Amidst The Crackdown, New Sports Betting Site Launches In The US

from the quite-a-risk dept

In light of the numerous arrests of online gambling executives in the US, you'd think that entrepreneurs would be staying as far away from this industry as possible. You'd be thinking wrong though. A new peer-to-peer sports betting site called Betcha.com is launching in the US, claiming to exploit a very narrow loophole in the law. The idea is that the site actually lets bettors renege on their bets, which, as they see it, means that there's actually no gambling taking place. How, you might ask, are the bets actually enforced? Each user has an eBay-style rating that indicates whether they're actually good for the money they owe. Thus, presumably, bettors with a history of not paying up will not find anyone to take the other side of the bet. It remains to be seen whether the government will take the same view of things as the company. While launching a startup is always risky for those involved, as the founder of this one say themselves, they're literally betting their own freedom.


Reader Comments (rss)

(Flattened / Threaded)

  1.  
    identicon
    Ajax 4Hire, Jun 19th, 2007 @ 9:32am

    If the bomb does NOT explode and

     

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  2.  
    identicon
    Ajax 4Hire, Jun 19th, 2007 @ 9:38am

    Re: If the bomb does NOT explode and

    and no one is hurt is it a crime?

    Yes.

    Betting on sports in the US is illegal except in specific offically sanctioned places (Las Vegas, Atlantic City, Indian Reservations). Whether money exchanges hands will be im-material to the Federal Government. They will arrest.

    Don't get me wrong, I fully believe it is a private citizens right to spend their money any way they want. Freedom to the tip of my nose.

    But I also know that the US Federal Government is a "do as I say not as I do", "You know what I mean", fist in the velvet glove group. The US Government will find a way to arrest these web-site owners.

    Good luck.

     

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  3.  
    identicon
    Ben, Jun 19th, 2007 @ 9:50am

    I'm pretty early on in my law school career - but why wouldn't this company try and get a declaratory judgment that what they're doing is legal before they do it, rather than, as the post says, "betting their freedom" on it?

     

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  4.  
    identicon
    TheDock22, Jun 19th, 2007 @ 9:59am

    Re:

    You can't get a declaratory judgment on illegal activity. They are making use of a VERY tiny loophole and chances are they do not want the lawmakers to know they found it.

     

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  5.  
    identicon
    Wolfger, Jun 19th, 2007 @ 10:18am

    Re:

    I think, if they lose, they're going to try to renege on their bet...

     

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  6.  
    identicon
    discojohnson, Jun 19th, 2007 @ 10:27am

    Re: Re:

    "...they do not want the lawmakers to know they found it."

    too late

     

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  7.  
    identicon
    Deirdre, Jun 19th, 2007 @ 10:35am

    Takers?

    Ten bucks says it flops!

     

    reply to this | link to this | view in thread ]

  8.  
    identicon
    Anonymous Coward, Jun 19th, 2007 @ 11:55am

    I will take that bet, as long as I can back out later.

     

    reply to this | link to this | view in thread ]

  9.  
    identicon
    Sanguine Dream, Jun 19th, 2007 @ 12:53pm

    Re: Re:

    Probably as we speak someone is attaching a measure that would cover this loophole to some anti-terror or "protect the children" bill. Because if Americans renege on bets then the terrorists win.

     

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  10.  
    identicon
    Charles Griswold, Jun 19th, 2007 @ 3:41pm

    Re: Re: Re:

    Probably as we speak someone is attaching a measure that would cover this loophole to some anti-terror or "protect the children" bill. Because if Americans renege on bets then the terrorists win.
    Every time you renege on a bet, a child pornographer kills a puppy.

     

    reply to this | link to this | view in thread ]

  11.  
    identicon
    Sports Betting Guru, Oct 9th, 2007 @ 3:25pm

    Done

    Well there goes that plan. The site is shutdown. It was just a matter of time..

     

    reply to this | link to this | view in thread ]

  12.  
    identicon
    Sports betting, Jul 10th, 2008 @ 3:58am

    Source for Sports Betting

    BETUK.com offers sports bet, online sports betting, football betting and more.

     

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  13.  
    identicon
    Sports Betting Picks, Jul 29th, 2008 @ 2:36pm

    O well just came across this and was hoping to have stumbled on some good news and a new idea. Guess not

     

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  14.  
    identicon
    Sports Betting Online, Apr 13th, 2009 @ 8:05pm

    It was doomed from the start

    What I don't understand is how "reneging" a bet constitutes a loophole in gambling prohibition act? It is absolutely unrelated as once the cash transaction for betting purpose takes place, cancel or revoke it, it still took place and broke the law.

     

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  15.  
    identicon
    football betting, Nov 12th, 2009 @ 4:30am

    Betcha wins

    Betcha got shut down, but I read the other day they won their court battle just need funding to start up again.

     

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  16.  
    identicon
    Betting again, Aug 2nd, 2010 @ 6:20pm

    Betting again

    Betting is such a tenuous subject. Follow the local laws and you will not have to worry about the national ones too much. "pay per head sportsbook"

     

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  17.  
    identicon
    brian, Mar 10th, 2013 @ 7:33am

    Sports betting never end because nowadays it becoming a disease which has no cure. United States never clean from bettors. Must visit this link.

    http://www.footballpredictionshq.com/betting/good-sports-betting-advice-can-be-a-winning-st rategy/

     

    reply to this | link to this | view in thread ]


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