Intrade

[Admiral Yi]

That makes no sense at all to me.

[DGuller]

That makes no sense at all to me.

Legalization will lead to regulation, and regulation will vastly reduce the likelihood of criminals, fraudsters, or incompetents embezzling from the gambling sites.

[Admiral Yi]

Legalization will lead to regulation, and regulation will vastly reduce the likelihood of criminals, fraudsters, or incompetents embezzling from the gambling site.

How will legalization of overseas betting sites lead to regulation?  It's not a law of physics that activities that are legalized spontaneously regulate themselves.  You need an authority in the host country poking around in the black box.

[alfred russel]

elaborate plz

Many Americans genuinely believe that too much access to gambling is a bad thing for society, and that Internet gambling is pretty much unrestricted access to gambling.  Personally, I'm very ambivalent myself.  Politicians don't need to be bought to prohibit Internet gambling.

There is that factor. Also, the states that have lotteries don't want the competition. Some people that might be okay with casino gambling worry about difficulties regulating internet websites, making gambling too "easy" for problem gamblers, or underage gambling.

Basically private gambling businesses are generally banned in the US. It isn't just picking on internet websites.

[DGuller]

Legalization will lead to regulation, and regulation will vastly reduce the likelihood of criminals, fraudsters, or incompetents embezzling from the gambling site.

How will legalization of overseas betting sites lead to regulation?  It's not a law of physics that activities that are legalized spontaneously regulate themselves.  You need an authority in the host country poking around in the black box.

FFS, by legalizing AND regulating, at the same time.  You're laying on the dense act a bit too thick, IMO.  Make it legal to offer Internet gambling if you can prove that you complied with all the regulations, and keep it illegal if you can't.

[Admiral Yi]

FFS, by legalizing AND regulating, at the same time.  You're laying on the dense act a bit too thick, IMO.  Make it legal to offer Internet gambling if you can prove that you complied with all the regulations, and keep it illegal if you can't.

You're getting a little too shrill IMO.  First legalization will lead to regulation, now they'll happen at the same time.

Ensuring that an overseas activity is regulated to your satisfaction is no minor matter.  If the Bahamas tells us they're doing a top notch job of regulating their internet gambling sites, do we take their word for it?

[sbr]

I would assume a bunch of US based online game rooms would pop up almost instantly after legalisation.

[DGuller]

You're getting a little too shrill IMO.  First legalization will lead to regulation, now they'll happen at the same time.

Well, you can't have regulation without legalization, that would be silly, so yes, legalization leads to regulation.  I assumed that the link between legalization and regulation would be obvious, and didn't think there was a big risk of someone taking a big effort to idiotically misinterpret it, so I didn't take the time to offer triple-redundant explanations.  Oh, well, even the best of us misprice risk at times.

Ensuring that an overseas activity is regulated to your satisfaction is no minor matter.  If the Bahamas tells us they're doing a top notch job of regulating their internet gambling sites, do we take their word for it?

It's a matter of implementation.  Draft the regulations so that it would be possible to ensure.  That may involve having the servers in US, maybe not.  I highly doubt it's an impossible task if there is a will to regulate for real.

[Admiral Yi]

Of course you can have regulation without legalization.  We're talking about different jurisdictions.  British and Irish gambling sites are regulated (I assume) but illegal in the US.

Now go ahead and tell me how I'm being a lunk head again, Shrilly McDershowitz.

[alfred russel]

Intrade was an irish website. The regulation may have been ineffective.

[DGuller]

Of course you can have regulation without legalization.  We're talking about different jurisdictions.  British and Irish gambling sites are regulated (I assume) but illegal in the US.

Now go ahead and tell me how I'm being a lunk head again, Shrilly McDershowitz.

They're "regulated".  What it means is that the gambling site pays one of those fake independent channel islands to say they're regulating them.

[Zanza]

Intrade was an irish website. The regulation may have been ineffective.

Maybe it was regulated by the same people that regulated their banks. 

[DGuller]

Intrade was an irish website. The regulation may have been ineffective.

Maybe it was regulated by the same people that regulated their banks. 

[alfred russel]

Intrade was an irish website. The regulation may have been ineffective.

Maybe it was regulated by the same people that regulated their banks. 

[mongers]

Looks like he ended his life, like he lived it, recklessly. 


Why does someone with a young family try something so dangerous; aren't kids the signifier of it's time settle down and be responsible ?