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60-593: Jacobs Entertainment, Inc. is a gaming , hospitality , and entertainment company based in Golden, Colorado , with properties in Louisiana, Colorado, Nevada, and Ohio. The company was formed by Cleveland real estate developer and former Ohio state representative Jeff Jacobs . In 1995, it announced a joint venture with Black Hawk Gaming & Development to build a casino hotel in Black Hawk, Colorado . Jacobs

120-597: A casino setting. Gambling games that take place outside of casinos include bingo (as played in the US and UK ), dead pool , lotteries , pull-tab games and scratchcards , and Mahjong . Other non-casino gambling games include: *Although coin tossing is not usually played in a casino, it has been known to be an official gambling game in some Australian casinos Fixed-odds betting and Parimutuel betting frequently occur at many types of sporting events, and political elections. In addition many bookmakers offer fixed odds on

180-468: A prize . The outcome of the wager is often immediate, such as a single roll of dice , a spin of a roulette wheel, or a horse crossing the finish line, but longer time frames are also common, allowing wagers on the outcome of a future sports contest or even an entire sports season. The term "gaming" in this context typically refers to instances in which the activity has been specifically permitted by law . The two words are not mutually exclusive; i.e. ,

240-770: A "gaming" company offers (legal) "gambling" activities to the public and may be regulated by one of many gaming control boards , for example, the Nevada Gaming Control Board . However, this distinction is not universally observed in the English-speaking world. For instance, in the United Kingdom, the regulator of gambling activities is called the Gambling Commission (not the Gaming Commission). The word gaming

300-618: A floating bridge at Main Street (Main Street Bridge, located near the Cleveland Memorial Shoreway crossing) which was the sole river crossing. Cleveland then built a new bridge further downstream (Columbus Road Bridge) which connected Cleveland Mayor John W. Willey and developer/friend Jas Clark's "Willeyville" and "Cleveland Centre" developments along the newly constructed Columbus Road. The new bridge diverted

360-662: A gambling contract may not give a casino bona fide purchaser status, permitting the recovery of stolen funds in some situations. In Lipkin Gorman v Karpnale Ltd , where a solicitor used stolen funds to gamble at a casino, the House of Lords overruled the High Court's previous verdict, adjudicating that the casino return the stolen funds less those subject to any change of position defence. U.S. Law precedents are somewhat similar. For case law on recovery of gambling losses where

420-563: A house bias can quite easily be missed unless the devices are checked carefully. Most jurisdictions that allow gambling require participants to be above a certain age. In some jurisdictions, the gambling age differs depending on the type of gambling. For example, in many American states one must be over 21 to enter a casino, but may buy a lottery ticket after turning 18. Because contracts of insurance have many features in common with wagers, insurance contracts are often distinguished in law as agreements in which either party has an interest in

480-632: A license to operate a casino in Orange County, Indiana in 2003, but withdrew its bid in the face of stiff competition. It also made plans to develop a casino in D'Iberville, Mississippi , but pulled out of the project in 2004. Jacobs held discussions about buying New York racetrack Vernon Downs in 2005, and Casino Aztar Caruthersville in Missouri in 2007, but neither acquisition materialized. In 2006, Jacobs spent over $ 2 million in support of an Ohio ballot measure that would have authorized

540-587: A number of non-sports related outcomes, for example the direction and extent of movement of various financial indices , the winner of television competitions such as Big Brother , and election results. Interactive prediction markets also offer trading on these outcomes, with "shares" of results trading on an open market. One of the most widespread forms of gambling involves betting on horse or greyhound racing . Wagering may take place through parimutuel pools, or bookmakers may take bets personally. Parimutuel wagers pay off at prices determined by support in

600-769: A source of destruction in Singalovada Sutra . Professions that are seen to violate the precept against theft include working in the gambling industry. Ancient Hindu poems like the Gambler's Lament and the Mahabharata testify to the existence of gambling among ancient Indians, while highlighting its destructive impact. The text Arthashastra ( c.  4th century BCE ) recommends taxation and control of gambling. Ancient Jewish authorities frowned on gambling, even disqualifying professional gamblers from testifying in court. The Catholic Church holds

660-430: A statement is true or false, or that a specified event will happen (a "back bet") or will not happen (a "lay bet") within a specified time. This occurs in particular when two people have opposing but strongly held views on truth or events. Not only do the parties hope to gain from the bet, they place the bet also to demonstrate their certainty about the issue. Some means of determining the issue at stake must exist. Sometimes

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720-591: Is a consensus among the ‘ Ulema ’ ( Arabic : عُـلـمـاء , Scholars (of Islam )) that gambling is haraam ( Arabic : حَـرام , sinful or forbidden). In assertions made during its prohibition, Muslim jurists describe gambling as being both un- Qur’anic , and as being generally harmful to the Muslim Ummah ( Arabic : أُمَّـة , Community). The Arabic terminology for gambling is Maisir . They ask you about intoxicants and gambling. Say: 'In them both lies grave sin, though some benefit, to mankind. But their sin

780-464: Is a theoretically risk-free betting system in which every outcome of an event is bet upon so that a known profit will be made by the bettor upon completion of the event regardless of the outcome. Arbitrage betting is a combination of the ancient art of arbitrage trading and gambling, which has been made possible by the large numbers of bookmakers in the marketplace, creating occasional opportunities for arbitrage. One can also bet with another person that

840-543: Is acceptable is a matter of debate: Investments are also usually not considered gambling, although some investments can involve significant risk. Examples of investments include stocks , bonds and real estate . Starting a business can also be considered a form of investment. Investments are generally not considered gambling when they meet the following criteria: Some speculative investment activities are particularly risky, but are sometimes perceived to be different from gambling: A levant or levanting characterises

900-623: Is more grave than their benefit.' In parts of the world that implement full Shari‘ah, such as Aceh , punishments for Muslim gamblers can range up to 12 lashes or a one-year prison term and a fine for those who provide a venue for such practises. Some Islamic nations prohibit gambling; most other countries regulate it . According to the Most Holy Book , paragraph 155, gambling is forbidden. While almost any game can be played for money, and any game typically played for money can also be played just for fun, some games are generally offered in

960-508: Is reached, and the motivation is entertainment and not personal gain leading to the "love of money" or making a living. In general, Catholic bishops have opposed casino gambling on the grounds that it too often tempts people into problem gambling or addiction, and has particularly negative effects on poor people; they sometimes also cite secondary effects such as increases in loan sharking, prostitution, corruption, and general public immorality. Some parish pastors have also opposed casinos for

1020-400: Is used more frequently since the rise of computer and video games to describe activities that do not necessarily involve wagering, especially online gaming , with the new usage still not having displaced the old usage as the primary definition in common dictionaries. "Gaming" has also been used euphemistically to circumvent laws against "gambling". The media and others have used one term or

1080-1058: The Christian Reformed Church in North America , the Church of the Lutheran Confession , the Southern Baptist Convention , the Assemblies of God , and the Seventh-day Adventist Church . Other churches that oppose gambling include the Jehovah's Witnesses , The Church of Jesus Christ of Latter-day Saints , the Iglesia ni Cristo , and the Members Church of God International . There

1140-906: The Las Vegas Strip . The Lodge Casino, the company's $ 73-million joint venture with Black Hawk Gaming, opened in 1998, with Jacobs owning a 25 percent share. In 2002, Jacobs and his father, former Cleveland Indians owner Richard E. Jacobs , consolidated their gaming holdings into a reorganized Jacobs Entertainment, Inc., which simultaneously purchased all outstanding shares of Black Hawk Gaming & Development and Colonial Holdings. The combined company at that point owned The Lodge Casino and The Gilpin Casino in Black Hawk; The Gold Dust West Casino in Reno, Nevada ; Colonial Downs racetrack; and six truck stop casinos in Louisiana. The company applied for

1200-643: The Ohio River and other southern Ohio cities. The heavily Irish immigrant workforce that built the canal took residence on the West Bank of the Flats and neighboring Ohio City . Ohio City's rise, fueled by the produce that flowed from Medina County farms along U.S. 42 to the West Side Market , was soon viewed as a threat to Cleveland's development. In response, Cleveland destroyed its half of

1260-524: The Ohio and Erie Canal Corridor, is also being restored to provide jogging and bike trails for city residents and to preserve part of the Flats history. Whiskey Island has also been purchased by Cuyahoga County in hopes of making it more accessible to residents in the form of a lakefront park. The water quality of the river has also improved since 1970, with fish populations returning increasingly each year. In 2017, Jimmy Buffett's Margaritaville opened on

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1320-536: The Tremont neighborhood and west of the Slavic Village . The mills were the pillar of the city's economy and the largest consumer of water and electricity. Post-war recessions and production shifts to China and Europe hit the steel industry hard. Layoffs in the late 1970s forced many to find work elsewhere, or support from welfare programs. During this time, Cleveland, along with other industrial cities in

1380-469: The "Flat Iron", the oldest Irish Bar in the Flats, which was originally a four-story cafeteria and inn. Lumberyards lined the river with freshly cut wood waiting to be shipped. John D. Rockefeller 's Standard Oil Company on the East Bank was putting Cleveland on the map as an industrial power. The Flats' industrial legacy, however, would be defined by its steel mills , located along the river south of

1440-607: The "bet-upon" outcome beyond the specific financial terms; for example, a "bet" with an insurer on whether one's house will burn down is not gambling, but rather insurance , as the homeowner has an obvious interest in the continued existence of the home independent of the purely financial aspects of the "bet" (i.e., the insurance policy). Nonetheless, both insurance and gambling contracts are typically considered aleatory contracts under most legal systems, though they are subject to different types of regulation. Under common law , particularly English Law ( English unjust enrichment ),

1500-683: The 17th century. The first known casino, the Ridotto , started operating in 1638 in Venice, Italy. Gambling has been a main recreational activity in Great Britain for centuries. Queen Elizabeth I chartered a lottery that was drawn in 1569. Horseracing has been a favorite theme for over three centuries. It has been heavily regulated. Historically much of the opposition comes from Nonconformist Protestants , and from social reformers. Gambling has been part of Singapore's history, though it

1560-517: The East Bank of the Flats is being developed and financed by the Wolstein Group and Fairmount Properties. Opening in June 2013, the $ 275 million first phase included a 23-story office tower, 8-story Aloft hotel , restaurants, and a 16,000 sq. ft. health club, The office tower has been named the " Ernst and Young building." The two anchor tenants include the law firm Tucker Ellis and West, and

1620-470: The East bank, Cleveland Aquarium, a performance venue/bar on the West Bank, along with a piano bar, two breweries, a water taxi between the East Bank and the West Bank and many other upscale amenities have changed what was as recently as 2010 a ghost town. Apartments above the tourist area rent in the $ 2000 range, and activity in the Flats might now be surpassing its former glory. The canal's towpath , part of

1680-735: The Gold Dust West name in Elko, Nevada in 2007. In 2008 and 2009, the company bought out the shares of Richard E. Jacobs, leaving his son as the sole owner. The company acquired the Nautica Entertainment Complex from Jeffrey Jacobs in phases between 2008 and 2012. It then purchased the Greater Cleveland Aquarium , located in the complex, in 2014. Jacobs offered itself for sale to MTR Gaming in 2013 for $ 145 million in stock, but withdrew

1740-634: The act of absconding following the outcome of a bet. Problem gambling has multiple symptoms. Gamblers often play again to try to win back money they have lost, and some gamble to relieve feelings of helplessness and anxiety. In the United Kingdom, the Advertising Standards Authority has censured several betting firms for advertisements disguised as news articles suggesting falsely that a person had cleared debts and paid for medical expenses by gambling online. The firms face possible fines. A 2020 study of 32 countries found that

1800-713: The additional reason that they would take customers away from church bingo and annual festivals where games such as blackjack , roulette , craps , and poker are used for fundraising. St. Thomas Aquinas wrote that gambling should be especially forbidden where the losing bettor is underage or otherwise not able to consent to the transaction. Gambling has often been seen as having social consequences , as satirized by Balzac . For these social and religious reasons, most legal jurisdictions limit gambling, as advocated by Pascal . Gambling views among Protestants vary, with some either discouraging or forbidding their members from participation in gambling. Methodists , in accordance with

1860-413: The amount bet remains nominal, demonstrating the outcome as one of principle rather than of financial importance. Betting exchanges allow consumers to both back and lay at odds of their choice. Similar in some ways to a stock exchange, a bettor may want to back a horse (hoping it will win) or lay a horse (hoping it will lose, effectively acting as bookmaker). Spread betting allows gamblers to wager on

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1920-513: The collectible game pieces (respectively, small discs and trading cards) as stakes, resulting in a meta-game regarding the value of a player's collection of pieces. Gambling dates back at least to the Paleolithic period, before written history. In Mesopotamia the earliest six-sided dice date to about 3000  BCE . However, they were based on astragali dating back thousands of years earlier. In China, gambling houses were widespread in

1980-805: The company to open a casino at the Nautica Entertainment Complex , owned by Jeffrey Jacobs. The measure would ultimately fail. In later years, Jacobs' expanded Cleveland properties would be collectively renamed as the Nautica Waterfront District. Jacobs purchased the Piñon Plaza casino in Carson City, Nevada in 2006 for $ 14.5 million, and rebranded it as the Gold Dust West Carson City. The company opened its third casino under

2040-578: The damage had been done, and Ohio City soon became the first area to be annexed by the larger city. A recession in the mid-19th century caused the Cleveland Centre mixed commercial and residential plan to collapse, and the land was purchased by industrialists connected to the canal and growing railroad lines. The cities' poor Irish lived along the West Bank in the " Irish Ghetto " near the intersection of Columbus, Carter, Franklin, and Riverbed Roads. Shipmen would find services at establishments like

2100-750: The doctrine of outward holiness , oppose gambling which they believe is a sin that feeds on greed. Other denominations that discourage gambling are the United Methodist Church , the Free Methodist Church , the Evangelical Wesleyan Church , the Salvation Army , and the Church of the Nazarene . Other Protestants that oppose gambling include Mennonites , Schwarzenau Brethren , Quakers ,

2160-546: The early 1990s, the Flats had the highest concentration of bars in the Midwest , with both locally owned bars, nightclubs, and national restaurant chains lining both sides of the river from the mouth to the Oxbow bend. The Flats and Cleveland had soon become an entertainment mecca and destination for the region. The Flats Oxbow Association was formed to help redevelop the Flats, and housing development soon followed on both sides of

2220-415: The early 20th century, gambling was almost uniformly outlawed throughout the U.S. and thus became a largely illegal activity, helping to spur the growth of the mafia and other criminal organizations . The late 20th century saw a softening in attitudes towards gambling and a relaxation of laws against it. Many jurisdictions, local as well as national, either ban gambling or heavily control it by licensing

2280-584: The first millennium BCE, and betting on fighting animals was common. Lotto games and dominoes (precursors of Pai Gow ) appeared in China as early as the 10th century. Playing cards appeared in the 9th century CE in China. Records trace gambling in Japan back at least as far as the 14th century. Poker , the most popular U.S. card game associated with gambling, derives from the Persian game As-Nas , dating back to

2340-425: The glass shelters, and demolishing ticket booths. At Settlers Landing , crews will restore eight etched glass panels that act as wind screens. The artwork depicts scenes of Cleveland's settlement and the evolution of transportation. Several restaurants, bars, a 1200-foot boardwalk, and apartments opened as a part of Phase 2 in 2015. By 2017, the Flats was once again vibrant and tourist friendly. New restaurants on

2400-662: The greater the amount of gambling activity in a given country, the more volatile that country's stock-market prices are. Legalization of online sports betting was found to decrease household saving, decrease investment with positive expected value and increase financial distress . The Flats In 1796, Moses Cleaveland and his survey party landed on the banks of the Cuyahoga upon their arrival from Connecticut . Early settlers included Lorenzo Carter , whose land holdings included much of what makes up today's East Bank entertainment district, including Whiskey Island , which

2460-507: The largest tenant, Ernst and Young . The 450,000 sq. ft. office tower is all Class A office space and features a green, open-air rooftop terrace. The initial opening restaurants and bars included Ken Stewart's, Lago, Flip Side and Wileyville. Two Waterfront Line Cleveland RTA stations , Settlers Landing station and Main Avenue station received $ 375,000 upgrades. Work at both stations includes replacing brick and concrete pavers, repairing

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2520-559: The loser had stolen the funds see "Rights of owner of stolen money as against one who won it in gambling transaction from thief". An interesting question is what happens when the person trying to make recovery is the gambler's spouse, and the money or property lost was either the spouse's, or was community property . This was a minor plot point in a Perry Mason novel, The Case of the Singing Skirt , and it cites an actual case Novo v. Hotel Del Rio . The Buddha stated gambling as

2580-421: The mid-1980s, the Flats saw a resurgence as an entertainment destination. Underground music venues appeared on the East Bank, while mainstream development first took place on the West Bank. The Powerhouse, built to power the city's cable cars, was renovated to include multiple bars, restaurants, and an outdoor music venue. Other warehouses and buildings were also renovated into nightlife destinations. At its peak in

2640-551: The offer after MTR agreed to be acquired by Eldorado Resorts . The Jacobses had begun purchasing shares in MTR Gaming in 2006, eventually accumulating an 18 percent stake in the company. Later in the year, Jacobs made a competing offer to buy MTR, and then withdrew it after Eldorado increased its offer. Since 2008, Jacobs has pursued plans to develop a casino in Diamondhead, Mississippi . The state gaming commission rejected

2700-490: The other to frame conversations around the subjects, resulting in a shift of perceptions among their audiences. Gambling is also a major international commercial activity, with the legal gambling market totaling an estimated $ 335 billion in 2009. In other forms, gambling can be conducted with materials that have a value, but are not real money. For example, players of marbles games might wager marbles, and likewise games of Pogs or Magic: The Gathering can be played with

2760-605: The outcome of an event where the pay-off is based on the accuracy of the wager, rather than a simple "win or lose" outcome. For example, a wager can be based on the when a point is scored in the game in minutes and each minute away from the prediction increases or reduces the payout. Many betting systems have been created in an attempt to "beat the house" but no system can make a mathematically unprofitable bet in terms of expected value profitable over time. Widely used systems include: Many risk-return choices are sometimes referred to colloquially as "gambling." Whether this terminology

2820-401: The position that there is no moral impediment to gambling, so long as it is fair, all bettors have a reasonable chance of winning, there is no fraud involved, and the parties involved do not have actual knowledge of the outcome of the bet (unless they have disclosed this knowledge), and as long as the following conditions are met: the gambler can afford to lose the bet, and stops when the limit

2880-560: The produce trade from the West Side Market to the new Central Market. Infuriated Ohio City residents, rallying with the cry of "Two bridges or none," marched on the new bridge with guns, axes, and other tools. They met a mob of Cleveland residents ready to fight; the ensuing "Bridge War" was put down by county sheriff's officers. The courts ultimately forced Cleveland to rebuild its half of the Main Street Bridge, but

2940-761: The proposal in March 2017, but the company filed an appeal. Jacobs purchased the Sands Regency Casino Hotel in Reno, a few blocks away from the Gold Dust West Casino, for $ 30 million in July 2017. The company soon began a $ 500-million plan to redevelop the corridor between the two casinos with mixed-use developments and retail and entertainment venues. In April 2018, Jacobs sold Colonial Downs, which had been closed since 2014. The track

3000-579: The region like Youngstown , Pittsburgh , Detroit and Gary , had become known as the Rust Belt . LTV 's repeated bankruptcies finally led to the closing their plants in 2000 (including Cleveland's plant), until investors formed ISG and resumed scaled-back operations. Over the second half of the 20th century, much of the industry and manufacturing in the Flats closed, leaving decaying buildings and persistent pollution. The chemical-clotted Cuyahoga River caught fire several times; most recently in 1969. In

3060-580: The remains of the Superior Viaduct in 2005. In September 2010, Cleveland Rowing Foundation closed a deal to reclaim 6.5 acres (2.6 ha) of vacant, industrialized land to create Rivergate Park, a public park devoted to rowing , canoeing, kayaking and dragon-boating . The Greater Cleveland Aquarium opened its doors on Jan. 21, 2012 in the FirstEnergy Powerhouse on the West Bank of the Flats. The 70,000-square-foot building

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3120-423: The river, with new construction and warehouses being converted into condominiums and apartments . The Flats' 20th century heyday as an entertainment destination was short-lived. Three drowning deaths in one month in 2000, along with a city crackdown on fire and health code violations led to the closing of many bars. Patrons becoming scared off due to safety concerns led to a sharp decrease in business. While this

3180-645: The vendors. Such regulation generally leads to gambling tourism and illegal gambling in the areas where it is not allowed. The involvement of governments, through regulation and taxation, has led to a close connection between many governments and gambling organizations, where legal gambling provides significant government revenue, such as in Monaco and Macau , China. There is generally legislation requiring that gambling devices be statistically random , to prevent manufacturers from making some high-payoff results impossible. Since these high payoffs have very low probability ,

3240-994: The wagering pools, while bookmakers pay off either at the odds offered at the time of accepting the bet; or at the median odds offered by track bookmakers at the time the race started. Betting on team sports has become an important service industry in many countries. Before the advent of the internet, millions of people played the football pools every week in the United Kingdom . In addition to organized sports betting, both legal and illegal, there are many side-betting games played by casual groups of spectators, such as NCAA basketball tournament Bracket Pools, Super Bowl Squares, Fantasy Sports Leagues with monetary entry fees and winnings, and in-person spectator games like Moundball . Based on Sports Betting, Virtual Sports are fantasy and never played sports events made by software that can be played every time without wondering about external things like weather conditions. Arbitrage betting

3300-556: Was a boon for the redevelopment for the Warehouse District , the area just up the hill from the East Bank, it sent shock waves through the Flats' redevelopment. Most of the East Bank went "dark" due to the number of businesses that have closed. In the early 2000s, The West Bank fared better than the East Bank with longtime businesses like Shooters and the Harbor Inn remaining open, and the construction of condominiums at

3360-537: Was also reported to be exploring gaming opportunities in 10 other states, as well as South Africa and Aruba . Later that year, the company purchased 50 percent of Colonial Downs , a horse track under development in New Kent, Virginia , for $ 5 million, and was negotiating to purchase River Downs , an Ohio horse track. In 1996, the company made a $ 9 million investment in the Boardwalk Casino on

3420-476: Was constructed in the late 19th century to generate electricity for the city’s cable cars. Plans were first unveiled in the summer of 2005 include leveling most of buildings in the East Bank and creating a new "neighborhood" that included mixed use live/work spaces, a movie theatre, shopping, a grocery store and riverwalk. The project was delayed by the 2007 Recession and court battles of property acquisition. A multiphase, $ 500 million mixed-use redevelopment along

3480-461: Was created when the mouth of the river was straightened by the Corps of Engineers . Early residents found the Flats inhospitable with humid summers that brought airborne illness and harsh winters with strong winds and snowfall off Lake Erie . Many took to higher ground in current-day Downtown. Cleveland developed slowly until the arrival of the Ohio and Erie Canal , which brought a trade route from

3540-550: Was sold to Revolutionary Racing, a Chicago-based group of investors and gaming executives, for a price of more than $ 20 million. Nautica Waterfront District - West Bank of The Flats Gambling Gambling (also known as betting or gaming ) is the wagering of something of value ("the stakes") on a random event with the intent of winning something else of value, where instances of strategy are discounted. Gambling thus requires three elements to be present: consideration (an amount wagered), risk (chance), and

3600-511: Was strictly controlled by the government for many years. In the mid-20th century, illegal gambling was common. However, with the opening of regulated casinos in 2010, the approach shifted. Today, the government enforces strict laws to promote responsible gambling and prevent illegal activities. Gambling has been a popular activity in the United States for centuries. It has also been suppressed by law in many areas for almost as long. By

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