Bogotá, October 19, 2021
Doctor
Cesar Augusto Valencia
Coljuegos
City
Dear Sir
Given the publication of the draft resolution by which the conditions of reliability of the electronic slot machines (MET) and the gradualness in its implementation are established, I consider that it is important that you and the public opinion take into consideration the points of view of those of us who are directly involved in the day to day development of the Gambling industry, in the localized modality; Since it is this line of business that will be directly affected and that endangers thousands of jobs, and what is even more worrisome, the ruin for hundreds of entrepreneurs who have bet on free enterprise and their commitment with the resources for the health of Colombia.
Although the function of the entity you preside is to administer the income produced by the gambling companies at the national level as well as the creation of new strategies and modalities to generate income, it is not by suffocating a sector with impertinent and inopportune dispositions that an increase of the same will be achieved, if this is the real purpose of the mentioned resolution which rather looks like a simple administrative act which only complies with the requirements of the law and which is signed to leave a precedent of management without any analysis whatsoever.
For a couple of years, it has been foreign companies and international laboratories who have been talking to the President and his team to push forward a project such as the one you are proposing, with the argument that in this way the industry will be clearer and will be an example for other jurisdictions in the world.
It is known by many that it will be these companies and these laboratories who will fish in troubled waters, given the nature of some and the lack of market for their products for others. Perhaps this next Dr Valencia surely you have heard it in the private company where you have worked quite successfully and that is that "the best management is the one that continues if you do not know the environment" and it is this environment tuned by localized games for over 15 years, created and adjusted to the tastes of the local consumer, which is sui generis, and why not to say endemic, which has translated into billionaire contributions, with a legal and responsible growth (before the pandemic of course) and which places Coljuegos in the international scenario as an example of joint work with excellent legalization results, is the one that must be protected.
In this writing it is not pertinent to provide figures of who, which, how many will be or are those that will close in the coming years, since it is incumbent upon your office to have them, as a detailed study should be available in this regard. My purpose is to dust off Resolution 20164000006944 which has not seen the light of day since 2016 and has all the goodness of a win/win from any point of where you look at it:
- Illegal gambling on the street is 100%, as there is no stimulus not to continue this way.
- The number of illegal gambling elements in the street is 70% of the number of legal elements located.
If this figure is taken and their legalization is allowed, Coljuegos' collection would benefit by channeling resources that currently do not enter its coffers, which would almost double if localized and routing machines were added. In jurisdictions such as the United States, pre- and post-pandemic, establishments with illegal gambling machines have skyrocketed and many states have initiated their legalization as a matter of urgency and are generating income for the communities where these companies operate.
There is an erroneous theory that the machines on the road compete against the casinos, which has no taxable support, being two different scenarios that are not juxtaposed, that flow in parallel and that at the end of the exercise dynamize the industry.
In fact, it is in these moments where illegal gambling is hitting hard the legal ones and, in some areas, it even threatens to displace them.
Resolution 20164000006944 is an excellent strategy if the above is analyzed: it has everything and much more of what is proposed in" the draft resolution by which the conditions of reliability of the electronic slot machines (MET) and the gradualness in its implementation are established". If it is put into operation and its application is encouraged, it would mark a milestone in the legalization of the street market, undoubtedly one more excellent move for Coljuegos and therefore for you as its President.
As a manufacturer company of Gambling Machines, with 31 years of experience, time in which we have accompanied all our friends since their beginnings, we have been witnesses of the journey of several institutions that preceded Coljuegos; we publish this letter with the intention of creating a space that generates solutions that do not put at risk the delicate balance in the localized games that so far have not recovered and that will take time to do so.
This letter gives a good account of a unique tool that has already been agreed but has not been used, Resolution 20164000006944 is on the verge of being resolved, it only remains to act on a technicality, of which there is already a legal precedent; and meanwhile the localized games would continue to breathe.
Cordially
German Cardona +
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Unfortunate, if not infamous, was the intervention of Marco Emilio, president of Coljuegos, during the inauguration of the event, and the opening of the two assemblies of the associations, at the last GATexpo in Cartagena.
Considering that he is a person alien to the industry and especially to those located, he should demonstrate less servility towards permanent bets and respect, as in the army, the seniority of all of us. Many, if not all, of us feel offended by the derogatory comments and ignorance of the enormous effort of people like Elizabeth Maya and Evert Montero who have prioritized the implementation and good practices regarding money laundering. assets.
In the best style of the old policy - which is understandable - it has turned Coljuegos into another state institution where the “aja” is already a reference to accelerate the permits that have been held up for months, most likely to soften the (the) sorry businessman who will end up leaving the envelope under the trash can there and come pick it up on Monday...
When asked about Coljuegos, he only limits himself to reading the speech that has been passed to him from the office of his advisors and that is where the verbiage about lotteries, chances and bets comes to the surface of his lips and there is nothing else on the page From Coljuegos there are only approvals for draws, perks, new regulations, facilities, opening of markets for permanent bets and for a permit from an operator, there is no time... of course sorry, as he said at the Fair: the illegals and thugs from the locals and casinos who have earned that reputation through their own fault should go to the prosecutor's office to report because I don't know anything.
It's embarrassing when he starts talking about technology and the trip to Las Vegas - sponsored of course - and that on an important news network he said that by seeing the machines he knew how they paid, oh no! So, he dedicates himself to gambling and makes more money... or he writes a book and becomes a millionaire, and at the same time destroys all the casinos in the world because he is going to reveal the secret.
Since his arrival, Coljuegos has gone from more to less and it is not necessary to be a fortune teller to know that he came to the entity to do what he had to do regardless of the cost, in the end he is not the one who pays, it is us and they pay him for that.
What else to expect from the very corrupt, very old school.
Gambling Ins.
A gavel, a gong, a bell; the three symbols of a fresh day of trading at the New York Stock Exchange (NYSE). Although the tool itself has changed over the years, the act of the ‘opening bell’ has been solidified across public trading houses - even though Nasdaq doesn’t have a physical trading floor, the house still has an opening bell ceremony each day. That’s how strong it is.
However, more companies, with some high-profile examples within gaming, are pulling away from this iconic morning routine and instead favoring the quiet life of private equity.
But why are companies going private?
There are a few reasons why some big gambling companies are going private.
First of all, when a company goes public, there is a far greater level of administration and bureaucracy. A private company therefore has more control over its business, without having to please multiple shareholders.
Once a company goes private, the business is in the hands of a few select people; either the private equity firm or the family controlling the company. This makes it infinitely easier to make decisions and act on them.
There’s also less volatility from being on the publicly traded stock market, too. The stock market has quite infamous ups and downs, but unless you’ve been living under a rock for the past five years, you’ve probably noticed some global events that affected the economy quite severely.
If anything, this proves that there’s no set path to success for companies; going public is no longer a symbol of ‘making it’ but should instead be analysed as a viable strategy, rather than the only strategy
One of the biggest positives of being publicly traded, however, is access to capital. It used to be one of the only ways companies could get funding for projects, which is why going public was historically seen as the end goal for many businesses in the past.
But this isn’t the case anymore. Even as far back as 2018, IPOs brought in $50.3bn in the tech sector, while private equity firms invested $130.9bn.
Some companies never went public in the first place.
Once a company goes private, the business is in the hands of a few select people; either the private equity firm or the family controlling the company. This makes it infinitely easier to make decisions and act on them. The biggest example in gambling is bet365, which has been private since it launched in 2000, owned and operated by the Coates family. On the supplier side, Interblock is a huge firm one would assume is NYSE-listed but has remained private, in 2022 being acquired by (you guessed it, private equity) funds managed by Oaktree Capital Management.
So perhaps we’ll see a new era of company ownership going forward, where gaming companies won’t be afraid to rely on private equity, rather than face the public eye on the stock market. Is it time for more casino and sports betting companies to take a gamble on their products and boot out the shareholders and their opinions for good?
A report conducted by YieldSec and commissioned by the Campaign for Fairer Gambling (CFG) suggests the illegal sports betting and online casino markets are far outpacing the legal betting market.
The report says 103 legal operators (both online casino and sports betting apps) target U.S. customers, while there are 860 illegal operators targeting U.S. customers. The report says those illegal operators generated $40.9 billion in gross gaming revenue in 2023 compared to $16.9 billion for legal operators.
The report even estimates the amount wagered on the 2024 Super Bowl via illegal operators was $500 million more than the amount wagered through illegal operators in 2023.
“The black market is alive and well in America. Legalizing iGambling was never going to adequately weaken the illegals,” CFG founder Derek Webb said in a press release. “But the presence of the black market has served as a useful foil — the legal gambling sector’s main rationalization for expansion.”
“Substitution from illegals to legals is simply not happening at the pace it should – illegals are used as brands of choice and convenience, with some substitution to legals for offers and account opening incentives, when available, as with the Super Bowl,” the report concludes.
In this week of reflection, we bring you again some capsules, which regardless of your creed, have small messages that we hope you will take advantage of to improve your life and your relationship with your environment and your peers; Let's take these days to put our ideas in order and move forward in this enormous challenge of being better people and being happy.
Be aware that the arrogant ego loves to change others, control them, manipulate, and submit.
That ego is the self without love and without God, proud, denied humility and, therefore, prisoner. It is impossible to love without humility because the proud do not understand, do not listen, do not dialogue, and offend.
He does not forgive or ask for forgiveness, he dominates, subdues, despises and believes he is right.
A wise man said: “All evils spring from pride, which is lack of love, and good things come with humility.”
Ego it means “I” in Latin and there are three kinds of egos:
1. Loving ego, listen to it and follow it.
2. Proud ego, give it many doses of humility, but it is not bad. Nothing is.
3. Defective ego, it focuses only on the negative and you must give it self-love and security.
Author: Gonzalo Gallo He is a Colombian writer and former priest. He was born in Medellín, Antioquia. Gallo belonged to the Discalced Carmelites community. Gallo spent 22 of his 24 years of priesthood in the city of Cali, where he became popular among other things for his massive masses in the city's Eucharistic Temple1, in addition to his style, humor and social works. “I cultivate several hobbies because I see that the more lights you turn on in your life, the less shadows bring down your spirits. I feel that in my spirituality I feel like a lover and admirer of Jesus and Buddha, without being in a religion.”
Pop singer Bruno Mars has been in the spotlight recently for reportedly racking up $50 million in gambling debts at the casino he’s been performing at — though MGM Resorts said in a statement to MarketWatch on Thursday that this speculation is “completely false,” and that Mars “has no debt with MGM.”
One Grammy-winning artist aside, gambling poses serious financial challenges to millions of Americans, both at in-person casinos and online.
About 2.5 million adults in the U.S. are estimated to have a severe gambling problem, while another 5 million to 8 million have mild or moderate gambling problems, according to the nonprofit National Council on Problem Gambling. It impacts regular consumers and celebrities alike, with golf star Phil Mickelson recently opening up about his gambling addiction on Instagram. Mars has said he played cards to make money before his music career
Sports gambling has grown significantly in recent years amid a wave of legalization across the country that has made it easier for people to place bets on their phones. Americans legally wagered $119.84 billion on sports in 2023, up 27.8% from the previous year, according to the American Gaming Association. Since the U.S. Supreme Court struck down the Professional and Amateur Sports Protection Act (PASPA) in 2018, it’s been up to individual states to legalize sports betting, and it’s now legal in 38 states plus Washington, D.C.
Some people who can’t control their gambling problem have gambling disorder, a diagnosable condition that’s associated with a higher rate of suicide.
Gambling’s financial impact can be severe: The average debt generated by men with a gambling problem ranges from $55,000 to $90,000, while for women it’s $15,000, according to Debt.org, an informational website about debt maintained by the nonprofit InCharge Education Foundation. Many withdraw cash advances on their personal lines of credit and rack up expenses on their credit cards to gamble.
Some people also borrow money, called a casino marker, from casinos by filling out an application on-site; legally, this is handled differently from a short-term loan.
According to online materials from Las Vegas attorney Joel Mann, “Under Nevada law, casino markers are not considered a loan. Rather, they are like a check that you have written to the casino. If you do not have the money in the bank to cover a marker when it comes due, you can face serious criminal charges.”
Some people who can’t control their gambling problem have gambling disorder, a diagnosable condition that’s associated with a higher rate of suicide.
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