Kentucky Sues Online Gambling Operators

“And they couldn’t even get the state attorney general to go along with it, so hired a private firm.”

Conway’s office also attributed a recent 26 percent cut to their budget as one of the many reasons they are not able to take on some of the cases they are asked to review.

Rose also noted that the attorney general of Kentucky decided not to take on the case despite the fact that Beshear’s administration asked the state attorney general to review it.

“As far as the money is concerned, any losses that would be recovered would go to the commonwealth on behalf of its citizens, so an individual would not receive those funds,” Brislin wrote in an email.

She said that Kentucky felt compellled to enforce the anti-casino law because Kentuckians were losing their money to what she said was an illegal operation.. “These groups shouldn’t be able to hide offshore and flaunt our laws.”

Brislin said the administration feared the online gaming industry was taking advantage of laws put in place before the Internet existed.

“There are those of us who believe the state is going down a false path,” Fleischaker said. The Democratic governor is using an obscure century-old law to file a lawsuit against “Pocket Kings, Ltd.,” an online betting business based in Dublin, Ireland which also operates under the name “Full Tilt Poker.”

In Kentucky, gambling is not illegal, but it is illegal to run a casino.

Brislin said other states have contacted the governor’s office.

Jon Fleischaker, a Kentucky attorney who works for the gambling industry, echoed Rose’s sentiments.

“There is a law on the books that allows someone to recover gambling losses from illegal gaming,” Jennifer Brislin, a representative from Beshear’s office told the ABC News Law Justice Unit.

If Kentucky Gov. Steve Beshear gets his way, money lost by Kentucky’s online gamblers will be money found by the state of Kentucky.

A representative from Attorney General Jack Conway’s office told ABC News that they could not comment on this filing in particular, except to say that they reviewed the case and decided not to take it on.

“I think there are major weaknesses with Kentucky’s case,” Professor Nelson Rose told the ABC News. Rose runs the website “Gambling and the Law” and is a senior professor at Whittier Law School. The governor’s office said that no private citizens would recoup funds if Kentucky wins its case.

“The governor is running a strange campaign,” Rose said. “We are dealing with an ancient statute that is from when all gambling was outlawed everywhere and it comes as a little bit hypocritical for the largest racing state in the country.”

“The Internet posed a conundrum that wasn’t thought of when the laws were put on the books, the idea of a virtual casino you can go to,” Brislin said. “We are not sure this lawsuit can be brought by anyone besides the AG and it’s something that is being looked into.”

Beshear’s office confirmed that the law firm Hurt, Crosbie May, a Lexington, Ky., firm has been brought in to handle the matter.

Some critics of the lawsuit feel that Beshear’s lawsuit is facing long odds.

“This is an issue that is a state issue, but everyone deals with,” Brislin said. “We have gotten many inquiries from other states asking “What was it you did? How did you do it?”

The lawsuit won’t turn Kentucky into a gambler’s paradise where you get your money back even if you lose

 March 23rd, 2015  
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Casino Advertising Doesn’t Conflict With Anti-Gambling Stance

The ads are limited to the upper bowl of the league’s venues, local radio broadcasts and in-game programs. This is in contrast to what other sports have done for years,” he wrote in an email to HuffPost.. ho-hum.

The NFL last week approved local casino advertising at stadiums and during game broadcasts for the next two seasons, the Associated Press reported. “Let’s be honest: a substantial part of the NFL’s popularity is based in gambling activity or gaming of some sort, whether it’s sports books out in Vegas or parlay sheets or even fantasy leagues.”

Scott Andresen, a sports attorney and Northwestern professor, said the new deal is “somewhat hypocritical” but didn’t bother him, he told The Huffington Post Monday. Casinos that host sports betting are prohibited from advertising.

Concluded Andresen: “The hypocrisy has always been there.”

That said, Andresen pointed out football’s uncomfortable yet profitable relationship with gambling. “There is no use of team logos, no special sections or clubs sponsored by casinos, no events, no promotions, etc. There is a distinction between accepting advertising in this limited fashion and gambling on the outcome of our games.”

The New York Jets and Giants could also both gain as much as $5 million apiece, the New York Post estimated.

The decision could represent a jackpot for teams like the Philadelphia Eagles, who have 20 casinos within driving distance of their stadium, the Philadelphia Inquirer reported Monday.

NFL spokesman Brian McCarthy clarified Monday that it was the teams that could accept the advertising, not the league. They must also include a “gamble responsibly” message. And the clubs were restricted in how they can deploy the marketing. “There’s nothing hypocritical about it.”

McCarthy had said in an earlier statement distributed to the media: “We remain steadfast in our opposition to the proliferation of gambling on NFL games. It could even boost teams’ payroll, he said.

University of Michigan sports economist Rodney Fort said the advertising could help fill the hotel and convention space attached to the casinos.

Despite the NFL’s vocal opposition to betting on its games, the league’s move to allow teams to accept casino ads has generated a great, big ..

 March 23rd, 2015  
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A Short Biography of Baseball’s Pete Rose

So how does he make his money? Well, Rose continues to draw large crowds for autograph signings in cities such as Las Vegas.

Of all the players who have ever set foot on a baseball diamond, Pete Rose is definitely one of the best. However, as a person, Pete Rose made some questionable decisions that ultimately led to him being banned for life from baseball. Rose refused to appear at a hearing with Giamatti to discuss gambling, and Pete Rose was voluntarily placed on baseball’s ineligibility list. Sports Illustrated helped to make the public at large more aware of the report and its allegations in an issue from April, 1989, revealing that Dowd had received most of his information from friends of Pete Rose and the player’s bookie.

Since Pete Rose was banned for life from baseball for betting on games, he has remained ineligible for the Baseball Hall of Fame, despite his 4,256 career hits. John Dowd’s report incriminating Pete Rose is now colloquially known as the “Dowd Report.” This report was given to Bart Giamatti, who at the time was the commissioner of the MLB. The amazing thing is that the minimum dollar amount for each of those wagers was $10,000. His career hits are even more impressive, as his average of 185 hits a season combined for an all-time best 4,256 base hits in his career.

Should Pete Rose be allowed into the Hall of Fame?

Pete Rose Lies About Gambling

Perhaps best known as a member of the Cincinnati Reds, Pete Rose was a three-time batting champion, as well as a three-time Most Valuable Player (MVP). With that much money on the line, fans and sports authorities were concerned that Rose would attempt to control the flow of the game and intentionally lose games to win money. But the man has never given up hope, as he continued for years to campaign for his reinstatement to the MLB. He finally admitted to his crimes of gambling in a 2004 interview, hoping the admission would allow him to be reinstated, but no such luck. So what do you think? Should Pete Rose be allowed or denied entry into the Baseball Hall of Fame?

Some Pete Rose Career Hits

Pete Rose played in the MLB for 23 years, and during his time, very few could lay a claim to being better than he was at the sport of baseball. However, he also committed the grave error of gambling on the outcomes of games he was responsible for, which is a terrible disgrace to the sport of baseball. On the one hand, Pete Rose dedicated his life to the sport he loved, and he excelled at it.

Pete Rose’s Gambling Addiction

The debate continues to rage to this day about whether Pete Rose should be allowed entry into the Baseball Hall of Fame. He was always a competitive athlete, and he earned the nickname Charlie Hustle for his competitive nature and quick plays. However, there is no hard evidence that Pete Rose ever bet against Cincinnati.

Pete Rose continued to find himself in deeper and deeper trouble, as he repeatedly denied gambling on baseball games. However, his life took an unfortunate turn after he transitioned from player to manager…

Aftermath of the Pete Rose Scandal

The Beginning of the Scandal

Pete Rose and the Dowd Report

Much of the incriminating evidence against Pete Rose, according to the Dowd Report, centered around Rose’s wagers made on MLB games from the years 1985-1987. Only time will tell for sure what will happen, but there are arguments for both sides.  It would be a difficult task to find another player of the great sport of baseball to model your own game after. And he clearly regrets his poor decisions, as he once said, “I’d walk through hell in a gas suit to play baseball again.” So just how good was Pete Rose when he was playing major league baseball?. Greater detail was given to bets made by Pete Rose in the 1987 season, when the baseball player wagered on more than 50 Cincinnati Reds games as the manager. In addition to that, Pete Rose was sentenced to five months in prison for tax evasion, starting in July 1990.

In 1989, John Dowd, a lawyer who played a role as Special Counsel to the Commissioner, investigated charges against Pete Rose for gambling on major league baseball games

 March 22nd, 2015  
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Real Estate :: The Flaxby Golf & Country Club is UK most successful property Investment (Page 1 of 2)

The historical city of York is a great heritage attraction and is visited by a large number of people all year round and the spa town of Harrogate is renown for its great architecture and tea rooms popular with most who visit the place.


Perfect locationThe Flaxby Golf Country Club is actually located in the centre of an area some call ‘The golden triangle’.

The Flaxby Golf Country Club benefits from the famous 27-hole Troon Golf course, the world-class Spa and great selection of restaurants, bars and luxury shopping all situated in 283 acres of beautiful rolling English countryside.

The Flaxby Golf Country Club is situated in the middle of the triangle meaning it has great access for all three places and is close to Leeds the commercial centre of Yorkshire with the Leeds / Bradford airport just 12m distance.. Lee is a fantastic ambassador for golf being a Ryder Cup legend and he will also be the ambassador in bringing some of the largest golf events and tournaments to the Flaxby.

The location is perfect as Leeds is a thriving hub of activity with excellent shopping that attracts people from far and wide. I am delighted to be involved and think it will be a showcase for the best the county has to offer”

Being situated right in the centre of these 3 hotspot areas mean The Flaxby Golf and Country Club is the prefect retreat for visitors to the areas to kick back and relax and enjoy leisure and sporting activities as well as other sporting leisure activities like a day out at the horse races for example.

Michael Vaughan – Ashes winning England Captain, stated ;

Lee WestwoodThe golf course is to be redesigned by Lee Westwood as well as a Golf Academy. Lee will also become the course professional in 2011.

The Flaxby is a very successful investment opportunity with many of the hotel rooms already sold which was predicted as this well put together package offers superb financial returns as well as a top quality leisure experience.

Page 1 of 2 :: First | Last :: Prev | 1 2 | Next

There is also a shortage of quality accommodation in the region and other hotels (not as luxurious as The Flaxby) have constantly experienced high levels of occupancy.

This advantageous location is perfect to enable the hotel to accommodate the 1000s of people who attend the horse racing events throughout the season as many will pre-book there hotel rooms to ensure a luxurious stay at the Flaxby while enjoy the racing events.

The Flaxby will offer a wealth of facilities and to sporting celebrities have already put there name to the development such as;

The Golden Triangle 3 of the well know affluent places in Yorkshire namely Harrogate, York, North Leeds make up a triangle shape on a map and the area in-between is called, ‘The Golden Triangle’.

“This is a one off opportunity to invest in one of Yorkshires best developments

 March 22nd, 2015  
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Skip Giving Your Social Security Number to the Doctor

If they ask why you skipped that part of the form, explain your concerns about identity theft, and they’ll likely understand.

What To Do If Your Social Security Number Has Been Stolen in a HackWhat To Do If Your Social Security Number Has Been Stolen in a HackWhat To Do If Your Social Security Number Has Been

Last week, health insurer Anthem lost over 80 million patient records, including sensitive…Read more Read more

Why you shouldn’t give your doctor your Social Security number | Consumer Reports

Photo by Connor Tarter.

. Doctors’ offices usually ask for it so they can track you down in case you don’t pay the bill.Consumer Reports advises just skipping that part of the form.Receptionists probably won’t notice (in my experience, they’ve only questioned it once). If a medical professional’s office asks for your social security number, consider skipping it.

When someone gets your social security number, it’s a pain to get your life back in order. Skip Giving Your Social Security Number to the Doctor (If You Can)

Skip Giving Your Social Security Number to the Doctor (If You Can)

Doctor’s offices aren’t the first place you’d think of for a data breach, but that doesn’t mean they’re immune

 March 22nd, 2015  
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Best Bets, March Madness Edition

Needless to say, I’m also more interesting at parties now, too.)

Elite Eight

1 Wisconsin over 2 Arizona

However, these next two days — the first Thursday and Friday of the NCAA basketball tournament — were actually more fun before I got into radio, in large part because now I’m actually working during the games, which makes gambling on the games tricky and enjoying them damn near impossible.

Sweet Sixteen

1 Kentucky over 5 West Virginia

3 Notre Dame over 2 Kansas

Sweet Sixteen

1 Wisconsin over 4 North Carolina

2 Arizona over 11 Ole Miss


Round of 64

1 Wisconsin over 16 Coastal Carolina

8 Oregon over 9 Oklahoma State

12 Wofford over 5 Arkansas

4 North Carolina over 13 Harvard

11 Ole Miss over 6 Xavier

3 Baylor over 14 Georgia State

10 Ohio State over 7 VCU

2 Arizona over 15 Texas Southern

I guess my point is, tomorrow and Friday, from 11 a.m. There aren’t many specific days on the calendar that, professionally, I enjoyed more before I got into sports talk radio than I do now that I’m in sports talk radio. So here are my picks for the entire tournament along with a few wagering plays for the first full day of action today.

(Telecom sales, in case you’re wondering what my previous career was. until the nighttime, if you’re playing hooky and watching all the games, be as thankful as I am the other 363 days out of the year.

Now onto my picks…

Round of 32

1 Kentucky over 9 Purdue

5 West Virginia over 13 Valparaiso

3 Notre Dame over 6 Butler

2 Kansas over 7 Wichita State

. As I outlined yesterday, I am in the “pick someone other than Kentucky” camp, even though they’re the most prohibitive favorite since windshield versus bug. Generally speaking, almost every day at my job is way more fun, stimulating, and satisfyingly exhausting in my job now than it was in my pre-radio life.

Elite Eight

1 Kentucky over 3 Notre Dame

Round of 32

1 Wisconsin over 8 Oregon

4 North Carolina over 12 Wofford

11 Ole Miss over 3 Baylor

2 Arizona over 10 Ohio State


Round of 64

1 Kentucky over 16 Hampton

9 Purdue over 8 Cincinnati

5 West Virginia over 12 Buffalo

13 Valparaiso over 4 Maryland

6 Butler over 11 Texas

3 Notre Dame over 14 Northeastern

7 Wichita State over 10 Indiana

2 Kansas over 15 New Mexico State

In case you’re one of the roughly jillion people filling out a bracket, here are my “for what it’s worth” picks

 March 22nd, 2015  
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Former San Diego mayor admits misusing charity to fund $1 billion gambling habit

Magistrate Judge David Bartick found that her continuing health problems made it highly improbable she could be brought to trial, prosecutors said.

Prior to 2008, the foundation funded such philanthropies as City of Hope, the Alzheimer’s Association, Sharp Healthcare, Little Wishes Foundation, San Diego Hospice and the John Burton Foundation, authorities said.. Peterson, founded the Jack in the Box fast-food chain

She won and lost $1 billion playing video poker at casinos from 2000 to 2009

O’Connor was described as “a public figure and a civic treasure to the San Diego community” for 30 years, according to court papers filed by her attorney.

“There were two Maureens — Maureen No. 2,” she said. Her ability to repay the foundation is “limited,” they say.

Those net losses amounted to $13 million, her attorney said.

“Although it’s not fair of us to say there is no moral culpability, Maureen acknowledges doing something she ought not to have done,” he added.

From 2000 to 2008, O’Connor gambled in Las Vegas, Atlantic City and San Diego casinos, court papers said. In 2008, when she became nearly broke, she began to siphon off funds from the R.P. She’s now broke and suffering cognitive impairment following brain surgery and a stroke in 2011, prosecutors said.

She then enjoyed a streak of “several large gambling winnings after March 2009 that were used to continue gambling, not bring the foundation out of bankruptcy,” court papers say.

Story highlights

Former mayor is “a civic treasure” in San Diego who put city on tourist map

Maureen O’Connor was the first woman mayor of San Diego, serving from 1986 to 1992

Her late husband, Robert O. “However, no figure, regardless of how much good they’ve done or how much they’ve given to charity, can escape criminal liability with impunity.”

By March 2009, O’Connor allegedly had paid off casinos’ gambling markers, or lines of credit, but hadn’t repaid the foundation, prosecutors said.

O’Connor, 66, entered a deferred prosecution agreement Thursday in federal court in San Diego in which she admitted misappropriating money from the R.P. Attorney Laura Duffy of San Diego said in a prepared statement. “Maureen No. 2 is the woman that did not know she had a tumor growing in her head.”

The first woman mayor of San Diego has acknowledged in court she misappropriated more than $2 million from her late husband’s foundation to fund a casino gambling habit with which she allegedly won and lost $1 billion over nine years.

To fund her high-stakes gambling, she had liquidated her savings, sold several real estate holdings, auctioned valuables, and obtained a third mortgage on her home in La Jolla, California, the documents say.

O’Connor sat next to him with her head lowered.

O’Connor’s attorney attributed her gambling addiction to her medical condition.

O’Connor, however, is bankrupt and unable to work, court papers say. Foundation, on which she served as a trustee.

O’Connor didn’t plead guilty this week and the charge is played in abeyance for two years, Iredale said.

O’Connor allegedly bankrupted the foundation and tried to avoid paying federal income taxes on the charity’s money by characterizing what she took as “loans,” court papers say.

O’Connor told reporters Thursday that for a while, she didn’t know she had a brain tumor.

“Despite having limited, if any, assets other than the funds misappropriated from the foundation, defendant continued high-stakes gambling,” the documents say.

She was elected to city council at age 25 in 1971 and, later as mayor, “put our city on the map as a destination for international tourism,” partly by presiding over the completion of the city’s Convention Center, defense documents said.

O’Connor was married to Robert O. 1 and Maureen No. She began to choke up and cry.

Her attorney said a brain tumor affected Maureen O’Connor’s judgment in playing video poker. Foundation and continued the activity into 2009, court documents said.

Under the agreement, she will repay the foundation $2,088,000, pay owed taxes, and be treated for her gambling addiction, prosecutors said.

“It is fair to say in the last eight to 10 years a multiple amount of tragedies have befallen a person who was a great civic leader — one of the sweetest, funniest people who ever existed in our city’s history,” the attorney said. “She suffered from terrible loneliness. Peterson, founder of the Jack in the Box restaurant chain, from 1977 until his death in 1994, but court documents don’t disclose the size of the couple’s fortune that apparently funded O’Connor’s gambling habit.

She described that era as “the last chapter of my life where I lost my husband, I lost three of my siblings, I lost my two best friends and I had a difficult time.

O’Connor, mayor of San Diego from 1986 to 1992, reported to the IRS more than $1 billion in casino winnings but also reported losses bigger than those winnings, resulting in a net loss from 2000 to 2009, prosecutors said in court papers.

Photographs of her head after surgery show a fluid-filled cavity without brain matter at all, he said.

She is the eighth of 13 children of a mother who was a registered nurse and a father, Jerome, who was a boxer known as “Kid Jerome” and later became a prominent businessman, defense documents said.

In 2011, surgeons removed a large tumor from O’Connor’s brain, and she suffered complications that included cognitive impairment and a pulmonary embolism, prosecutors said. “This was not, we think, a psychiatric problem or a characterological defect because there is substantial evidence that during this same time, there was a tumor growing in her brain, in the centers of the brain that affect and control, logic, reasoning and, most importantly, judgment,” attorney Eugene Iredale said at a news conference Thursday.

She faces an unlawful monetary transaction charge carrying a maximum prison sentence of 10 years, documents say.

If O’Connor repays the foundation and satisfies the conditions of her deferred prosecution, the government will dismiss its prosecution in two years, prosecutors said.

“I think most of you who know me here would know that I never meant to hurt the city,” she told reporters. She began around 2001 to gamble heavily.”

“Maureen O’Connor was a selfless public official who contributed much to the well-being of San Diego,” U.S

 March 22nd, 2015  
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Online Casino giant Bodog has been giving away the cash to lots of lucky players

 March 21st, 2015  
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‘American Idol’ Betting: The Game Behind the Game

Lambert’s high point was April 10, days after his much-lauded performance of “Mad World,” when he hit 69 percent with 1-2 odds — meaning $5 won for every $10 bet.

“Intrade.com is a good guide to get an idea of values,” he added. “One contract either expires to zero (if the person gets voted off), or 100 (if they win). “But the guys I work with use supply and demand to determine what the marketplace is pricing in for the probability. As in the actual competition, in online betting communities, raven-haired musical theater veteran Adam Lambert is favored to win “American Idol.” Two of the Internet’s largest sites, Betfair.com and Intrade.com, give him a 65 percent and 66.3 percent chance of winning, respectively.

Meet the alternate breed of “American Idol” fan: the one who’s in it to win it — cash. “I enjoy it because I enjoy gambling, and because it’s funny to listen to my colleagues talk about their positions,” said James (not his real name), who bets on “American Idol” with co-workers at a New York City financial firm. They just check the results and then their bank accounts.

According to Betfair’s calculations, at the start of this season, Lambert had a 15 percent chance of winning, with 6-1 odds — meaning $60 won for every $10 bet. They both proceeded to lose.”. “I watched one episode this year to get an idea of the competition but I’ve never watched regularly.”

“We use the same settlement structure as Tradesports.com [now defunct] and Intrade.com,” explained James’ co-worker, Earl (also not his real name), who made $350 last season and is up $250 this year. So if you buy five Adam Lambert’s from someone, and he wins, you win $500 from that person.”

Millions tune in to the live broadcasts of “American Idol” for the singing, the suspense, the chance to select the country’s new music sensation.

Instead of going through the rigmarole of placing bets through an online community, some American gamblers who want to participate set up their own pools among friends or co-workers and use online odds as a guide.

As with any entertainment or sporting event, online gambling on “American Idol” is illegal in the United States. “I bet against the tiny Asian girl and against the woman with a bunch of tattoos. Like if I suddenly started betting big on Matt Giraud, then they would say his probability is higher and change the odds for which I can buy him.”

“It works like a stock exchange,” explained Betfair’s Michael Robb. Online betting communities facilitate the flow of funds between people who look at “Idol” like a horse race or football game, placing money on contestants most likely to benefit their bottom line, talent be damned.

CLICK HERE to see Betfair’s chart of each contestant’s chance of winning.

Others couldn’t care less. So instead of Betfair setting the odds, we create a marketplace where someone goes on and says I want to bet on Adam Lambert at such and such a price.”

“Last year, I made around $50,” he said. Offshore bookmakers who run Internet sites say they don’t take bets from American accounts, but of course, U.S. citizens who want to participate could set up offshore accounts or use international bookies to place their bets (though their activity would still be illegal).

James got into “Idol” betting last season. His winnings were paltry.

You don’t have to be a gambling expert to predict who’ll win this year. The odds are created by users

 March 20th, 2015  
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Betting with bitcoin: Site lets Americans gamble on elections, sports with online-only currency

During a political campaign, you may not know how to weight the different polls that come out, or how to interpret the bluster that emerges from each side, but the market price of each candidate on one of these sites represents a summary of what people who are willing to put their own money on the line believe.”

The CFTC recently sued the popular prediction market Intrade.com for operating without a license, which forced the site to shut down.

“I’m pretty sure that one can’t evade gambling or securities or commodities regulations by trading in francs or yen instead of dollars,” said Robin Hanson, an economics professor at George Mason University and the chief scientist at Consensus Point, which designs prediction markets that companies use to reach internal decisions.

Some Americans are happy to have a place to bet online.

“Once regulators decide the trades are illegal they have lots of things they can do to shut it down. has about a 50 percent chance of winning the most medals in the Sochi Winter Games.

Predictious.com is still small; Charlon said the total amount of bitcoins that customers have sent to the site is worth around $500,000.

Hanson is also skeptical about the reach of the new prediction market.

Charlon said regulation is a concern, but Irish regulators have so far been fine. “At the moment, bitcoin doesn’t look so good on that.”

Predictious.com, a new company from Ireland, offers a “prediction market” that allows people to bet on everything from the U.S. I bet on the Seahawks and won a very modest amount of bitcoins,” Eli Dourado, a tech policy researcher at the Mercatus Center at George Mason University, told FoxNews.com.

“Irish regulators don’t have any guidelines regarding bitcoin yet. And it’s all made possible by bitcoins. 

“[Prediction markets can] have an adverse effect on the integrity of elections, for example by creating monetary incentives to vote for particular candidates even when such a vote may be contrary to the voter’s political views,” the 2012 CFTC order reads.

He said that such markets would be good for society.

Betting of this sort is a legal gray area in the U.S., where the federal Commodity Futures Trading Commission (CFTC) decided in a 2012 regulatory order not to allow prediction markets on the grounds that they are “contrary to the public interest.”. Too speculative for us,” CFTC spokesman Steven Adamske told FoxNews.com.

But Dourado is hopeful about bitcoin prediction markets.

The author of this piece, Maxim Lott, can be reached on twitter at @maximlott or at maxim.lott@foxnews.com

Meanwhile, three thousand people on Predictious.com are using bitcoins to bet on everything from politics to entertainment.  The site’s bettors suggest that the movie “12 Years a Slave” has a 60 percent chance of winning Best Picture; that Republicans have a 50 percent chance of taking the Senate in November; that Hillary Clinton has a 33 percent chance of becoming president in 2016; and that the U.S. Gambling and prediction markets are legal in Ireland.

“I used Predictious to bet on the Super Bowl. When they do start to come up with them, we are going to try to proactively work with them,” Charlon said.

“With all the legal problems and regulations, that made it almost impossible to start a prediction market.

Some prediction market experts, noting that the law generally does not specify what currency is used, are wary about whether betting with bitcoins can effectively escape government regulation.

Bitcoins are virtual currency unconnected to any country, unlike every other currency on earth. presidential election to the Olympics and the Oscars. It has no physical form in paper or coin; instead computers “mine” bitcoins by generating new ones at specific durations and depositing them into virtual bank accounts.

‘I bet on the Seahawks and won a very modest amount of bitcoins.’

That is not how the government sees things.

“There is no way I can answer [that]. government to regulate Intrade,” he said. But when I found out about bitcoin I thought: ‘That’s the perfect thing for this.’ Almost right when I discovered bitcoin, I started to work on this project,” he said.

“The requirement to use the banking system meant that it was relatively easy for the U.S. Witness Silk Road,” Hanson added, referring to the online bitcoin-only drug market that survived anonymously for several years until the FBI identified the creator.

- Eli Dourado, a tech policy researcher at the Mercatus Center at George Mason University

The digital currency bitcoin — once used to facilitate online drug deals — now appears to be enabling people to get around regulations banning online betting.

The founder of Predictious.com, software developer Flavien Charlon, said he always wanted to create a prediction market, and that bitcoin solved the problem of transferring money.

“You’d want the cash used to be something easily available to many potential users,” he said. “It remains to be seen how much effort the government will want to invest in limiting bitcoin-based prediction markets, but since these markets could create a lot of value, I hope we can all come to a live-and-let-bet arrangement.”

Predictious.com, which started last July, has the same model as Intrade – except that it accepts only bitcoins, allowing it to receive funds quickly from Americans despite regulations that forbid banks to transfer money to it.

While the CFTC forbids prediction markets that use cash, it is less certain that it will go after one that uses bitcoins.

“This is valuable information that the public should be free to access..

 March 19th, 2015  
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