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DTSTART;TZID=US/Pacific:20060724T114300
SUMMARY:Gambling Bill doesn't cover Prediction Markets
DESCRIPTION:The Internet Gambling Act (HR4411) that passed the House earlier this month is a curious compromise. There's been a lot of discussion elsewhere about the fact that this bill won't stop gambling on the Internet, and doesn't even seem intended to try; I'll leave that issue alone.  The only point I wanted to make is that the bill only covers sports betting (and pure lotteries). The definitions say (1)The term `bet or wager'-- (A) means the staking [...] of value upon the outcome of a contest of others, a sporting event, or a game subject to chance [...]; (B) includes the purchase of a chance [...] to win a lottery (which [...] is predominantly subject to chance); (C) includes any scheme described in [Unlawful sports gambling law]; (D) includes any [..] information pertaining to the [...] movement of funds [for] the business of betting or wagering; and (E) does not include [commodities, securities, derivatives, insurance, and fantasy sports] Of course, the lack of coverage of prediction markets in this bill doesn't make them legal, it just leaves them out of the effects of this bill. Most of the effect of the bill is to make it harder to move funds into and out of gambling accounts, rather...
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