The mainstream media and online gambling news
Does the mainstream media
misreport most of the online gambling news, giving them the
wrong spin? Of course they do.
First and foremost - always
get your news from industry-related news portals with good
record. And this applies not just to the gambling business, but
Misinformation about the
current events in the online gambling industry may caress your
weary ears but it would not help you stay realistic and look at
things for what they are worth. And when it comes to the online
gambling industry, let's not forget that most of the big names
in the online and offline media do not employ any experts in our
field, but just copy-and-paste the latest AP or Reuters feed.
You would be surprised how often major Internet portals decide
to write a story on Internet gambling and would give the task to
a reporter who has not even the basic idea of how this industry
operates. So the next time you see a story about Internet
gambling (positive or negative) at one of the big news reporting
agencies - keep in mind that, most likely, the stories have been
written by reporters who had to educate themselves about this
decade-plus-old industry in a matter of a week or two.
To illustrate this better,
let's take the way mainstream and other news agencies reported
on the today's 888 Holding financial report.
There were headlines such as:
"888 Shrugs Off UIGEA to Report Record 2006 Results", "888
weathering US online gaming ban", "888's profits soar despite US
ban", etc. While it is obvious that no one actually read the
financial report of 888 Holdings, the simple fact that it was
for the year 2006, should have been enough to tune down the
superlatives a notch. The company pulled out of the US market
towards the end of October 2006, and last year, up to October,
was a great year for online poker and online casinos in general.
Not to mention that 888 Holding stock (LSE:888) was trading on
September 29th 2006 at 146.50 GBp, and on April 28th 2006 at
240.25GBp compared to today's 120.50GBp. Although 888 Holdings
is showing somewhat decent numbers for the Q1 2007 compared with
Q4 2006, the company is nowhere near its position before the
Or you can take the headlines
about Congressman Barney Frank's Internet gambling bill. A bill
which in its basics does nothing but allow Indian tribes to run
online casinos within their states was reported as "Congressman
Seeks To Lift Online Gambling Ban", "Bill Would Lift Internet
Gambling Ban", "Top House Democrat Makes Bid To Reverse Internet
Gambling Ban", etc. The only thing that was missing, was the
fact that the suggested bill did none of the above.
So in the future - don't
believe the hype. It is recommended that you get your news from
the few good online gambling portals.