[H.R. 2266, Reasonable Prudence in Regulation Act, and H.R. 2267, the Internet Gambling Regulation, Consumer Protection, and Enforcement Act]
Safe and Secure Internet Gambling Initiative spokesman Michael Waxman responds to a House Committee on Financial Services hearing on Internet gambling on December 3, 2009:
[H.R. 2266, Reasonable Prudence in Regulation Act, and H.R. 2267, the Internet Gambling Regulation, Consumer Protection, and Enforcement Ac
Via Smarkets, the FT.
PS: Contra Jason Ruspini, I have always said that the CFTC route is the wrong route. The U.S. should establish a kind of “-Gambling and Betting Commission”-, like in the U.K., in my view (and Caveat Bettor’-s view).
…- is a shitty bill…- since it excludes sports betting.
RELATED: A news article (in French) implies, between the lines, that BetFair (who always respected the US laws) should be later granted a license to operate in the US, the day it becomes legal, while InTrade-TradeSports (who didn’-t) should not be granted a license. Hummm…-
EXTERNAL LINK: iMEGA
THANKS: Tip via mister Emile of NewsFutures
New Market: Amendment to UIGEA
Monday, Apr 14, 2008
We have listed a contract on an amendment to the Unlawful Internet Gambling Enforcement Act being passed before the end of 2010, and that Rep. Barney Frank will be a sponser of the bill. This contract can be found under Legal —- Internet Gaming.
This contract will settle (expire) at 100 ($10.00) if a bill amending the provisions of the US code implementing UIGEA will pass by 11:59:59pm ET on the date specified in the contract, AND Rep. Barney Frank is among the bill’-s sponsors
The contract will settle (expire) at 0 ($0.00) if a bill amending the provisions of the US code implementing UIGEA DOES NOT pass by 11:59:59pm ET on the date specified in the contract, or it does pass and Rep. Barney Frank is NOT among the bill’-s sponsors
Expiry will be based on the official passage of any bill, as reported by three independent and reliable media sources. For expiry purposes the Library of Congress? Thomas system will be used as the definitive source of information.
A bill will be considered “-passed”- once it has been passed by congress (House and Senate) and sent to the President for signing. What the President does with the bill will not affect expiry.
The UIGEA is the “-Unlawful Internet Gambling Enforcement Act”-.
Due to the nature of this contract please also see Contract Rule 1.7 Unforeseen Circumstances.
The Exchange reserves the right to invoke Contract Rule 1.8 (Time Protection) if deemed appropriate.
Any changes to the result after the contract has expired will not be taken into account – Exchange Rule 1.4
Please contact the exchange by emailing firstname.lastname@example.org if you have any questions regarding this contract before you place a trade.
Why is Barney Frank’-s footprint so important, in that contract? Makes no sense at all to personalize the issue. John Delaney is the most illogical man I have ever met.
Previous blog posts by Chris F. Masse:
- “Is Clinton’s Pennsylvania Lead Really 20 Points?”
- The Most Surprising Piece Of News I’ve Heard Today
- My first prediction market plugin for WordPress
- Prediction markets tend to be so illiquid, though, that mere activity looks like volatility.
- Decision Markets and Futarchy are solutions in desperate search for a problem to solve and for their early adopters… and that may stay that way well after Robin Hanson’s head gets cryogenized.