Centaur Galileo, Sports Betting Hedge Fund Inspired By Mark Cuban, Collapses

That’s a notion with which Tony Woodhams, Centaur’s managing director, previously said he agreed.

Mark Cuban is an undeniable idea machine. At this point, the reason for the fund’s collapse is reportedly still unknown.

Galileo, which required a minimum of roughly $135,000 to be come an investor, used a number crunching system that the m88 founders argued allowed the fund to bet on sports with much more accuracy than the casual gambler, according to the Los Angeles Times.

“We have unique software we’ve written over five years that ensures we purely trade on statistics and probabilities,” Woodhams told CNBC in 2010. It didn’t last very long, however, as the fund appears to have collapsed on Monday, according to Wager Minds. “The question really is, which gives the opportunity for a better outcome?”

“When you think about betting on sports, there really is far better information about your local sports team than there is about any local business in your market. . They are right. The localTV station gives a report about every game. But one of his boldest ideas yet may have proven too hot to handle. The local papers cover the team every day.

Centaur, a London-based investment company, launched its Galileo fund in 2010 based in part because of an idea Cuban proposed in a 2004 blog post — creating a hedge fund that invested in sports bets. Start your workday the right way with the news that matters most.

Financial crisis or not, another study, this one by Princeton researchers, found hedge funds to be “far riskier and provide much lower returns than is commonly supposed.” In other words, lots of the bad stuff without so much of the good.

Though Galileo wasn’t a traditional hedge fund, its collapse may highlight some of the risks inherent in others, which aim for high-risk, high-reward investments, sometimes with large-scale consequences. The fund was regulated by Gibraltar’s government, instead of the British government. A recent paper from two Yale professors found that hedge funds may have played a larger role in the financial crisis than many originally thought. Gambling isgambling [sic],” Cuban wrote in his blog at the time. “The process is very clinical, which is our edge.”

Cuban’s original idea for a fund similar to Galileo revolved around the idea thats sports provided more information to investors than actual American companies. John Paulson’s hedge fund, for one, has been tied to claims that Goldman Sachs purposefully created financial instruments they assumed likely to go bust — and then bet against them. “That’s far better than we get from public companies.”

Despite Woodhams’ confidence, it appears that there may have been some red flags indicating Galileo was headed down a bad path, according to Wager Minds. There areradio stations who cover them for hours at a time [sic],” Cuban added.

“It’s not unusual to hear people refer to trading stocks as no different than going to Vegas. In his blog post, Cuban argued that because the sports betting market is less efficient than other markets, anyone who applied a “smart money” strategy to investing in it would have a good chance at success

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Japanese e-commerce giant Rakuten bets big on drones

The company kicked off 2017 by celebrating a world record for the longest drone delivery carried out by its research partner Autonomous Control Systems Laboratory.

CEO Mikitani, who received his graduate degree from Harvard, posted a series of emotional tweets explaining his opposition to Trump’s original executive order on immigration.

In a blog post, Mikitani pledged to support Rakuten’s employees “regardless of their nationality or religion.”

Viber offered to provide free international calls from the U.S.

Rakuten flying drone

Related: How to boost corporate Japan: Stop speaking Japanese

So committed is Mikitani to going global that he made English the official company language back in 2010.

To boost its global standing, the company inked a multimillion dollar sponsorship deal with FC Barcelona, one of Europe’s most successful football teams, late last year. A couple years ago, the automaker announced plans to switch its official language to English by 2020.

And it was one of many global tech firms who slammed President Trump’s travel ban back in January.

CNNMoney (Hong Kong) First published March 15, 2017: 10:17 PM ET

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Rakuten is tired of being known as Japan’s answer to the U.S.

CEO Hiroshi “Mickey” Mikitani expects drones to revolutionize the delivery sector.

The move shocked corporate Japan, sparking rare public criticism. With more than 14,000 employees and m88 casino revenue last year of more than $6.8 billion (781.9 billion yen), it is pushing to become a tech giant on the scale of Google (GOOGL, Tech30) or Alibaba (BABA, Tech30).

– Will Ripley and Melissa Hassett contributed to this report. It also made it easier to hire foreigners, a big advantage given Japan’s aging population and shrinking labor pool.

“It is wrong as a human being to uniformally [sic] discriminate based on religion and nationality,” he continued.

The result is a culture that blends corporate Japanese traditions with a Silicon Valley mindset, said CFO Yamada.

Oh, and that executive who called Mikitani’s plan stupid? That was former Honda (HMC) CEO Takanobu Ito.

Rakuten’s commercial drones are modeled on the airframe used in that flight. One fellow CEO called the plan “stupid.”

Nearly seven years later, finance chief Yoshihisa Yamada boasts that Rakuten “is very open, dynamic and diverse.”

Making English the official language helped the company dispense with the honorifics and deference of Japanese.

Trump’s order originally barred citizens from Iraq, Syria, Iran, Libya, Somalia, Sudan and Yemen from entering the U.S. to countries affected by the immigration ban. Mikitani has not commented on Trump’s revised executive order, which exempts Iraq from the travel ban.

Rakuten takes Japan’s “high quality, really customer-oriented service mind” and mixes it “with the Silicon Valley, little bit techie, dynamic culture,” he told CNNMoney.

Rakuten (RKUNF) this week teamed up with California-based AirMap to develop technology to manage drone traffic in Japan. They hope to allow drones to operate autonomously at low altitude.

Global rival Amazon is also making an aggressive push into drone deliveries.

Related: There is a retail bubble — and it’s bursting

Rakuten is a household name in Japan, but remains relatively unknown elsewhere. The drone flew a container of hot soup 7.4 miles (12 kilometers) to surfers on a beach.

It spent $900 million buying messaging app Viber in 2014, and has also invested in startups such as Pinterest and Lyft.

“The capacity in skies above us is far greater than in the roads beneath our feet,” he wrote in a recent blog post. It’s planning a push into connected devices and artificial intelligence. for the next 90 days. online shopping behemoth

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Will the big game save gaming in Atlantic City?

Atlantic City casino revenue reached a peak of $5.2 billion, and tumbled to $2.86 billion last year nearly two dozen casinos were built within driving distance of the Jersey shore gambling mecca.

Second, as an economic activity, sports betting isn’t a game-changer. The reasons are many. The Trump Taj Mahal has threatened to shut down next month unless it receives concessions from state officials. Florida developer Glen Straub, who submitted the losing bid, is challenging the sale.

But State Senator Raymond Lesniak, an outspoken proponent for sports betting, pushed through a bill this that year that abolished the state’s existing prohibitions against sports betting.

Under a measure New Jersey Gov. Nelson Rose, a professor at Whittier Law School who has written a textbook on gaming law, adding he wasn’t sure if New Jersey’s move will survive a court challenge. and the NCAA have long opposed sports gambling because of fears it would lead to game-fixing. “This whole thing is a snow job.”

A further damper on sports betting profits at Atlantic City casinos is the fact that it’s legal in Delaware and a handful of other states.

Still, sports betting is starting up in New Jersey despite ferocious competition from a number powerful interests. Chris Christie signed into law last week, Atlantic City racetracks and casinos can start accepting sports bets. Over the past few months, operators of the Revel Casino Hotel, which at one time was touted as linchpin of an Atlantic City revival, Trump Plaza and Showboat, closed their doors. Supreme Court refused to hear the state’s appeal, leaving the ban in place.

“I don’t think it’s going to be the lifeline for the casinos,” said Alex Bumazhny, who follows the casino industry for Fitch Ratings, adding that the credit rating agency “doesn’t think it will make a big difference” in Atlantic City.

“Nobody expected such a bizarre move,” said I. Professional sports leagues in the U.S. Despite such concerns, Christie initially moved to permit sports betting in 2011 after voters approved a constitutional amendment to legalize it. The state then eliminated all of its laws outlawing sports betting at tracks and casinos. Casino industry experts have argued that it will be difficult for Brookfield to operate Revel as a casino because it never made a profit.

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A lifeguard boat sits on the beach in front of the closed Revel Casino Sept. According to data from the American Gaming Association, a trade group, about $3.4 billion was wagered on sports at casinos in Nevada in 2012, though the total amount generated by the state’s casinos race books was much smaller. For one, the decline of New Jersey’s gaming industry has been years in the making and was hastened when lawmakers in neighboring Pennsylvania, a key Atlantic City market, allowed casino gaming. . 15, 2014 in Atlantic City, New Jersey.

DON EMMERT/AFP/Getty Images

Earlier this month, Brookfield Asset Management, owner of Las Vegas’ Hard Rock Hotel & Casino, acquired Revel for $110 million, a fraction of the $2.4 billion to build. But that law comes amid a major slump in gambling in the state.

“The reality is that it’s a big deal for Monmouth Park and that’s it,” said Alan Woinski, the president of Gaming USA, a consulting firm based in Paramus, New Jersey, in an interview, referring to a struggling race track in Oceanport, New Jersey, that under the state’s new law will be able accept sports bets. “This isn’t going to save Atlantic City. Though 44 percent of people surveyed by Rutgers-Eagleton poll thought that sports betting was a positive for Atlantic City, another 48 percent were less sure of its value, while another 31 percent thought it would make no difference. A federal court ruled in the league’s favor, and the U.S. The AGA pegs the gross gaming revenue from sports bets at $170 million, a tiny percentage of the $10.9 billion consumers plunked down fun88 in the state’s casinos in 2012.

The NFL subsequently sued to block the law, claiming that it violated an 1992 federal law that restricted sports betting to four states. There probably isn’t anything that can save Atlantic City.”

Atlantic City’s embattled casino industry, which has lost thousands of jobs this year as money-losing operator shut their doors, shouldn’t expect much of a boost from sports betting, experts say.

Another obstacle is that New Jersey residents are divided over the benefits of sports betting

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