Casino News Round Up: Paul Invests in Simplebet, Foxwoods To Get $2M

Fresh off his big win in the boxing ring, Jake Paul is continuing to make moves. This time, he’s moving into the gambling space in a play that could prove to be very profitable.

YouTube, Boxing Rising Star Jake Paul Has Invested In Micro-Betting Platform Simplebet

Jake Paul continues to take the world by storm and maybe it’s time to start giving him his respect. His wild videos and comments on social media have generated headline after headline, but he has been strategically using his fame behind the scenes to create a fortune to last his lifetime.

Paul’s Anti Fund, which is basically just a venture capital vehicle, said that they will be investing $30 million for Simplebet. The fundraising campaign for this project is run by another former UFC executive, Nakisa Bidarian and Bavafa Sports.

Simplebet has been on the rise lately as they were able to come to an agreement with DraftKings in a multi-year partnership. DraftKings will now be able to use Simplebet’s business-to-business platform.

The B2B platform helps create tons of betting opportunities in terms of live betting, offering more in-game segments and bets than any other competitor. For example, bettors have the opportunity of gambling on the next pitch in a baseball game or what will happen on the next NBA possession.

Paul says that he and his group have been steadily increasing the amount of money they have been investing to tons of different companies. However, he did say that this investment with Simplebet is going to be his largest yet.

Proof Of Vaccination Required To Enter Casinos In British Columbia

Vaccination requirements have been rapidly increasing around the world (starting with Harrah’s in the United States) and British Columbia just joined the party. Officials just announced that anybody who hopes to get into a social event or casino of any kind will have to show proof of COVID-19 vaccination. The mandate is going to officially start on the 13^th of September and was put in place due to the increase in positive cases in the area.

You will not have to be fully vaccinated, though, as you will still be allowed to head out to social events with just your first dose of the vaccine. Although, if you still don’t have your next dosage by October 24^th, you will then not be allowed to participate in any of those events.

The mask mandate has also made a return in British Columbia. Starting this week, anybody over the age of 12 must wear a mask or face covering inside regardless of if they are vaccinated or not. Multiple casinos were listed as properties that masks will be required, such as Cascades Casino Kamloops, River Rock Casino Resort, and the Grand Villa Casino.

Foxwoods Bound To Get $2 Million From Insurance Policy Due To Pandemic Losses

Foxwoods Resorts Casino just got some fantastic news in regards to their court case with an insurance company. They are set to recover $2 million in losses that stemmed from the start of the COVID-19 pandemic last March.

The Factory Mutual insurance company will now be forced to pay them for those specific losses. However, it isn’t entirely good news when you find out how much the casinos’ owner and the Mashantucket Pequot Tribal Nation had originally asked for in the court case. They originally demanded roughly $76 million in funds from the insurance company but fell incredibly short.

The tribe and casino had argued that there was a breach in their contract with Factory Mutual and that they should have been covered for up to $1.6 billion in losses with their all-risk policy.

Factory Mutual combated these claims by mentioning that any type of virus was to be specifically taken out of the casino’s policy. It may not be the payday that they were hoping for at the start but they have to feel good that they were able to walk away with something. It’ll be interesting to see if more lawsuits like this pop up as casinos try to go after insurance companies for losses due to the pandemic.