World

House Of Lord Warns: Loot Boxes Is Gambling

Published

4 years ago

July 9, 2020

It is official now: loot boxes are considered as a form of gambling. Following a period of concern and extensive discussion by various groups, The House Of Lords Gambling Committee from the United Kingdom officially declared loot boxes in videos games as a form of gambling, and they have issued stern warnings about the continuing implementation of it in games.

Loot boxes, despite not being a casino game, can be related to it. In a betting perspective, loot boxes can be related to gambling in the way that it gives the player or buyer the chance to win an item but without any guarantee. That is how most casino games work, after all.

“It’s gambling”

In a report that was recently released, BBC reported that the House of Lords have declared loot boxes as a form of gambling, as it meets all the factors that are present in all gambling games. To learn more you can read more online casino reviews to get the better idea about the best bookmaker.

“If a product looks like gambling and feels like gambling, it should be regulated as gambling,” the report said. “There is academic research which proves that there is a connection, though not necessarily a causal link, between loot box spending and problem gambling.”

In line with that, the house of Lords is also now seeking to have loot boxes in videos games be regulated in the same way that gambling is being regulated. Otherwise, the game developers and owners will be forced to remove loot boxes from their games–or risk getting in trouble with the law.

What are the requirements for gambling?

To better understand how the House of Lords arrived at their decision of declaring loot boxes as a form of gambling, it is a good idea to better understand what makes an activity a form of gambling first.

By definition, an activity can be considered a form of gambling or betting when it meets three requirements: there is a consideration, there is a risk, and there is a prize.

Consideration refers to any amount wagered by the playing party. Most of the times, it comes in the form of monetary currency. However, wagering is not limited to money itself. It could be other forms of resources such as property, gold, or any other things that can be wagered in a game, as long as the betting party allows it. In loot boxes, players often purchase the loot box with real money in order to get the in-game item.

Risk, on the other hand, refers to the chance involved after placing your bet or wagering your resources. In gambling, there is no assurance that your bet would win. You have the chance to win it, or you could also blow it and lose. In the same way, there is never a guarantee that a player will get any promised major price for a single draw.

Finally, the prize. In gambling, the prize could be a fixed amount you can get if you win such jackpots from a slot machine. The prize could also be the resources of the opposing player which will be awarded to you should you win.

Loot boxes are not gambling–in 2017

In a 2017 report, the UK Gambling Commission declared that loot boxes in video games can’t be considered a form of gambling, through its elements are similar to gambling. According to the regulating body, there is a fine line that separate gambling from something that is not gambling.

One of the reasons why they made the declaration back then was that according to them they found loot boxes to be purely an in-game risk purchase, and items won from it cannot be brought with or traded with real-world money.

World

Meet the Team: The Experts Driving Phoenix Capital Group’s Vision

Published

3 weeks ago

September 24, 2024

Rosario Farell

A popular saying in business is that behind every successful company stands a skilled and dedicated team of professionals working every day to achieve more. That’s the case at Phoenix Capital Group Holdings, LLC, where experts drive the company’s vision to new heights.

Thanks to the hard work and dedication of its exceptional team, Phoenix Capital Group consistently strives to deliver value and high-quality returns to individual landowners and investors in the oil and gas industry.

Here are a few of the experts leading the charge at Phoenix Capital Group.

Adam Ferrari, Chief Executive Officer

Adam Ferrari, the son of co-founders Daniel and Charlene Ferrari, serves as the CEO of Phoenix Capital Group. With nearly 20 years of experience in the oil and gas industry, Adam has been instrumental in leading the company and focusing on key initiatives that drive substantial growth.

Raised in a small farm town in Illinois, Adam learned the values of hard work, grit, and determination from an early age. He graduated magna cum laude from the University of Illinois at Urbana-Champaign with a degree in chemical engineering. Starting his career at BP in the Gulf of Mexico, Adam honed his engineering skills before moving through various leadership roles at the company and later transitioning to investment banking at Macquarie Capital.

Adam’s entrepreneurial spirit led him to found multiple oil and gas ventures throughout his career. Phoenix Capital Group is the culmination of his diverse experiences and his most significant project to date.

Adam is married to Brynn Ferrari, the CMO of Phoenix Capital Group. They have a young son and hope to expand their family in the future. Outside of work, Adam enjoys spending time with his family, exploring local cuisine with Brynn, and watching USC Trojans football.

Curtis Allen, Chief Financial Officer and Partner

Curtis Allen brings over 10 years of experience in financial services—with a strong emphasis on investment analysis—to his role as CFO and Partner at Phoenix Capital Group. A CPA, Curtis has a broad range of financial experience, from preparing private taxes to auditing billion-dollar defense contractors. He has managed investments for corporate and personal clients for over seven years and holds Series 7 and 66 licenses. He has also passed the CFA Level 1 exam.

At Phoenix Capital Group, Curtis oversees all finance and accounting functions, as well as various day-to-day operational tasks.

A family man, Curtis is married with two children. Outside of work, he enjoys outdoor activities such as playing beach volleyball with his wife and bicycling with his family.

Lindsey Wilson, Chief Operating Officer and Partner

Lindsey Wilson, COO and Partner, brings extensive practical experience to Phoenix Capital Group. She has led various diverse, multidisciplinary teams within the energy sector, and she prides herself on setting and achieving aggressive business goals while ensuring all employee needs are met.

A founding member of Phoenix Capital Group, Lindsey manages and oversees the company’s daily business operations. She works closely with all supervisors and department heads to support the day-to-day activities of all employees.

Lindsey began her career in the oil and gas industry in 2011 as a leasing agent in Fort Worth, Texas. This foundational experience served as a springboard, allowing her to transition into more advanced roles within the mineral and leasehold acquisition space.

Combining her practical oil and gas experience with skills gained in sales, marketing, and underwriting in the hospitality and banking sectors, Lindsey has successfully led Phoenix Capital Group’s multi-functional organization. She holds a BBA in Marketing from the University of Texas at Arlington.

Lindsey is married with a daughter. She enjoys spending time with her family and training for marathons.

The Entire Team at Phoenix Capital Group Contributes to Its Success

Adam, Curtis, and Lindsey have over 60 years of combined experience in the energy sector. They bring a diverse array of skills in software development, engineering, finance, and more to Phoenix Capital Group.

However, the company’s immense success would not be possible without the dedication, skills, and hard work of the entire team.

The large and diverse team at Phoenix Capital Group focuses on minerals, investments, operations, marketing, land, finance, technology, and more. Through their combined effort, they contribute to the company’s ongoing success and growth.

About Phoenix Capital Group

Founded in 2019, Phoenix Capital Group Holdings, LLC is a leading oil and gas mineral rights acquisition, investment firm, and operated working interest company dedicated to discovering untapped value on behalf of landowners across the United States. The family-owned company is a technology-led and client-centric focused organization dedicated to developing partnerships with its clients through property acquisitions and investment opportunities. With a team of experienced professionals with expertise in software development, engineering, and finance, Phoenix Capital Group boasts over 60 years of combined experience in the energy sector, focusing on capital deployment and asset management.