Feeds

American betting exchange craps out after four months

Louisiana busts lead to Washington lawsuit

Top three mobile application threats

The state of Louisiana has apparently had enough of Betcha.com, a peer-to-peer betting exchange similar to Intrade or Betfair but based in Seattle, the Seattle Times reports.

The raid on the company's offices was conducted by Washington authorities at the behest of the state of Louisiana after law enforcement officers there placed bets on the site and issued arrest warrants for Nicholas Jenkins, Josie Imlay, and Peter Abrahamsen for illegal gambling by computer.

Betting exchanges function like futures exchanges in the commodities markets, although the bets tend to focus on sports and current events rather than commodities prices. The US government even had one of its own at one time: the controversial "terror casino" that went down in flames of congressional anger.

Betting exchanges provide an electronic platform for individuals to wager with each other, rather than banking games like a traditional casino, and exist in a kind of legal limbo in states where wagering between individuals is not against the law.

Dublin-based Intrade, for example, takes wagers from Americans, and even has ties to the American government and academics studying gambling markets. Betfair, on the other hand, has been more conservative, and does not take action from American players.

Exchanges typically charge a transaction fee like a stock exchange or futures market rather than take a percentage of the wager, to avoid being classed as a casino. Whether this distinction is sufficient to placate American authorities remains to be seen.

No federal charges appear to be pending against the company, and the state of Louisiana has been aggressive in the past against internet gambling operations, so this could turn out to be an isolated incident.

The defendants have responded with a lawsuit against the state of Washington for its role in raiding their offices and confiscating their equipment and servers. If the futures exchanges are as accurate as their advocates believe, maybe they can give us some good odds on the outcome of that claim. ®

Burke Hansen, attorney at large, heads a San Francisco law office

Application security programs and practises

More from The Register

next story
BBC goes offline in MASSIVE COCKUP: Stephen Fry partly muzzled
Auntie tight-lipped as major outage rolls on
iPad? More like iFAD: We reveal why Apple fell into IBM's arms
But never fear fanbois, you're still lapping up iPhones, Macs
Nadella: Apps must run on ALL WINDOWS – PCs, slabs and mobes
Phone egg, meet desktop chicken - your mother
White? Male? You work in tech? Let us guess ... Twitter? We KNEW it!
Grim diversity numbers dumped alongside Facebook earnings
Microsoft: We're making ONE TRUE WINDOWS to rule us all
Enterprise, Windows still power firm's shaky money-maker
HP, Microsoft prove it again: Big Business doesn't create jobs
SMEs get lip service - what they need is dinner at the Club
ITC: Seagate and LSI can infringe Realtek patents because Realtek isn't in the US
Land of the (get off scot) free, when it's a foreign owner
Dude, you're getting a Dell – with BITCOIN: IT giant slurps cryptocash
1. Buy PC with Bitcoin. 2. Mine more coins. 3. Goto step 1
There's NOTHING on TV in Europe – American video DOMINATES
Even France's mega subsidies don't stop US content onslaught
prev story

Whitepapers

Top three mobile application threats
Prevent sensitive data leakage over insecure channels or stolen mobile devices.
Implementing global e-invoicing with guaranteed legal certainty
Explaining the role local tax compliance plays in successful supply chain management and e-business and how leading global brands are addressing this.
Top 8 considerations to enable and simplify mobility
In this whitepaper learn how to successfully add mobile capabilities simply and cost effectively.
Application security programs and practises
Follow a few strategies and your organization can gain the full benefits of open source and the cloud without compromising the security of your applications.
The Essential Guide to IT Transformation
ServiceNow discusses three IT transformations that can help CIO's automate IT services to transform IT and the enterprise.