Online Casino Transfer: News - Entrepreneur Finds Loophole

04/01/2010		Online Casino Style: News Entrepreneur Finds Loophole
Home History Games News Dictionary		The Unlawful Internet Gambling Enforcement Act continues to limit the growth of the online casino industry, with consumers, governments and businesses alike in constant struggle to find a solution, or at the very least loopholes that will allow them to circumvent the unrighteous law. States such as New Jersey, Florida, and California are working to develop intrastate poker networks that will allow online gambling so long as it is directly linked to live, land-based casinos. American citizens continue to disregard the effective ban on internet casinos by accessing and frequenting the sites on a regular basis, sending millions to offshore companies for their services. And this week, the tale of one businessman who thinks he might have found a solution for sports betting punters hits the stands. The story comes courtesy of entrepreneur Jeremy Levine, who claims to have found yet another loophole in the UIGEA. A report by the Washington Business Journal says that Levine will be testing his newfound theory on March Madness, a short run to see if he’s right about his interpretation of the law, and the software that he’s developed to comply with the small print while still allowing punters to bet on their favorite teams and players. His system, called Star Street Sports.com, uses the Wall Street model, treating professional teams and players as stock commodities that players can ‘buy into.’ The resident of Cambridge, Massachusetts has already launched a private beta test for the concept, encouraging a small group of gamers to place bets with real money by buying shares into players teams. When the team does well, the share prices go up, and the gamer gets dividends. When the team doesn’t perform as well, the prices will drop, and losses incurred. Currently, Levine has reported that about 150 users have been given access to the online gambling site and system, betting on teams for this year’s NCAA Men’s Basketball Tournament. If all goes well, he intends on having the full system up and running for public use by the time the American football season begins.

04/01/2010

Online Casino Style: News
Entrepreneur Finds Loophole

The Unlawful Internet Gambling Enforcement Act continues to limit the growth of the online casino industry, with consumers, governments and businesses alike in constant struggle to find a solution, or at the very least loopholes that will allow them to circumvent the unrighteous law. States such as New Jersey, Florida, and California are working to develop intrastate poker networks that will allow online gambling so long as it is directly linked to live, land-based casinos. American citizens continue to disregard the effective ban on internet casinos by accessing and frequenting the sites on a regular basis, sending millions to offshore companies for their services. And this week, the tale of one businessman who thinks he might have found a solution for sports betting punters hits the stands.

The story comes courtesy of entrepreneur Jeremy Levine, who claims to have found yet another loophole in the UIGEA. A report by the Washington Business Journal says that Levine will be testing his newfound theory on March Madness, a short run to see if he’s right about his interpretation of the law, and the software that he’s developed to comply with the small print while still allowing punters to bet on their favorite teams and players.

His system, called Star Street Sports.com, uses the Wall Street model, treating professional teams and players as stock commodities that players can ‘buy into.’ The resident of Cambridge, Massachusetts has already launched a private beta test for the concept, encouraging a small group of gamers to place bets with real money by buying shares into players teams. When the team does well, the share prices go up, and the gamer gets dividends. When the team doesn’t perform as well, the prices will drop, and losses incurred.

Currently, Levine has reported that about 150 users have been given access to the online gambling site and system, betting on teams for this year’s NCAA Men’s Basketball Tournament. If all goes well, he intends on having the full system up and running for public use by the time the American football season begins.