven knows what will eventually emerge [of the bill] but it is likely to be very different then. We will see what happens back in the Commons.”Patten intervened last week, calling the bill “ham-fisted” and threatening “the true value of an independent university” in an article for The Observer.Speaking to Cherwell, Mansfield Principal Baroness Kennedy, a Labour peer, said she would support the amendment to the bill to prevent “the whole underlying marketisation of higher education.”Kennedy compared the bill’s plans to make it easier for new institutions to offer degrees, become universities and make a profit from student fees, to Donald Trump’s attempts at entering the higher education sector in the USA.She said: “America went down this road of letting businessmen set up private profit- making universities and it has led to many scandals of poor quality and exploitation of students as we saw with Trump University which led to Trump being sued.”Her comments were mirrored by Wadham Warden Lord Macdonald, a Liberal Democrat peer. He warned that the bill risks “advancing an ideologically driven marketisation that will make standards the servant of commerce.”last_img read more

Indiana Gaming Regulators Enlist Market Experts To Study Sports Betting Legalization

first_imgBy Erica Irish TheStatehouseFile.com  INDIANAPOLIS — Regulators behind the Indiana gaming industry are taking steps to gather a clear idea of the possibilities of sports betting in the state, months after the Supreme Court struck down a 1992 law prohibiting the practice in all but four states.In late July, the Indiana Gaming Commission entered into a two-year contract with Eilers & Krejcik Gaming LLC, a market analysis firm specializing in the nation’s burgeoning sports wagering industry.The contract obtained by The Statehouse File reports Eilers & Krejcik will be compensated with $74,999 over a two-year period as they conduct a variety of studies that involve sports gaming. But the work, IGC officials report, has already begun on “an aggressive timeline” to provide legislators with fiscal impact estimates and policy considerations at an upcoming study of the topic.Sara Gonso Tait, executive director of the Indiana Gaming Commission, said her agency first learned of Eilers & Krejcik from gambling regulators in West Virginia, where sports wagering has been legal since May.Negotiations with the company started around June, she said.Researchers for Eilers & Krejcik declined to comment at this time. Any findings, they said, should be available in the fall when lawmakers convene for the interim study.And this isn’t the first time Indiana has grappled with the possibility of legal sports betting.Last year, multiple states proposed legislation to deregulate or legalize sports wagering, preempting a Supreme Court case that was scheduled to be heard in spring 2018.The case, Murphy v. National Collegiate Athletics Association, took aim at the Professional and Amateur Sports Protection Act (PASPA) of 1992, which banned sports wagering across the nation.Nevada, Oregon, Delaware, and Montana, who were grandfathered into the measure, continued the practice, though Nevada offered the most freedoms.In January, officials for Eilers & Krejcik told the Chicago Sun-Times that as many as 30 states could introduce sports betting bills in 2018.Two Indiana lawmakers — Sen. Jon Ford, R-Terre Haute, and Rep. Alan Morrison, R-Brazil — authored bills during the 2018 legislative session that would have permitted the practice outright, should the Supreme Court overturn PASPA restrictions.Although the justices did so on May 14 in a 6-3 ruling, neither bill survived the session. Instead, lawmakers opted for a summer study committee, though meetings have yet to be scheduled.Both Ford and Morrison said they plan to introduce legislation again in 2019, even if that’s before the IGC completes its study with Eilers & Krejcik.“Knowledge is power, and it’s good to identify as much data ahead of time as we can,” Morrison said. “But we’re moving forward this session.”That’s because, Morrison and Ford added, the legislators are committed to drawing potential revenue out of the existing “gray market,” where gamblers may already be participating in sports wagering events illegally.A fiscal analysis of Morrison’s 2017 legislation, House Bill 1325, for example, projected between $3.1 million and $18.8 million annually, should the law impose a 9.25 percent tax on gamblers.“People are currently betting on sports locally,” Ford said. “We don’t know what is possible until we introduce sports wagering.”But Jennifer Roberts, associate director of the University of Nevada’s International Center for Gaming Regulation, said lawmakers should be wary of revenue estimates.Roberts disclosed that the center had recently been contacted by state officials to create educational programs about sports wagering. She declined to identify who contacted the center but said plans should be finalized this week.While she said that potential revenue nationwide has been projected to land anywhere between $80 billion and $450 billion, actual results cannot be guaranteed for a state.“You have to really understand the business operates at a low margin,” she said. “It will certainly add some benefits, but it’s not going to suddenly repair all of your roads.”And the variety of platforms used at sports wagering events can mean different outcomes for the state.Both Ford and Morrison said they would prefer to see mobile platforms in addition to physical venues. A mobile platform, they explained, would allow an attendee at a sports event to wager on the outcome of a game from their seat using a personal device like a smartphone.Roberts said this tactic is beneficial because it can help draw gamblers out of illegal venues by requiring them to register on licensed apps, which usually include vetting requirements and in, some cases, geofencing technology that limits mobile gaming access only to states where sports wagering is legal.But the expansion of mobile gaming isn’t good news for everyone.Christina Gray, executive director of the Indiana Council for Problem Gambling and former director of compliance for the IGC, said she is concerned about the spread of Internet-based gambling because it poses a wider and more nuanced range of issues for problem gamblers, particularly those who are younger.Gray, who is currently preparing presentations to students in the middle-school, high-school and college-age ranges, said some video games now promote “loot boxes” — virtual mystery boxes that are purchased with real money to possibly acquire a key game item or weapon. That could translate to larger gambling problems later in life, she added.But Internet gambling, especially in its subtle forms, still requires time to understand. That’s why she is pleased to see the IGC’s partnership with Eilers & Krejcik.“What the commission is doing is very good. It’s good to at least study it,” Gray said in a phone call. “We’re keeping an eye on it to make sure language is there to protect problem gamblers.”FOOTNOTE: Erica Irish is a reporter for TheStatehouseFile.com, a news website powered by Franklin College journalism students. Print Friendly, PDF & EmailFacebookTwitterCopy LinkEmailSharelast_img read more