Peter Michael George (October 3, 1943 – January 4, 2005) was a British businessman who served from 1994 to 2000 as chairman and chief executive of Hilton Group PLC , the British company that operates non-US Hilton hotel locations and Ladbrokes betting shops.
61-425: Ladbrokes Coral is a British gambling company founded in 1886. Its product offering includes sports betting , online casino , online poker , and online bingo . The Ladbrokes portion of the group was established in 1886, and Coral in 1926. In November 2016, the companies merged to create Ladbrokes Coral Group. Since March 2018, it has been owned by Entain (formerly GVC Holdings). Prior to its sale, Ladbrokes Coral
122-597: 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
183-468: 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. ,
244-770: 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
305-419: A 53-shop chain of English betting shops to Ladbrokes. In 1975, Ladbrokes moved into racecourse management by purchasing Lingfield Park . This was followed by the acquisitions in 1976 of Perry Barr Stadium and Totalisators and Greyhound Holdings, which owned six greyhound racing stadia at Brough Park , Crayford & Bexleyheath , Leeds , Gosforth , Willenhall and Monmore . Arthur Aldridge, formerly of
366-725: A chain of DIY stores , in 1986. In October 1987, it acquired Hilton International from Allegis Corporation for £645 million, gaining 91 hotels and the rights to the Hilton brand outside the United States. Ladbrokes acquired Vernons Football Pools in 1989. Stein retired in January 1994, under pressure from investors because of the company's rising debts and losses. Under the new management and direction of Peter George , Ladbrokes focused on its core areas of hotels and gambling, and began to divest other parts of its business. Texas Homecare
427-662: 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
488-563: 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
549-587: 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
610-454: A result, in 1956 the company was acquired by Mark Stein and his nephew Cyril Stein for a reported £100,000. In 1961, the government legalised betting shops under the Betting and Gaming Act . As managing director, Stein used profits from the business's traditional areas to establish a chain of betting shops. The company first diversified outside the betting business by taking a major stake in
671-769: 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
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#1732793458497732-430: 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
793-779: A television campaign by Ladbrokes that included a host of ex professional footballers was the first to result in complaints to the Advertising Standards Authority (ASA); the ASA eventually cleared the campaign. The company once again came under fire from the ASA in January 2009, due to complaints relating to an advertising campaign. Since 2007, Ladbrokes operated in Spain through the LBApuestas brand, but in April 2014 it terminated its licence for LBApuestas and created
854-492: A warm personality and everybody liked him. As a businessman he was very calm, and he made it his job to get to know what was going on in the world of betting, which is why Ladbrokes became a leader in technology. Peter's strength was in betting. He came from that background, and that was always his big interest." John Jarvis, former chairman, president and chief executive officer of Ladbroke said that he "had tremendous admiration for Peter's energy, talent and knowledge of betting. He
915-604: A website, Sportium, in a joint venture with the Spanish gaming and leisure operator Cirsa . The company entered the online betting market in Australia with its acquisition of Bookmaker.com.au for £13 million in September 2013, followed by a purchase of Betstar for £12 million in April 2014. In June 2015, Ladbrokes announced that they were in talks with the board of Gala Coral Group over a possible merger. The combination of
976-591: 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
1037-464: 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
1098-543: 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
1159-623: 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
1220-508: 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
1281-506: Is shut down. In 1998, government regulators ruled Ladbrokes' ambitious purchase of the Coral chain at George's direction anticompetitive and Ladbrokes was forced to sell. George stepped down as CEO in May of 2000 in order to spend more time with his family and spend more time in the United States. His position was filled by David Michels , and he moved to Los Angeles to live with his wife Kay. In
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#17327934584971342-400: 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
1403-1058: 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
1464-807: The Dragonara Palace in Malta, a casino and hotel, which opened its first phase in 1964. In 1967, Ladbrokes was floated on the London Stock Exchange. From 1967 to 1973, Ladbrokes' retail betting business grew from less than 50 shops to 1,135, and the company expanded its ventures to include bingo clubs, hotels under the Dragonara brand, casinos in London, holiday centres , and real estate investments. In 1973, Terry Rogers received £250,000 and 100,000 Ladbrokes shares when he sold his stake in
1525-541: The Greyhound Racing Association , joined Ladbrokes as Racing Director. The company was rocked by scandal in 1979 with the exposure of illegal marketing schemes at its London casinos, including the bribery of a police officer to obtain information about high rollers at competing casinos. As a result, Ladbrokes was forced to close its four casinos in London, which accounted for roughly 40% of the company's profits. Ladbrokes acquired Texas Homecare ,
1586-729: The Liquor and Gaming New South Wales regulatory agency imposed a fine of AUD207,500 on Ladbrokes Australia and another GVC Holdings brand, Neds, for offering illegal gambling inducements to residents in New South Wales. The regulator called it "the biggest ever fine of its kind" in NSW. On 21 December 2022, the Advertising Standards Authority ruled that an advertisement that Ladbrokes ran in October 2022, featuring Premier League footballers Philippe Coutinho, Jesse Lingard and Kalidou Koulibaly,
1647-640: The Monopolies and Mergers Commission found that the acquisition was anti-competitive . The Coral business, except for 59 shops in Ireland and Jersey, was sold in a management buyout financed by Morgan Grenfell Private Equity for £390 million in February 1999. In March 1999, the company acquired Stakis Hotels for £1.3 billion, gaining 53 hotels and 22 casinos. Later that year, Ladbrokes renamed itself as Hilton Group plc, to reflect its increasing focus on
1708-551: The Scottish Professional Football League agreed to extend the betting company's sponsorship agreement until at 2020. The deal saw the bookmaker remain the principal sponsor of the top four divisions of Scottish football in a deal worth up to £5 million. In March 2018, Ladbrokes completed their omnichannel integration strategy with software provider Playtech , offering single account functionality for all its online, mobile and retail products in
1769-607: 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 ),
1830-683: 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
1891-550: The Coral Group and then changed its name from Ladbrokes plc to Ladbrokes Coral Group plc. In 2017, Ladbrokes announced they were leaving their Rayners Lane HQ, home to around 1,000 employees. It was later confirmed they were moving to the new Coral HQ in Stratford, east London. In December 2017, GVC Holdings agreed to buy Ladbrokes Coral in a deal that could be worth up to £4 billion. In January 2018, Ladbrokes Coral and
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1952-626: The Ladbroke Board in 1980. He was appointed vice chairman and joint managing director in 1990 with operating responsibilities for the group's hotels, racing and retail divisions. Eventually, following the merger between Ladbrokes plc and Hilton Group plc, George served as group chief executive of Hilton Group plc. In that role, he was instrumental in working with Steve Bollenbach in creating the strategic alliance in 1997 between Hilton Hotels Corporation and Hilton International (the lodging subsidiary of Hilton Group.) This alliance ultimately paved
2013-572: The Strand , moved to Hanover Square in 1906 and, in 1913, to Six Old Burlington Street, Mayfair . From 1913 to 1956, Ladbrokes' clientele was exclusively drawn from the British aristocracy and upper classes, many of whom were members of the elite gentlemen's clubs in the St James's area of Central London. Unusually for the times, Ladbrokes' principal longtime representative on British racecourses
2074-642: The US, he continued to serve in existing positions as a nonexecutive director on the board of US Airways Group Inc and as nonexecutive director of Hilton Hotels Corp in Beverly Hills. He joined Park Place Entertainment as the Head of International Development. Park Place later acquired Caesars Worldwide and changed its name to Caesars Entertainment . The company was bought in 2005 by Harrah's Entertainment , and George worked there until his death in 2007. George
2135-675: The United Kingdom to the Gala Group in December 2000 for £236 million. In February 2006, the company sold its hotel operations to Hilton Hotels Corporation for £3.5 billion, and once more rebranded itself as Ladbrokes plc. In March 2007, the Vernons brand was sold to Sportech . Following the introduction of the Gambling Act 2005 in the United Kingdom and the subsequent relaxation of advertising laws for gambling companies in 2007,
2196-473: The United Kingdom. Also in March 2018, GVC Holdings completed its acquisition with GVC shareholders owning 53.5% and Ladbrokes Coral 46.5% of the combined company. In December 2018, Ladbrokes paid victims £1 million in compensation after it was disclosed that a problem gambler had been stealing funds from his business clients to fund his habit. The payments were made on the condition that the victims did not report
2257-548: 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
2318-713: 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
2379-413: 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
2440-513: 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
2501-750: 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 ,
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2562-415: 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
2623-584: 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
2684-598: 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 . Peter George (businessman) Peter George was educated at the City of London Freemen's School . George's 37-year career with Hilton Group PLC started in 1963 when he joined Ladbroke Racing. He became managing director in 1976 and joined
2745-479: The hotel business, which had come to represent over 80 per cent of the company's assets. In August 1999, Hilton Group decided to dispose of its gambling operations outside of Europe due to disappointing results. Most of the assets, including racetracks and casinos in the United States and bingo and betting businesses in South America, were sold by 2001. In addition, the company sold its twenty-seven casinos in
2806-559: 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
2867-663: The operator to the UK Gambling Commission, the regulatory body in charge of monitoring all gambling in the United Kingdom. On 31 July 2019, the UK Gambling Commission announced that Ladbrokes Coral would pay £5.9m for past failings in anti-money laundering and social responsibility. An investigation found that the companies failed to put in place effective safeguards, to prevent consumers suffering gambling harm and against money laundering, between November 2014 and October 2017. On 14 February 2020,
2928-490: 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
2989-605: 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
3050-401: 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
3111-438: The strategic alliance between Hilton Hotels Corporation and Hilton International (the lodging subsidiary of Hilton Group.) This alliance ultimately paved the way for the 2006 acquisition of Hilton International by Hilton Hotels Corporation. In September 1998, Ladbrokes purchased Coral , a chain of betting shops with 891 locations, from Bass plc for £363 million. The UK Government, however, ordered Ladbrokes to sell Coral after
SECTION 50
#17327934584973172-458: The two companies created Britain's biggest bookmaker, with over 4,000 betting shops and 30,000 employees. In July 2016, the Competition and Markets Authority identified 642 areas where the merger would harm local competition, and said 350 to 400 shops would need to be sold off for the merger to be approved. The merger was completed on 2 November 2016. To effect the merger, Ladbrokes acquired
3233-645: 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 ,
3294-994: 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
3355-442: The way for the 2006 acquisition of Hilton International by Hilton Hotels Corporation. In 1994, when John Jackson was named chairman of Hilton Group Plc and Peter George as CEO, strategic reviews were conducted and Ladbrokes reentered the casino business with the purchase of three London casinos. Later, in 1997, Hilton International and Hilton Hotels Corporation enter into a worldwide marketing alliance and Ladbrokes' property division
3416-404: Was a woman, Helen Vernet . Having joined the firm in 1919, she was made a partner in 1928 and remained with the firm until shortly before her death in 1956, at the age of 80. Following the end of World War II, Ladbrokes' fortunes were in steady decline, thanks to an austere postwar economic climate, a dwindling client base, and reluctance to change the firm's specialised approach to bookmaking. As
3477-535: Was born on October 3, 1943 to a bookmaker in Dorking , Surrey. According to Cyril Stein , who first bought Ladbrokes in 1956 then floated it in 1967, said "Peter was a bookmaker's son but he didn't get on with his father and wrote to me for a job. He started working on the field book in the credit office, but he was good with figures and we put him on the rails alongside Dickie Gaskell, though it wasn't long before he took over his own pitch." Stein added that "Peter had
3538-580: Was irresponsible and breached the UK Code of Non-broadcast Advertising and Direct & Promotional Marketing as it had a strong appeal to those under 18 years of age. 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
3599-591: Was listed on the London Stock Exchange , and was a member of the FTSE 250 Index . The company was founded by Messrs. Schwind and Pennington in 1886, as commission agents for horses trained at Ladbroke Hall in Warwickshire . The name Ladbrokes was adopted in 1902, when Arthur Bendir joined the partnership, and operations were moved to London. Ladbrokes' London offices were first in the vicinity of
3660-525: Was sold to Sainsbury's in January 1995 for £290 million. Ladbrokes' extensive portfolio of commercial and residential real estate, valued at £1 billion in 1993, was sold off in pieces and by March 1997 was down to £70 million. As part of its redoubled focus on gambling, Ladbrokes returned to casinos in September 1994, with a £50 million purchase of three clubs in London, which it stated was the first step in building an international casino business. In 1997, Peter George and Steve Bollenbach worked to create
3721-448: 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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