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U.S. Now Says All Online Gambling Illegal, Not Just Sports Bets

bloomberg.com

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Re: U.S. Now Says All Online Gambling Illegal, Not Just Sports Bets

#2

Post by mimixco »

Horse racing (parimutuel wagering) is specifically allowed in some states, such as Florida. In those states, it's legal to bet online on any horse race around the world. Twinspires (the company that owns Churchill Downs) lets you bet online, for example: https://www.twinspires.com/

Re: U.S. Now Says All Online Gambling Illegal, Not Just Sports Bets

#5

Post by ejstronge »

As it may be of interest, here's the related portion of the Wire Act:

Whoever being engaged in the business of betting or wagering knowingly uses a wire communication facility for the transmission in interstate or foreign commerce of bets or wagers or information assisting in the placing of bets or wagers on any sporting event or contest, or for the transmission of a wire communication which entitles the recipient to receive money or credit as a result of bets or wagers, or for information assisting in the placing of bets or wagers, shall be fined under this title or imprisoned not more than two years, or both.

18 U.S.C. § 1084(a) (codifying Pub. L. No. 87-216, § 2, 75 Stat. 491 (1961)).

From the 2011 DOJ opinion that stated that only sports bets were illegal[1]

1. https://www.justice.gov/sites/default/files/olc/opinions/201...

Re: U.S. Now Says All Online Gambling Illegal, Not Just Sports Bets

#6

Post by jandrese »

painful wrote: post #4

What does this say about prediction markets? I wouldn't implicitly consider them gambling, just as the financial markets are not precisely gambling.

It's splitting hairs IMHO. Lots of things we find acceptable are basically gambling like the stock/bond/futures markets, insurance, and prediction markets.

Maybe a better answer is why we ban gambling at all. There are people who have a problem with it, but maybe a better solution is to get them help to break the cycle instead of banning it in some cases but not others.

Re: U.S. Now Says All Online Gambling Illegal, Not Just Sports Bets

#7

Post by coralreef »

In contrast: "The Supreme Court cleared the way on Monday for states to legalize sports betting, striking down a 1992 federal law that had prohibited most states from authorizing sports betting."

https://www.cnn.com/2018/05/14/politics/sports-betting-ncaa-...

Re: U.S. Now Says All Online Gambling Illegal, Not Just Sports Bets

#8

Post by tantalor »

painful wrote: post #4

What does this say about prediction markets? I wouldn't implicitly consider them gambling, just as the financial markets are not precisely gambling.

They require permission of US CFTC.

https://www.predictit.org/support/faq

Why is there an $850 limit to how much I can buy on any one contract?

PredictIt operates under no-action relief from the Division of Market Oversight of the Commodity Futures Trading Commission. An $850 limit on investment by an individual participant in any contract is a condition of this relief.

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