[extropy-chat] Betting on Global Warming

[The Avantguardian]

--- Robert Lindauer <robgobblin at aol.com> wrote:

> Federal offense under the wire laws:
> 
> "Whoever being engaged in the business of betting or
> wagering knowingly 
> uses a wire communication facility for the
> transmission in interstate 
> or foreign commerce of bets or wagers or information
> assisting in the 
> placing of bets or wagers on any sporting event or
> contest, or for the 
> transmission of a wire communication which entitles
> the recipient to 
> receive money or credit as a result of bets or
> wagers, or for 
> information assisting in the placing of bets or
> wagers, shall be fined 
> under this title or imprisoned not more than two
> years, or both."
> 
> With an actual conviction in the case of Jay Cohen.
> 
> For information, see:
> 
> http://www.usdoj.gov/criminal/cybercrime/cohen.htm

I am not an attorney, but I see a lot wiggle room in
the wording of that law. For one thing it seems to
apply specifically to betting on sporting events over
the wire. Yet clearly there are web-based sport
bookies out there so it may be a problematic law to
enforce. But really I don't think a futures type
market would be illegal under the law as it is stated.
A strict interpretation would mean that you could bet
on anything EXCEPT a sporting event or contest. A
loose interpretation would make the likes of E*Trade
illegal. But clearly the government isn't going after
online brokerages so it may actually be just a
prohibition against betting on sporting events.  

The Avantguardian 
is 
Stuart LaForge
alt email: stuart"AT"ucla.edu

"The surest sign of intelligent life in the universe is that they haven't attempted to contact us." 
-Bill Watterson

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