[extropy-chat] Opinion piece on policy-making withpredictionmarkets

[Brett Paatsch]

BillK wrote:

> On 6/6/05, Brett Paatsch wrote:
>>
>> Sure, one possibility is to make it legal elsewhere first, and then, 
>> point
>> at the revenue the US is losing to freer, smarter, more capitalist 
>> countries.
>>
>
> e.g.  Online poker.

That's not an exact comparison. Online poker is not the same as a real
money predictions market.

> Poker firm bets on £5billion flotation
> <http://news.bbc.co.uk/1/hi/business/4601793.stm>
>
> According to Pokerpulse.com, the amount of money wagered in online
> poker games in any given 24-hour period is more than $200 million US.
> <http://slam.canoe.ca/Slam/Columnists/Francis/2005/06/04/1071374-sun.html>
>
> While the US DOJ is trying to ban it.
> <http://news.independent.co.uk/business/news/story.jsp?story=644002>
> In the face of an explosion of electronic gambling across the US, the
> Department of Justice has in the past few months been stepping up its
> campaign against firms that offer it. The DoJ has written to several
> warning that internet gaming is against the law under the 1960s-era
> Wire Act and has issued subpoenas to companies associated with the
> business.
>
>
> So how long till the US changes its internet gambling laws?

Depends.

But this para from the bottom of your second link is interesting.

"Sorting out the contradictions between America's official legal
 position and the reality of the booming online industry is likely
 to move further up the agenda of Capitol Hill after a recent
 ruling at the World Trade Organisation which broadly upheld
a complaint from Antigua, one of the WTO's smallest members.
The island has built up a booming business in hosting online
gaming businesses and said the US was being unfair by allowing
online horseracing betting by US operators, while outlawing all
other others of internet gambling."

Brett Paatsch