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Business And Gambling

Benefits of Accounting Software for Casinos

More and more accounting software designed specifically for casino procedures are surfacing one by one. Modern technology caught up with gaming years ago, now, it’s closing in on casino accounting. Automation With accounting software like CasinoEdge Intacct, CAS (Casino Cash Read more…

Essential Accounting and Economic Casino Procedures

In the casino business, economies of scale are important. It’s not just about generating a large amount of profit but saving a big amount as well. However, you need to make sure that the standard of casino services and products Read more…

Featured Movie for Gambling

Important Casino Laws in New Jersey

The casino scene in the Garden State is out of this world. Speaking infrastructures, modernization, services, accommodation, and operation, it is on a global standard. One key asset of that is the many laws protecting casino operators and customers financially, Read more…

How Casinos Get Sponsors from Businessmen?

There is a certain irony to the fact that most people see casinos as being somehow inherently seedy and untrustworthy. If you’d trust a guy who owns a bar with your potato salad recipe, but wouldn’t trust him with $5 in cab fare? Either way, the implications are clear – casinos have an image problem. That makes getting sponsorship deals from businesspeople trickier. 

But why would anyone want to sponsor a casino? Well, for one thing, it’s not just about money. Casinos have unique advantages over other businesses when it comes to securing deals from businesspeople.

People Visit Casinos for More than just Gambling

Casinos do make money from gambling, but they also make money from food, drinks, and hotel bookings. They also get returns from renting out conference rooms and event spaces. 

And of course, lots of people attend casinos for entertainment, like concerts and shows. Hence, casinos are actually a one-stop-shop for all kinds of business meetings, networking events, and entertainment options. In short, casinos have a lot to offer to would-be sponsors.

Casinos are Convenient Places for Meetings and Networking

Casinos are open 24/7, and they attract people from all walks of life, from all over the world. This makes them ideal places for open-ended meetings – you never know what kinds of people you might meet at a casino!

And casinos are also great for closed-ended events, like product launches, investor pitches, and contract-signing ceremonies. The atmosphere is casual but professional, and the event planners can help you make sure that your event is a success.

Casinos have Lots of Potential Exposure for their Sponsors

Businesses don’t just want to be associated with casinos because of the potential for high exposure

They also want that exclusivity. If someone buys a slot machine sponsorship at a casino, they don’t want to see the logo of another slot machine sponsor on every machine.

Sponsors want to be part of a unique and special experience. And casinos can offer just that. For example, casinos have long been associated with concerts and music. It’s not difficult to imagine a casino-sponsored music festival – with merchandise, concessions, and hospitality provided by the casino itself.

This can also be said with online casinos. Considering that most business can be known through social media, most of them do not hold back when it comes to ads. For example, visiting the site https://kece88ag.com/, you’ll notice ads that are appealing, this can easily get them known.

The Competitions Faced by Thailand’s National Lottery

The only legal forms of gambling in Thailand are lottery and betting on horse races and muay thai boxing contests, but only in events held in state run venues.However, these sectors have to compete with illegal gambling operators and online gambling websites that offer better prizes,

A Closer Look at Thailand’s National Lottery

The Thai government’s lottery business is recognized as one of the oldest lotteries in the whole world. Here, draws are held bi-monthly and not daily, specifically on the 1st and 16th day of the month. Any other lotteries not organized and run by the government’s Lottery Bureau are considered illegal.

The bureau’s Government Lottery Official or GLO makes sure the Thai government gets to receive 28% of the revenues from lottery ticket sales. The GLO allots up to 12% as administrative expenses, which include Ticket printing, distributing and selling costs.

That being the case, only 60% of lottery ticket sales are available as prizes, divided and awarded in different winning categories. Presumably, this is one of the reasons why many Thailanders place their money in other independently run, underground lottery operations as many believe they have greater chances of winning in small lotteries.

The Lottery Bureau organizes the draws, whilst selling 38 million tickets through authorized or accredited lottery vendors dispersed throughout the streets and markets across Thailand’s villages, towns and cities. The Lottery Bureau pre-prints the tickets, which are sold in packs of two; one ticket entry for each of the scheduled bi-monthly draws. Ticket vendors buy the tickets at a cost of 80 baht per pack, and sell them at a mark up price of 120 baht.A pair of tickets can cost more if a lottery player wishes to buy those with specific Buddhist-recommended numbers.

About Thailand’s Underground Lotteries

Thai’s National Lottery competes with underground lotteries or huaytaidin, operating across the country. According to researchers at the College of Social Innovation of Rangsit University (RSU), Thai’s underground lotteries is about four to five times larger that the national lottery, which bases the winning numbers on the outcome of the official lottery draws.
However, underground lottery operators offer larger amounts of prizes, along with other number-betting options also based on draw outcomes. In some cases, underground lottery operators accommodate lottery ticket purchased on credit.
Underground lotteries are actually prevalent and flourishing, as any one can start a lottery business by simply listing down bets in a notebook. Small local unofficial lotteries in villages do not have to establish an official place of business, which makes it difficult for local police authorities to crack down on lottery operations.

Actually, many believe underground lotteries are protected by local police units, since every year, as much as 11 billion baht (USD362 million) are being paid as bribe or protection money.

Thai’s National Lottery Also Faces Stiff Competition from Online Gambling Sites

According to studies about gambling behaviors in Thailand, the National Lottery’s prize schemes are unequitable if compared to the rewards that can be gained from betting on online casino slots and other table games. In fact in online casino platforms that offer เกมสล็อต pg (PG Slot Games), customers can play using free credits earned as Bonus Money, but subject to the usual terms and conditions governing bonus plays.

Nonetheless, Thailand’s PG Soft Games offer a theoretical Rate of Return to Player (RTP) of 96.22%. Moreover, the chances of winning are increased through PG Soft’s RTAS system, which recommends games to online slot players based on what they find enjoyable and rewarding.

Gambling Business 2022: Marketing Strategies to Follow

In recent years, online gambling has become the fastest-growing industry. Some professions are acquiring new abilities, while others are not.

The bulk of people gambles to gain large sums of money by relying on their luck. As a result, the gamblers will have a lot of options to get cold cash in 2022.

Strategies to Follow to Market a Gambling Business

To make things more realistic, we’ve outlined the greatest marketing techniques for a gaming firm that you can implement in 2022.

Offer Enticing Rewards

Plan your remarketing approach to give new users the best welcome bonus. For existing players offer more prizes as they have signed up for your newsletter.

Optimize Your Website for Search Engines (SEO)

Once your casino website has enough pages and posts, optimize it to make it more visible to readers. Meta Tags, permalinks, images, content formats, and other elements of your site are the key factors to make it easier to find and manage.

Foster Potential Customers through Regular Blogging

Blogging is one of the most effective ways to promote your gambling company. You can raise awareness about the most recent offers, associated information, a gaming guide, and other facets of the game by doing so.

Sound Effects Online Casinos Use In Their Games

Casinos are not only known for their flashing lights and exciting atmosphere. The slot machines in the casinos also attract attention due to their background noise. The noises are not randomly chosen. There are actual sound effects used to keep the player entertained and engaged.

But not only land-based casinos are known for these sound effects, online casinos and live football betting (แทงบอลสด) providers also rely on sound.

Sound effects for slot machinesUFABET

Slot machines emit specific sounds when a user operates the machines. Slots in online casinos are also known for their sound effects. For example, when free spins are won, a certain sound is played to alert the user to the win. The sound effects play a big role in the gaming experience.

Both the choice of music and the use of sound effects are used in a targeted manner in online casinos. Not every user of online casinos is enthusiastic about the music selection. If you don’t like the sound or don’t want to hear any sound effects, you can of course turn off the sound when playing in the online casino.

Sound effects to complement visual effects

Visual effects and sound effects have improved since the first digital casinos. In the past, casinos could only play simple electronic sounds. In the meantime, many music sequences can be imported and a wide variety of sound effects can be used. A lot has also happened visually in the digital world and the display of images, video sequences and other visual content are possible in enormous quality.

At online casinos, the acoustic and visual effects have the advantage to improve the gaming experience of the user. The user of the online casino has no physical contact with a slot machine. To compensate for this shortcoming, visual and sound effects are used.

What role do sound effects play?

Sound effects are used by online casinos to create a certain atmosphere. The sound effects should be associated with a specific situation. Tension should be generated and positive expectations should be addressed. Sound effects, such as fanfare, can signal a win.

There are also sound effects that depend on the size of the win. Psychological methods are used to create the right atmosphere. Experiences and emotions should be connected.

New Jersey Casinos’ Responsibilities to Society

Casino gambling is one of the top forms of entertainment in the world. Most countries allow casino operations on their soil and these casino operators generate millions of dollars. However, just like most things in life, casino or gambling has a bad side.

Gambling addiction and criminal activities are among the biggest issues involving the casino scene all over the globe. Here in New Jersey, these issues are nothing new.

To battle these issues, here are the responsibilities of casinos to society.

Educate people about responsible gambling

Responsible gambling is easy to understand. All you have to do is be responsible when you’re gambling. However, most people can’t comprehend the essence and application of responsible gambling.

It is a casino’s responsibility to not only inform but educate people about responsible gambling and if it’s advisable, implement rules that favor it. In New Jersey, a partnership was just made in October 2019 to advocate responsible gambling and eradicate problem gambling.

The partnership includes GVC Holdings’ Director of Regulatory Affairs Martin Lycka, former NFL star Amani Toomer, and Princeton Public Affairs lobbyist William Pascrel III.

Inform people about tax liabilities of gambling winners

In New Jersey, casinos, lottery, and sports betting winners are to comply with tax regulations. No one is exempted, residents and non-residents must abide. These tax responsibilities, if disobeyed may result in criminal charges.

In some cases, people are not aware of these responsibilities and are focused on the amount of money they won. So, casino operators must inform them about it. In New Jersey, dozens of casinos are holding seminars and focus groups for this particular subject. If you ask us, that is pretty awesome.

The Toll of Problem Gambling or Gambling Addiction

In New Jersey, the stigma of problem gambling continues to affect thousands of lives and not in a good way. Gambling addiction is destructive for so many aspects of our lives; financially, physically, mentally, and of course, at home.

There is a 24/7 confidential helpline for gambling addicts in New Jersey, the 1-800-GAMBLER. This helpline helps people with gambling addiction get back on track and be aware of the help they can acquire.

Online casinos in New Jersey, in fact, all over the globe, are partnering with organizations battling gambling addiction.

For most of these websites, you’ll see the phrase “responsible gambling” underneath.

These are the top three responsibilities casinos must always observe and apply.

There is also the providing of great and trustworthy casino services. It is unfortunate that there are still millions of gambling-related issues all over the world.

These days, another issue making a lot of noise and causing concern are illegal/underground casinos. There are already actions and campaigns being done, but as of now, we still have a long way to go to fully eradicate all the negative factors of gambling.

Benefits of Accounting Software for Casinos

More and more accounting software designed specifically for casino procedures are surfacing one by one. Modern technology caught up with gaming years ago, now, it’s closing in on casino accounting.

Automation

With accounting software like CasinoEdge Intacct, CAS (Casino Cash Trac), and Joseph Eve CasinoEDGE, casino operators are finding accounting procedures more lenient and seamless.

Accounts payable, payroll, and financial accounting are all taken care of not automatically, but disruptively by this software.

This gives operators more focus and free time to address bigger issues and responsibilities. The technology and development behind this software are tailored for casino businesses and they observe both state and federal laws.

Revenue Audit Accuracy and Integrity

For every business, audit season is a truly stressful and nerve-wracking experience. Most businesses opt-out for paid audit services or external audit. There are internal and external audits by the way, but the process is done the same.

That process is also simplified with accounting technology and software. CasinoEdge is a popular choice for casino auditing with its extensive and intricate detailing in these tasks.

A consistent and accurate audit is also a positive asset not only for regulators but for customers as well. You can build a strong relationship with everyone and we mean everyone.

Business Intelligence

Utilizing accounting software or technology for your casino business is just like reading and comprehending all Roth CPA magazine’s content. These technologies are meant to perfect accounting procedures that are vital for the growth or downfall of your business.

With all the information, data, and insights generated by these technologies, you are able to determine if your casino business is in good shape or not.

3 Viable Casino Business Tips

In New Jersey, the casino industry is a driving factor for the state’s economy. In August 2019, top casinos in New Jersey generated more than $39 million in revenue. You can’t help to think about how these casinos are making so much money despite the growing number of competitors.

Well, for the top casinos in New Jersey like the Borgata and Golden Nugget, attracting customers is a piece of cake since they are already part of the state’s way of life. Think about it, tourism in the state is also driven by gambling.

So, if you’re planning to start a casino business of your own, here are the top pointers you need to observe and apply.

Strategic Capital

Just because you have enough money to start a casino business does not mean you should dive in. The amount of your capital does not determine the level of success you’ll achieve. These days, novice operators are being more strategic with their capital expenditures and are maximizing every penny they spend.

How do they do it? With research and iron clad accounting and financial procedures of course. Think about it, with viable financial support, not just amount, your casino business can better perform despite unpredictable winnings and losses.

You should establish and run your business with skill and expertise, not money. Money is simply an asset to those skills.

Know your platform and form

Is your business online or offline? Online meaning online casinos and offline meaning casino centers. Operating an online and an offline casino is different in terms of expenditures, operation, accounting procedures, and technology.

The liabilities are of course all similar. In New Jersey, online casino is king in the present.

Before you choose, assess the best platform suitable for your accounting and financial resources. With forms, there are different gambling forms. You have the usual online casino with poker, slots, blackjack, craps, roulette, and more. You also have sports betting and lotteries.

Learn to gamble before everything else

Let’s say you’ve got everything in place, the operation, accounting, administration, and legal. You can’t really start a casino business if you haven’t experienced gambling as well. There is some information that is visible and tangible from a customer side alone.

In order to understand your audience, you need to be part of the audience first.

Important Casino Laws in New Jersey

The casino scene in the Garden State is out of this world. Speaking infrastructures, modernization, services, accommodation, and operation, it is on a global standard.

One key asset of that is the many laws protecting casino operators and customers financially, professionally, legally, and yes, physically.

Now, let’s get started, shall we?

New Jersey Casino Control Act

The act was established way back in 1977 and underwent several updates that ensures the protection and integrity of both casino operators and customers. The act shields the businesses and the consumers from the threat of criminal activities and organizations mainly predicated by illegal operations and financial evasions.

The DGE or the Division of Gaming Enforcement is tasked to overlook and assert this law through legal processes such as inspection, audit, investigation, assessment, and more. The DGE is working with the Regulatory Enforcement and Regulatory Prosecutions Bureaus in promoting and enforcing the Casino Control Act.

One important factor about this is casino accounting and internal controls. Most casinos are transparent when it comes to their profits and losses. However, that is not enough to make sure if an operator is functioning within or beyond the rules.

There are particular accounting procedures or let’s call them responsibilities involved parties have for other parties.

The UIGEA of 2006

The Unlawful Internet Gambling Enforcement Act of 2006 prohibits banks in the country from accommodating and processing financial transactions for unregulated online gambling operations.

With this act, all banks in the United States, without exemption are to not entertain, accept, and process any form of financial or accounting transactions for illegal online casinos or gambling activities.

This act is to protect online gambling patrons as well as to further promote responsible casino and gambling operations, not only in New Jersey, but throughout the entire country.

In a nutshell

There have already been several provisions under New Jersey gambling laws. For example, back in the early 1980s, the state passed a bill raining the casino gambling age requirement from 18 to 21.

For the most recent provisions, lawmakers and operators are concerned about the financial security of operators with the emergence of more and more illegal gambling activities, both online and offline.

It is also to protect the necessary financial and accounting casino procedures and liabilities.

Essential Accounting and Economic Casino Procedures

In the casino business, economies of scale are important. It’s not just about generating a large amount of profit but saving a big amount as well. However, you need to make sure that the standard of casino services and products you provide are on an upward trajectory.

Before we start, did you know that the casino industry in America skyrocketed past $90 billion, wait for it, back in 2009. More and more casinos are learning to utilize key accounting components not to just stay in business but to take over the competition.

Now, here are the essential accounting and economic casino procedures.

Profit and Loss

Are you familiar with a casino’s EBITDA? Well, it stands for earnings before interest, taxes, depreciation and amortization. It is important to calculate and assess the casino’s profits and losses.

You can’t base the number from casino’s gaming winnings and losses alone.

Here’s how you calculate to get the casino’s net profit figure. First, combine casino win and loss. Then, make sure to get the total earnings from added casino services like food, drinks, parking, and other services.

Next, tally all the operating and administrative expenses such as security, amenities, utilities, marketing, and payroll. Then, subtract the total amount of these expenses from the total revenue. From that you get your EBITDA.

The last step entails subtracting all outstanding or applicable loans, taxes (federal and state), amortization of purchases and depreciation of assets. You then get your casino’s net profit figure.

This is where you assess if your casino is generating a profit or not. This is where you also determine what’s working and what’s not.

The Drop

The Drop, are you familiar with this term? The Drop is the total amount from exchanged casino chips or tokens by customers. Don’t get it wrong though, this accounting component does not calculate a casino’s daily revenue.

The Drop is merely a basis when it comes to calculating your daily revenue. That is still determined with casino winnings and losses.

The Handle

This is the sum of the casino customer wagers. Getting these numbers is important when adapting to loss circumstances and to strategize management as well.

Casino Gaming Win/Loss

In the casino business, some days are good, some days are bad. This goes to both the casino and the customers. Some days you win, some days you lose. It is important for a casino to determine if a particular day is a win or a loss.

Win meaning, the casino made money and loss if the casino loses money. This must be done per game and not in general. For example, it’s a lot harder to determine if your casino’s poker tables made money or not.

Slot machines have built-in calculation software for that. This is where you subtract the total of chips and/or tokens cashed back in by your patrons from the drop.

With this one, there’s not much you can do to put the stakes in your favor.

It’s a casino, so you can’t decide if a customer will win or not. However, casinos always have the upper hand with the house edge strategy.

House edge is the mathematical advantage the casino has over customers.

If you’re in the casino business, you should be aware of these, tax responsibilities, and more.

Gambling Winnings: Tax Responsibilities in the Garden State

New Jersey’s Division of Taxation, unlike the gambling industry is not so lenient when it comes to implementing and monitoring tax responsibilities. It does not matter if you’re a resident of the state or not, you are not exempted from these rules.

Don’t worry though, these rules are actually helping both casino operators and consumers in terms of financial security.

Accounting professionals working for casinos and gambling providers are on top of these things given that these responsibilities are not always agreed upon by consumers.

Gambling forms affected

When we say gambling tax responsibilities, we’re referring not only to casinos but lottery and sports betting as well. Winnings or net gambling winnings are required to be included in an individual’s New Jersey Gross Income Tax Return.

Estimating Income Taxes

Accounting offices of casinos are required to work alongside NJ’s Division of Taxation when it comes to estimating income taxes. There is a taxation and accounting procedure for this estimation, and we can’t really explain it here.

Not that we are incapable of doing so, rather it’s a really extensive and lengthy process and you need a professional to help you understand.

If you want the full document, you can visit www.state.nj.us and download the document under the taxation tab.

Taxable Income

People can calculate taxable income and they can use their gambling losses to offset their gambling winnings from the same year. However, this is only accepted as long as the amount of your losses does not exceed the amount of your winnings.

So, long story short, it does not matter if you’re from the Garden State or not, even certain estates and trusts are covered under these responsibilities.