Comments on: Is the Honor Rating really the only chink in Betcha.com’s legal armor? If so, they have a better shot at surviving that I had imagined. http://www.midasoracle.org/2007/06/28/is-the-honor-rating-really-the-only-chink-in-betchacom%e2%80%99s-legal-armor-if-so-they-have-a-better-shot-at-surviving-that-i-had-imagined/ Prediction Markets For All Tue, 02 Dec 2008 19:46:33 +0000 http://wordpress.org/?v=2.6.5 By: Jason Ruspini http://www.midasoracle.org/2007/06/28/is-the-honor-rating-really-the-only-chink-in-betchacom%e2%80%99s-legal-armor-if-so-they-have-a-better-shot-at-surviving-that-i-had-imagined/#comment-15845 Jason Ruspini Thu, 28 Jun 2007 14:17:33 +0000 http://www.midasoracle.org/2007/06/28/is-the-honor-rating-really-the-only-chink-in-betchacom%e2%80%99s-legal-armor-if-so-they-have-a-better-shot-at-surviving-that-i-had-imagined/#comment-15845 Especially after the Neteller arrests in January, I would not recommend anyone pursuing legal "hacks" although Betcha's is very clever (and I admire Jenkins and identify with his journeyman lawyer mentality). Is their credit rating a "thing of value"? If it is possible to sell an account (with credit rating) and attach a new credit card to it, then yes, it definitely is. If there is no way to feasibly transfer the credit rating then it is less clear. But even if traders technically do not risk anything, it seems that the traders that honor their bets are in fact gambling and Betcha is making that possible. Also, the UIGEA 270-day recommendation window is about to expire. I expect some sort of weak recommendation and/or request for further guidelines that will basically amount to an extension. I hope for a very lax recommendation that basically tells the Justice Department, "yeah, so this isn't really going to happen". Especially after the Neteller arrests in January, I would not recommend anyone pursuing legal “hacks” although Betcha’s is very clever (and I admire Jenkins and identify with his journeyman lawyer mentality).

Is their credit rating a “thing of value”? If it is possible to sell an account (with credit rating) and attach a new credit card to it, then yes, it definitely is. If there is no way to feasibly transfer the credit rating then it is less clear. But even if traders technically do not risk anything, it seems that the traders that honor their bets are in fact gambling and Betcha is making that possible.

Also, the UIGEA 270-day recommendation window is about to expire. I expect some sort of weak recommendation and/or request for further guidelines that will basically amount to an extension. I hope for a very lax recommendation that basically tells the Justice Department, “yeah, so this isn’t really going to happen”.

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