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Is Poker Legal In India ?
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Is online rummy/poker legal in India ?
I have seen a surge in rummy/poker ads on TV - but are they legal ?
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What do you guys think? Should Poker be legalized in India? (Excluding casinos)
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Online Rummy And Online Poker Websites In India Are In Legal Tangles As Indian Supreme Court Refused To Decide About Their Legality
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Story Time: Silver short squeeze
How the Hunt Brothers Cornered the Silver Market and Then Lost it All
TL:DR: yes its long. Grab a beer.
Until his dying day in 2014, Nelson Bunker Hunt, who had once been the world’s wealthiest man, denied that he and his brother plotted to corner the global silver market.
Sure, back in 1980, Bunker, his younger brother Herbert, and other members of the Hunt clan owned roughly two-thirds of all the privately held silver on earth. But the historic stockpiling of bullion hadn’t been a ploy to manipulate the market, they and their sizable legal team would insist in the following years. Instead, it was a strategy to hedge against the voracious inflation of the 1970s—a monumental bet against the U.S. dollar.
Whatever the motive, it was a bet that went historically sour. The debt-fueled boom and bust of the global silver market not only decimated the Hunt fortune, but threatened to take down the U.S. financial system.
The panic of “Silver Thursday” took place over 35 years ago, but it still raises questions about the nature of financial manipulation. While many view the Hunt brothers as members of a long succession of white collar crooks, from Charles Ponzi to Bernie Madoff, others see the endearingly eccentric Texans as the victims of overstepping regulators and vindictive insiders who couldn’t stand the thought of being played by a couple of southern yokels.
In either case, the story of the Hunt brothers just goes to show how difficult it can be to distinguish illegal market manipulation from the old fashioned wheeling and dealing that make our markets work.
The Real-Life Ewings Whatever their foibles, the Hunts make for an interesting cast of characters. Evidently
CBS thought so; the family is
rumored to be the basis for the Ewings, the fictional Texas oil dynasty of
Dallas fame.
Sitting at the top of the family tree was H.L. Hunt, a man who
allegedly purchased his first oil field with poker winnings and made a fortune drilling in east Texas. H.L. was a well-known oddball to boot, and his sons inherited many of their father’s quirks.
For one, there was the stinginess. Despite being the richest man on earth in the 1960s, Bunker Hunt (who went by his middle name), along with his younger brothers Herbert (first name William) and Lamar, cultivated an image as unpretentious good old boys. They drove old Cadillacs, flew coach, and when they eventually went to trial in New York City in 1988, they took the subway. As one Texas editor was quoted in the
New York Times, Bunker Hunt was “the kind of guy who orders chicken-fried steak and Jello-O, spills some on his tie, and then goes out and buys all the silver in the world.”
Cheap suits aside, the Hunts were not without their ostentation. At the end of the 1970s, Bunker boasted a stable of over 500 horses and his little brother Lamar owned the Kansas City Chiefs. All six children of H.L.’s first marriage (the patriarch of the Hunt family had fifteen children by three women before he died in 1974) lived on estates befitting the scions of a Texas billionaire. These lifestyles were financed by trusts, but also risky investments in oil, real estate, and a host of commodities including sugar beets, soybeans, and, before long, silver.
The Hunt brothers also inherited their father’s political inclinations. A zealous anti-Communist, Bunker Hunt bankrolled conservative causes and was a prominent member of the John Birch Society, a group whose founder once
speculated that Dwight Eisenhower was a “dedicated, conscious agent” of Soviet conspiracy. In November of 1963, Hunt sponsored a particularly ill-timed political campaign, which distributed pamphlets around Dallas condemning President Kennedy for alleged slights against the Constitution on the day that he was assassinated. JFK conspiracy theorists have been obsessed with Hunt ever since.
In fact, it was the Hunt brand of politics that partially explains what led Bunker and Herbert to start buying silver in 1973.
Hard Money The 1970s were not kind to the U.S. dollar.
Years of wartime spending and unresponsive monetary policy pushed inflation upward throughout the late 1960s and early 1970s. Then, in October of 1973, war broke out in the Middle East and an oil embargo was declared against the United States. Inflation jumped above 10%. It would stay high throughout the decade, peaking in the aftermath of the Iranian Revolution at an annual average of 13.5% in 1980.
Over the same period of time, the global monetary system underwent a historic transformation. Since the first Roosevelt administration, the U.S. dollar had been pegged to the value of gold at a predictable rate of $35 per ounce. But in 1971, President Nixon, responding to inflationary pressures, suspended that relationship. For the first time in modern history, the paper dollar did not represent some fixed amount of tangible, precious metal sitting in a vault somewhere.
For conservative commodity traders like the Hunts, who blamed government spending for inflation and held grave reservations about the viability of fiat currency, the perceived stability of precious metal offered a financial safe harbor. It was illegal to trade gold in the early 1970s, so the Hunts turned to the next best thing.
📷
Data from the Bureau of Labor Statistics; chart by Priceonomics
As an investment, there was a lot to like about silver. The Hunts were not alone in fleeing to bullion amid all the inflation and geopolitical turbulence, so the price was ticking up. Plus, light-sensitive silver halide is a key component of photographic film. With the growth of the consumer photography market, new production from mines struggled to keep up with demand.
And so, in 1973, Bunker and Herbert bought over 35 million ounces of silver, most of which they flew to Switzerland in specifically designed airplanes guarded by armed Texas ranch hands. According to one
source, the Hunt’s purchases were big enough to move the global market.
But silver was not the Hunts' only speculative venture in the 1970s. Nor was it the only one that got them into trouble with regulators.
Soy Before Silver In 1977, the price of soybeans was rising fast. Trade restrictions on Brazil and growing demand from China made the legume a hot commodity, and both Bunker and Herbert decided to enter the futures market in April of that year.
A future is an agreement to buy or sell some quantity of a commodity at an agreed upon price at a later date. If someone contracts to buy soybeans in the future (they are said to take the “long” position), they will benefit if the price of soybeans rise, since they have locked in the lower price ahead of time. Likewise, if someone contracts to sell (that’s called the “short” position), they benefit if the price falls, since they have locked in the old, higher price.
While futures contracts can be used by soybean farmers and soy milk producers to guard against price swings, most futures are traded by people who wouldn’t necessarily know tofu from cream cheese. As a
de facto insurance contract against market volatility, futures can be used to hedge other investments or simply to gamble on prices going up (by going long) or down (by going short).
When the Hunts decided to go long in the soybean futures market, they went very, very long. Between Bunker, Herbert, and the accounts of five of their children, the Hunts collectively purchased the right to buy one-third of the entire autumn soybean harvest of the United States.
To some, it appeared as if the Hunts were attempting to corner the soybean market.
In its simplest version, a corner occurs when someone buys up all (or at least, most) of the available quantity of a commodity. This creates an artificial shortage, which drives up the price, and allows the market manipulator to sell some of his stockpile at a higher profit.
Futures markets introduce some additional complexity to the cornerer’s scheme. Recall that when a trader takes a short position on a contract, he or she is pledging to sell a certain amount of product to the holder of the long position. But if the holder of the long position just so happens to be sitting on all the readily available supply of the commodity under contract, the short seller faces an unenviable choice: go scrounge up some of the very scarce product in order to “make delivery” or just pay the cornerer a hefty premium and nullify the deal entirely.
In this case, the cornerer is actually counting on the shorts to do the latter, says Craig Pirrong, professor of finance at the University of Houston. If too many short sellers find that it actually costs less to deliver the product, the market manipulator will be stuck with warehouses full of inventory. Finance experts refer to selling the all the excess supply after building a corner as “burying the corpse.”
“That is when the price collapses,” explains Pirrong. “But if the number of deliveries isn’t too high, the loss from selling at the low price after the corner is smaller than the profit from selling contracts at the high price.”
📷
The Chicago Board of Trade trading floor. Photo credit: Jeremy Kemp
Even so, when the Commodity Futures Trading Commission found that a single family from Texas had contracted to buy a sizable portion of the 1977 soybean crop, they did not accuse the Hunts of outright market manipulation. Instead, noting that the Hunts had exceeded the 3 million bushel aggregate limit on soybean holdings by about 20 million, the CFTC
noted that the Hunt’s “excessive holdings threaten disruption of the market and could cause serious injury to the American public.” The CFTC ordered the Hunts to sell and to pay a penalty of $500,000.
Though the Hunts made tens of millions of dollars on paper while soybean prices skyrocketed, it’s unclear whether they were able to cash out before the regulatory intervention. In any case, the Hunts were none too pleased with the decision.
“Apparently the CFTC is trying to repeal the law of supply and demand,” Bunker complained to the
press.
Silver Thursday Despite the run in with regulators, the Hunts were not dissuaded. Bunker and Herbert had eased up on silver after their initial big buy in 1973, but in the fall of 1979, they were back with a vengeance. By the end of the year, Bunker and Herbert owned 21 million ounces of physical silver each. They had even larger positions in the silver futures market: Bunker was long on 45 million ounces, while Herbert held contracts for 20 million. Their little brother Lamar also had a more “modest” position.
By the new year, with every dollar increase in the price of silver, the Hunts were making $100 million on paper. But unlike most investors, when their profitable futures contracts expired, they took delivery. As in 1973, they arranged to have the metal flown to Switzerland. Intentional or not, this helped create a shortage of the metal for industrial supply.
Naturally, the industrialists were unhappy. From a spot price of around $6 per ounce in early 1979, the price of silver shot up to $50.42 in January of 1980. In the same week, silver futures contracts were trading at $46.80. Film companies like Kodak saw costs go through the roof, while the British film producer, Ilford, was forced to lay off workers. Traditional bullion dealers, caught in a squeeze, cried foul to the commodity exchanges, and the New York jewelry house Tiffany & Co. took out a full page ad in the
New York Times slamming the “unconscionable” Hunt brothers. They were right to single out the Hunts; in mid-January, they controlled 69% of all the silver futures contracts on the Commodity Exchange (COMEX) in New York.
📷
Source: New York Times
But as the high prices persisted, new silver began to come out of the woodwork.
“In the U.S., people rifled their dresser drawers and sofa cushions to find dimes and quarters with silver content and had them melted down,” says Pirrong, from the University of Houston. “Silver is a classic part of a bride’s trousseau in India, and when prices got high, women sold silver out of their trousseaus.”
According to a
Washington Post article published that March, the D.C. police warned residents of a rash of home burglaries targeting silver.
Unfortunately for the Hunts, all this new supply had a predictable effect. Rather than close out their contracts, short sellers suddenly found it was easier to get their hands on new supplies of silver and deliver.
“The main factor that has caused corners to fail [throughout history] is that the manipulator has underestimated how much will be delivered to him if he succeeds [at] raising the price to artificial levels,” says Pirrong. “Eventually, the Hunts ran out of money to pay for all the silver that was thrown at them.”
In financial terms, the brothers had a large corpse on their hands—and no way to bury it.
This proved to be an especially big problem, because it wasn’t just the Hunt fortune that was on the line. Of the $6.6 billion worth of silver the Hunts held at the top of the market, the brothers had “only” spent a little over $1 billion of their own money. The rest was borrowed from over 20 banks and brokerage houses.
At the same time, COMEX decided to crack down. On January 7, 1980, the exchange’s board of governors announced that it would cap the size of silver futures exposure to 3 million ounces. Those in excess of the cap (say, by the tens of millions) were given until the following month to bring themselves into compliance. But that was too long for the Chicago Board of Trade exchange, which suspended the issue of
any new silver futures on January 21. Silver futures traders would only be allowed to square up old contracts.
Predictably, silver prices began to slide. As the various banks and other firms that had backed the Hunt bullion binge began to recognize the tenuousness of their financial position, they issued margin calls, asking the brothers to put up more money as collateral for their debts. The Hunts, unable to sell silver lest they trigger a panic, borrowed even more. By early March, futures contracts had fallen to the mid-$30 range.
Matters finally came to a head on March 25, when one of the Hunts’ largest backers, the Bache Group, asked for $100 million more in collateral. The brothers were out of cash, and Bache was unwilling to accept silver in its place, as it had been doing throughout the month. With the Hunts in default, Bache did the only thing it could to start recouping its losses: it start to unload silver.
On March 27, “Silver Thursday,” the silver futures market dropped by a third to $10.80. Just two months earlier, these contracts had been trading at four times that amount.
The Aftermath After the oil bust of the early 1980s and a series of lawsuits polished off the remainder of the Hunt brothers’ once historic fortune, the two declared bankruptcy in 1988. Bunker, who had been worth an estimated $16 billion in the 1960s, emerged with under $10 million to his name. That’s not exactly chump change, but it wasn’t enough to maintain his 500-plus stable of horses,.
The Hunts almost dragged their lenders into bankruptcy too—and with them, a sizable chunk of the U.S. financial system. Over twenty financial institutions had extended over a billion dollars in credit to the Hunt brothers. The default and resulting collapse of silver prices blew holes in balance sheets across Wall Street. A privately orchestrated bailout loan from a number of banks allowed the brothers to start paying off their debts and keep their creditors afloat, but the markets and regulators were rattled.
Silver Spot Prices Per Ounce (January, 1979 - June, 1980) 📷
Source: Trading Economics
In the words of then CFTC chief James Stone, the Hunts’ antics had threatened to punch a hole in the “financial fabric of the United States” like nothing had in decades. Writing about the entire episode a year later,
Harper’s Magazine described Silver Thursday as “the first great panic since October 1929.”
The trouble was not over for the Hunts. In the following years, the brothers were dragged before Congressional hearings, got into a legal spat with their lenders, and were sued by a Peruvian mineral marketing company, which had suffered big losses in the crash. In 1988, a New York City jury found for the South American firm, levying a penalty of over $130 million against the Hunts and finding that they had deliberately conspired to corner the silver market.
Surprisingly, there is still some disagreement on that point.
Bunker Hunt attributed the whole affair to the political motives of COMEX insiders and regulators. Referring to himself
later as “a favorite whipping boy” of an eastern financial establishment riddled with liberals and socialists, Bunker and his brother, Herbert, are still perceived as martyrs by some on the far-right.
“Political and financial insiders repeatedly changed the rules of the game,” wrote the
New American. “There is little evidence to support the ‘corner the market’ narrative.”
Though the Hunt brothers clearly amassed a staggering amount of silver and silver derivatives at the end of the 1970s, it is impossible to prove definitively that market manipulation was in their hearts. Maybe, as the Hunts always claimed, they just
really believed in the enduring value of silver.
Or maybe, as others have noted, the Hunt brothers had no idea what they were doing. Call it the stupidity defense.
“They’re terribly unsophisticated,” an anonymous associated was quoted as saying of the Hunts in a
Chicago Tribune article from 1989. “They make all the mistakes most other people make,” said another.
p.s. credit to Ben Christopher
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Not your parents PLAYBOY: How Playboy is reinventing themselves and why you should Invest $MCAC
I know what you're already thinking. Playboy is a dead porn brand that publishes a magazine and doesn't appeal to millennials or gen z right?
Wrong.
Leadership Let's start with Ben Kohn, the CEO. Kohn has worked in private equity for 25 years and started a firm called Rizvi Travers which invested in pre IPO tech companies. They were the largest investor when Twitter went public and invested in Facebook, Snapchat, Square, SpaceX, Instacart, and Uber.
In 2011, Kohn partnered with Hugh Hefner and took Playboy private. Kohn became the CEO in 2017 with the goal of revitalizing one of the largest, most recognizable brands in the world. Since becoming CEO, Kohn has been shutting down most of the legacy business and most recently discontinued producing a domestic magazine. He's focused most of his attention so far on growing the high margin licensing business and direct to consumer business, transforming Playboy into a consumer lifestyle brand focusing on 4 categories:
- Sexual Wellness
- Style & Apparel
- Gaming & Lifestyle
- Beauty & Grooming
Kohn is also placing a strong emphasis on appealing to women and young people, something that Playboy had never done in the past. Over the last 3 years, the female audience has grown by 70% and 90% of their audience today is under the age of 40. Out of the total e-commerce sales, 40% of customers are women.
Financials Playboy is already a profitable business. They have a highly efficient, high margin business model that accelerates with growth.
For the first 9 months of 2020, Playboy grew revenue by 78% from 57 million to 101 million and grew adjusted ebitda 129% from 9.5 million to 22 million. For 2021, they reaffirmed guidance of 167 million of revenue and 40 million dollars of ebitda. By 2025, Playboy is conservatively projecting 296 million of revenue and 140 million in ebitda, but expects it to be much greater. It's also important to note that they have over 400 million of forward booked minimum guaranteed cash flow, but they only recognize 67 million of that today, so the actual revenue numbers are much higher.
Playboy's business is monetized in two primary ways, licensing and direct to consumer. Licensing is a key part of the revenue stream and they anticipate it more than doubling moving forward. However, Playboy is extremely excited about its growing direct to consumer business as well which I will dive into in the next section.
Growth Playboy has huge growth opportunities in each of their 4 product categories. First I want to point out that Playboy is HUGE in China and it's growing rapidly in India. In China, Playboy is one of the leading men's apparel brands with over 2500 brick and mortar stores and over 1000 e-commerce stores. Playboy sells products in over 180 countries and is the 17th most licensed brand in the world.
Style & Apparel:
Over the last 3 years, Playboy has partnered with Pacsun, Misguided, Supreme, and others. The Pacsun and Misguided businesses have increased almost 15x over the last 3 years. Playboy also launched Playboy Labs and partnered with Steve Aoki to promote the brand. Playboy intends on transitioning this business from a pure licensing business to a direct to consumer business going forward. They have future collaborations with Yandy planned as well.
Sexual Wellness:
The sexual wellness category is a 240 billion dollar industry today and is projected to grow to 400 billion by 2024. Currently, the industry is fragmented and made up of small businesses with no ability to scale. Playboy is poised to become the leader in this category through strategic acquisitions of existing companies and by growing its product offerings. Yes, I'm talking about lingerie, condoms, sex toys etc. They recently acquired the sexual wellness retailer Lovers for 25 million and expect them to add 45 million in revenue over the next 12 months. They are planning on making more strategic acquisitions in this space moving forward to become the leading direct to consumer brand in this field. They also began offering online sexual wellness classes for women, which have seen large growth since inception.
Gaming & Lifestyle:
The growth opportunities in this category are huge. Playboy is diversifying into online gambling, mobile gaming, CBD/Marijuana, and virtual reality. They have a social club/poker room opening in Houston this year in addition to their casino in London. They currently have partnerships with Microgaming as well as Scientific Games for mobile gambling apps like slots and poker, with plans to build more. They are also planning on entering the sports gambling market through partnerships with well known sports betting operators.
Moreover, they recently launched an exclusive furniture collection on Wayfair and plan on offering more in the future. They currently offer 3 CBD products and have plans to enter the legal marijuana market when it's legalized at the federal level, which might happen soon under the Biden administration. As of now they sell Playboy branded smoking materials like ash trays and grinders. They are planning on launching 4 more CBD products in 2021. Lastly, Ben Kohn said that experiencing Playboy through a virtual world format is something that is "extremely interesting to us". He gave an example of the Travis Scott and Unreal Platform collaboration.
Beauty and Grooming:
Currently, Playboy offers men's and women's fragrances and color cosmetics in Europe. They have plans to expand their product line and enter the North American market this year. In China, a place where Playboy has a large market presence, Men's grooming is one of the fastest growing categories and an area that Playboy is not in today. They are planning on entering this market in the near future with Playboy branded skincare and grooming products.
SPAC Merger Playboy has a DA with Mountain Crest Acquisition Corp, $MCAC, with the shareholder vote taking place THIS TUESDAY 2/9/21. Once it's approved, the ticker will change to PLBY shortly after. One of the great things about this deal is that there are absolutely no warrants outstanding, meaning there will be very little dilution. They only have 1/10th of a right per share outstanding which automatically convert to common stock. Upon completion of the merger, PLBY will have only 37 million shares outstanding, which is a very low float. Any increase in volume and demand will send the stock price higher.
After the merger, PLBY will have a market cap of approximately 413 million. For comparison to other global brands, Nike's market cap is 185 billion, Disney's is 329 billion, and Lululemon's is 45 billion. Now I'm not saying Playboy is near those companies today. However, if they continue growing and realize their potential, they're massively undervalued.
Additionally, the management team all signed 12-month lock ups, preventing them from selling for at least one year. This is not a transaction sale, but a true capital raise to accelerate growth. They are in this for the long haul.
Conclusion Playboy has big growth opportunities in multiple product categories to become a leading consumer lifestyle brand. They have a high margin profitable business model and a very healthy balance sheet. They have 100 million in free cash right now and only 40 million in net debt, or one times 2021 adjusted ebitda. They already have global brand awareness and the bunny logo alone has tremendous value. Ceo Ben Kohn knows what he's doing and has a proven track record of success.
It might be flying under the radar right now because all the hype is surrounding GME and EV socks. I believe when the ticker changes to PLBY and people realize that Playboy is no longer what it used to be, this has huge long term upside.
FYI: All of the statistics I mentioned are directly taken from the CEO Ben Kohn in his 1 hour webinar interview with SpacInsider.
Disclosure: Long 500 commons $MCAC
Disclaimer: Do your own due diligence too
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Playboy going public: Porn, Gambling, and Cannabis
NEW INFO 5 Results from share redemption are posted. Less than .2% redeemed. Very bullish as investors are showing extreme confidence in the future of PLBY.
https://finance.yahoo.com/news/playboy-mountain-crest-acquisition-corp-120000721.html NEW INFO 4 Definitive Agreement to purchase 100% of Lovers brand stores announced 2/1.
https://www.streetinsider.com/Corporate+News/Playboy+%28MCAC%29+Confirms+Deal+to+Acquire+Lovers/17892359.html NEW INFO 3 I bought more on the dip today. 5081 total. Price rose AH to $12.38 (2.15%)
NEW INFO 2 Here is the full webinar.
https://icrinc.zoom.us/rec/play/9GWKdmOYumjWfZuufW3QXpe_FW_g--qeNbg6PnTjTMbnNTgLmCbWjeRFpQga1iPc-elpGap8dnDv8Zww.yD7DjUwuPmapeEdP?continueMode=true&tk=lEYc4F_FkKlgsmCIs6w0gtGHT2kbgVGbUju3cIRBSjk.DQIAAAAV8NK49xZWdldRM2xNSFNQcTBmcE00UzM3bXh3AAAAAAAAAAAAAAAAAAAAAAAAAAAA&uuid=WN_GKWqbHkeSyuWetJmLFkj4g&_x_zm_rtaid=kR45-uuqRE-L65AxLjpbQw.1611967079119.2c054e3d3f8d8e63339273d9175939ed&_x_zm_rhtaid=866 NEW INFO 1 Live merger webinar with PLBY and MCAC on Friday January 29, 2021 at 12:00 NOON EST link below
https://mcacquisition.com/investor-relations/press-release-details/2021/Playboy-Enterprises-Inc.-and-Mountain-Crest-Acquisition-Corp-Participate-in-SPACInsider-ICR-Webinar-on-January-29th-at-12pm-ET/default.aspx Playboy going public: Porn, Gambling, and Cannabis !!!WARNING READING AHEAD!!! TL;DR at the end. It will take some time to sort through all the links and read/watch everything, but you should.
In the next couple weeks, Mountain Crest Acquisition Corp is taking Playboy public. The existing ticker MCAC will become PLBY. Special purpose acquisition companies have taken private companies public in recent months with great success. I believe this will be no exception. Notably, Playboy is profitable and has skyrocketing revenue going into a transformational growth phase.
Porn - First and foremost, let's talk about porn. I know what you guys are thinking. “Porno mags are dead. Why would I want to invest in something like that? I can get porn for free online.” Guess what? You are absolutely right. And that’s exactly why Playboy doesn’t do that anymore. That’s right, they eliminated their print division. And yet they somehow STILL make money from porn that people (see: boomers) pay for on their website through PlayboyTV, Playboy Plus, and iPlayboy. Here’s the thing: Playboy has international, multi-generational name recognition from porn. They have content available in 180 countries. It will be the only publicly traded adult entertainment (porn) company. But that is not where this company is going. It will help support them along the way. You can see every Playboy magazine through iPlayboy if you’re interested. NSFW links below:
https://www.playboy.com/ https://www.playboytv.com/ https://www.playboyplus.com/ https://www.iplayboy.com/ Gambling - Some of you might recognize the Playboy brand from gambling trips to places like Las Vegas, Atlantic City, Cancun, London or Macau. They’ve been in the gambling biz for decades through their casinos, clubs, and licensed gaming products. They see the writing on the wall. COVID is accelerating the transition to digital, application based GAMBLING. That’s right. What we are doing on Robinhood with risky options is gambling, and the only reason regulators might give a shit anymore is because we are making too much money. There may be some restrictions put in place, but gambling from your phone on your couch is not going anywhere. More and more states are allowing things like Draftkings, poker, state ‘lottery” apps, hell - even political betting. Michigan and Virginia just ok’d gambling apps. They won’t be the last. This is all from your couch and any 18 year old with a cracked iphone can access it. Wouldn’t it be cool if Playboy was going to do something like that? They’re already working on it. As per CEO Ben Kohn who we will get to later, “...the company’s casino-style digital gaming products with Scientific Games and Microgaming continue to see significant global growth.” Honestly, I stopped researching Scientific Games' sports betting segment when I saw the word ‘omni-channel’. That told me all I needed to know about it’s success.
“Our SG Sports™ platform is an enhanced, omni-channel solution for online, self-service and retail fixed odds sports betting – from soccer to tennis, basketball, football, baseball, hockey, motor sports, racing and more.”
https://www.scientificgames.com/ https://www.microgaming.co.uk/ “This latter segment has become increasingly enticing for Playboy, and it said last week that it is considering new tie-ups that could include gaming operators like PointsBet and 888Holdings.”
https://calvinayre.com/2020/10/05/business/playboys-gaming-ops-could-get-a-boost-from-spac-purchase/ As per their SEC filing:
“Significant consumer engagement and spend with Playboy-branded gaming properties around the world, including with leading partners such as Microgaming, Scientific Games, and Caesar’s Entertainment, steers our investment in digital gaming, sports betting and other digital offerings to further support our commercial strategy to expand consumer spend with minimal marginal cost, and gain consumer data to inform go-to-market plans across categories.”
https://www.sec.gov/Archives/edgadata/1803914/000110465921005986/tm2034213-12_defm14a.htm#tMDAA1 They are expanding into more areas of gaming/gambling, working with international players in the digital gaming/gambling arena, and a Playboy sportsbook is on the horizon.
https://www.playboy.com/read/the-pleasure-of-playing-with-yourself-mobile-gaming-in-the-covid-era Cannabis - If you’ve ever read through a Playboy magazine, you know they’ve had a positive relationship with cannabis for many years. As of September 2020, Playboy has made a major shift into the cannabis space. Too good to be true you say? Check their website. Playboy currently sells a range of CBD products. This is a good sign. Federal hemp products, which these most likely are, can be mailed across state lines and most importantly for a company like Playboy, can operate through a traditional banking institution. CBD products are usually the first step towards the cannabis space for large companies. Playboy didn’t make these products themselves meaning they are working with a processor in the cannabis industry. Another good sign for future expansion. What else do they have for sale? Pipes, grinders, ashtrays, rolling trays, joint holders. Hmm. Ok. So it looks like they want to sell some shit. They probably don’t have an active interest in cannabis right? Think again:
https://www.forbes.com/sites/javierhasse/2020/09/24/playboy-gets-serious-about-cannabis-law-reform-advocacy-with-new-partnership-grants/?sh=62f044a65cea “Taking yet another step into the cannabis space, Playboy will be announcing later on Thursday (September, 2020) that it is launching a cannabis law reform and advocacy campaign in partnership with National Organization for the Reform of Marijuana Laws (NORML), Last Prisoner Project, Marijuana Policy Project, the Veterans Cannabis Project, and the Eaze Momentum Program.”
“According to information procured exclusively, the three-pronged campaign will focus on calling for federal legalization. The program also includes the creation of a mentorship plan, through which the Playboy Foundation will support entrepreneurs from groups that are underrepresented in the industry.” Remember that CEO Kohn from earlier? He wrote this recently:
https://medium.com/naked-open-letters-from-playboy/congress-must-pass-the-more-act-c867c35239ae Seems like he really wants weed to be legal? Hmm wonder why? The writing's on the wall my friends. Playboy wants into the cannabis industry, they are making steps towards this end, and we have favorable conditions for legislative progress.
Don’t think branding your own cannabis line is profitable or worthwhile? Tell me why these 41 celebrity millionaires and billionaires are dummies. I’ll wait.
https://www.celebstoner.com/news/celebstoner-news/2019/07/12/top-celebrity-cannabis-brands/ Confirmation: I hear you. “This all seems pretty speculative. It would be wildly profitable if they pull this shift off. But how do we really know?” Watch this whole video:
https://finance.yahoo.com/video/playboy-ceo-telling-story-female-154907068.html Man - this interview just gets my juices flowing. And highlights one of my favorite reasons for this play. They have so many different business avenues from which a catalyst could appear. I think paying attention, holding shares, and options on these staggered announcements over the next year is the way I am going to go about it. "There's definitely been a shift to direct-to-consumer," he (Kohn) said. "About 50 percent of our revenue today is direct-to-consumer, and that will continue to grow going forward.” “Kohn touted Playboy's portfolio of both digital and consumer products, with casino-style gaming, in particular, serving a crucial role under the company's new business model. Playboy also has its sights on the emerging cannabis market, from CBD products to marijuana products geared toward sexual health and pleasure.” "If THC does become legal in the United States, we have developed certain strains to enhance your sex life that we will launch," Kohn said.
https://cheddar.com/media/playboy-goes-public-health-gaming-lifestyle-focus Oh? The CEO actually said it? Ok then. “We have developed certain strains…” They’re already working with growers on strains and genetics? Ok. There are several legal cannabis markets for those products right now, international and stateside. I expect Playboy licensed hemp and THC pre-rolls by EOY. Something like this:
https://www.etsy.com/listing/842996758/10-playboy-pre-roll-tubes-limited?ga_order=most_relevant&ga_search_type=all&ga_view_type=gallery&ga_search_query=pre+roll+playboy&ref=sr_gallery-1-2&organic_search_click=1 Maintaining cannabis operations can be costly and a regulatory headache. Playboy’s licensing strategy allows them to pick successful, established partners and sidestep traditional barriers to entry. You know what I like about these new markets? They’re expanding. Worldwide. And they are going to be a bigger deal than they already are with or without Playboy. Who thinks weed and gambling are going away? Too many people like that stuff. These are easy markets. And Playboy is early enough to carve out their spot in each. Fuck it, read this too:
https://www.forbes.com/sites/jimosman/2020/10/20/playboy-could-be-the-king-of-spacs-here-are-three-picks/?sh=2e13dcaa3e05 Numbers: You want numbers? I got numbers. As per the company’s most recent SEC filing:
“For the year ended December 31, 2019, and the nine months ended September 30, 2020, Playboy’s historical consolidated revenue was $78.1 million and $101.3 million, respectively, historical consolidated net income (loss) was $(23.6) million and $(4.8) million, respectively, and Adjusted EBITDA was $13.1 million and $21.8 million, respectively.”
“In the nine months ended September 30, 2020, Playboy’s Licensing segment contributed $44.2 million in revenue and $31.1 million in net income.”
“In the ninth months ended September 30, 2020, Playboy’s Direct-to-Consumer segment contributed $40.2 million in revenue and net income of $0.1 million.”
“In the nine months ended September 30, 2020, Playboy’s Digital Subscriptions and Content segment contributed $15.4 million in revenue and net income of $7.4 million.”
They are profitable across all three of their current business segments.
“Playboy’s return to the public markets presents a transformed, streamlined and high-growth business. The Company has over $400 million in cash flows contracted through 2029, sexual wellness products available for sale online and in over 10,000 major retail stores in the US, and a growing variety of clothing and branded lifestyle and digital gaming products.”
https://www.sec.gov/Archives/edgadata/1803914/000110465921005986/tm2034213-12_defm14a.htm#tSHCF Growth: Playboy has massive growth in China and massive growth potential in India. “In China, where Playboy has spent more than 25 years building its business, our licensees have an enormous footprint of nearly 2,500 brick and mortar stores and 1,000 ecommerce stores selling high quality, Playboy-branded men’s casual wear, shoes/footwear, sleepwear, swimwear, formal suits, leather & non-leather goods, sweaters, active wear, and accessories. We have achieved significant growth in China licensing revenues over the past several years in partnership with strong licensees and high-quality manufacturers, and we are planning for increased growth through updates to our men’s fashion lines and expansion into adjacent categories in men’s skincare and grooming, sexual wellness, and women’s fashion, a category where recent launches have been well received.” The men’s market in China is about the same size as the entire population of the United States and European Union combined. Playboy is a leading brand in this market. They are expanding into the women’s market too. Did you know CBD toothpaste is huge in China? China loves CBD products and has hemp fields that dwarf those in the US. If Playboy expands their CBD line China it will be huge. Did you know the gambling money in Macau absolutely puts Las Vegas to shame? Technically, it's illegal on the mainland, but in reality, there is a lot of gambling going on in China.
https://www.forbes.com/sites/javierhasse/2020/10/19/magic-johnson-and-uncle-buds-cbd-brand-enter-china-via-tmall-partnership/?sh=271776ca411e “In India, Playboy today has a presence through select apparel licensees and hospitality establishments. Consumer research suggests significant growth opportunities in the territory with Playboy’s brand and categories of focus.” “Playboy Enterprises has announced the expansion of its global consumer products business into India as part of a partnership with Jay Jay Iconic Brands, a leading fashion and lifestyle Company in India.” “The Indian market today is dominated by consumers under the age of 35, who represent more than 65 percent of the country’s total population and are driving India’s significant online shopping growth. The Playboy brand’s core values of playfulness and exploration resonate strongly with the expressed desires of today’s younger millennial consumers. For us, Playboy was the perfect fit.” “The Playboy international portfolio has been flourishing for more than 25 years in several South Asian markets such as China and Japan. In particular, it has strategically targeted the millennial and gen-Z audiences across categories such as apparel, footwear, home textiles, eyewear and watches.”
https://www.licenseglobal.com/industry-news/playboy-expands-global-footprint-india It looks like they gave COVID the heisman in terms of net damage sustained: “Although Playboy has not suffered any material adverse consequences to date from the COVID-19 pandemic, the business has been impacted both negatively and positively. The remote working and stay-at-home orders resulted in the closure of the London Playboy Club and retail stores of Playboy’s licensees, decreasing licensing revenues in the second quarter, as well as causing supply chain disruption and less efficient product development thereby slowing the launch of new products. However, these negative impacts were offset by an increase in Yandy’s direct-to-consumer sales, which have benefited in part from overall increases in online retail sales so far during the pandemic.” Looks like the positives are long term (Yandy acquisition) and the negatives are temporary (stay-at-home orders).
https://www.sec.gov/Archives/edgadata/1803914/000110465921006093/tm213766-1_defa14a.htm This speaks to their ability to maintain a financially solvent company throughout the transition phase to the aforementioned areas. They’d say some fancy shit like “expanded business model to encompass four key revenue streams: Sexual Wellness, Style & Apparel, Gaming & Lifestyle, and Beauty & Grooming.” I hear “we’re just biding our time with these trinkets until those dollar dollar bill y’all markets are fully up and running.” But the truth is these existing revenue streams are profitable, scalable, and rapidly expanding Playboy’s e-commerce segment around the world.
"Even in the face of COVID this year, we've been able to grow EBITDA over 100 percent and revenue over 68 percent, and I expect that to accelerate going into 2021," he said. “Playboy is accelerating its growth in company-owned and branded consumer products in attractive and expanding markets in which it has a proven history of brand affinity and consumer spend.”
Also in the SEC filing, the
Time Frame:
“As we detailed in the definitive proxy statement, the SPAC stockholder meeting to vote on the transaction has been set for February 9th, and, subject to stockholder approval and satisfaction of the other closing conditions, we expect to complete the merger and begin trading on NASDAQ under ticker PLBY shortly thereafter,” concluded Kohn.
The Players: Suhail “The Whale” Rizvi (HMFIC), Ben “The Bridge” Kohn (CEO), “lil” Suying Liu & “Big” Dong Liu (Young-gun China gang). I encourage you to look these folks up. The real OG here is Suhail Rizvi. He’s from India originally and Chairman of the Board for the new PLBY company. He was an early investor in Twitter, Square, Facebook and others. His firm, Rizvi Traverse, currently invests in Instacart, Pinterest, Snapchat, Playboy, and SpaceX. Maybe you’ve heard of them. “Rizvi, who owns a sprawling three-home compound in Greenwich, Connecticut, and a 1.65-acre estate in Palm Beach, Florida, near Bill Gates and Michael Bloomberg, moved to Iowa Falls when he was five. His father was a professor of psychology at Iowa. Along with his older brother Ashraf, a hedge fund manager, Rizvi graduated from Wharton business school.” “Suhail Rizvi: the 47-year-old 'unsocial' social media baron: When Twitter goes public in the coming weeks (2013), one of the biggest winners will be a 47-year-old financier who guards his secrecy so zealously that he employs a person to take down his Wikipedia entry and scrub his photos from the internet. In IPO, Twitter seeks to be 'anti-FB'” “Prince Alwaleed bin Talal of Saudi Arabia looks like a big Twitter winner. So do the moneyed clients of Jamie Dimon. But as you’ve-got-to-be-joking wealth washed over Twitter on Thursday — a company that didn’t exist eight years ago was worth $31.7 billion after its first day on the stock market — the non-boldface name of the moment is Suhail R. Rizvi. Mr. Rizvi, 47, runs a private investment company that is the largest outside investor in Twitter with a 15.6 percent stake worth $3.8 billion at the end of trading on Thursday (November, 2013). Using a web of connections in the tech industry and in finance, as well as a hearty dose of good timing, he brought many prominent names in at the ground floor, including the Saudi prince and some of JPMorgan’s wealthiest clients.”
https://www.nytimes.com/2013/11/08/technology/at-twitter-working-behind-the-scenes-toward-a-billion-dollar-payday.html Y’all like that Arab money? How about a dude that can call up Saudi Princes and convince them to spend? Funniest shit about I read about him: “Rizvi was able to buy only $100 million in Facebook shortly before its IPO, thus limiting his returns, according to people with knowledge of the matter.” Poor guy :(
He should be fine with the 16 million PLBY shares he's going to have though :)
Shuhail also has experience in the entertainment industry. He’s invested in companies like SESAC, ICM, and Summit Entertainment. He’s got Hollywood connections to blast this stuff post-merger. And he’s at least partially responsible for that whole Twilight thing. I’m team Edward btw.
I really like what Suhail has done so far. He’s lurked in the shadows while Kohn is consolidating the company, trimming the fat, making Playboy profitable, and aiming the ship at modern growing markets.
https://www.reuters.com/article/us-twitter-ipo-rizvi-insight/insight-little-known-hollywood-investor-poised-to-score-with-twitter-ipo-idUSBRE9920VW20131003 Ben “The Bridge” Kohn is an interesting guy. He’s the connection between Rizvi Traverse and Playboy. He’s both CEO of Playboy and was previously Managing Partner at Rizvi Traverse. Ben seems to be the voice of the Playboy-Rizvi partnership, which makes sense with Suhail’s privacy concerns. Kohn said this:
“Today is a very big day for all of us at Playboy and for all our partners globally. I stepped into the CEO role at Playboy in 2017 because I saw the biggest opportunity of my career. Playboy is a brand and platform that could not be replicated today. It has massive global reach, with more than $3B of global consumer spend and products sold in over 180 countries. Our mission – to create a culture where all people can pursue pleasure – is rooted in our 67-year history and creates a clear focus for our business and role we play in people’s lives, providing them with the products, services and experiences that create a lifestyle of pleasure. We are taking this step into the public markets because the committed capital will enable us to accelerate our product development and go-to-market strategies and to more rapidly build our direct to consumer capabilities,” said Ben Kohn, CEO of Playboy.
“Playboy today is a highly profitable commerce business with a total addressable market projected in the trillions of dollars,” Mr. Kohn continued, “We are actively selling into the Sexual Wellness consumer category, projected to be approximately $400 billion in size by 2024, where our recently launched intimacy products have rolled out to more than 10,000 stores at major US retailers in the United States. Combined with our owned & operated ecommerce Sexual Wellness initiatives, the category will contribute more than 40% of our revenue this year. In our Apparel and Beauty categories, our collaborations with high-end fashion brands including Missguided and PacSun are projected to achieve over $50M in retail sales across the US and UK this year, our leading men’s apparel lines in China expanded to nearly 2500 brick and mortar stores and almost 1000 digital stores, and our new men’s and women’s fragrance line recently launched in Europe. In Gaming, our casino-style digital gaming products with Scientific Games and Microgaming continue to see significant global growth. Our product strategy is informed by years of consumer data as we actively expand from a purely licensing model into owning and operating key high-growth product lines focused on driving profitability and consumer lifetime value. We are thrilled about the future of Playboy. Our foundation has been set to drive further growth and margin, and with the committed capital from this transaction and our more than $180M in NOLs, we will take advantage of the opportunity in front of us, building to our goal of $100M of adjusted EBITDA in 2025.”
https://www.businesswire.com/news/home/20201001005404/en/Playboy-to-Become-a-Public-Company Also, according to their Form 4s, “Big” Dong Liu and “lil” Suying Liu just loaded up with shares last week. These guys are brothers and seem like the Chinese market connection. They are only 32 & 35 years old. I don’t even know what that means, but it's provocative.
https://www.secform4.com/insider-trading/1832415.htm https://finance.yahoo.com/news/mountain-crest-acquisition-corp-ii-002600994.html Y’all like that China money?
“Mr. Liu has been the Chief Financial Officer of Dongguan Zhishang Photoelectric Technology Co., Ltd., a regional designer, manufacturer and distributor of LED lights serving commercial customers throughout Southern China since November 2016, at which time he led a syndicate of investments into the firm. Mr. Liu has since overseen the financials of Dongguan Zhishang as well as provided strategic guidance to its board of directors, advising on operational efficiency and cash flow performance. From March 2010 to October 2016, Mr. Liu was the Head of Finance at Feidiao Electrical Group Co., Ltd., a leading Chinese manufacturer of electrical outlets headquartered in Shanghai and with businesses in the greater China region as well as Europe.”
Dr. Suying Liu, Chairman and Chief Executive Officer of Mountain Crest Acquisition Corp., commented, “Playboy is a unique and compelling investment opportunity, with one of the world’s largest and most recognized brands, its proven consumer affinity and spend, and its enormous future growth potential in its four product segments and new and existing geographic regions. I am thrilled to be partnering with Ben and his exceptional team to bring his vision to fruition.”
https://www.businesswire.com/news/home/20201001005404/en/Playboy-to-Become-a-Public-Company These guys are good. They have a proven track record of success across multiple industries. Connections and money run deep with all of these guys. I don’t think they’re in the game to lose.
I was going to write a couple more paragraphs about why you should have a look at this but really the best thing you can do is read this SEC filing from a couple days ago. It explains the situation in far better detail. Specifically, look to page 137 and read through their strategy. Also, look at their ownership percentages and compensation plans including the stock options and their prices. The financials look great, revenue is up 90% Q3, and it looks like a bright future.
https://www.sec.gov/Archives/edgadata/1803914/000110465921005986/tm2034213-12_defm14a.htm#tSHCF I’m hesitant to attach this because his position seems short term, but I’m going to with a warning because he does hit on some good points (two are below his link) and he’s got a sizable position in this thing (500k+ on margin, I think). I don’t know this guy but he did look at the same publicly available info and make roughly the same prediction, albeit without the in depth gambling or cannabis mention. You can also search reddit for ‘MCAC’ and very few relevant results come up and none of them even come close to really looking at this thing.
https://docs.google.com/document/d/1gOvAd6lebs452hFlWWbxVjQ3VMsjGBkbJeXRwDwIJfM/edit?usp=sharing “Also, before you people start making claims that Playboy is a “boomer” company, STOP RIGHT THERE. This is not a good argument. Simply put. The only thing that matters is Playboy’s name recognition, not their archaic business model which doesn’t even exist anymore as they have completely repurposed their business.”
“Imagine not buying $MCAC at a 400M valuation lol. Streetwear department is worth 1B alone imo.”
Considering the ridiculous Chinese growth as a lifestyle brand, he’s not wrong.
Current Cultural Significance and Meme Value: A year ago I wouldn’t have included this section but the events from the last several weeks (even going back to tsla) have proven that a company’s ability to meme and/or gain social network popularity can have an effect. Tik-tok, Snapchat, Twitch, Reddit, Youtube, Facebook, Twitter. They all have Playboy stuff on them. Kids in middle and highschool know what Playboy is but will likely never see or touch one of the magazines in person. They’ll have a Playboy hoodie though. Crazy huh? A lot like GME, PLBY would hugely benefit from meme-value stock interest to drive engagement towards their new business model while also building strategic coffers. This interest may not directly and/or significantly move the stock price but can generate significant interest from larger players who will.
Bull Case: The year is 2025. Playboy is now the world leader pleasure brand. They began by offering Playboy licensed gaming products, including gambling products, direct to consumers through existing names. By 2022, demand has skyrocketed and Playboy has designed and released their own gambling platforms. In 2025, they are also a leading cannabis brand in the United States and Canada with proprietary strains and products geared towards sexual wellness. Cannabis was legalized in the US in 2023 when President Biden got glaucoma but had success with cannabis treatment. He personally pushes for cannabis legalization as he steps out of office after his first term. Playboy has also grown their brand in China and India to multi-billion per year markets. The stock goes up from 11ish to 100ish and everyone makes big gains buying somewhere along the way.
Bear Case: The United States does a complete 180 on marijuana and gambling. President Biden overdoses on marijuana in the Lincoln bedroom when his FDs go tits up and he loses a ton of money in his sports book app after the Fighting Blue Hens narrowly lose the National Championship to Bama. Playboy is unable to expand their cannabis and gambling brands but still does well with their worldwide lifestyle brand. They gain and lose some interest in China and India but the markets are too large to ignore them completely. The stock goes up from 11ish to 13ish and everyone makes 15-20% gains.
TL;DR: Successful technology/e-commerce investment firm took over Playboy to turn it into a porn, online gambling/gaming, sports book, cannabis company, worldwide lifestyle brand that promotes sexual wellness, vetern access, women-ownership, minority-ownership, and “pleasure for all”. Does a successful online team reinventing an antiquated physical copy giant sound familiar? No options yet, shares only for now. $11.38 per share at time of writing. My guess? $20 by the end of February. $50 by EOY. This is not financial advice. I am not qualified to give financial advice. I’m just sayin’ I would personally use a Playboy sports book app while smoking a Playboy strain specific joint and it would be cool if they did that. Do your own research. You’d probably want to start here:
WARNING - POTENTIALLY NSFW - SEXY MODELS AHEAD - no actual nudity though https://s26.q4cdn.com/895475556/files/doc_presentations/Playboy-Craig-Hallum-Conference-Investor-Presentation-11_17_20-compressed.pdf Or here:
https://www.mcacquisition.com/investor-relations/default.aspx Jimmy Chill: “Get into any SPAC at $10 or $11 and you are going to make money.”
STL;DR: Buy MCAC. MCAC > PLBY couple weeks. Rocketship. Moon.
Position: 5000 shares. I will buy short, medium, and long-dated calls once available.
submitted by jeromeBDpowell to SPACs [link] [comments]
STORY OF THE HUNT BROTHERS AND SILVER SHORT LONG READ
Story Time: Silver short squeeze
How the Hunt Brothers Cornered the Silver Market and Then Lost it All
TL:DR: yes its long. Grab a beer.
Until his dying day in 2014, Nelson Bunker Hunt, who had once been the world’s wealthiest man, denied that he and his brother plotted to corner the global silver market.
Sure, back in 1980, Bunker, his younger brother Herbert, and other members of the Hunt clan owned roughly two-thirds of all the privately held silver on earth. But the historic stockpiling of bullion hadn’t been a ploy to manipulate the market, they and their sizable legal team would insist in the following years. Instead, it was a strategy to hedge against the voracious inflation of the 1970s—a monumental bet against the U.S. dollar.
Whatever the motive, it was a bet that went historically sour. The debt-fueled boom and bust of the global silver market not only decimated the Hunt fortune, but threatened to take down the U.S. financial system.
The panic of “Silver Thursday” took place over 35 years ago, but it still raises questions about the nature of financial manipulation. While many view the Hunt brothers as members of a long succession of white collar crooks, from Charles Ponzi to Bernie Madoff, others see the endearingly eccentric Texans as the victims of overstepping regulators and vindictive insiders who couldn’t stand the thought of being played by a couple of southern yokels.
In either case, the story of the Hunt brothers just goes to show how difficult it can be to distinguish illegal market manipulation from the old fashioned wheeling and dealing that make our markets work.
The Real-Life Ewings Whatever their foibles, the Hunts make for an interesting cast of characters. Evidently
CBS thought so; the family is
rumored to be the basis for the Ewings, the fictional Texas oil dynasty of
Dallas fame.
Sitting at the top of the family tree was H.L. Hunt, a man who
allegedly purchased his first oil field with poker winnings and made a fortune drilling in east Texas. H.L. was a well-known oddball to boot, and his sons inherited many of their father’s quirks.
For one, there was the stinginess. Despite being the richest man on earth in the 1960s, Bunker Hunt (who went by his middle name), along with his younger brothers Herbert (first name William) and Lamar, cultivated an image as unpretentious good old boys. They drove old Cadillacs, flew coach, and when they eventually went to trial in New York City in 1988, they took the subway. As one Texas editor was quoted in the
New York Times, Bunker Hunt was “the kind of guy who orders chicken-fried steak and Jello-O, spills some on his tie, and then goes out and buys all the silver in the world.”
Cheap suits aside, the Hunts were not without their ostentation. At the end of the 1970s, Bunker boasted a stable of over 500 horses and his little brother Lamar owned the Kansas City Chiefs. All six children of H.L.’s first marriage (the patriarch of the Hunt family had fifteen children by three women before he died in 1974) lived on estates befitting the scions of a Texas billionaire. These lifestyles were financed by trusts, but also risky investments in oil, real estate, and a host of commodities including sugar beets, soybeans, and, before long, silver.
The Hunt brothers also inherited their father’s political inclinations. A zealous anti-Communist, Bunker Hunt bankrolled conservative causes and was a prominent member of the John Birch Society, a group whose founder once
speculated that Dwight Eisenhower was a “dedicated, conscious agent” of Soviet conspiracy. In November of 1963, Hunt sponsored a particularly ill-timed political campaign, which distributed pamphlets around Dallas condemning President Kennedy for alleged slights against the Constitution on the day that he was assassinated. JFK conspiracy theorists have been obsessed with Hunt ever since.
In fact, it was the Hunt brand of politics that partially explains what led Bunker and Herbert to start buying silver in 1973.
Hard Money The 1970s were not kind to the U.S. dollar.
Years of wartime spending and unresponsive monetary policy pushed inflation upward throughout the late 1960s and early 1970s. Then, in October of 1973, war broke out in the Middle East and an oil embargo was declared against the United States. Inflation jumped above 10%. It would stay high throughout the decade, peaking in the aftermath of the Iranian Revolution at an annual average of 13.5% in 1980.
Over the same period of time, the global monetary system underwent a historic transformation. Since the first Roosevelt administration, the U.S. dollar had been pegged to the value of gold at a predictable rate of $35 per ounce. But in 1971, President Nixon, responding to inflationary pressures, suspended that relationship. For the first time in modern history, the paper dollar did not represent some fixed amount of tangible, precious metal sitting in a vault somewhere.
For conservative commodity traders like the Hunts, who blamed government spending for inflation and held grave reservations about the viability of fiat currency, the perceived stability of precious metal offered a financial safe harbor. It was illegal to trade gold in the early 1970s, so the Hunts turned to the next best thing.
📷
Data from the Bureau of Labor Statistics; chart by Priceonomics
As an investment, there was a lot to like about silver. The Hunts were not alone in fleeing to bullion amid all the inflation and geopolitical turbulence, so the price was ticking up. Plus, light-sensitive silver halide is a key component of photographic film. With the growth of the consumer photography market, new production from mines struggled to keep up with demand.
And so, in 1973, Bunker and Herbert bought over 35 million ounces of silver, most of which they flew to Switzerland in specifically designed airplanes guarded by armed Texas ranch hands. According to one
source, the Hunt’s purchases were big enough to move the global market.
But silver was not the Hunts' only speculative venture in the 1970s. Nor was it the only one that got them into trouble with regulators.
Soy Before Silver In 1977, the price of soybeans was rising fast. Trade restrictions on Brazil and growing demand from China made the legume a hot commodity, and both Bunker and Herbert decided to enter the futures market in April of that year.
A future is an agreement to buy or sell some quantity of a commodity at an agreed upon price at a later date. If someone contracts to buy soybeans in the future (they are said to take the “long” position), they will benefit if the price of soybeans rise, since they have locked in the lower price ahead of time. Likewise, if someone contracts to sell (that’s called the “short” position), they benefit if the price falls, since they have locked in the old, higher price.
While futures contracts can be used by soybean farmers and soy milk producers to guard against price swings, most futures are traded by people who wouldn’t necessarily know tofu from cream cheese. As a
de facto insurance contract against market volatility, futures can be used to hedge other investments or simply to gamble on prices going up (by going long) or down (by going short).
When the Hunts decided to go long in the soybean futures market, they went very, very long. Between Bunker, Herbert, and the accounts of five of their children, the Hunts collectively purchased the right to buy one-third of the entire autumn soybean harvest of the United States.
To some, it appeared as if the Hunts were attempting to corner the soybean market.
In its simplest version, a corner occurs when someone buys up all (or at least, most) of the available quantity of a commodity. This creates an artificial shortage, which drives up the price, and allows the market manipulator to sell some of his stockpile at a higher profit.
Futures markets introduce some additional complexity to the cornerer’s scheme. Recall that when a trader takes a short position on a contract, he or she is pledging to sell a certain amount of product to the holder of the long position. But if the holder of the long position just so happens to be sitting on all the readily available supply of the commodity under contract, the short seller faces an unenviable choice: go scrounge up some of the very scarce product in order to “make delivery” or just pay the cornerer a hefty premium and nullify the deal entirely.
In this case, the cornerer is actually counting on the shorts to do the latter, says Craig Pirrong, professor of finance at the University of Houston. If too many short sellers find that it actually costs less to deliver the product, the market manipulator will be stuck with warehouses full of inventory. Finance experts refer to selling the all the excess supply after building a corner as “burying the corpse.”
“That is when the price collapses,” explains Pirrong. “But if the number of deliveries isn’t too high, the loss from selling at the low price after the corner is smaller than the profit from selling contracts at the high price.”
📷
The Chicago Board of Trade trading floor. Photo credit: Jeremy Kemp
Even so, when the Commodity Futures Trading Commission found that a single family from Texas had contracted to buy a sizable portion of the 1977 soybean crop, they did not accuse the Hunts of outright market manipulation. Instead, noting that the Hunts had exceeded the 3 million bushel aggregate limit on soybean holdings by about 20 million, the CFTC
noted that the Hunt’s “excessive holdings threaten disruption of the market and could cause serious injury to the American public.” The CFTC ordered the Hunts to sell and to pay a penalty of $500,000.
Though the Hunts made tens of millions of dollars on paper while soybean prices skyrocketed, it’s unclear whether they were able to cash out before the regulatory intervention. In any case, the Hunts were none too pleased with the decision.
“Apparently the CFTC is trying to repeal the law of supply and demand,” Bunker complained to the
press.
Silver Thursday Despite the run in with regulators, the Hunts were not dissuaded. Bunker and Herbert had eased up on silver after their initial big buy in 1973, but in the fall of 1979, they were back with a vengeance. By the end of the year, Bunker and Herbert owned 21 million ounces of physical silver each. They had even larger positions in the silver futures market: Bunker was long on 45 million ounces, while Herbert held contracts for 20 million. Their little brother Lamar also had a more “modest” position.
By the new year, with every dollar increase in the price of silver, the Hunts were making $100 million on paper. But unlike most investors, when their profitable futures contracts expired, they took delivery. As in 1973, they arranged to have the metal flown to Switzerland. Intentional or not, this helped create a shortage of the metal for industrial supply.
Naturally, the industrialists were unhappy. From a spot price of around $6 per ounce in early 1979, the price of silver shot up to $50.42 in January of 1980. In the same week, silver futures contracts were trading at $46.80. Film companies like Kodak saw costs go through the roof, while the British film producer, Ilford, was forced to lay off workers. Traditional bullion dealers, caught in a squeeze, cried foul to the commodity exchanges, and the New York jewelry house Tiffany & Co. took out a full page ad in the
New York Times slamming the “unconscionable” Hunt brothers. They were right to single out the Hunts; in mid-January, they controlled 69% of all the silver futures contracts on the Commodity Exchange (COMEX) in New York.
📷
Source: New York Times
But as the high prices persisted, new silver began to come out of the woodwork.
“In the U.S., people rifled their dresser drawers and sofa cushions to find dimes and quarters with silver content and had them melted down,” says Pirrong, from the University of Houston. “Silver is a classic part of a bride’s trousseau in India, and when prices got high, women sold silver out of their trousseaus.”
According to a
Washington Post article published that March, the D.C. police warned residents of a rash of home burglaries targeting silver.
Unfortunately for the Hunts, all this new supply had a predictable effect. Rather than close out their contracts, short sellers suddenly found it was easier to get their hands on new supplies of silver and deliver.
“The main factor that has caused corners to fail [throughout history] is that the manipulator has underestimated how much will be delivered to him if he succeeds [at] raising the price to artificial levels,” says Pirrong. “Eventually, the Hunts ran out of money to pay for all the silver that was thrown at them.”
In financial terms, the brothers had a large corpse on their hands—and no way to bury it.
This proved to be an especially big problem, because it wasn’t just the Hunt fortune that was on the line. Of the $6.6 billion worth of silver the Hunts held at the top of the market, the brothers had “only” spent a little over $1 billion of their own money. The rest was borrowed from over 20 banks and brokerage houses.
At the same time, COMEX decided to crack down. On January 7, 1980, the exchange’s board of governors announced that it would cap the size of silver futures exposure to 3 million ounces. Those in excess of the cap (say, by the tens of millions) were given until the following month to bring themselves into compliance. But that was too long for the Chicago Board of Trade exchange, which suspended the issue of
any new silver futures on January 21. Silver futures traders would only be allowed to square up old contracts.
Predictably, silver prices began to slide. As the various banks and other firms that had backed the Hunt bullion binge began to recognize the tenuousness of their financial position, they issued margin calls, asking the brothers to put up more money as collateral for their debts. The Hunts, unable to sell silver lest they trigger a panic, borrowed even more. By early March, futures contracts had fallen to the mid-$30 range.
Matters finally came to a head on March 25, when one of the Hunts’ largest backers, the Bache Group, asked for $100 million more in collateral. The brothers were out of cash, and Bache was unwilling to accept silver in its place, as it had been doing throughout the month. With the Hunts in default, Bache did the only thing it could to start recouping its losses: it start to unload silver.
On March 27, “Silver Thursday,” the silver futures market dropped by a third to $10.80. Just two months earlier, these contracts had been trading at four times that amount.
The Aftermath After the oil bust of the early 1980s and a series of lawsuits polished off the remainder of the Hunt brothers’ once historic fortune, the two declared bankruptcy in 1988. Bunker, who had been worth an estimated $16 billion in the 1960s, emerged with under $10 million to his name. That’s not exactly chump change, but it wasn’t enough to maintain his 500-plus stable of horses,.
The Hunts almost dragged their lenders into bankruptcy too—and with them, a sizable chunk of the U.S. financial system. Over twenty financial institutions had extended over a billion dollars in credit to the Hunt brothers. The default and resulting collapse of silver prices blew holes in balance sheets across Wall Street. A privately orchestrated bailout loan from a number of banks allowed the brothers to start paying off their debts and keep their creditors afloat, but the markets and regulators were rattled.
Silver Spot Prices Per Ounce (January, 1979 - June, 1980) 📷
Source: Trading Economics
In the words of then CFTC chief James Stone, the Hunts’ antics had threatened to punch a hole in the “financial fabric of the United States” like nothing had in decades. Writing about the entire episode a year later,
Harper’s Magazine described Silver Thursday as “the first great panic since October 1929.”
The trouble was not over for the Hunts. In the following years, the brothers were dragged before Congressional hearings, got into a legal spat with their lenders, and were sued by a Peruvian mineral marketing company, which had suffered big losses in the crash. In 1988, a New York City jury found for the South American firm, levying a penalty of over $130 million against the Hunts and finding that they had deliberately conspired to corner the silver market.
Surprisingly, there is still some disagreement on that point.
Bunker Hunt attributed the whole affair to the political motives of COMEX insiders and regulators. Referring to himself
later as “a favorite whipping boy” of an eastern financial establishment riddled with liberals and socialists, Bunker and his brother, Herbert, are still perceived as martyrs by some on the far-right.
“Political and financial insiders repeatedly changed the rules of the game,” wrote the
New American. “There is little evidence to support the ‘corner the market’ narrative.”
Though the Hunt brothers clearly amassed a staggering amount of silver and silver derivatives at the end of the 1970s, it is impossible to prove definitively that market manipulation was in their hearts. Maybe, as the Hunts always claimed, they just
really believed in the enduring value of silver.
Or maybe, as others have noted, the Hunt brothers had no idea what they were doing. Call it the stupidity defense.
“They’re terribly unsophisticated,” an anonymous associated was quoted as saying of the Hunts in a
Chicago Tribune article from 1989. “They make all the mistakes most other people make,” said another.
p.s. credit to Ben Christopher
submitted by ivanbayoukhi to Wallstreetsilver [link] [comments]
Hannah Cele-bz North Nu-dez Mov_
submitted by Alphdiant to u/Alphdiant [link] [comments]
[H] Alpha Protocol, OVERKILL's The Walking Dead, Rust, Resident Evil 7 Gold Edition and other... [W] $ / Offers
Since Austria is currently celebrating Lockdown 2.0 (starting today \o/) i thought i would use the next two weeks by trying to don't go crazy and instead be productive by working my ass through my unsused Humble/Third party Key Store Steam/UPlay Keys and sell them to be afterwards at least be able to tell myself that i did something so to make it short:
Welcome to #TradeDayThree :D
SGSFlair Page: My SGSFlair Page Payments: - I'm only accepting PayPal Goods & Service Payments so you are protected.
- If you have an higher Trading Reputation here on the Sub then i do then i will go always first, doesn't matter what.
- My PayPal Account is verified.
- I am located in the EU but you can still make your offers in $ too if you account is based in that Region.
Where those Keys you are offering are coming from?: - Humble Bundle, Humble Bundle Monthly, Fanatical, Gaming Dragons, Gamesplanet & Voidu Store
- All those Keys have been already made visibale so i won't run into any "Limitation of Claiming on Humble Bundle" at any point at all or some similar bullshit like i had seen happening in the past from others.
- I can verify all those Keys by screenshots and bills from the stores and through that that they were so far unused and only made visible in the last 96 hours.
Trades & other Rules: - If you are not commenting below this thread and just instead try to add me directly on Steam i will have to ignore your Trading Request so be sure to comment here and only then when i have replied to you to contact me.
- Depending on the Game(s) in Trade i might be willing to trade too Bundles of more Keys if your offer does seem reasonable.
- If your account is brand new on Reddit and/or on Steam i am sorry but i won't consider Trading with you an option. There are currently too many Scammer running wild on this Sub and i don't have the patience to deal with it so i am already sorry that you probably will have to miss out on this Sale.
- I`m too open for Trading Games vs Games but have to limit those to 2020 Releases Games so please be aware that i am not really interest in any older Games then currently are available.
- I am using isthereanydeal.com & gg.deals to get an better understanding what some Games might be worth and what they aren't so don't ask me if i am selling Alpha Protocol for one $ because it's an older Game and according to you therefor worth nothing.
Enjoy your Trading Day & stay Save!
Games i am selling/trading this time: Game | Platform | Available | Where is the Key from? |
11-11 Memories Retold | Steam | Available | Humble |
11-11 Memories Retold | Steam | Available | Humble |
12 is Better Than 6 | Steam | Sold | Humble |
60 Parsecs! | Steam | Sold | Humble |
911 Operator - Special Resources DLC | Steam | Sold | Humble |
911 Operator | Steam | Sold | Humble |
Aaero | Steam | Available | Humble |
Absolver | Steam | Sold | Humble |
ABZU | Steam | Sold | Humble |
About Love, Hate and the other ones | Steam | Available | Gamesplanet |
Ace Combat Assault Horizon Enhanced Edition | Steam | Sold | Humble |
Agents of Mayhem - Bombshells Skins Pack | Steam | Available | Humble |
Agents of Mayhem - Carnage a Trois Skins Pack | Steam | Available | Humble |
Agents of Mayhem - Lazarus Agent Pack | Steam | Available | Humble |
Agents of Mayhem - Safeword Agent Pack | Steam | Available | Humble |
Agents of Mayhem DLC: Firing Squad Skins Pack | Steam | Available | Humble |
Agents of Mayhem DLC: Johnny Gat Agent Pack | Steam | Available | Humble |
Agents of Mayhem DLC: Legal Action Pending - Day One Edition | Steam | Available | Humble |
Agents of Mayhem DLC: Legal Action Pending - Digital Edition | Steam | Available | Humble |
Agents of Mayhem DLC: Legal Action Pending - Retail Edition | Steam | Available | Humble |
Agents of Mayhem | Steam | Available | Humble |
AI War: Fleet Command | Steam | Available | Humble |
Alien: Isolation | Steam | Sold | Humble |
Alien Breed: Impact | Steam | Available | Fanatical |
Alien Rage | Steam | Available | Fanatical |
Almost There: The Platformer | Steam | Available | Humble |
Alone With You | Steam | Sold | Humble |
Alpha Protocol™ | Steam | Sold | Gamesplanet |
Among the Sleep - Enhanced Edition | Steam | Available | Humble |
Another World – 20th Anniversary Edition | Steam | Available | Fanatical |
Ancestor Legacy | Steam | Sold | Ebay (Handelsfabrik) |
ADR1FT | Steam | Available | Humble |
Anniversary Collection Arcade Classics | Steam | Available | Humble |
ARMA: Cold War Assault | Steam | Available | Humble |
Arma Tactics | Steam | Available | Humble |
Arma 2: Operation Arrowhead | Steam | Available | Humble |
Arma 2: British Armed Forces | Steam | Available | Humble |
Arma 2: Private Military Company | Steam | Available | Humble |
Arma 3 | Steam | Sold | Humble |
Aarklash: Legacy | Steam | Sold | Fanatical |
Armello | Steam | Sold | Humble |
Armello | Steam | Available | Kickstarter |
American Truck Simulator | Steam | Sold | Humble |
Armoured Warfare E3 Pack | Armoured Warfare | Available | Humble |
A Story About My Uncle | Steam | Sold | Humble |
Assassin's Creed | Uplay | Sold | Humble |
Assassin's Creed® Brotherhood | Uplay | Sold | Humble |
Assassin's Creed® II Deluxe Edition | Uplay | Sold | Humble |
Assassin's Creed® III - Tyranny of King Washington: The Infamy | Uplay | Sold | Humble |
Assassin's Creed® III | Uplay | Sold | Humble |
Assassin's Creed® Chronicles China | Uplay | Sold | Humble |
Assassin's Creed® Chronicles India | Uplay | Sold | Humble |
Assassin's Creed® Chronicles Russia | Uplay | Sold | Humble |
Assassin's Creed® Liberation HD | Uplay | Sold | Humble |
Assassin's Creed® Unity | Uplay | Sold | Humble |
Assassin's Creed® Origins | Uplay | Available | Humble |
Assault Android Cactus | Steam | Sold | Humble |
Attractio | Steam | Available | Humble |
Awesomenauts | Steam | Available | Fanatical |
Aviary Attorney | Steam | Sold | Humble |
Avernum 3: Ruined World | Steam | Available | Humble |
Back to the Future: The Game | Steam | Sold | Humble |
Batman - The Telltale Series | Steam | Sold | Humble |
Batman Arkham Asylum: GOTY Edition | Steam | Sold | Fanatical |
BATTLETECH - Flashpoint | Steam | Sold | Humble |
BATTLETECH - Shadow Hawk Pack | Steam | Sold | Humble |
BATTLETECH | Steam | Sold | Humble |
BLACKHOLE | Steam | Available | Humble |
Betrayer | Steam | Available | Humble |
Bounty Train | Steam | Available | Humble |
Blood Bowl - Legendary Edition | Steam | Sold | Humble |
Beholder | Steam | Sold | Humble |
Bayonetta Retail (ROW) | Steam | Sold | Humble |
Banner Saga 2 | Steam | Sold | Humble |
Borderlands 2 | Steam | Sold | Humble |
Borderlands: Game of the Year Edition | Steam | Sold | Humble |
Borderlands 2 Psycho Character Pack | Steam | Sold | Humble |
Borderlands 2 Mechromancer Character Pack | Steam | Sold | Humble |
Borderlands 2 Ultimate Vault Hunter Upgrade Pack | Steam | Sold | Humble |
Borderlands 2 Ultimate Vault Hunter Upgrade Pack 2 | Steam | Sold | Humble |
Borderlands: The Pre-Sequel | Steam | Sold | Humble |
Borderlands: The Pre-Sequel Season Pass DLC | Steam | Sold | Humble |
Blood Knights | Steam | Available | Humble |
BioShock Infinite - Season Pass DLC | Steam | Sold | Humble |
Blade & Soul E3 Pack | Blade + Soul | Available | Humble |
Bleed 2 | Steam | Available | Humble |
Boundless | Steam | Sold | Humble |
Bulletstorm: Full Clip Edition | Steam | Available | Humble |
Bionic Commando | Steam | Sold | Humble |
Broken Age | Steam | Available | Humble |
Black Mesa | Steam | Sold | Humble |
Broken Sword 5: The Serpent's Curse | Steam | Available | Humble |
Bone - Episode 1 & Episode 2 | Steam | Sold | Humble |
Company of Heroes, Company of Heroes: Opposing Fronts | Steam | Sold | Humble |
Company of Heroes: Tales of Valor | Steam | Sold | Humble |
Company of Heroes 2 - The Western Front Armies: Oberkommando West | Steam | Sold | Humble |
Company of Heroes 2 - The Western Front Armies: US Forces, Company of Heroes 2 | Steam | Sold | Humble |
Company of Heroes 2 - Case Blue Mission Pack | Steam | Sold | Humble |
Company of Heroes 2 - Southern Fronts Mission Pack | Steam | Sold | Humble |
Company of Heroes 2 - Victory at Stalingrad Mission Pack | Steam | Sold | Humble |
Company of Heroes 2 - The British Forces, Company of Heroes 2 - Ardennes Assault | Steam | Sold | Humble |
Company of Heroes 2 - Ardennes Assault: Fox Company Rangers | Steam | Sold | Humble |
Company of Heroes 2 - Exclusive Skins Pack | Steam | Sold | Humble |
Chroma Squad | Steam | Sold | Humble |
Choice Chamber | Steam | Sold | Humble |
Crawl | Steam | Sold | Humble |
Citizens of Earth | Steam | Available | Humble |
Civilization VI - Australia Civilization & Scenario Pack | Steam | Sold | Humble |
Civilization VI - Vikings Scenario Pack | Steam | Sold | Humble |
Cities: Skylines + After Dark DLC | Steam | Sold | Humble |
CONSORTIUM | Steam | Available | Humble |
Contrast | Steam | Available | Humble |
Chroma Squad | Steam | Available | Humble |
Crystal Catacombs | Steam | Available | Humble |
Catherine Classic | Steam | Sold | Humble |
Commandos Collection | Steam | Sold | Humble |
Chaos on Deponia | Steam | Sold | Humble |
Crowntakers | Steam | Available | Humble |
Chaos on Deponia | Steam | Available | Humble |
Death Road to Canada | Steam | Sold | Humble |
Castlevania: Lords of Shadow - Ultimate Edition | Steam | Sold | Humble |
Call of Duty WW | Steam | Sold | Humble |
Devil May Cry 4: Special Edition | Steam | Sold | Humble |
DmC Devil May Cry: Vergil's Downfall DLC | Steam | Sold | Humble |
Dead Island: Game of the Year Edition | Steam | Sold | Humble |
Dead Island: Riptide Definitive Edition | Steam | Sold | Humble |
Dungeons 2 | Steam | Available | Humble |
Day of the Tentacle Remastered | Steam | Sold | Humble |
Day of the Tentacle | Steam | Sold | Humble |
Day of the Tentacle Remastered | Steam | Sold | Humble |
DmC: Devil May Cry | Steam | Sold | Humble |
Dead Rising 2: Off the Record | Steam | Sold | Humble |
Dead Rising 2 | Steam | Sold | Humble |
Dead Rising 3 - Apocalypse Edition | Steam | Sold | Humble |
Deadlight Directors Cut | Steam | Sold | Humble |
Devil Daggers | Steam | Available | Humble |
DEAD RISING® | Steam | Sold | Humble |
Devil May Cry 4: Special Edition | Steam | Sold | Humble |
Dark Souls II: Scholar of the First Sin | Steam | Sold | Humble |
Day of the Tentacle Remastered | Steam | Sold | Humble |
Dead Rising 2 | Steam | Sold | Humble |
Destiny 2 (EU Key) | Steam | Available | Humble |
Darksiders II: Deathinitive Edition | Steam | Sold | Humble |
Dead Island Definitive Edition | Steam | Sold | Humble |
Deadly Premonition: The Director's Cut | Steam | Available | Humble |
Demonicon | Steam | Available | Humble |
Deadfall Adventures | Steam | Available | Humble |
Disciples III: Gold | Steam | Available | Humble |
Drakensang | Steam | Available | Humble |
Depth Hunter 2: Deep Dive | Steam | Available | Humble |
Dead Effect | Steam | Available | Humble |
Deadfall Adventures - Deluxe Edition | Steam | Available | Humble |
Deliver Us The Moon: Fortuna | Steam | Sold | Humble |
Dungeons 2 | Steam | Available | Humble |
Expand - Soundtrack Edition | Steam | Available | Humble |
Else Heart.Break() | Steam | Sold | Humble |
Evoland 2 | Steam | Sold | Humble |
ENSLAVED™: Odyssey to the West™ Premium Edition | Steam | Sold | Humble |
Enclave | Steam | Available | Humble |
Enclave | Steam | Available | Humble |
Edge Of Eternity | Steam | Available | Humble |
Endless Space Emperor Special Edition | Steam | Available | Humble |
ELEX | Steam | Sold | Humble |
Five Nights at Freddy’s 3 | Steam | Available | Humble |
Five Nights at Freddy’s: Sister Location | Steam | Sold | Humble |
Frederic: Resurrection of Music | Steam | Available | Humble |
Frederic: Evil Strikes Back | Steam | Available | Humble |
Frederic: Resurrection of Music Director's Cut | Steam | Available | Humble |
Face Noir | Steam | Available | Humble |
FlatOut 2 | Steam | Available | Humble |
Ford Racing 3 | Steam | Available | Humble |
FORCED: Slightly Better Edition | Steam | Sold | Humble |
FlatOut | Steam | Available | Humble |
Fictorum | Steam | Available | Humble |
Game of Thrones: A Telltale Games Series | Steam | Sold | Humble |
Gods Will Be Watching | Steam | Available | Humble |
Galak-Z | Steam | Available | Humble |
GRAV (Early Access) | Steam | Available | Humble |
Grim Dawn | Steam | Sold | Humble |
Guacamelee! Gold Edition | Steam | Sold | Humble |
Galactic Civilizations Ultimate Edition | Steam | Available | Humble |
Gods Will Be Watching | Steam | Available | Humble |
Goat Simulator: GOATY | Steam | Sold | Humble |
Grim Fandango Remastered | Steam | Sold | Humble |
Galactic Civilizations® III | Steam | Sold | Humble |
Game of Thrones: A Telltale Games Series | Steam | Sold | Humble |
Grim Fandango Remastered | Steam | Sold | Humble |
Grey Goo Definitive Edition | Steam | Sold | Humble |
Grappledrome | Steam | Available | Humble |
Grey Goo Definitive Edition | Steam | Available | Humble |
Grand Ages: Rome | Steam | Available | Humble |
Grand Ages: Rome - Reign of Augustus DLC | Steam | Available | Humble |
Ghost Master® | Steam | Available | Humble |
Genesis Alpha One - Deluxe Edition | Steam | Sold | Humble |
Homeworld Remastered Collection | Steam | Sold | Humble |
Hexcells Complete Pack | Steam | Sold | Humble |
Home | Steam | Available | Humble |
Homeworld Remastered Collection | Steam | Sold | Humble |
Hot Tin Roof: The Cat That Wore A Fedora Deluxe | Steam | Available | Humble |
Human Resource Machine | Steam | Sold | Humble |
Hand of Fate | Steam | Sold | Humble |
Herald: Book I & II (GOG) http://www.gog.com/redeem/ (Kickstarter Key) | Steam | Available | Humble |
Hard West | Steam | Sold | Humble |
Her Story | Steam | Available | Humble |
Hyper Light Drifter | Steam | Sold | Humble |
Hector: Badge of Carnage | Steam | Available | Humble |
Homefront | Steam | Available | Humble |
Homefront: The Revolution | Steam | Sold | Humble |
hack_me | Steam | Available | Humble |
hack_me 2 | Steam | Available | Humble |
Hand of Fate | Steam | Sold | Humble |
How to Survive 2 | Steam | Sold | Humble |
Hollow Knight | Steam | Sold | Humble |
Hard Reset Redux | Steam | Available | Humble |
Human: Fall Flat | Steam | Sold | Humble |
Hospital Manager | Steam | Available | Humble |
Invisible, Inc. | Steam | Sold | Humble |
Inside | Steam | Sold | Humble |
Iesabel | Steam | Available | Humble |
I am Bread | Steam | Sold | Humble |
Insurgency | Steam | Sold | Humble |
It came from space, and ate our brains | Steam | Available | Humble |
Injustice: Gods Among Us Ultimate Edition | Steam | Sold | Humble |
Into the Stars | Steam | Available | Humble |
Injustice: Gods Among Us | Steam | Available | Humble |
Jurassic Park: The Game | Steam | Sold | Humble |
Jotun | Steam | Available | Humble |
Jurassic Park: The Game | Steam | Available | Humble |
Just Cause 3 XXL Edition | Steam | Sold | Humble |
Jagged Alliance - Back in Action | Steam | Available | Humble |
Just Cause 4 | Steam | Sold | Humble |
Jenny LeClue (Kickstarter Key) | Steam | Available | Humble |
Killer is Dead - Nightmare Edition | Steam | Available | Humble |
Kholat | Steam | Available | Humble |
King's Quest® Collection | Steam | Sold | Humble |
Killing Floor | Steam | Available | Humble |
Kentucky Route Zero | Steam | Sold | Humble |
Killer is Dead - Nightmare Edition | Steam | Available | Humble |
Kingdom: New Lands | Steam | Sold | Humble |
Kingdom: New Lands | Steam | Sold | Humble |
Kona | Steam | Sold | Humble |
Killer is Dead Nightmare Edition | Steam | Available | Humble |
King Arthur's Gold | Steam | Available | Humble |
Konung 3: Ties of the Dynasty | Steam | Available | Humble |
Lost Planet 3 Complete Pack | Steam | Sold | Humble |
Lumino City | Steam | Available | Humble |
Layers of Fear: Masterpiece Edition | Steam | Sold | Humble |
Lost Horizon | Steam | Available | Humble |
Layers of Fear: Masterpiece Edition | Steam | Sold | Humble |
The Long Dark | Steam | Sold | Humble |
Life is Strange Complete Season (Episodes 1-5) | Steam | Sold | Humble |
Lovely Planet | Steam | Available | Humble |
Lucius | Steam | Available | Humble |
Lucius II | Steam | Available | Humble |
Lucius Demake | Steam | Available | Humble |
Lethal League | Steam | Available | Humble |
Lichdom: Battlemage | Steam | Available | Humble |
Massive Chalice | Steam | Available | Humble |
Mushroom 11 | Steam | Available | Humble |
Mini Metro | Steam | Sold | Humble |
Minecraft: Story Mode - A Telltale Games Series | Steam | Sold | Humble |
Minecraft: Story Mode - Adventure Pass | Steam | Sold | Humble |
Mighty No. 9 (Kickstarter Key) | Steam | Available | Humble |
Motorsport Manager | Steam | Sold | Humble |
Mini Metro | Steam | Sold | Humble |
Moon Hunters | Steam | Sold | Humble |
METAL GEAR SOLID V: THE PHANTOM PAIN | Steam | Sold | Humble |
METAL GEAR SOLID V: GROUND ZEROES | Steam | Sold | Humble |
METAL GEAR SOLID V: The Definitive Experience DLC | Steam | Sold | Humble |
Mr. Shifty | Steam | Available | Humble |
Mad Max | Steam | Sold | Humble |
Moto Racer Collection | Steam | Available | Humble |
Memoria | Steam | Available | Humble |
Mafia III | Steam | Sold | Humble |
Massive Chalice | Steam | Available | Humble |
Monday Night Combat | Steam | Available | Humble |
Metal Gear Rising: Revengeance | Steam | Sold | Humble |
Monkey Island 2 Special Edition: LeChuck's Revenge | Sold | Available | Humble |
Middle-earth: Shadow of War Definitive Edition | Steam | Sold | Humble |
NOT A HERO | Steam | Available | Humble |
Nuclear Throne | Steam | Sold | Humble |
No Time To Explain Remastered | Steam | Available | Humble |
N++ (NPLUSPLUS) | Steam | Sold | Humble |
No Time To Explain Remastered | Steam | Available | Humble |
Never Alone Arctic Collection | Steam | Available | Humble |
Nether: Resurrected | Steam | Available | Humble |
Nether: Resurrected | Steam | Available | Humble |
Octodad: Dadliest Catch | Steam | Sold | Humble |
Oxenfree | Steam | Sold | Humble |
Odallus: The Dark Call | Steam | Available | Humble |
Octodad Dadliest Catch | Steam | Sold | Humble |
Offworld Trading Company | Steam | Available | Humble |
Offworld Trading Company | Steam | Available | Humble |
Oddworld: New 'n' Tasty | Steam | Sold | Humble |
Overgrowth | Steam | Sold | Humble |
Owlboy | Steam | Sold | Humble |
Orwell: Keeping an Eye on You | Steam | Available | Humble |
Overwatch | Steam | Available | Humble |
Of Orcs And Men | Steam | Available | Humble |
One More Dungeon | Steam | Available | Humble |
Okami | Steam | Sold | Fanatical |
Onimusha: Warlords / 鬼武者 | Steam | Sold | Fanatical |
OutDrive | Steam | Available | Humble |
Out of Reach | Steam | Available | Humble |
Out There: Omega Edition | Steam | Available | Humble |
Overclocked: A History of Violence | Steam | Available | Humble |
OVERKILL's The Walking Dead - Starter Edition | Steam | Available | Voidu Store |
Poker Night at the Inventory | Steam | Sold | Humble |
Puzzle Agent | Steam | Available | Humble |
Puzzle Agent 2 | Steam | Available | Humble |
Poker Night 2 | Steam | Available | Humble |
Prison Architect | Steam | Sold | Humble |
Planetary Annihilation TITANS | Steam | Sold | Humble |
Party Hard | Steam | Sold | Humble |
Punch Club Deluxe | Steam | Available | Humble |
Puzzle Agent | Steam | Available | Humble |
Puzzle Agent 2 | Steam | Available | Humble |
Poker Night at the Inventory | Steam | Sold | Humble |
Poker Night 2 | Steam | Sold | Humble |
Pillars of Eternity | Steam | Sold | Humble |
Pony Island | Steam | Sold | Humble |
Prototype 2 | Steam | Sold | Humble |
Poly Bridge | Steam | Sold | Humble |
Pathologic Classic HD | Steam | Sold | Humble |
Purrfect Date - Visual Novel/Dating Simulator | Steam | Available | Humble |
Punch Club - Deluxe Edition | Steam | Available | Humble |
Party Hard | Steam | Available | Humble |
Punch Club - Deluxe Edition | Steam | Available | Humble |
Papo & Yo | Steam | Available | Humble |
PixelJunk Monsters Ultimate | Steam | Available | Humble |
PixelJunk Shooter | Steam | Available | Humble |
Patrician III | Steam | Available | Humble |
Patrician IV: Rise of a Dynasty | Steam | Available | Humble |
Patrician IV - Steam Special Edition | Steam | Available | Humble |
Port Royale 3 | Steam | Available | Humble |
Party Hard | Steam | Available | Humble |
Planetary Annihilation | Steam | Sold | Humble |
PRO EVOLUTION SOCCER 2018 | Steam | Sold | Humble |
Resident Evil Revelations 2 - Episode 1: Penal Colony | Steam | Available | Humble |
Resident Evil Revelations | Steam | Sold | Humble |
Resident Evil 4 | Steam | Sold | Humble |
Remember Me | Steam | Sold | Humble |
Resident Evil 6 | Steam | Sold | Humble |
Risen | Steam | Sold | Humble |
Risen 2: Dark Waters Gold Edition | Steam | Sold | Humble |
Risen 3 Titan Lords | Steam | Sold | Humble |
Runestone Keeper | Steam | Available | Humble |
Refunct | Steam | Available | Humble |
Rust | Steam | Sold | Humble |
Robot Roller-Derby Disco Dodgebal | Steam | Available | Humblel |
Rebel Galaxy | Steam | Available | Humble |
Road to Ballhalla | Steam | Available | Humble |
Resident Evil HD REMASTER | Steam | Sold | Humble |
Resident Evil 6 | Steam | Sold | Humble |
Risen 3 Complete Edition | Steam | Sold | Humble |
Renegade Ops Collection | Steam | Sold | Humble |
Resident Evil 4 | Steam | Sold | Humble |
Rollers of the Realm | Steam | Available | Humble |
Renegade Ops Collection | Steam | Available | Humble |
Resident Evil 4 | Steam | Sold | Humble |
Resident Evil 5 Gold Edition | Steam | Sold | Humble |
Resident Evil Revelations | Steam | Sold | Humble |
Rebel Galaxy | Steam | Available | Humble |
River City Ransom: Underground | Steam | Sold | Humble |
Rise of Venice | Steam | Available | Humble |
Rise of Venice - Beyond the Sea | Steam | Available | Humble |
Rune Classic | Steam | Sold | Humble |
Robot Roller-Derby Disco Dodgeball | Steam | Available | Humble |
Ravensword: Shadowlands | Steam | Available | Humble |
Resident Evil 7 Gold Edition | Steam | Sold | Humble |
Rune Classic | Steam | Available | Humble |
Rune Classic | Steam | Available | Humble |
Reverse Crawl | Steam | Available | Humble |
Reus | Steam | Sold | Humble |
RAGE | Steam | Sold | Humble |
Rise of Venice - Gold Edition | Steam | Available | Humble |
RiME | Steam | Sold | Humble |
Star Wars™ Knights of the Old Republic™ | Steam | Sold | Humble |
Star Wars™ Knights of the Old Republic™ II: The Sith Lords™ | Steam | Sold | Humble |
Star Wars™: Dark Forces | Steam | Sold | Humble |
Star Wars™ Jedi Knight Dark Forces II | Steam | Sold | Humble |
Star Wars™ Battlefront™ II | Steam | Sold | Humble |
Sam & Max: Devil's Playhouse | Steam | Available | Humble |
Strong Bad's Cool Game for Attractive People: Season 1 | Steam | Available | Humble |
STRIDER™ / ストライダー飛竜® | Steam | Available | Humble |
Shadowrun: Hong Kong - Extended Edition | Steam | Available | Humble |
Sacred 3 Gold | Steam | Sold | Humble |
Saints Row 2 | Steam | Sold | Humble |
Saints Row: The Third - The Full Package | Steam | Sold | Humble |
Saints Row IV | Steam | Sold | Humble |
Space Engineers | Steam | Sold | Humble |
Shelter 2 | Steam | Available | Humble |
Space Quest® Collection | Steam | Available | Humble |
Shadow Complex Remastered (Epic Store) | Epic Game Store | Sold | Humble |
Shadowrun: Hong Kong - Extended Edition | Steam | Available | Humble |
Stronghold Crusader 2 | Steam | Sold | Humble |
Star Wars™ Knights of the Old Republic™ | Steam | Sold | Humble |
Star Wars™: X-Wing Alliance™ | Steam | Sold | Humble |
Star Wars:™ X-Wing vs TIE Fighter - Balance of Power Camp | Steam | Sold | Humble |
Star Wars Galactic Battlegrounds Saga™ | Steam | Sold | Humble |
Star Wars™ Battlefront™ II | Steam | Sold | Humble |
Star Wars™ Jedi Knight™ II: Jedi Outcast™ | Steam | Sold | Humble |
Star Wars™ Starfighter™ | Steam | Sold | Humble |
Star Wars™ Knights of the Old Republic™ II: The Sith | Steam | Sold | Humble |
STAR WARS™: Rebel Assault I + II | Steam | Available | Humble |
Star Wars™ The Force Unleashed™: Ultimate Sith Edition | Steam | Sold | Humble |
Star Wars™: The Force Unleashed™ II | Steam | Sold | Humble |
STAR WARS™: Rogue Squadron 3D | Steam | Sold | Humble |
Star Wars™ Empire At War: Gold Pack | Steam | Sold | Humble |
Super Hexagon | Steam | Available | Humble |
Subnautica | Steam | Sold | Humble |
Super Meat Boy | Steam | Sold | Humble |
Secrets of Raetikon | Steam | Available | Humble |
Streamline Early Access | Steam | Available | Humble |
Superbrothers: Sword & Sworcery EP | Steam | Available | Humble |
System Shock Pack | Steam | Available | Humble |
Sid Meier's Civilization III Complete | Steam | Available | Humble |
Sid Meier's Civilization IV: The Complete Edition | Steam | Sold | Humble |
Sid Meier's Civilization V: Brave New World | Steam | Sold | Humble |
Sid Meier's Civilization V - Gods and Kings | Steam | Sold | Humble |
Sid Meier's Civilization V | Steam | Sold | Humble |
Sid Meier's Civilization V DLC | Steam | Sold | Humble |
Sid Meier's Civilization: Beyond Earth Exoplanets Map Pack | Steam | Available | Humble |
SPINTIRES™ | Steam | Sold | Humble |
Steamworld Heist | Steam | Available | Humble |
Stellaris | Steam | Sold | Humble |
SUPERHOT | Steam | Sold | Humble |
Sherlock Holmes: The Devil's Daughter | Steam | Sold | Humble |
STRIDER™ | Steam | Available | Humble |
Sam & Max: Season 1 | Steam | Available | Humble |
Sam & Max: Season 2 | Steam | Available | Humble |
Sam & Max: Devil's Playhouse | Steam | Available | Humble |
Saints Row 2 | Steam | Sold | Humble |
Saints Row: Gat Out of Hell | Steam | Sold | Humble |
Saints Row: IV Game of the Century | Steam | Sold | Humble |
Saints Row the Third - The Full Package | Steam | Sold | Humble |
Saints Row: Gat Out Of Hell - Devil's Workshop Pack | Steam | Sold | Humble |
Sacred Franchise Pack | Steam | Sold | Humble |
Secret Files: Tunguska | Steam | Sold | Humble |
Sonic Adventure 2 | Steam | Sold | Humble |
Sonic Generations Collection | Steam | Sold | Humble |
Sonic Adventure 2 | Steam | Available | Humble |
Sonic Generations Collection | Steam | Sold | Humble |
Satellite Reign | Steam | Available | Humble |
STRAFE: Millennium Edition | Steam | Sold | Humble |
Sleeping Dogs: Definitive Edition | Steam | Sold | Humble |
Sid Meier's Civilization® VI | Steam | Sold | Humble |
Sniper Elite | Steam | Available | Humble |
Sniper Elite V2 | Steam | Sold | Humble |
Shark Attack Deathmatch 2 | Steam | Available | Humble |
Sniper: Ghost Warrior Trilogy | Steam | Sold | Humble |
SpeedRunners | Steam | Sold | Humble |
Squareface | Steam | Available | Humble |
Stronghold Legends: Steam Edition | Steam | Available | Humble |
Skullgirls | Steam | Sold | Humble |
Skullgirls: Big Band | Steam | Available | Humble |
Skullgirls: Squigly | Steam | Available | Humble |
Skullgirls: Color Palette Bundle | Steam | Available | Humble |
Septerra Core | Steam | Available | Humble |
Sudeki | Steam | Available | Humble |
Sparkle 2 Evo | Steam | Available | Humble |
Sparkle 3 Genesis | Steam | Available | Humble |
Sparkle ZERO | Steam | Available | Humble |
Starward Rogue | Steam | Available | Humble |
Syberia | Steam | Available | Humble |
Still Life | Steam | Available | Humble |
Still Life 2 | Steam | Available | Humble |
Syberia II | Steam | Available | Humble |
Shadow Blade: Reload | Steam | Available | Humble |
Sniper: Ghost Warrior Trilogy | Steam | Sold | Humble |
Sniper Ghost Warrior 2: Siberian Strike DLC | Steam | Available | Humble |
Sniper Ghost Warrior 2: World Hunter Pack DLC | Steam | Available | Humble |
Switch Galaxy Ultra | Steam | Available | Humble |
The Amazing Spider-Man | Steam | Sold | Gaming Dragons |
Shadowrun Returns | Steam | Available | Humble |
Shadowrun: Dragonfall - Director's Cut | Steam | Available | Humble |
Skulls of the Shogun | Steam | Available | Humble |
Super 3-D Noah's Ark | Steam | Available | Humble |
Surgeon Simulator - Anniversary Edition | Steam | Sold | Humble |
Skulls of the Shogun | Steam | Available | Humble |
Surgeon Simulator - Anniversary Edition | Steam | Available | Humble |
Skullgirls | Steam | Available | Humble |
Sniper: Ghost Warrior 2 | Steam | Sold | Humble |
System Shock 2 | Steam | Available | Humble |
Septerra Core | Steam | Available | Humble |
Shadow Tactics: Blades of the Shogun | Steam | Sold | Humble |
Singularity (Humble Hundle) | Steam | Sold | Humble |
Sundered (Gamivo) | Steam | Available | Humble |
Volume | Steam | Available | Humble |
Victor Vran ARPG | Steam | Available | Humble |
Valhalla Hills | Steam | Available | Humble |
Verdun | Steam | Sold | Humble |
Vangers | Steam | Sold | Humble |
Viscera Cleanup Detail | Steam | Sold | Humble |
Viscera Cleanup Detail - House of Horror DLC | Steam | Available | Humble |
VoidExpanse | Steam | Available | Humble |
Warhammer: End Times – Vermintide | Steam | Available | Humble |
Wargame: Red Dragon | Steam | Sold | Humble |
Westerado: Double Barreled | Steam | Available | Humble |
World of Goo | Steam | Available | Humble |
Windward | Steam | Available | Humble |
Westerado: Double Barreled | Steam | Available | Humble |
Wasteland 2: Director's Cut - Standard Edition | Steam | Sold | Humble |
Wasteland | Steam | Available | Humble |
Wizard of Legend | Steam | Sold | Humble |
Worms Clan Wars | Steam | Available | Humble |
We Are The Dwarves | Steam | Sold | Humble |
Wizardry 8 | Steam | Available | Humble |
Warhammer Chaosbane | Steam | Sold | Humble |
Yooka-Laylee | Steam | Sold | Humble |
2064: Read Only Memories | Steam | Available | Humble |
Ziggurat | Steam | Available | Humble |
80 Days | Steam | Available | Humble |
Zeno Clash 2 | Steam | Available | Humble |
Zombie Night Terror | Steam | Available | Humble |
Zombie Army Trilogy | Steam | Sold | Humble |
16bit Trader | Steam | Available | Humble |
12 is Better Than 6 | Steam | Available | Humble |
12 is Better Than 6 | Steam | Available | Humble |
Zombie Vikings | Steam | Available | Humble |
Zero Gear | Steam | Available | Humble |
15 Days | Steam | Available | Humble |
Zeno Clash 2 | Steam | Available | Humble |
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poker legal in india video
In fact, the Indian Premier League (IPL) betting is encouraged and advertised by the media openly. Some websites have offshore agencies, while some operate from India. Is Poker Legal In India? Offline gambling in India is only legal in certain states like Goa, Sikkim and Nagaland. The Supreme Court of India ruling states that games of skills are legal, as opposed to games of chance. Is Poker Legal in India? Section 12 of the Public Gambling Act, 1867 provides that games of mere skill are exempt from the application of the Act. The Supreme Court of India and various High Courts in India have opined that a game of mere skill is a game “in which, ... Still, while poker is widely accepted as a skill game, the definite legal answer to the question “is playing poker for real money legal in India” varies from state to state. The view on the legality of the sport varies from state to state since the Indian constitution has entrusted the Indian states with the power of framing laws on gambling and betting for the respective states. Online Poker in India. It is felt that it is legal for online poker players to play on legal poker sites in India, but the rub here is that it isn’t all that clear what would constitute a legal online poker site in India, and remains a grey as far as the law is concerned. Poker Tempo is the leading online poker platform in India. At Poker Tempo, We offer complete guidance on how to Play poker online, compete with other players, and a chance to win from guaranteed prize tournaments.For us, The security of our player experience is above all. Are online poker sites legal in India? Online poker sites fall under the jurisdiction of the States, as opposed to the Center. This means that any state that does not have prohibitive laws against such sites deems them to be legal. In India, Online Poker is quite a controversial subject, although parties such as The Indian Poker Association have been insisting on its legalization. State Rules In the states of Goa, Sikkim, Nagaland, West Bengal, and Daman and Diu, the Indian legislation doesn’t refer to poker as gambling, but as a game of skill. Is Poker Legal in India. In 1996, a three-judge bench of the Supreme Court affirmed its 1967 judgment and ruled that games involving substantial and preponderant degree of skill fall within the definition of ‘games of mere skill’ and added that betting on horse-racing is a game of skill outside the ambit of gambling. Top Indian Poker Sites in 2021 - Rated & Reviewed. Find out which online poker sites in India offer the best Games, Software and Exclusive bonuses. The government hasn’t formulated any dedicated gambling laws and there is a complete lack of a techno-legal framework. Currently, the future of the legal status of poker in India looks bleak. Read...
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