Betting Action on "GameStop Stock" Turns WallStreetBets Into a Casino

Gambling News Podcast

Most investors would agree that Wall Street and the New York Stock Exchange are regulated. However, certain business practices in trading stock is gambling by their nature. Short sales on stocks is one example. Hedge fund managers borrow money to buy and then sell stock. As the price decreases, they only repay that debt on the stock’s current lower value. In the case of GameStop stock, the opposite happened. Online traders connected with Reddit organized to drive the stock price up to $347.51 from an initial price of $39.12. This, in turned, crushed any hedge fund that took a short-sale position.

Las Vegas Table Game Jackpots Pay Out Big in January
Recent trips to Las Vegas turned out to be highly profitable for two lucky table game winners. The first big win was at The Orleans Casino on a Pai Gow Poker machine. A visitor from Utah won a $223,000 jackpot with a $1 bet on a straight flush. He backed the hand up with a $5 side bet to add another $25,000 to the total win. A visitor from California walked away with a new-found fortune at Paris Las Vegas on the famed Strip. That jackpot added up to 120,000 on a Blazing 7’s Blackjack table.
IGT Receives Patent to Expand to Casino Crypto Play
Bitcoin as the biggest cryptocurrency has drawn quite a bit of attention lately. The dramatic rise in BTC market value is the biggest story of the day. The expansion of BTC’s use in everyday financial transactions is now being viewed in a different light. Gaming giant International Game Technology (IGT) is moving forward with its crypto plans in light of a new patent. The goal is to expand the use of cryptos among casino players. Technology is being designed to enable the use of BTC directly in casino slot machines. Through the use of smartphones, crypto funds would be transferred back and forth.
Nevada Casino Gambling Trends for 2020
The Nevada casino industry took a major hit in revenue in 2020. The impacts from the coronavirus pandemic were severe to say the least. Revenue figures also known as the “casino win” dropped 34.6 percent across the state. The Las Vegas area experienced a 36.8 percent drop in 2020. The biggest loss was on the Las Vegas Strip with a decline of 43.3 percent. The downtown area lost 32.2 percent of its total casino win. Slots remain the game of choice and they account for 68.8 percent of Nevada’s casino win. Blackjack is still the most popular table game followed by Roulette.
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