TEN CEO John Delaney finally admits that the new law will cut off TradeSports-InTrades revenues.

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He writes:

Our entire team are very busy with a bunch of things right now
** Offering new and easier ways for members to deposit funds to the exchange.

As for trader &#8220-Todd73NJ&#8221-, he found out that Web-based bookmaker/sportsbook BetCris is testing a workaround for the Internet Gambling Prohibition and Enforcement Act:

1) They mail you the card
2) You fund it via Western Union – either online from a credit card or at a location via credit card or cash
3) You will be charged by Western Union approx $40 per $1,000 transfered
4) They refund the charges you are charged once you deposit to their site and roll over the money.
5) Withdrawing is free to send the money back to your debit card.
6) Normal ATM transaction fees when you take out cash from any ATM. Or you can use it at places that [accept] the certain purchase options they mentioned.

Remember: Neteller (the main financial source of TradeSports-InTrade) is out of the US market.

Reality check on TradeSports-InTrades recent statement

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The spin doctoring goes like this:

TradeSports, the leading person to person retail trading exchange, continues to grow and innovate in the lead-up to this November&#8217-s US elections.

Reality Check: The world&#8217-s biggest retail, real-money prediction exchange is BetFair, actually.

TradeSports offers person to person trading services to thousands of registered members from all over the Globe who trade their opinions on hundreds of events such as the US November mid-term elections, the capture of Bin Laden, the Dow Jones at year end, and many sporting events.

Reality Check: TradeSports-InTrade is entirely dependend on its American clientele, which makes up for the bulk of its revenues.

We also provide prediction market data which is becoming the reporting standard on political and other future uncertainties to the world’s media, academia, investment businesses, state and political organizations.

Reality Check: Highly exaggerated, but true.

We will be launching a new “Express” trading interface in the coming weeks to further improve our service and to cement our position as the leading retail person to person trading exchange.

Reality Check: The world&#8217-s biggest retail, real-money prediction exchange is BetFair, actually. As for improving the service, besides the &#8220-Express&#8221- interface, I suggest to seek regulation from the Irish government and membership from the Independent Betting Arbitration Service. In contrast, BetFair is regulated in the U.K. and is a member of IBAS.

Recent and historical legal directives in the US and other countries have been aimed at organizations in the business of bookmaking, an activity in which TradeSports is not involved.

Reality Check: The real-money prediction exchanges are not exempted from the Internet Gambling Prohibition and Enforcement Act of 2006. Also, there&#8217-s no indication that the US Treasury and US DOJ will exclude the real-money prediction exchanges (a.k.a. betting exchanges) when they will enforce the law.

TradeSports is not a sportsbook or a bookmaker, and as an Irish Company, operating legally from Ireland, we will continue to provide our services to current and new registered members.

Reality Check: True. However, the problem will be how to make the money cross the Atlantic (from the U.S. clients to the Irish firm), now that Neteller is out of the US market.

Thanks to all our thousands of current and many new members, and those interested in our prediction market data for making TradeSports a phenomenon.

Reality Check: BetFair is a phenomenon, not TradeSports-InTrade, which a poorly managed company headed by some Irish people with no questionable ethics, who behaved like thugs badly during the NKM episode. [See David Pennock’s comment.]