Your 14-minute Thursday report in 3497 words. Part 1.

anti-corruption: Defense Ministry official busted with bribery & tampering with draft during war

NSS report says: a Colonel, who had oversight over subdivisions, received a ֏975K bribe from a conscript to transfer him to another location on Sep-13-2020. Part of the bribe was transferred to his online gambling account.
When the war began, a draft was declared and recruits began training at a location in Armenia. The Colonel took a ֏1.2M bribe from a soldier in exchange for not sending him to the front lines.
During the winter draft, the Colonel took a ֏5.2M bribe from another conscript and used his connections to send him to the desired service location. A similar ֏1M bribe was requested on January 6th from another recruit.
The Colonel took another ֏1.4M bribe to help promote a conscript and allow him to work at a hospital instead of regular service.
On October 22nd, during the war, the Colonel decided to help a friend move from bordering Khndzoresk (Syunik) hospital back to Yerevan. As a result, the clinic became understaffed and couldn't fulfill its duties. Moreover, the Colonel then helped the same friend not to be deployed on Syunik borders as a soldier and instead to handle tasks in the rear, on October 26th, in exchange for a ֏300K bribe.
On October 13th, during the war, the Colonel and his accomplices wanted to help a soldier to leave Artsakh. When they learned that the latter was already on the "deserted" list, they took steps to remove him from the list.
Then, he learned that his friends' sons received a draft notice, and use his connections to remove them from the draft list.
After the war, on Dec-13, a friend asked the Colonel to make sure that his son, who was serving in Lusakert, wasn't sent to the front lines. The Colonel contacted the Lusakert facility but learned that the soldier was not among those who were supposed to be sent to the front lines. Nonetheless, the Colonel decided to defraud his friend by claiming that "he took care of it", and received a ֏200K bribe.
The colonel and over a dozen others were arrested. Illegal weapons were found under their possession. The investigation continues to expose other possible suspects.
https://youtu.be/ifo13WJLpsU
https://armenpress.am/arm/news/1042334.html

bill: harsher punishment for treason, spying, espionage

BHK MPs drafted a bill to increase punishment for traitors, spies, passing of state secrets. They want to raise the maximum punishment from 15 years to 20-life. The authors explained the move by citing many media reports about alleged "treason" incidents.
The bill was discussed at a relevant Parliamentary committee. The chairman QP MP Vladimir said he supports life imprisonment as the minimum punishment. However, during the discussion, they agreed to settle on 15-20 years plus property confiscation, or a life sentence.
The committee found the espionage punishment too harsh and asked the bill author to reduce it from 15 to 12 years. The BHK author agreed.
The bill was approved unanimously and will be debated/voted on the Parliament floor later.
https://armenpress.am/arm/news/1042354.html

Jalal is back with another position

The wounded ex-Artsakh army commander Jalal Harutyunyan will serve as the Republic of Armenia's Defense Ministry's Head of the Military Control Service. He will replace General Movses Mosi Hakobyan who quit on November 18th.
https://armenpress.am/arm/news/1042353.html

Russian-Turkish ceasefire monitoring group begins operations

Russian troops are using ORLAN-10 and FORPOST drones to monitor Am-AZ troop locations and movements.
https://youtu.be/ToSLqUDj6OE
https://factor.am/335089.html

ECHR received Armenia's complaint against Azerbaijan regarding 228 POWs / Azeris counter-claim for 13 POWs

Armenian families submitted a petition to ECHR to require Azerbaijan to provide information regarding 228 individuals. Azeris want to know data about 13 people.
(From the language it is unclear to me whether the petition is for confirmed POWs, or it also includes families of missing soldiers who want to know whether their relatives are POWs. Likely the former.)
https://armenpress.am/arm/news/1042406.html

Red Cross visited 4 Armenian POWs in Azerbaijan

They were able to establish contact with families.
https://armenpress.am/arm/news/1042428.html

Russia expects UNESCO to soon visit Armenian monuments that went under Azeri control

https://factor.am/335437.html

Russia removed tomato import ban on 13 Armenian firms

Russian regulator will allow 13 Armenian sellers to export tomato and pepper to Russia again after earlier finding a food virus in them. A similar ban was implemented against Azeri tomatoes.
https://armenpress.am/arm/news/1042433.html

US Congressman demands an explanation from the US ambassador to Azerbaijan over "congratulatory" statement

Rep. Bred Sherman wants to know why the US ambassador to Azerbaijan Lee Litzenberger congratulated Azerbaijan's Economy Minister with "de-occupying territories and US's willingness to aid Azerbaijan with rebuilding those territories". He reminded the US officials that the US is a member of the Minsk Group and should take steps to ensure Artsakh's safety and prevention of a new war.
Bred Sherman praised Biden's appointee Anthony Blinken for stating that the US will review its military assistance to Azerbaijan after the latest war in Artsakh.
Artsakh MFA yesterday released a statement urging countries, officials, and organizations to refrain from such "congratulatory" statements.
https://armenpress.am/arm/news/1042370.html

de-occupy Hadrut NGO

... aims to help 13,500 Hadrut residents who lost their homes during the war. It was founded during the war by activists who held protests in front of various embassies. In the early days, they received aid from President Sarkissian's office. The latter gave shelter to 25 families.
Today the NGO aims to help refugees with employment, while simultaneously lobbying for Minsk Group to de-occupy Hadrut so residents can return. "I hope that one day our NGO will shut down because Hadrut is no longer occupied," said co-founder Meri Davtyan.
https://armenpress.am/arm/news/1042286.html

govt session: financial aid for Syunik border villagers

The government approved a new aid package for residents of Syunik's Shurnukh and Vorotan villagers. Those who lost their homes will qualify for the same aid package as Artsakh refugees: one-time ֏300K payment plus monthly ֏65K payments for 6 months. There is another pending aid package to build new houses for them.
Context: Two dozen houses in Vorotan and Shurnukh went under Azeri control because they were built on the Azeri side of the internationally-recognized borders.
https://armenpress.am/arm/news/1042362.html

bill: disability ranking to be replaced with degrees of functionality impairment

The government approved a bill, yet to be approved by Parliament, to reform the disability system. The disability assessment process will analyze the person's level of functional impairment while taking into account surrounding conditions.
"Today, the system is run under a 1993 law that does not do a comprehensive assessment of the surrounding environment, person's ability to function in public life," says the govt.
The draft bill will repeal the 1-3 Categories and Disabled Child category. A person's functionality impairment degrees will be light, medium, heavy, or deep. Disability will no longer be considered a permanent health problem. The assessment will be based not only on the factor of health problems but also on the environmental factors of the person's activity and participation in public life.
Healthcare and Social Ministries, NGOs, the UN, and the EU worked together to create and test an assessment methodology.
https://armenpress.am/arm/news/1042365.html
Tags: #DisabilityLaw #disabled

bill: require unknown Telegram/Facebook media channel owners identified before "linking" by mass media

QP MPs want to require social media channel operators identified before a "mainstream media" can link to them. It doesn't restrict citing "anonymous sources", however. It also requires outlets to disclose sources of revenues for transparency. Read yesterday's news for context and arguments in favor or against it.. The debate continued today.
QP MP Arthur: For example, a legitimate news organization with an editorial staff of 30 people generates information, holds interviews, etc., while a Telegram channel that we do not know where it is managed from and by whom, begins to disseminate sensationalized information and over time becomes more "legitimate" than real media outlets because media outlets "advertised" them.
This is also a national security risk because it is very possible that such sources are being operated by an adversary country to spread instability and an atmosphere of fear in the country. //
The co-author criticized the critics who "claimed that the bill intends to ban anonymous sources. That's not true. This also won't affect the protection of journalists' source secrecy."
https://armenpress.am/arm/news/1042357.html
If you're interested in more debates:
https://youtu.be/MTHwRa4YjgY , https://youtu.be/ThDNVwZYEp8 , https://youtu.be/S6C_NocS9N0 , https://youtu.be/3_-i2Z23ubI , https://youtu.be/wiPnmfeLNJ8
Tags: #MediaLaw #TelegramLaw #FreeSpeech

rumors and rebuttals: Artsakh army isn't being dissolved

Serj's won-in-law Mishik earlier circulated rumors that were denied by state officials. Today, Kocharyan-ally Vitali Balasanyan, who serves as Artsakh's Security Council chief, confirmed that the army isn't "disintegrating." After the restructuring process, there will be subdivisions with professional contractors, he said.
https://armenpress.am/arm/news/1042344.html

rumors and rebuttals: Azeri flag won't fly over Artsakh govt buildings

Vitalik Balasanyan also denied rumors about Azeri flags being installed on Artsakh govt buildings in Stepanakert.
https://armenpress.am/arm/news/1042344.html

rumors and rebuttals: Azeri families won't resettle in Stenapakert / none are shopping in market

Vitalik Balasanyan said there are false rumors about two districts in Stepanakert being populated by Azeris, and Azeris allegedly freely shopping in Stepanakert market.
"Dear citizens of Artsakh, on behalf of the authorities of the Artsakh Republic, I assure you that despite the irreparable losses inflicted on us as a result of the war, the state is always committed to fulfilling its responsibilities to ensure the security and normal life of the population. Accordingly, I urge you not to pay attention to the false news. Everything is being done to create and expand the necessary conditions for a dignified life of the people of Artsakh."
https://armenpress.am/arm/news/1042344.html

rumors and rebuttals: Artsakh envoy won't stop operating in Russia

The Permanent Representation of the Artsakh Republic in Russia will not be terminated, said the Artsakh govt in response to rumors.
https://armenpress.am/arm/news/1042367.html

rumors and rebuttals: no single currency in EAEU trade bloc

EAEU would like to inform you that you've been misled about alleged plans to establish a single currency among member-states.
https://armenpress.am/arm/news/1042427.html

location "Hollywood, Yerevan, Armenia"

There is a district called Hollywood in Yerevan, Armenia. Gamblers were caught running an underground casino in there. This is the second such bust in the past few months. The police say ֏5.5B in damages was done to the state.
https://youtu.be/sp0Sb--e_ms?t=60
https://factor.am/335320.html

anti-corruption: prosecutors charge education officials with ֏1.2B auction shenanigans

Prosecutors said: State Oversight Committee (SOC) audited the "National Center for Educational Technology" government-affiliated agency's finances between 2013-2020. Every year, the agency submitted a report on the work done by them towards servicing the education system. The bill was ֏700M annually.
It was revealed that between 2012-2015, they granted an auction-based contract to the same company. It received a combined ֏2.8B in funding. The law requires the auction-holding officials to examine the market and take other steps before the auction. They failed to do so.
Later, during 2017-2019, the same company was selected to do the job, but this time it was only paid ֏300-400M annually, far lower than during the previous years.
֏1.2B in damages was done to the state. A felony case is launched.
https://armenpress.am/arm/news/1042389.html

re: Armenia's $750M eurobond sale / lowest % in history / $3B demand by investors / economy news

Read yesterday's news for context.
Pashinyan: The issuance of $750M eurobonds is a strong positive signal for the start of the economic year. The issuance was done under the most favorable conditions in the history of our republic, with the lowest 3.8% percentage rate. Our previous record was in 2019 at 4.2%. The demand was for $3B but we decided to issue only $0.750B.
First, it provides a guarantee of macroeconomic stability. Second, this is the first serious signal of overcoming the post-war economic shock, which shows that international investors have confidence in the economic future of Armenia and the policy pursued by the government. //
Economy Minister Janjughazyan: this was part of our long-term plan and we had planned to do it while drafting the 2021 budget. We planned to issue fewer bonds but decided to add $250M because of favorable terms. We plan to use that extra cash towards the stabilization deposit, as a safety pad, to be used throughout the year if necessary.
As long as our budget has a deficit we will have to borrow. But this is only part of the story; the country's overall debt burden is calculated based on various indicators. So far Armenia has been rated as a country with a lower debt burden.
https://armenpress.am/arm/news/1042351.html, https://armenpress.am/arm/news/1042352.html , https://armenpress.am/arm/news/1042363.html , https://armenpress.am/arm/news/1042393.html

how many people did leave and arrive after reopening air traffic with Russia?

The governments of Armenia and Russian worked on an "app" to allow mutual travel after taking a test. By February 15th, there will be 4-route flights in 2 directions. There were several flights in the past few days.
3900 left and 3400 arrived. 1423 Armenian citizens left and 1263 Armenian citizens arrived. "More people were willing to leave in December than today," noted Diaspora Committee chief Sinanyan.
"Some people flew to Russia but had to return due to a problem. This wasn't due to the COVID app implemented by us. Preliminary data shows that they went to Russia with a paper QP code which raised the suspicion of Russian authorities. We will work with them to resolve this," said Deputy PM Mher. (say what??)
"We need to better inform the public about the existence of this app. Restoring routine flights will help the tourism industry," said PM Pashinyan.
https://armenpress.am/arm/news/1042358.html , https://armenpress.am/arm/news/1042383.html

Pashinyan about the suspended Amulsar gold mining project

He repeated his earlier position that "Decisions must be made that take into account Armenia's best interests."
"The mining industry plays a very important role in the development of Armenia's economy, including in the security context."
"We must make decisions to make investment programs acceptable for the Armenian public while taking into account interests of Republic of Armenia."
https://armenpress.am/arm/news/1042368.html

COVID stats

1829 tested. 147 infected. 352 healed. 11 deaths. 4637 active.
"We're negotiating for vaccines via COVAX global initiative. Separately, we're negotiating with Russia for Sputnik-V. Vaccines should be available in March. It will be targeted at specific groups. It won't be mandatory," said Healthcare Minister Avanesyan.
https://armenpress.am/arm/news/1042341.html , https://youtu.be/vXz3pHx1BlM?t=92

the consumer market price increase in the past 12 months

Armenia's consumer market inflation was +4.5% from January to January. Food +6.4%. Alcohol & tobacco +10.8%. Clothing +2.6%. Utilities +0.6%. Appliances +5.8%. Healthcare +5.6%. Transport +5.7%. Telecom +0.5%. Leisure & culture -0.8%. Education +2%. Dining +1.6%. Misc +3.5%.
https://armenpress.am/arm/news/1042323.html

Parliament MP stops a citizen's suicide attempt

Someone tried to jump from Kievyan bridge. QP MP Gor Gevorgyan was nearby and stopped the attempt. The police took the distressed person to a station.
https://armenpress.am/arm/news/1042329.html

psychological support will be provided to war participants and the public

Emergency Ministry says 15-30% of people have PTSD after the war. Today the government approved a plan to provide psychological aid to war participants and others. The target group includes families of missing people, POWs and their families, those who received disabilities, families of those who died, those who fought in the war, IDPs, civilians who were affected in any way. The program will work in Armenia and Artsakh.
The government will purchase services from experienced mental health service agencies.
https://armenpress.am/arm/news/1042403.html

Armenia will grow industrial marijuana on mass industrial scale / incentive to boost land utilization

Hemp is a type of weed that contains less of the substance that makes you feel high. The government wants to grow industrial hemp on a mass scale to boost mood land utilization and revenues.
Pashinyan: this is going to open room for many speculations. It's important to present the project in detail so the public will have a full understanding of what is being done. Unfortunately, "hemp" is interpreted as something else, while in reality, it is a very important industrial raw material. The growing process has risks but there are oversight mechanisms that have been tested in many countries.
Deputy PM Avinyan: the US, Russia, and China have a great experience with industrial hemp production. The practice was examined by the Economy Ministry. We're talking about industrial production only. It will significantly activate agricultural land utilization. Today, 40% of lands are gone unused. This is part of our plan to boost the production of high-value agricultural products.
https://youtu.be/ssZgr2DR3DM?t=7
https://www.healthline.com/health/hemp-vs-marijuana#marijuana
https://armenpress.am/arm/news/1042372.html

Education Minister says the "controversial" parts of Church/History merger were "resolved"

Education Ministry wants to merge the school subjects "Armenian Church History" and "Armenian History". Critics said it will shrink the church-related materials too much, others called it treason, while others supported the decision, stating that it's all part of our history and having a separate class is inefficient.
Education Minister Dumanyan says he met colleagues at the National Academy of Sciences and they resolved the conflicts "that caused a noise earlier." He will reveal details soon.
https://armenpress.am/arm/news/1042379.html , https://youtu.be/V0sC3dx-gzU

Major education reforms: "education alone will not solve all problems, but there is no problem that can be solved without an education"

... said PM Pashinyan during a govt session while discussing education reforms. Kids in 1-5 grades will no longer receive grades; tt will be pass or no pass (still needs Parliamentary approval). "There will be a criticism. How can you not grade? But this is a comprehensive program that emphasizes the student's needs and preferences," said Pashinyan.
"We need to pay attention to how the time is spent in schools and what skills are being taught in school hours. It will reflect in our society 15-20 years later. It will define whether we have a technological product or not.
What we were doing in 12 years (school length) can be done within 9 years, but a 9-year school isn't the solution. Instead of shortening the school, we're trying to fill the gap in a way to have a 50% higher efficiency by the end of the 12th year.
In developed countries, education starts not from school but from preschool. The lower the education entry age the more developed the countries are," said Pashinyan. (the govt has a plan to make sure 70% of kids attend preschools by 2023)
https://armenpress.am/arm/news/1042394.html

cancer stats in Armenia / annual rate / drops among children / fewer abandon treatment

world
9.6 million people die from cancer annually. 1/3rd is possible to prevent. Another part can be cured with the help of early detection.
Armenia
Cancer was the 2nd leading cause of death in 2020. It has increased in the past 10 years but at a small rate. Lung cancer is more common among men, and breast cancer among women.
First time diagnosis by year: 2018 - 8762, 2019 - 7908, 2020 - 7050.
Deaths by year: 2018 - 5199, 2019 - 5434. 2020 - unavailable. (55% men, 45% women)
The cancer rate went up by 1.5x compared to 1990. However, it declined by 2x among children under 14yo.
Fewer people abandon treatment. 3 years ago 53% of lung patients did so, today it's 40%. Breast cancer treatment abandonment went from 47% to 22%. (I translated the word բարձիթողության as "abandonment". Correct me if it refers to something else.)
Artsakh
The number of cancer cases has decreased in Artsakh: from 345 to 260 YoY.
prevention
Oncologist Safaryan says the early detection helps to avoid complications and save lives, even if it's the type of cancer that is known to reappear. There are many patients who defeat cancer. "Smokers should get a lung x-ray twice a year. Those working in chemical plants should get a frequent screening. Do not ignore symptoms and չգցել ականջի հետև. You can defeat it more easily when it's at 1-2 stages. It's a lot harder when it advances to 4."
Preventing cancer isn't easy. The causes of this disease are many. Genetics, bad habits, obesity, surrounding environment. A genetic test can reveal the likelihood of suffering from illness. Some women choose to undergo a mastectomy to prevent possible breast cancer in the future.
"I decided that if 1-in-100 is destined to be cured, I will be that one," said Ashkhen, a woman who recently defeated cancer.
More: https://armenpress.am/arm/news/1042291.html , https://armenpress.am/arm/news/1042364.html , https://armenpress.am/arm/news/1042405.html

cancer diagnosis, surgery, and radiotherapy are free

The treatment was made free recently. The Oncology Center urges the public to get screened as part of an early-detection initiative. The pilot program began in Vanadzor; 307 women were screened.
Cancer diagnosis, surgery, and radiotherapy are free, while the medication has a co-payment.
https://armenpress.am/arm/news/1042423.html

today in history

2004: Mike Zuckerberg founded Facebook to steal your SSN
1949: Sri Lanka declares indpendence
https://armenpress.am/arm/news/1042309.html

president meets donor

Artsakh president Arayik met donor Alec Baghdasaryan and thanked him. "Only with the joint efforts of the Armenian people is it possible to quickly overcome the difficulties and to plan development programs." Alec plans more charity programs relating to education.
https://armenpress.am/arm/news/1042326.html

donations to Artsakh & recovering soldiers

www.1000plus.am (recovering soldiers & their families)
www.HimnaDram.org (for Artsakh & Armenia)
www.ArmeniaFund.org (U.S. tax-deductible)

archive of older news

http://www.armeniapedia.org/wiki/Daily_Anti-Corruption_Reports

disclaimer

All the accused are considered innocent unless proven guilty in the court of law, even if they "sound" or "appear" guilty.

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.

Artist: Joji
Album: Nectar
Label: 88Rising
Release Date: September 25, 2020
Listen:
Spotify
Apple Music
YouTube Music
Deezer
Soundcloud
Background
Not many artists have had a come-up as interesting and eccentric as George Kusunoki Miller, a former YouTube comedian/edgelord turned moody R&B singer. George first got his taste of internet fame as FilthyFrank, a character he described as everything a person should not be, he played the notorious persona on YouTube for over 6 years and eventually had to retire it due to him losing passion for it and suffering from stress induced seizures, which playing the character often caused.
Throughout his time as FilthyFrank however he began experimenting with music, mostly of the satirical kind at the start, his first tracks were under the FilthyFrank persona, the first one being Who's The Sucker, a dumb track where he somehow manages to rhyme "nicer" with "vagina", go figure.
A few years later, alongside the satirical rap, Joji began to make what he would consider as serious music, and this is where the timeline gets a bit messy, as he put out multiple tracks under multiple different aliases and the lines got blurred pretty fast, so I won't focus on aliases too much, but rather on the music he put out, around this era he released the therapeutical Medicine, the slow and melancholy We Fall Again, and Dumplings, which was Joji's best attempt at a trap banger.
In 2015, he birthed the Joji alias, released two singles on Soundcloud under that name, and announced a project called Chloe Burbank Vol. 1, the project was later scrapped and is probably sitting on Joji's hard drive, unfinished, however, the two singles he put out, thom and you suck charlie, were the tracks that put him in the spotlight, not to mention that to this day, there are some of his fans that believe these 2 tracks are his best and will not be topped, but that's a discussion for another day.
Following the overwhelmingly positive reception, Joji began to put out more tracks and singles, both under the aforementioned alias and Pink Guy, which was a character that blossomed into a satirical rap project, but I won't be covering that too much, and will focus on what he did as Joji instead, most tracks Joji put out were met with positive reception, some of the tracks, such as worldstar money, ended up on his debut EP as well.
Sometime around early 2016, Joji ended up signing with 88rising, a label focused on building the bridge between east and west, he explained in an interview that he was initially a consultant for the duo behind the record label, however, once the duo noticed his music and how well it was received, they asked him to jump on board and he instantly took the chance, getting signed alongside the likes of Rich Brian and Higher Brothers.
The label immediately undertook Joji and began distributing his catalog on their YouTube channel and helped him release more music, which was a couple of singles in the earlier half of 2017, and his debut EP in the latter half, the EP, known as "In Tongues", was met with mixed reception from fans and critics alike, with some describing it as his most concise body of work so far that is oozing potential, and others describing it as a bleak project that fails to set Joji apart from the sea of artists on the same wavelength as himself.
Following the release of the EP, Joji began working on his debut album, known as BALLADS 1, the album's first single, YEAH RIGHT, was released on the 8th of May, the track was first believed to be a standalone loosie as it was released 5 months before the album itself, however it ended up being on the album and was confirmed as the one of the singles alongside SLOW DANCING IN THE DARK, CAN'T GET OVER YOU, which features a production credit from non other than Clams Casino, and TEST DRIVE.
The album was well received, and was praised for containing a wider variety of sounds than its predecessor, it felt like a natural progression for Joji's sound and was a step forward towards a more mainstream approach whilst not sacrificing any of the rawness that Joji's older stuff had, which seemed to be what most fans were expecting from him.
Moving forward Joji stayed mostly silent throughout 2019, appearing on the second 88Rising collaboration album, which was negatively received due to it's lack of creativity and sub-par performances from most label signees, he also appeared on Rich Brian's sophomore album, The Sailor, and released which is now known to be as the first single from Nectar, Sanctuary, a synth based poppy track that previewed a vocally improved and more confident version of Joji.
What was assumed to be a loosie turned out to be the beginning of an album rollout, as half a year later Joji released Run, setting a new standard for himself both instrumentally and vocally, and a couple of months later he released Gimme Love, a double sided track with a fun, catchy beginning and a melancholy ballad driven ending, the last single, Daylight, was released on the 8th of August, the instrumental was produced by Diplo and the track itself sounded like Joji's attempt to break into the mainstream.
Without warning, he also released two tracks that he classified as "NOT SONG", the first being Pretty Boy, which actually ended up on the album with a Lil Yachty feature, and the second being FTC, which sadly did not end up on the album, both tracks had videos and it seemed to me at first that the purpose of both tracks was to serve the lore that Joji has built around the album, which I will be touching up on in this write-up.
A day before the album's release, he put out Gimme Cum, an enigmatic track with a mysterious message.
Nectar itself was pushed back from it's original July release date due to the pandemic and Black Lives Matter protests, the album however was released on the 25th of September.
Album Lore
If there's one thing George is no stranger to, it would definitely be worldbuilding, as he has proven time and time again that he has a knack for it, especially with his FilthyFrank YouTube channel, where he managed to create characters, locations, and an entire universe out of a few satirical characters, his lore was adored by many and even though visually he never wrapped up the story he did release a book that served as closure for the FilthyFrank lore.
This album's lore is not as straight forward however, and there are multiple theories doing the rounds on the internet, personally I will go by what sounded most convincing to me in terms of timeline and storyline, however do feel free to expand on what I've said or correct me, George has left multiple things left open to interpretation therefore I would not be surprised if there were multiple different meanings to the same thing.
Our story begins in the music video for Gimme Love, where we see a young Joji who appears to be a small time engineer that is eager to climb through the ranks of the company he is working for, as he rises however he appears to become more stressed out and agitated at all times, lashing out at his coworkers and breaking down consistently, throughout the music video we can see that the more he progresses, the more roadblocks he runs into, which causes his behavior to become more psychotic and manic, as the shots move forward we see him accept awards, lead his very own research team, run failed experiments on his coworkers that causes them to bleed, and eventually receive military covert status, which did not come without sacrifices, as we see him smile less and less throughout the video.
In the second half of the video, we see Joji steal the rocket he helped build by locking out his crew members, and launch himself into space, disappointing everyone he worked with and stabbing them in the back he appears to be quite happy however, eventually his mood flips as he is faced with two choices, engage or eject, the following shot does not allow us to see which one he picked as we are facing his back, all we see is Joji making the choice and gearing up for what's to come.
The lines get blurred around this spot and many people have different theories as to which video is the right one chronologically, personally I believe Daylight comes next, and my theory is Joji is having some sort of fever dream featuring his previous coworkers, most notably the older people who went through layers of plastic surgery, who appear in the music video for FTC, where they are seen wearing badges that features the same organization Joji worked for, throughout the video they are seen rummaging through the wreckage caused by Joji, clearly looking for something specific, which ends up being the award Joji won.
Back to Daylight, Joji appears to be some sort of intern working for the director and the actors, towards the end of the music video we can see Joji waking up from the aforementioned fever dream, clearly in a daze, as the shot widens we see that he is alone, in a barren wasteland, with nothing around him except for a tent and what appears to be a device used for communication, he plants a few seeds in the soil and sits by the device, hoping for a sign of life.
Next comes Run, where we are once again met with Joji having a nightmare, the entire video symbolizes being trapped in a place you don't want to be in, as Joji appears to be in a never ending limousine with people he has no interest in whatsoever, towards the end of the nightmare we actually see Joji running across a massive wasteland, the same wasteland we saw him in at the end of the Daylight music video, throughout the video, we see Joji become consumed by the soil itself, which I would assume is a representation of his fears back then, seeing as he was alone and had little to no hope of being saved whatsoever.
Joji wakes up from this nightmare and appears to be in some kind of spaceship, if the videos were released chronologically, we would be completely lost at this point, lucky for us, we already know what the spaceship is, as we see a picture of the Sanctuary crew in the final shots of the Run music video, I'm gonna go out on a limb here and say that the crew is the ones that saved him from death and picked him up from the mess that he placed himself in, hence the name Sanctuary, which means refuge or safety from pursuit, persecution, or other danger
The crew itself is seen in action in the music video for Sanctuary, where Joji appears to be fighting and defeating some sort of one-eyed alien supervillain at the start, however, once he is defeated, both Joji and the crew themselves become aimless, as they are living monotonously without a goal, thankfully(???), one of the crew members sees this and decides to take matters into his own hands, by surgically removing his own eye, which portrays his transformation into the new supervillain, and following this up by killing a crewmember and escaping on his own, once again giving the spaceship it's own purpose.
Unfortunately the music videos that were put out after the release of the album appear to be too subtle for me to think they are connected in any way, shape or form, there are many theories of course but I can't help but feel like that most of them are a reach.
The most plausible explanation for this lore that I can think of is that the whole escaping from earth on his own, landing in a barren wasteland, trying to plant seeds in it, and eventually being picked up by a group(88Rising, wink wink) is a metaphor for his transition from FilthyFrank to Joji, the barren wasteland stands for how hopeless he felt at the time and the seeds symbolize the loosies he was slowly dropping before ditching his channel to become an R&B superstar, which if true, solidifies the idea that George was done with FilthyFrank long before he actually left the channel itself.
Regardless, I thought the lore was very enjoyable and it was nice to see Joji back in one of his elements at least, most fans would have been disappointed in me if I had not touched up on it a bit seeing as it was a huge part of the albums release and they are intertwined in some sort of way.
Review

When it's lovely I believe in anything What does love mean When the end is rolling in

• Ew

It is important for me to preface this review with the fact that this Joji album is not like anything we've ever heard from him before, this is not the one man army, garageband using, sample meshing Joji that we knew in the past, this is Joji with an entire team behind his artistic vision, a whole group of people working with him to help him push his sound to the next level, and unfortunately, while the quality of the music has clearly went up, when so many people have their own input on something eventually the lines get blurred and the album loses its artistic direction and cohesion, which is one of my only complaints with this album, and I'm glad I got it out of the way first.
Artistic direction and cohesion aside, this album contains some of Joji's highest highs to date, especially the singles, that's not to say that there aren't some deep cuts on here that shine as well, but once you listen to the album in it's entirety you quickly understand why the singles were chosen as singles, especially when you consider how sonically different they are from the non-singles.
Sanctuary, the album's first single, is a sweet, poppy and synthy track that features a high pitched and melodic Joji, some of the track's lyrics are somewhat abstract but they are quite visually descriptive and that's always a plus in my book, the instrumental itself is quite spacey and has a nice retro vibe to it, already a huge step forward from what we've already heard from George, the track's climax reaches towards the end and gives us a beautiful bridge,with Joji crooning about wanting to be held by a significant other.

I fell for your magic, I tasted your skin And though this is tragic, at least I found the end I witnessed your madness, you shed light on my sins And if we share in this sadness, then where have you been?

• Run

Run is one of the more cinematic cuts on this album, the track is truly a double edged sword because although it's one of Joji's best, it has set an extremely high standard for both Joji and the album, leaving fans such as myself worried about whether or not he will ever reach a similar high, the production is clean, Joji's vocal lines are as dynamic as ever, the guitar melody is infectious, the lyrics are better than anything Joji has ever written and he is putting his heart and soul into every word, the electric guitar solo at the end is also something worth mentioning, which sits perfectly right in front of Joji's distant and wide vocals, ending the track on a strong note.

Look into your heart and let me know Do things turn black and gray as they go? When I'm far too gone, can you show me love? Give me love

• Gimme Love

The lyrics above come from the album's third single, a 2 sided track that starts as a bouncy, percussive, fast paced, and catchy song, with Joji chanting and pleading to be given love, softly singing about being surrounded by apathetic people, after the second chorus the entire song comes to a halt in order to make room for a mellow guitar and Joji's harmonies, which are absolutely stunning if I may add, the track, much like many other tracks on here, ends on a cinematic strong note with a string section and a grandiose piano.
The final single, Daylight, is no doubt unexplored territory for Joji, the instrumental, which was produced by Diplo, starts off slow and minimalistic, with a simple yet groovy bassline, and reaches its apex on the chorus, when it suddenly becomes extremely lush, heavy, and thick, the track is most definitely a solid attempt at modern day and mainstream pop music, clearly made with the intention of receiving radio play.
All of the singles show up in the first leg of the album, which is absolutely phenomenal, the opener track, Ew, starts off light and easy, with a somber and distant arpeggiated piano backed with Joji's soft vocals, who's singing about heartbreak and the loss of many relationships, sounding as bitter as ever lyrically, the chorus includes a grand string section and a chord progression that is fully panned to the right and sitting all the way behind the mix, and surprise surprise, the track itself ends on a cinematic strong note, much like many of the other tracks on here.

I've got no aim, a million rounds, is nothing real? A hundred pounds of heavy steel, it feels so loud Tied to my chest, it feels so loud I'll take a peek to across the peaks This grass is neat and I'm quite unique But I'd like to be, but I'd like to be

• MODUS

Up next comes MODUS, a moody track that has an intro similar to the opener track but later on has Joji melodic rapping to a murky trap instrumental, with Joji of course sounding better than ever, lyrically speaking, many of the themes on this album are similar, Joji is mostly singing about relationships, heartbreak, and the need for a significant other, the lyrics themselves give the album a nocturnal, bitter, hopeless vibe, which is what we've come to expect from Joji's music nowadays.
The third track, Tick Tock, is a plucky banger of an instrumental that has Joji rapping over it with pitched up vocals on the chorus which is something that's a little bit reminiscent of his older, more amateur work, the vocal layering on the verse is also something worth mentioning, really showcases Joji's dynamic range and how much he improved as a whole, the track is nothing groundbreaking in terms of what we've heard so far and remains lowkey for the most part but is without a doubt one of my favorites on this project.

On Nectar, one of the yet-to-be-announced tracks was produced when the artist was only sixteen years old. “I’m excited to see if it sticks out or not to the listeners.” he reveals.

• Joji Interview with Schön! Magazine.

While not officially announced by Joji himself, it is safe to say that Upgrade is the aforementioned track, a small interlude that seats itself in the earlier part of the album, the track starts with a grandiose piano, which is quite unnecessary if you ask me, because once we have it out of the way all we get is a very obviously barebones instrumental made from a different time, the telltale sign being non other than the ukulele that we have seen in George's earlier work.
It upsets me that Joji has not made this fact much more known because this track has been consistently the subject of criticism by critics and fans alike, but at the same time I understand, because at the end of the day George left that track in there for the die hard fans, not the critics.
Up until this point there is no doubt that Joji has played it safe, sure the album is much more grand and cinematic than its predecessor, but there's no denying that the signature sound is still there, we still get the hazy and moody slow bangers, if Nectar was only the first half then Joji might have had a strong album in his catalog, maybe even a classic, but I understand him wanting to expand and experiment with other sounds in order to grow as an artist.
The midsection gets a little bit tricky, as Joji begins to get out of his comfort zone and the album features start appearing, to me it sounds like Joji did not know how he could keep the listener interested in the second half of this album and decided to opt in for a bunch of features as a quick fix, some work out fine, some better than others.

Handsome young man, never pull up on time Lookin' in the mirror, lookin' good should be a crime, crime All this pain I'll never let show (No) My real thoughts, you'll never know (No)

• Lil Yachty on Pretty Boy

I never really listened to Lil Yachty that much aside from the obvious hits he had over the course of his career, but he clearly shined on this track as the feature, for starters, the track is very light-hearted, definitely one of the more lofi tracks on this album, the highlight for me without a doubt is the bridge, which sounds like something straight out of Pink Season, George was clearly having genuine fun with it, some even speculate that most of the bridge was made using samples from his earlier work as Pink Guy.
High Hopes, which features Omar Apollo, is one of the more lowkey cuts in here as well, the percussion on the instrumental and the detuned guitar on here remind me of some of Joji's stuff from BALLADS 1, unfortunately however the track doesn't stand out much, at least not as much as Afterthought with BENEE, another track where Joji's melodies and vocals shine through once again, and BENEE's feature definitely adds some character to the track, at least enough to the point where the feature made some sense
On Normal People, Joji recruits childhood friend rei brown, in an attempt to capture lightning again after their first collaboration, Once In A While. Unfortunately lightning didn't strike twice here for me and the track felt quite lackluster and uninteresting, especially for such an anticipated track and when compared to their first song, many of the tracks and collaborations on the second part of the album really felt like Joji just trying to recapture the magic of his earlier work, and while some of those attempts did work at the end of the day it does feel like a cheap cop out.

Oh, understand, girl, I'm out of sight To the other side, I don't want no stripes Got my insides loud like motorcycles Girl, don't notice it, I don't notice it

• NITROUS

Another example of Joji attempting to recapture magic is NITROUS, which marks Joji's second time collaborating with Clams Casino, the track is very reminiscent of their first track together, both Joji and Clams Casino however killed it, the track's instrumental is very murky and nocturnal, much alike most of the album, but that doesn't stop Joji's delivery, which is very fun-loving and upbeat.

By the way you move, I know you want me to Tell you all the rules, I know I'm searching too Give me all your clues and things to guide me through The end of the world, the end of the world

• Mr. Hollywood

Produced by the one and only Kenneth Instrumentals, Mr. Hollywood is one of the more heartfelt and personal tracks on this album, Joji is singing about his evergrowing popularity and how it will never affect what is important for him, which in this case is the girl he's singing about, like many other tracks on this album, you will often hear something that will remind you of Joji's older work, in this case it is the ad-libs on the chorus, which are very reminiscent of his ad-libs on BESIDJU, regardless the song has at least a bit of substance which makes it one of the more commendable tracks.
The final run of this album is where Joji flips the script here, there are a few tracks that have questionable artistic decisions, such as Reanimator, with non other than Yves Tumor, the track serves as an instrumental interlude before the final two tracks, however with a feature such as Yves Tumor I honestly expected much more than what we got, and what we got is basically a 3 minute track, with the first minute and a half being nothing than a drone-y, synthy instrumental, and the second half being quite a lackluster performance by Joji and his guest, much like some of the other tracks on the album, it seems like it received a similar treatment, where the track was initially unfinished and still half-baked, and rather than attempting to finish the track they opted for an easy way out, which in this case was making more than half of the track an instrumental and then calling it an interlude just to be safe.

"that weeknd synthpop track sure is doing huge numbers, maybe i should also make a synthpop track as well"

• Joji, probably.

I would be down to argue that if Blinding Lights by The Weeknd had not existed, 777 wouldn't have existed either, Joji's constant attempts at breaking into the mainstream and commercializing his sound have always left a bad taste in my mouth as it felt like it came from a place where authenticity is lacking, nevertheless I find it bizarre to make a track that is very similar to one of the most successful tracks of the year and not attempt to push it at all, that's not to say that 777 on it's own is not a good track, however there's no denying that the sound selection on the instrumental, some of the flows, and the chorus itself hold blaring similarities to The Weeknd's track, I understand why he would make such a track however and find it admirable at the very least.
Thankfully, the album ends on a strong note, the final two tracks are both beautiful even though they're worlds apart, Like You Do, is a quintessential love ballad from Joji, a stripped down instrumental with beautiful piano chords and a laid back vibe, Joji is singing about his current partner and how what they have might not work out, even though he feels like they're perfect for one another, the closing track, Your Man is a massive change in tempo, with an upbeat, electronic, deep house-esque instrumental, we hear a Joji that is optimistic, which is a nice change of pace, especially considering how bitter most of his albums and projects have been up to date.

Since I met you All the gloomy days just seem to shine a little more brightly Consider what we've got 'Cause I can never take you for granted

• Like You Do

Conclusion
There's no denying that some tracks on here sound like a bastardized version of Joji's signature sound. Joji is trying his best to commercialize his sound without sacrificing the rawer elements of it, which unfortunately results in a jumble of sounds. This album is not free of criticisms as there are many issues in here that need to be worked on, it's much less cohesive than its predecessor and at times sounds like a bunch of rough ideas put together in order to create the world's most average musical equivalent of a photo collage, but if we were to just set all of that aside and just look at this album for what it is, then there's definitely something in here for everyone. George might have not made a classic, and he certainly hasn't found his sound yet, but this album is an indicator that he's on to something, and once again I am already anxious to hear what he has in store next.
Talking Points

• What did you think of this album? Is it a good follow-up to BALLADS 1?
  
• Do you think Joji works better alone or when he has a team behind him?
  
• Do you think Joji will yet again set another high standard for himself next project?
  
• What are your predictions for Joji's sound in the future?
  
• Now that he's more keen on having features, who do you think would compliment Joji's sound the most?
  
• Favorite tracks?
  

I'm not seeing a huge amount of knowledge on this subreddit, so I'm going to list some of the reasons why I'm hoping for some decent price increases..
If you find anything juicy that I've missed feel free to leave a top level comment or even message me and I'll add it. Perhaps we should keep updating this post and sticky it as a goto DD for SCTSCRF?

1. Score have the most popular sports app in Canada and second most popular in the US behind ESPN, this puts them in a somewhat unique position to integrate sports betting in to a popular sports app (though note FUBO just announced purchasing Vigotry with their intention to integrate sports betting in to their sports streaming service, they closed up 34.32% today on the news and likely caused the dips in the share prices for SCR and DKNG, even PENN's share price seemed to waiver around midday);
   
2. Score already have sports betting live in Colorado, Indiana and New Jersey;
   
3. Score recently did a share offering and raised $25,649,390 which can be used for growth and expansion of sports betting in the US - check out their careers page and click on available opportunities;
   
4. Score have a multiyear partnership with the NBA and the MLB to be an authorized sports betting operator, including access to official betting data and league marks/logos for the betting app;
   
5. Score have a strategic multi-state market access partnership with PENN, PENN have access to 11 states, further PENN have a 4.7% stake in Score with the potential for this stake to increase as additional market access fees become payable (the second link, which is from PENN, says the term of the agreement with PENN is 20 years, even DKNG only has a deal for 10 years subject to a 10 year extension);
   
6. Score have a 10 year partnership with Twin River to operate an online casino in New Jersey, extendable by 5 years at TheScore's option and a further 5 years upon mutual agreement;
   
7. In Dec 2020 Score was named the most impressive emerging company in sports betting. They are also in Canada's fastest 500 growing companies, Canada's top growing companies 2019 and a 2020 TSX venture 50 company;
   
8. Let's look at some user numbers. As expected they were down a bit during 2020 due to covid, but that is about to change across the industry with sports opening up properly and sports betting being legalised in many US states and hopefully Canada to help raise tax funds for covid expenses (never will sports betting have been more socially acceptable, almost encouraged!). They achieved 3 million active monthly users (4.3 million in q1 2019, should see this or higher again once sports start up properly - 62% of those users were in the US, 27% in Canada and the remaining 11% in other international markets). Users had an average of 70 sessions per month (75 the year prior), so 3*70 = 210 million users per month. 292 million video views for esports in just Q4 alone, year-over-year growth of 243%! Their esports tiktok account has over 1 million followers while their sports tiktok account has almost 2.5 million (up over 500k in the last quarter). Over 1.5 million youtube subscribers for their esports channel. Their twitter account has ~600k followers, almost double what DKNG have! Their social sports content across Twitter, FB, Instagram and TikTok achieved an average monthly reach of about 103 million;
   
9. Score appointed sports business leader and four-time Olympian Angela Ruggiero to its board of directors - she's a hockey player, got a medal at each of the Olympics she went to including a gold;
   
10. Score already cover women's sports, doing this without having to follow the competitors or have it requested by women shows a genuine interest in supporting women's sports. Hopefully this will extend to allowing sports betting on women's sports;
    
11. Score esports has been named exclusive English language broadcast partner for League of Legends' Demacia Championship, a marquee annual event featuring 24 of China’s top esports teams. Live event coverage will run from December 20-27 and be streamed across theScore esports’ YouTube and Twitch channels. The Demacia Championship will be theScore esports’ first-ever live event broadcast, with production originating from their esports headquarters in Toronto.
    
12. In 2019 Score partnered with Ubisoft for unique video content series;
    
13. In 2014 Score was named one of the world's greatest apps (and in 2013 was named one of the 100 best Android apps of 2013);
    
14. Score has joined the National Council on Problem Gambling as a Platinum member - this bodes well for support of Score from politicians and people normally critical of sports betting who are mostly onside at the moment through the need of raising tax money for covid related costs.
    

Future catalysts I'm hoping for:

1. There's a live webcast to report q1 f2021 financial results Jan 13 at 5:30pm EST (details here). Hopefully good news so we 🚀 rather than ☄️ short-term, but I'm still bullish long-term regardless because sports have not really started up properly yet, nor has sports betting opened up in many places yet. With a bit of luck the income from the share offering will be included in the revenue for this quarter which might help;
   
2. If we ever get uplisted to NASDAQ/NYSE and get out of the penny stocks then I would be surprised if it doesn't get pumped in numerous places including WSB;
   
3. Legalisation of sports betting across more US states and Canada. The governor of NY has now expressed interest after previously being opposed to the idea, so too has Texas for example. Score do not yet have a partnership with a NY casino, but hopefully they will get on to that, they do have access to Texas through PENN;
   
4. Partnerships with NFL and NHL would be awesome to go along with the NBA and MLB partnerships;
   
5. Successfully competing with the big players like DKNG (and now FUBO too), hopefully with juicy earnings reports in to the future (if we do, look at the performance and current prices of DKNG and PENN, I'd be extremely happy if we ever made it to CAD$20/share, if we got to DKNG's current USD price we'll be in tendie heaven);
   
6. Huge uptake in sports betting with a rally of public support to help cover the public costs associated with Covid;
   
7. Maybe esports betting could become a huge thing? TheScore seem like they're in a good position to earn a decent market share there, possibly even be the ones to introduce it and bring it to market?
   

tl;dr: 🚀🚀🚀🚀🚀🚀🚀🚀🚀🚀 (hopefully at least 10x)
If you would prefer an ETF to have exposure to the betting market check out BETZ.
position: 42.8k shares

Please, whenever possible, link this post to help out your fellow players.
This is best with 2 players, if possible, to maximize profits.
You'll need an Arcade, here's a list of all of them.
I prefer the Eight Bit Arcade because of its location and accessibility to the Garage, as well as the fact that it makes most preps spawn in the same locations for easier completion of preps.

Here's a list if guides that'll help with getting started with the Diamond Casino Heist:

Scoping Out

Scope Out Guide [Skip to 4:36]
All Access Points
All Points Of Interest / POI

Tip 1:

While doing Casino Heist preps, you can make Lester shut up and show the mission objective faster by giving one of your contacts (Mechanic, Assistant, hell even Brucie) a call, as long as you know the contact you call will pick up the phone and not just leave you ringing.

Tip 2:

[Make sure to call Simeon or Martin and request a job before you start a prep, as you cannot request a job while doing Casino Preps]
In some missions you are unable to call Lester and call the cops off of you. During these missions, you can get the cops off of you for free by calling Simeon or Martin and request a job. Once you get the job, join it.
AS SOON AS YOU JOIN THE JOB, LEAVE AS SOON AS POSSIBLE. If you don't quit, you run the risk of the Host starting the job and therefore cancelling the heist prep.
Once you leave the job, you'll be back in Freemode with no cops on you, and you'll still have your heist prep equipment.

Note:

There are two Access Points that are required for the way I run the heist, in Aggressive and The Big Con (Gruupe Sechs), being the sewer entrance on the right side wall in the first opening, and the tunnel entrance leading into the center of the track.

Scope out the Casino

Look for Artwork and Gold, as they are the best (unless Diamonds are available in the vault. In that case, Diamonds are the best)

Changing vault contents

If you've completed all three approaches (Silent & Sneaky, Aggressive & The Big Con), you'll have unlocked the ability to cancel the Casino Heist by calling Lester. You can use this to cancel the heist if you get Cash, or any Vault Content item you don't want.
If you find the Vault contents and get something you don't want, like Cash, you can call Lester while still in the Casino and cancel the heist. Go back to the Arcade and pay the 25k to start the heist again, and you should have a different item for your Vault Contents.
This will essentially allow you to get a second Vault Content item by trading 25k to start the heist a second time with about 8 minutes of finding and hacking / killing the Casino Security guy and going to the Casino.
If, once again, you get a Vault Content item you don't want, exit the arcade, call Lester & cancel the heist, enter your Arcade, rinse and repeat.

Personally, I cycle between Aggressive and The Big Con (Gruupe Sechs).

Now, because I prefer doing the heist through the Aggressive and The Big Con (Gruupe Sechs) approaches, I have little to no experience doing the Silent & Sneaky approach, and thus will be basing this post off of my personal experience in the other two approaches.
Note I'm not going to go into every single prep mission, mandatory or optional as that would take too much time for me. You can look up the rest of the preps on YouTube or Google. I'm only going over my preferred Gunman, Driver, Hacker, the preps that I prefer to do / prefer not to complete, and how I complete the heist.

Aggressive

Gunman: I prefer Patrick MacReary, 8%. I can't remember the other weapon available, but I know he allows you to choose an LMG with 100 round mags. I prefer to use the LMG. You can unlock by finding him in the back of a police van. Take the van to the objective area by following the yellow marker and you'll unlock him.
Driver: I prefer Karim Denz, 5%, which has decent vehicles. I prefer the Sentinel Classic.
Hacker: I prefer Paige Harris, 9%, which you can unlock by owning a Terrorbyte (which you can unlock by owning a Nightclub).

The preps I prefer to do are:

Unmarked Weapons, Getaway Vehicles, Hacking Device, Thermal Charges, Vault Explosives (I prefer to use a Stromberg while doing this mission), Reinforced Armor, Vault Keycards, Patrol Routes, Duggan Shipments, Security Intel (unlock by owning a penthouse and completing the penthouse missions), and Security Pass.
For the Reinforced Armor, I only do this if I have Gold or Diamonds as it slows you down. I also only do this if I am a low level or if I have low level teammates, because low level = low health. If I have Artwork or Cash I don't do this.
As for the Boring Machine prep, you don't need to have the Boring Machine to access the sewer. All you need to do is have took a picture of it and sent it to Lester during the Scope Out prep.

The Big Con

Gunman: I prefer Karl Abolaji, 5%. He has access to the Mini Uzi (I forget the in-game name) and the double barrel shotgun. I prefer the Mini Uzi. *You're going to be mostly going up to people and meleeing them / knocking them out instead of shooting them, unless you get caught, then you'll be shooting them.
Driver: I prefer Karim Denz, 5%, which has decent vehicles. I prefer the Sentinel Classic.
Hacker: I prefer Paige Harris, 9%, which you can unlock by owning a Terrorbyte (which you can unlock by owning a Nightclub).

The preps I prefer to do are:

Unmarked Weapons, Getaway vehicles, Hacking Device, Entry Disguises (2 preps), Vault Drills, Exit Disguise, Vault Keycards, Patrol Routes, Security Intel, and Security Pass.
I don't do Duggan Shipments as usually use my weapon to melee / knock out the security guards at the Casino, and since a melee is a one hit one kill, regardless of level of armor they're wearing, I don't usually do this mission.
Completing the Yung Ancestor missions allow you to have the Grotti Furia, a supercar, as an extra getaway vehicle, although it spawns in the parking lot which is surrounded by cops. I would not recommend doing this.
Again, 2 players are recommended. Start the Heist, get to the Vault. One of you work on the first main room with the big circle table in the centre while the other one will start hacking whichever doors lead to 2 or 3 Artwork or Gold / Diamond / Cash tables. Always go for the rooms that have more than one cart.
Tip: With Gold / Diamonds, you cannot sprint / run, you can however trot. If you go into First Person and tap / press and hold whatever your sprint / run button is, you'll see your character's weapon / screen shake, indicating that you're trotting. Doing this in First Person is actually faster than Third Person.

There are two was I like to lose the cops

1, through the sewer, and 2, by helicopter (Helicopter Route)
[Disclaimer: This strategy is not recommended if you're trying to get the Elite Challenge, as this will most likely take more than 15 minutes, or however long the given time is.]
Once you are out of the Casino, make it to the road. Drive to the sewer opening by the Casino, and if you don't have a car, just run to said sewer opening.

Note:

If you go back the way you came, or anywhere close to the Casino after you lose the cops, you will gain a wanted level again.
Proceed through the tunnel. You'll find a metal gate that you have to pass under, a small vent on the right side, and another vent on the left.
You'll come across 2 paths. Go up the metal ramp on the left. Proceed all the way down the tunnel and down the escalators and ramp downwards. Cross diagonally over the 2 train tracks into the next tunnel with a dirt floor.
You'll find 2 tunnels, left and right. Take either one. You'll find construction, go straight. After this, you'll see a big room. Go straight, take the immediate right and go up the ramps leading to the opening to the highway. If you dont have a car, get one or two and drive to the Buyer.
​
Links to my other posts, which consist of guides, and other useful things I've found & posted.

​
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When checking the list of Whamoo’s software providers you can only feel relieved as this brand new online casino only has games from the world’s top casino games developers. Especially for a newly opened online casino it is important to show to the public that you are talking serious – and you can only do that by adding the most popular games from the top software providers to your game library.
It’s not only about fun. Sure, these top software developers are known for making some of the most fantastic video slots, stellar table games. They have the most exhilarating and professional live casino tables to which you can connect in just a few clicks. But it’s more than just playing fun, graphics and game design.
By only having games from the top software companies, you are giving your players a clear message that you are only satisfied with the best quality games. Perhaps the most important aspect is game reliability, honesty and fairness. All games from the top software companies are fully tested and accredited by regulatory bodies. These gaming authorities check whether games indeed turn out completely random results and give gamblers a honest shot at winning. This is perhaps even more important than just a fantastically designed game, as in the end what matters most is reliability and honesty inside a casino.

RNG

The games which can be played at Whamoo Casino all have a piece of code called a Random Number Generator (RNG). With a random number generator, the outcome of every game is completely random and independent from previous results. It means that every card being dealt on the table, all dice which are thrown during a game, and every ball spinning around in the roulette wheel is never predetermined. Let’s put it this way: if you throw a single dice with the numbers 1 to 6 on it, you have indeed an exact 1 out of 6 chance that it will land on your predicted number.
A random number generator is absolutely crucial when it comes to delivering fair game results and giving gamblers a honest chance at winning. By having games from the top software providers, Whamoo makes sure that you can trust the fairness of every casino game you play. The good thing is that not only are the game results subject to occasional audits by regulatory authorities, but that these software providers also pro-actively test their own games to ensure they fulfil the highest industry standards. They hire independent testing agencies such as eCOGRA to check their games, both in virtual simulations and real-time results.
Let’s take a look at the software providers whose games have already been added to the Whamoo game library. As these are some of the best known software developers in the world, chances are that you have heard about some of these names before!
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NETENT GAMES

Also known by its full name of Net Entertainment, NetEnt is one of the largest casino game developers in the world. NetEnt is a Swedish company which was founded in 1996, which makes it one of the oldest companies in the relatively young world of online casino gaming. It is so big, that the company is even listed on the local NASDAQ stock exchange in Stockholm, Sweden!
NetEnt is best known for its vast video slot portfolio, of which many games are also playable at Whamoo. Having NetEnt games in your casino game library is almost a must for every online casino, as besides Whamoo some 300 or so more online casinos have NetEnt games available, which tells you something about the popularity of this company. Just like Whamoo itself, NetEnt has a full gambling licence in the EU member state of Malta, which means that all games are subject to regulatory oversight and can be trusted for their fairness. NetEnt also works closely together with independent testing labs to ensure that their games meet the highest standards.
Some popular NetEnt games which you can play at Whamoo are Jack and the Beanstalk, BerryBurst, Twin Spin, The Vikings, Wings of Riches, Aloha!, Fruit Shop, Jacks or Better, Gonzo’s Quest, Dazzle Me, Wild Bazaar and of course the eternal favourite of Starburst.

PRAGMATIC PLAY GAMES

Pragmatic Play is another major company in the online gaming world. The casino games of Pragmatic Play are always popular with the players, so it is no surprise that Whamoo has chosen to add quite a few Pragmatic Play games to its online collection. Pragmatic Play focuses mostly on online video slots, although they also make some exciting live casino games which are hosted in their own studios.
Being only founded in 2015, Pragmatic Play is a relative newcomer within the game developing industry. Yet in those few years time, the company already managed to reach to top heights with Pragmatic Play being considered to rank among the top game providers. Quality and safety are of immense importance for Pragmatic Play. Therefore, all games are documented and tested by independent auditors and testing labs such as QUINEL, BMM and Gaming Labs.
Popular Pragmatic Play games which can be played at Whamoo are John Hunter and the Aztec Treasure, Great Rhino Megaways, Leprechaun Song, Lucky Dragons, Mustang Gold, The Champions, Vegas Nights, Aztec Gems, Buffalo King, Starz Megaways, Triple Jokers, Magic Crystals, Sugar Rush, Beowulf and many more exciting video slots.
Of course, many baccarat, blackjack and roulette variants are available in Whamoo’s Live Casino which is powered by Pragmatic Play software. You are connected by high resolution video feed to professional dealers and croupiers in one of the Pragmatic Play casino studios where you can experience the thrills of a real life casino behind your computer or mobile phone. It’s almost like you are standing in Vegas!

STAKELOGIC GAMES

Stakelogic is another popular software developer which has added its games to the Whamoo game library. As one of the best-known developers in the software industry, it is always a good sign that Stakelogic games are available to play given that this company has made some exciting video slots.
Using HTML5, Stakelogic games are of course fully mobile compatible, which means you can play them on your smartphone as well. The company has also made some exciting new 3D slots which are not only gorgeous to look at but also wild fun to play. As an off-shoot company from gaming giants Novomatic, Stakelogic certainly is a reputable software developer which can be trusted when it comes to fairness and reliability.
Popular Stakelogic games are Epic Slam, Wild Stallion, Magic Wheel, Super Wild Arcade, Fruit Spinner, Lucky Gems Deluxe, Hot Fruits, Grand Slam Deluxe, Runner Runner, Turbo 4 Player Jackpot, Dragons and Magic, Big 5 Jungle Jackpot, Mariachi and The Big Cash Game.
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High limit gaming options

Whamoo is an online casino which is not only suitable for gamblers on a tight budget, but also for the true high rollers. You can place bets as low as a few cents, or as high as several thousands of euros or dollars at this online casino. Depending on your game of choice, whether its a jackpot video slot or classic table game, there are countless of options to bet big for maximum excitement and chances of winning top prizes. Further down in this Whamoo review, we will discuss some of the high limit games which are available.
Highrollers should also note that Whamoo comes with its own VIP programme in which you can quickly work yourself to the top category if you bet big. You can get instant access to your own dedicated casino manager and will get invites to high stakes tournaments. There are special weekly cashback bonuses as well for the true high roller gamblers at Whamoo. We will discuss the VIP program more in depth a bit further down this Whamoo review.
For now, let’s take a look at all the high roller games which are available at Whamoo Online Casino!

Endless rows of jackpot video slots

If you are a real lover of video slots you will be glad to hear that Whamoo has several hundreds of online video slots available. Although some of these slots are more suitable for beginning players or those on a tight budget, there are plenty of slots available where you can bet up to 100 euro/dollar per spin. This makes for some exhilarating and thrilling slot game action which will please any high stakes gambler out there!
Of course, Whamoo also has its share of jackpot slots where you have a shot at winning the progressive jackpot which can run well above a million euro or dollar! These premium slots, such as those using the famous Megaways system, offer countless of opportunities to place maximum bets at your video slot of choice.
Check the Whamoo game library whether or not your favourite slot is available as well, or try one of the many exciting new game additions! It is easy to browse through the Whamoo website. You can sort slots by software provider, or use the search function to check for your beloved title.

Join for some high stakes blackjack action

Blackjack has always been one of the most popular games among high rollers and the reasons why are quite clear. You can often bet high amounts of money on a single play and you can as a player slightly influence the outcome of a game as you need to decide whether you want to stand or hit another card.
At Whamoo, there is plenty of high stakes blackjack action. There are both normal blackjack games such as American Blackjack and multihand Blackjack, as well as blackjack tables in the live casino. In the live casino, which is powered by Pragmatic Play software, you can play several blackjack variants. Bets of up to several hundreds of euros or dollars, or even higher for the real VIPs, are possible.
Beat the hand of the dealer and hit that score of 21. Maybe it will be your lucky day playing blackjack at Whamoo Online Casino!

Grab a seat at the roulette table

There is plenty of roulette action at Whamoo as well. You can choose between virtual roulette versions, or opt for a seat at a roulette table in the live casino, where you are connected to a real-time croupier by video feed. Especially in the live casino high bets of up to a thousand dollar or more are possible, making roulette a big favourite among the real high stake gamblers.
Of course, Whamoo Casino has all of the the standard roulette versions of American Roulette, French Roulette and European Roulette. Most of these games are developed by software giants NetEnt.
In the live casino, there is also Roulette Macao Live, where you will be connected to a gaming environment which makes you feel like you are playing in the famous casinos of this Chinese gambling mecca. Live Speed Roulette, Live Roulette Auto and Roulette Azure are popular Pragmatic Play live casino versions of roulette which are available to Whamoo players.
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Whamoo's unique bonus package

One area in which Whamoo stands out as online casino is its great bonus package. Of course, there is a great welcome bonus for newly registered users. But the fun doesn’t stop there! At Whamoo casino, it is bonus day almost every single day of the week. On Mondays, Wednesdays and Fridays the casino has recurring bonus offers if you reload you bankroll on one of those days. This makes Whamoo not only an attractive casino at the moment you sign up, but also at all those moments when you come back to play again.
300 free spins or a €200 deposit bonus

The Whamoo welcome bonus

We start of discussing the Whamoo welcome bonus which is called the “Welcombo” bonus by the casino. On a picture the Welcombo might not look too appealing as its packed in a carton takeaway box you might get at a certain fast food restaurant, but trust us on this: its contents are truly fantastic.
The Welcombo box contains a combination of goodies you get with your very first deposit at Whamoo. And what is best of all? You can decide what combo you want to receive! If you sign up at Whamoo for a free online casino account, you can determine your own bonus by adjusting the slide until you have found a combination which matches your idea of a perfect bonus.
This is a great option as it allows people to choose the bonus which best suits them. You can choose between free spins and a deposit bonus – or a combination of both. If you are an avid video slot gamer and do not care much about table games, you may want to slide all the way to the maximum free spins bonus. In that case, you will receive 300 free spins, but your deposit bonus will be 0%. The free spins in the Welcombo package are valid on the popular Amatic Industries slot Book of Fortune.
On the other hand, if you only care about table games and are not really interested in free spins and playing video slots, you want to adjust the slide to the maximum deposit bonus. This is a 100% deposit bonus of up to 200 euro. This means that if you deposit 200 euro of your own money to your newly created online casino account, Whamoo will top this up by another 200 euro from the house! If you select the full 100% deposit bonus, you will however not receive any free spins at all.
Of course, you can also opt for a mix between free spins and a deposit bonus. If you leave the slider in the middle, you will get 150 free spins and a 50% deposit bonus, for example. You can tweak this in any direction you want, for example to a 70% deposit bonus and 90 free spins. The higher your deposit bonus, the less free spins you receive. Want more free spins? Then your deposit bonus will decrease.

Welcombo bonus terms and conditions

Only one bonus is allowed per household and/or per player account. Do note that Whamoo’s bonuses remain valid until seven days after the required deposit has been made. Once this period ends, the bonus is automatically flagged as expired by the system and can no longer be released. The expired bonus funds are then automatically removed from the player’s account.
Of course, there is a wagering requirement which must be met in order to withdraw your bonus money and any winnings which may derive from it. Real money balance is used prior to bonus balance. The bonus balance will only be used when there is no real money available in your account. Only real money funds and released bonus funds can contribute towards the wagering requirement of the bonus. The wagering requirement for the Welcombo deposit bonus and free spins is thirty times (30x) the deposit + bonus.
Do note that players that deposit money using Paysafecard, Skrill or Neteller are not eligible for the Welcombo. To assure fair gaming and prevent fraud, Whamoo has placed a maximum cap on bonus money wagers, which are limited to a maximum per round/bet of €5 or its equivalent in other currencies. You should also be aware that certain games cannot be played using bonus money. There is a full overview of these games on the Whamoo bonus page.
Bets placed in certain games might not contribute fully to the wagering requirements.

• Bets placed on video slots count for 100%
• Bets placed on scratch cards count for 100%
• Bets placed on blackjack count for 10%
• Bets placed on video poker count for 10%
• Bets placed on poker count for 10%
• Bets placed on roulette, baccarat, sic-bo and craps do not count
• Bets placed on live casino games do not count

Recurring bonuses at Whamoo

The bonus fun does not stop at the welcome bonus when you play at Whamoo! You can count on a constant stream of promotional campaigns and bonus offers. The casino has recurring promo offers every Monday, Wednesday and Friday. If you deposit some extra money to your online casino bankroll on one of those days, you are eligible for a bonus. It therefore pays off to wait for these days before you decide to reload your online funds.
On Monday it is Pick ‘n’ Play day to start off the week with some good vibes. On this day, the casino basically tops up your deposited money You can:

• Turn your €20 into €25 with the code 100024;
• turn your €50 into €65 with the code 100025, and/or
• turn your €100 into €135 with the code 100026.

It is even possible to combine these bonuses if you want to deposit a larger sum! Alternatively, you can use the bonus codes of WHPICK5, WHPICK15 and WHPICK35 by putting these into the promo code field on the cashier page every Monday.

Whoa Wednesday

Wednesday is for many a difficult day in the week, it being right in the middle of another long week of work. To spice up things, Whamoo has come with an unusual bonus which it calls “Whoa Wednesday”.
Every Wednesday you get to uncover your secret gift – for free, no strings attached. The casino will add this gift to your next deposit. This can be a bonus, a set of free spins, or even both. You’ll get all the details once you’ve pulled off the cover and logged into your account. You will receive the bonus details and promotional code, which you can use in the promo field at the payment page to receive your hard-earned Wednesday bonus.

Freeday bonus

Friday is the favourite day of the week for many people – and the reason why is quite obvious. It marks the end of another working week and the start of some well-deserved weekend R&R! For many people this involves paying a visit to a land-based or online casino to get their kicks at their favourite game, whether it is a card game, roulette or video slot.
Whamoo knows that many people cannot wait for the days off work to start and therefore has come up with a special Friday bonus to welcome in the weekend! This bonus day is called ‘Freeday’ by Whamoo. The casino basically hands you a bunch of free spins if you are a regular customer. For every weekday from the previous week (Friday through Thursday) that you’ve deposited 30 euro or more, you get 10 free spins. For every weekend day you even get 20 Free Spins! That means up to 90 Free Spins are yours to play with. That’s a great start to a weekend full of partying and fun!

Wagering requirements

Do note that wagering requirements do apply to all daily promo offers. These are more or less the same as we outlined above in the description of the welcome package, but do take a look at the bonus terms and conditions page on the Whamoo website to know precisely what you can expect! As always, it is important to read the small print in order not to face any surprises later on.
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A fully mobile compatible casino

As a brand new online casino, Whamoo knows that already a majority of gamblers nowadays play on their mobile phones rather than on computers. Because of this, the Whamoo casino is fully compatible with mobile devices and tablets. If you load the Whamoo website on your smartphone, it looks just as good as on your laptop of computer. It’s equally accessible and orderly too! The mobile website is a breeze to browse through and you can easily access all the important pages such as the game library and payment page.
The same counts for the actual games themselves. Whamoo only works with software providers which are known to offer full mobile gaming support. These games are made in code such as HTML5, which means that the games can simply be played in your (mobile) internet browser. There is no download or special app required to play these games. Whether you are playing on your computer, tablet or smartphone, you simply surf to Whamoo.com and select your favourite game from the library. This game will then open in your internet browser – and you can play instantly. It does not matter whether your phone runs on Android or is an iPhone, nor does it matter whether you have Mozilla Firefox, Google Chrome, Internet Explorer, Opera, Safari or any other internet browser. Whamoo will function just fine!
This is absolutely great as you can now play at Whamoo wherever you are, whenever you want. Want to put down some wagers on the roulette table while you are sitting in public transport on your way to work? That’s easily doable! Just take out your smartphone on the train or bus, and surf to Whamoo.com to play at your favourite roulette table. Are you sitting on your couch at home and want to play a few hands of blackjack before going to sleep? Just take out your laptop, tablet or phone and within seconds you can have some of the most exhilarating blackjack fun on your screen.

The Whamoo Live Casino

Whamoo’s live casino is powered by Pragmatic Play and NetEnt software – which are two of the biggest, most reputable software providers in the world. This is great news for the players, as you can access high quality tables in just a few clicks.
In the live casino, you are connected with a live video feed to a real-time casino table in one of the casino studios of these software providers. You can play games like baccarat, blackjack and roulette like you are standing in a real land-based casino in Vegas or Monaco! Thanks to the high definition video stream, you have a great overview of all the action which unfolds on and around the table.
All table games are led by experienced, professional croupiers and dealers who are not only well-trained, but entertaining as well. By all means, feel free to open your microphone or the chat window to have a talk with them, or even with other players from around the world. This is what makes the live casino such a great invention. Even though you might be sitting at home in front of your laptop or computer, it does almost feel like you are standing in a casino for real!
Especially for high rollers the live casino is a worthwhile addition as table limits are often much higher than in regular games. Of course, if you are on a tight budget there will definitely be live casino tables where low minimum bets are allowed too – no worries there. But it is the experienced, high stakes gambler who probably feels most at home in the live casino.
There are multiple baccarat, blackjack and roulette variants which you can play. For roulette, there is American Roulette, European Roulette, French Roulette, Speed Roulette, Live Roulette Auto and Roulette Macao Live. If you prefer the casino classic of blackjack, you will find plenty of different tables all with slightly different betting limits. Baccarat is perhaps the game with the highest betting limit. Besides the regular version, there are also Speed Baccarat tables. A fourth casino game which can be played live at the Whamoo Live Casino is Sic Bo. Just browse through the list of live casino games, or use the search function to find your favourite table!
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https://www.nytimes.com/2020/07/08/technology/robinhood-risky-trading.html

Richard Dobatse, a Navy medic in San Diego, dabbled infrequently in stock trading. But his behavior changed in 2017 when he signed up for Robinhood, a trading app that made buying and selling stocks simple and seemingly free.
Mr. Dobatse, now 32, said he had been charmed by Robinhood’s one-click trading, easy access to complex investment products, and features like falling confetti and emoji-filled phone notifications that made it feel like a game. After funding his account with $15,000 in credit card advances, he began spending more time on the app.
As he repeatedly lost money, Mr. Dobatse took out two $30,000 home equity loans so he could buy and sell more speculative stocks and options, hoping to pay off his debts. His account value shot above $1 million this year — but almost all of that recently disappeared. This week, his balance was $6,956.
“When he is doing his trading, he won’t want to eat,” said his wife, Tashika Dobatse, with whom he has three children. “He would have nightmares.”
Millions of young Americans have begun investing in recent years through Robinhood, which was founded in 2013 with a sales pitch of no trading fees or account minimums. The ease of trading has turned it into a cultural phenomenon and a Silicon Valley darling, with the start-up climbing to an $8.3 billion valuation. It has been one of the tech industry’s biggest growth stories in the recent market turmoil.
But at least part of Robinhood’s success appears to have been built on a Silicon Valley playbook of behavioral nudges and push notifications, which has drawn inexperienced investors into the riskiest trading, according to an analysis of industry data and legal filings, as well as interviews with nine current and former Robinhood employees and more than a dozen customers. And the more that customers engaged in such behavior, the better it was for the company, the data shows.
Thanks for reading The Times. Subscribe to The Times More than at any other retail brokerage firm, Robinhood’s users trade the riskiest products and at the fastest pace, according to an analysis of new filings from nine brokerage firms by the research firm Alphacution for The New York Times.
In the first three months of 2020, Robinhood users traded nine times as many shares as E-Trade customers, and 40 times as many shares as Charles Schwab customers, per dollar in the average customer account in the most recent quarter. They also bought and sold 88 times as many risky options contracts as Schwab customers, relative to the average account size, according to the analysis.
The more often small investors trade stocks, the worse their returns are likely to be, studies have shown. The returns are even worse when they get involved with options, research has found.
This kind of trading, where a few minutes can mean the difference between winning and losing, was particularly hazardous on Robinhood because the firm has experienced an unusual number of technology issues, public records show. Some Robinhood employees, who declined to be identified for fear of retaliation, said the company failed to provide adequate guardrails and technology to support its customers.
Those dangers came into focus last month when Alex Kearns, 20, a college student in Nebraska, killed himself after he logged into the app and saw that his balance had dropped to negative $730,000. The figure was high partly because of some incomplete trades.
“There was no intention to be assigned this much and take this much risk,” Mr. Kearns wrote in his suicide note, which a family member posted on Twitter.
Like Mr. Kearns, Robinhood’s average customer is young and lacks investing know-how. The average age is 31, the company said, and half of its customers had never invested before.
Some have visited Robinhood’s headquarters in Menlo Park, Calif., in recent years to confront the staff about their losses, said four employees who witnessed the incidents. This year, they said, the start-up installed bulletproof glass at the front entrance.
“They encourage people to go from training wheels to driving motorcycles,” Scott Smith, who tracks brokerage firms at the financial consulting firm Cerulli, said of Robinhood. “Over the long term, it’s like trying to beat the casino.”
At the core of Robinhood’s business is an incentive to encourage more trading. It does not charge fees for trading, but it is still paid more if its customers trade more.
That’s because it makes money through a complex practice known as “payment for order flow.” Each time a Robinhood customer trades, Wall Street firms actually buy or sell the shares and determine what price the customer gets. These firms pay Robinhood for the right to do this, because they then engage in a form of arbitrage by trying to buy or sell the stock for a profit over what they give the Robinhood customer.
This practice is not new, and retail brokers such as E-Trade and Schwab also do it. But Robinhood makes significantly more than they do for each stock share and options contract sent to the professional trading firms, the filings show.
For each share of stock traded, Robinhood made four to 15 times more than Schwab in the most recent quarter, according to the filings. In total, Robinhood got $18,955 from the trading firms for every dollar in the average customer account, while Schwab made $195, the Alphacution analysis shows. Industry experts said this was most likely because the trading firms believed they could score the easiest profits from Robinhood customers.
Vlad Tenev, a founder and co-chief executive of Robinhood, said in an interview that even with some of its customers losing money, young Americans risked greater losses by not investing in stocks at all. Not participating in the markets “ultimately contributed to the sort of the massive inequalities that we’re seeing in society,” he said.
Mr. Tenev said only 12 percent of the traders active on Robinhood each month used options, which allow people to bet on where the price of a specific stock will be on a specific day and multiply that by 100. He said the company had added educational content on how to invest safely.
He declined to comment on why Robinhood makes more than its competitors from the Wall Street firms. The company also declined to comment on Mr. Dobatse or provide data on its customers’ performance.
Robinhood does not force people to trade, of course. But its success at getting them do so has been highlighted internally. In June, the actor Ashton Kutcher, who has invested in Robinhood, attended one of the company’s weekly staff meetings on Zoom and celebrated its success by comparing it to gambling websites, said three people who were on the call.
Mr. Kutcher said in a statement that his comment “was not intended to be a comparison of business models nor the experience Robinhood provides its customers” and that it referred “to the current growth metrics.” He added that he was “absolutely not insinuating that Robinhood was a gambling platform.”
ImageRobinhood’s co-founders and co-chief executives, Baiju Bhatt, left, and Vlad Tenev, created the company to make investing accessible to everyone. Robinhood’s co-founders and co-chief executives, Baiju Bhatt, left, and Vlad Tenev, created the company to make investing accessible to everyone.Credit...via Reuters Robinhood was founded by Mr. Tenev and Baiju Bhatt, two children of immigrants who met at Stanford University in 2005. After teaming up on several ventures, including a high-speed trading firm, they were inspired by the Occupy Wall Street movement to create a company that would make finance more accessible, they said. They named the start-up Robinhood after the English outlaw who stole from the rich and gave to the poor.
Robinhood eliminated trading fees while most brokerage firms charged $10 or more for a trade. It also added features to make investing more like a game. New members were given a free share of stock, but only after they scratched off images that looked like a lottery ticket.
The app is simple to use. The home screen has a list of trendy stocks. If a customer touches one of them, a green button pops up with the word “trade,” skipping many of the steps that other firms require.
Robinhood initially offered only stock trading. Over time, it added options trading and margin loans, which make it possible to turbocharge investment gains — and to supersize losses.
The app advertises options with the tagline “quick, straightforward & free.” Customers who want to trade options answer just a few multiple-choice questions. Beginners are legally barred from trading options, but those who click that they have no investing experience are coached by the app on how to change the answer to “not much” experience. Then people can immediately begin trading.
Before Robinhood added options trading in 2017, Mr. Bhatt scoffed at the idea that the company was letting investors take uninformed risks.
“The best thing we can say to those people is ‘Just do it,’” he told Business Insider at the time.
In May, Robinhood said it had 13 million accounts, up from 10 million at the end of 2019. Schwab said it had 12.7 million brokerage accounts in its latest filings; E-Trade reported 5.5 million.
That growth has kept the money flowing in from venture capitalists. Sequoia Capital and New Enterprise Associates are among those that have poured $1.3 billion into Robinhood. In May, the company received a fresh $280 million.
“Robinhood has made the financial markets accessible to the masses and, in turn, revolutionized the decades-old brokerage industry,” Andrew Reed, a partner at Sequoia, said after last month’s fund-raising.
Image Robinhood shows users that its options trading is free of commissions. Robinhood shows users that its options trading is free of commissions. Mr. Tenev has said Robinhood has invested in the best technology in the industry. But the risks of trading through the app have been compounded by its tech glitches.
In 2018, Robinhood released software that accidentally reversed the direction of options trades, giving customers the opposite outcome from what they expected. Last year, it mistakenly allowed people to borrow infinite money to multiply their bets, leading to some enormous gains and losses.
Robinhood’s website has also gone down more often than those of its rivals — 47 times since March for Robinhood and 10 times for Schwab — according to a Times analysis of data from Downdetector.com, which tracks website reliability. In March, the site was down for almost two days, just as stock prices were gyrating because of the coronavirus pandemic. Robinhood’s customers were unable to make trades to blunt the damage to their accounts.
Four Robinhood employees, who declined to be identified, said the outage was rooted in issues with the company’s phone app and servers. They said the start-up had underinvested in technology and moved too quickly rather than carefully.
Mr. Tenev said he could not talk about the outage beyond a company blog post that said it was “not acceptable.” Robinhood had recently made new technology investments, he said.
Plaintiffs who have sued over the outage said Robinhood had done little to respond to their losses. Unlike other brokers, the company has no phone number for customers to call.
Mr. Dobatse suffered his biggest losses in the March outage — $860,000, his records show. Robinhood did not respond to his emails, he said, adding that he planned to take his case to financial regulators for arbitration.
“They make it so easy for people that don’t know anything about stocks,” he said. “Then you go there and you start to lose money.”