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Silk Path Founder Arrested While Bitcoins Plummet

Silk Path Founder Arrested While Bitcoins Plummet

Bitcoins have been in the news, between the closed down of Silk Road,a plummet in exchange rates, and a new live-streaming site.

It’s been a serious week for Bitcoins into the news; a triple whammy, actually.

First, there was the arrest by the FBI of Silk path’s founder known online only by their handle ‘Dread Pirate Roberts’, but apparently understood to the feds just a little more intimately as Ross William Ulbricht- while the seizure and power down of this Silk Road site itself. Silk Road was an exclusively Bitcoin gambling site, well-known to numerous being an open marketplace for illegal drugs and much more; the web site’s just below a million registered users were often money launderers, based on the arrest warrant.

‘Based on my training and experience, Silk Road has emerged as the absolute most sophisticated and extensive marketplace that is criminal the web today,’ FBI Special Agent Christopher Tarbell noted into the complaint. Tarbell added that into the past 2 1/2 years, Silk Road generated some $1.3 billion worth of equivalent Bitcoin trades and netted $85 million in commissions for itself, often for things as macabre as hiring hitmen, seeking out computer hackers or buying illegal weapons.

Major Rate Volatility Ensues

Meanwhile only a few days following the shut down of the web site by the feds and the arrest of Ulbricht Bitcoins themselves went through some Cat-5 volatility, when the rates for the digital currency dropped from $139 per Bitcoin to $109.71 per Bitcoin in just under three hours. While the value started climbing a little bit a few hours later, they then as soon as again fell to your $109.71 per Bitcoin rate, and then eventually jump back up to $120 per Bitcoin later in the time. What was going on the website?

Them, the controversial digital money source continues to be in everyone’s sites this week, that’s for sure whether you like Bitcoins the crypto-currency used by gamblers (and some others) online that is purported to be untraceable and isn’t tied to any existing ‘real world’ money system or hate. But wait, there’s more.

First Bitcoin that is live-Streaming Site

Concurrently with all this Bitcoin craziness came the announcement of this first-ever live-streaming gambling that is bitcoin-only, Satoshilive.com. Using live dealers that players can easily see and interact with in real time, on camera, gamblers can partake of all the multitude that is usual of casino offerings, games like roulette, baccarat and blackjack, so long as they can deposit and withdraw their Bitcoins, because ‘regular’ money doesn’t use this web site at all.

Yup, now you actually make your bets with Bitcoins and withdraw as you come out ahead, of course with them, as long. The Satoshi designers declare that the brand new website is ‘100% secure, 100% hassle-free and 100% fair to everyone,’ so they are fundamentally begging to be hacked and have a major cheating scandal come down upon them. Never tempt the computer devils to come and work out fun of you, developers.

The site that is new existence bespeaks some growing popularity for the digital currency, but Bitcoins are certainly not without their detractors, the United States federal government being one. While many chatted up the amount of money kind as ‘untrackable,’ the feds have done a fairly good job of seizing assets even before the Silk path crackdown, moving in on a major bitcoin trading platform just this past May. The Department of Homeland protection voicing concerns that the currency lends itself to cash laundering by the very nature of its intractability shut down the cap ability for U.S. players to use Dwolla, a mobile payment solution that allowed players to deposit and withdraw cash onto Mt. Gox, a Bitcoin trading platform.

And regardless of one’s views on Bitcoins and their controversy that is surrounding volatile nature of this crypto-currency is undeniable. Just back in April of this year, the monetary units lost half their value in only a six-hour timeframe, and another major crash in October of 2011 left Bitcoins gasping for life when they slowly bled out value to only 10per cent of their previous glory on the subsequent four months.

Requires Stricter UK Laws on Fixed Odds Betting Terminals

Fixed odds betting terminals (FOBTs) are causing controversy in the UK, as some demand more stringent limitations become built in

A gambling addict from High Wycombe in the UK has told the BBC that Fixed Odds Betting Terminals (FOBTs) such as for instance poker and roulette machines require to have tighter betting limits built in, to prevent exactly what he calls the fallout from ‘the crack cocaine for the gambling industry.’

Roger Radler’s gambling addiction reached a pinnacle when he destroyed a month that is whole wages in only a few hours playing on betting machines, where he states he could ‘bet £100 every 10 seconds’ on roulette games, which equates to more than $160 for each 10-second interval, or around $57,600 per hour.

Appears like Roger had quite a good work to be able to lose that much.

Huge Losses, Very Fast

‘You could possibly get your every that is high 15 and you also are losing huge amounts of money,’ explained Radler. ‘At my worst, I probably lost a month’s salary in a couple of hours and that is horrendous.’

Being a total results of his addiction to these gaming machines, Radler lost everything his job, his wife, and his self-respect each of which he now blames on the FOBTs. At least the rate of these machines are somewhat in charge of faster, massive losses.

‘On table roulette, everyone has unique set of chips, makes their very own wagers on the live table and it takes a minute or two to have the resolution,’ said Derek Webb, a fellow British gambler who became a millionaire from gambling, along with inventing Three Card Poker.

‘A player on an FOBT machine can bet up to £100 every 20 seconds wheresthegoldslots.com to ensure that is really a totally different experience to live casino tables,’ included Webb, showing that the rate of gambling on FOBTs reaches more than four times the speed of play in a casino that is real. The millionaire gambler is currently funding a campaign to ban the gaming actually terminals, instead of simply placing stricter rules on the FOBTs.

In the UK, the fixed odds betting terminals were first brought out in 1999, whenever then Chancellor regarding the Exchequer and future Prime Minister Gordon Brown got rid of the tax on individual bets, and replaced it with a tax on bookies’ profits.

FOBTs Found Loophole within the Law

While high stakes casino gambling is banned through the British high streets, bookies found a loophole with FOBTs, given that they use remote servers, meaning the gaming wasn’t place that is technically taking the premises. However, the 2005 Gambling Act implied that the gaming devices were put underneath the regulations that are same fruit machines, and £100 limits had been placed, along with limitations to four FOBTs per place.

Nevertheless, the 33,284 FOBTs which sit into the 9,100 betting shops located across the UK are gaining usage, as based on the Gambling Commission, the average profit that is weekly of machine rose from £760 ($1,231) last year to £825 ($1,336) in 2012, with a total revenue of £1.4 billion ($2.27 billion).

Defending the placement of FOBTs in betting shops, the Association of British Bookmakers, which represents the loves of William Hill, Ladbrokes and Paddy energy, has stated that there is no evidence to directly connect the gaming machines to problem gambling any longer than other devices. The Association said that ‘problem gambling is mostly about the individual player and not really a specific product.’

‘A decrease in stakes and awards would have little, therefore if any, impact on the degree of problem gambling,’ said a spokesman. ‘Instead, it would automatically put 40,000 jobs and 8,000 stores at risk for an industry that supports more or less 100,000 jobs and pays nearly £1 billion in tax within the British each year.’

THEhotel Renovation Delays Point to Improving Las Vegas Economy

MGM Resorts Overseas’s THEhotel, previously slated for the rebranding that is major may be holding off on that for awhile

Frequently, a hotel renovation put on hold in Las Vegas is a sign of something gone awry: an economy that is collapsed dissipated funding, or several other amalgam of construction snafus. But just this once, Mandalay Bay’s halt associated with the rebranding and major renovation of its ancillary property, THEhotel, is just a good indication; it’s because business is too good to allow the rooms go right now for as long as they is away from commission.

Renovation is Postponed

So the changeover of THEhotel into Delano Las Vegas originally scheduled to kick down at the end of this year is being postponed therefore the spaces may be used by overflow Mandalay Bay convention attendees to lay their weary minds after a day that is long the show flooring. So sayeth MGM Resorts International anyway, and the place is owned by them.

Mandalay Bay’s 3,300 resort rooms and THEhotel’s 1,100 being filled are an indication that the glimmer of this Vegas that is old magic be coming back five years after the recession hit, so this is one construction delay everyone can be pretty happy about.

‘A possible delay in taking rooms out of solution by the end of this year demonstrates MGM’s high-visibility and self- confidence in calendar year 2014 group booking trends, in our view,’ noted Sterne Agee gaming analyst David Bain to investors.

2014 Could be Turning Point

MGM Resorts chairman Jim Murren backs up this vision, saying 2014 is looking gangbusters for anyone all-important convention dollars; all things considered, we all know that conventioneers usually spend more time gambling than they do conventioning. Mandalay Bay offers an enormous space for these gatherings, and it has gained traction in popularity in recent years, as it’s truly easier to access than the often archaically cumbersome Las Vegas Convention Center off the mid-Strip. And Murren claims it’s all the best thing, and a harbinger of Las Vegas having one or more whole foot out of the recessionary manhole.

‘The Strip is for a positive pace,’ he noted as summer 2013 wrapped up.

MGM Resorts, of course, happens to be on a renovation and attraction building orgy of sorts, therefore maybe the break is also a wise monetary move for the gambling conglomerate. Between its 10 Strip casinos, room renovations and new attractions have been costing a bundle, with the MGM Grand transformation of the Studio that is old 54 the hipper and today insanely successful Hakkasan nightclub/restaurant paying off big-time for the business.

And there’s the newest $100 million outside entertainment, retail and dining promenade being created between MGM properties New York-New York and also the Monte Carlo, which will itself lead visitors towards a $350 million, 20,000-seat arena created to host both sporting and entertainment events.

Part of the Morgans Hotel Group, Delano has been trying to get a foothold in Las Vegas since its original intends to do so via the never-took-off Echelon collapsed. MGM and Morgans say they will overhaul THEhotel’s restaurants, pubs, lounges and spa in to a new experience that is delano-branded.