35 PERCENT DROP IN SHARE PRICE AT UK SPREADBETTING FIRM

13 March 2009

Volatile markets discourage betting

 

Cheaters and bot operators beware - the Israeli software developer Cognisafe claims that its new Pitboss product provides online casinos and poker rooms with a potent new anti-collusion tool effective against online bots, online advisors and software cheats.

The bot protection program within PitBoss has already been successfully deployed for online gaming clients, although the company does not disclose where. In addition to protecting online games from cheaters, the system, which monitors games without affecting the player's experience, can provide operators with useful player data such as playing patterns and skill levels.

Shmuel Konforty, Chief Technical Officer at CogniSafe made some big claims this week, saying: "We offer a complete solution to online cheating that works across a large variety of game types. Whether gamers are playing card games such as poker, board games such as chess or almost any other form of game, we have a proven solution to any potential cheating scenario."

Pitboss addresses online cheating detection covering different types, such as:

• Online Playing Bots, including Collusion Bots and Bonus Bots.

• Collusion or Player Associations.

• Software cheats.

• Online Advisors: When gamers use probability calculators to boost their performance.

• Inside Information (Logic Anomaly): When the gamer has access to information that should be confidential (such as the next card to be dealt).

• Cutting the Cord: When a gamer disconnects his Internet connection upon realising that his cards won't hold up.
For 207 years the US state of South Carolina has maintained a law against any games using cards or dice, but that could be about to change. The antiquity of the law makes it ineffective in a new era where games and attitudes have changed, and Charleston senator and Senate President Pro Tempore Glenn McConnell has given notice that he intends to do something about it.

McConnell's solution is a new bill that seeks to legalise social gambling and gambling-themed fundraisers, and he has introduced it to allow for gambling in private homes when there is no house profit, and to allow churches and other non-profit organisations to hold "casino night"-style fundraisers that do not involve slot machines, video gambling, or sports betting.

McConnell referred to the age of the current law in launching the bill, pointing out that if taken literally, it could outlaw innocuous board games such as Monopoly.

The government should not be in the business of regulating groups of friends gathered to enjoy social and private games, the politician, who is chairman of the state senate's Judiciary Committee, said. He added that updating the ancient law would also give fresh opportunities for charity fundraising in a depressed economy where this was becoming increasingly difficult.

The Poker Players Alliance has come out in support of Senator McConnell's drive, saying South Carolina is one of only a few American states that legislates against social and private gaming by its citizens.

However, there may be opposition to the bill; Senator Wes Hayes is concerned about its impact following the protracted differences in the legislature over video poker, which was finally banned in 2000. "It's a delicate balance," said Hayes, noting that he'd rather have outdated laws than open up the possibility of allowing unwanted forms of gambling to be resurrected.

This is not the first time that an attempt has been made to legalise private gaming in South Carolina and bring the state into the 21st century; in 2007 a similar bill introduced by House Representative Wallace Scarborough was defeated in committee.

Ironically, South Carolina runs a state lottery.
Spread betting firm IG Group has reported a 35 percent decline in share price, which it claims is the result of the extreme volatility in the markets. IG said clients were becoming "increasingly accustomed" to the wild market swings of the past 18 months, leading to smaller jumps in revenues on more volatile days.

Shares tumbled as much as 35 percent as UK revenues fell 7 percent to GBP 31.5 million in the quarter to February 28 - wiping more than GBP 300 million off the firm's value. Australian revenues were also down and the group's Japanese business, FXOnline, has been badly dented by the country's swift slump into recession.

The firm allows punters to bet on the direction of shares and markets as well as the outcome of sporting events. Spread betting requires a small upfront stake, but potential gains and losses are magnified.

A clampdown on credit controls since October - including automated margin calls and quicker closing-out of loss-making punters - has also dampened revenues, as well as tough trading comparisons with the same period last year. The company is reducing its exposure to customers with large long-term exposure to single stocks, and said that third-quarter charges were due largely to clients with positions in place before the "more stringent" controls were enacted.

The firm, which has 550 staff and more than 32 000 customers in the UK, revealed that new account openings remained strong over the quarter at 18 700.

"It remains difficult to predict future trends in volatility or customer reaction to changing market and economic conditions," a company statement said.

Online Casino News Courtesy of Infopowa

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