Daily Nambling Notes - August 2, 2002

2 August 2002

On the E-Commerce Front -- The Associated Press reported today that Bank of America has mailed thousands of notices to its Arizona-based customers informing them they can't use their cards for illegal transactions, including Internet gambling. The mailer outlined several new polices, among them a statement that the bank is not liable for illegal transactions, even if it fails to decline them.

Makin' Deals -- The United Kingdom's third largest sports betting chain, Coral, has finally been sold. After weeks of speculation that U.K. casino groups Rank and Stanley Leisure were in the hunt, Coral was sold to private equity firm Charterhouse Development for £860 million (US$1.3 billion) from Morgan Grenfell Private Equity (MGPE), which began suiting a buyer in May after deciding not to float the company on the stock market. MGPE bought Coral from Ladbrokes for £390 million in 1999. Coral operates 870 shops and the Eurobet Internet betting group. The deal is subject to approval by the European Commission.

A Wormy Tidbit -- Former NBA bad boy Dennis Rodman may have exited the online gambling business, but he hasn't stepped out of the spotlight. On Aug. 9, less than two weeks after the announced closure of the Rodman-endorsed online casino, I-gaming's king of promotions, GoldenPalace.com, will co-host Rodman's "I'm Back" party at the Crobar the Nightclub in Chicago. The casino recently ran a contest offering the winner a trip for two to Chicago to attend the party. Golden Palace was also the title sponsor of Rodman's first annual Hamptonfest Celebrity Hoops 3-on-3 Tournament. Several sports personalities, including Magic Johnson, ex-NBA star Chris Mullin and NHL star Alexei Yashin, were on hand. The casino contributed to the event by donating $15,000 for the children of Whalebone Village and the Hayground School. The tournament will be televised several times on the E! Network this fall.

Mark Balestra

Mark Balestra is the Managing Director at BolaVerde Media Group. He previously worked at Clarion Gaming and the River City Group where he was the publisher of iGamingNews. He lives in St. Louis, Missouri.