Subscribe to this topicForums > SL Fantasy > Topic: Sports Gambling?
| Aug 9th 2007, 05:05 Dezmond Martinek |
Sports Gambling? | |
| Doesn't this constitute a bit of a grey area? You point out in the prospectus that cases have gone to court and no successful prosecution has yet been launched. However, the mere fact that some of these cases have gone to court gives me cause to pause. Should this league become the target of a prosecuter the profits will go into legal fees and regardless of the outcome will still lose money. Further, you are planning to use the exchange software for this venture. What happens to exchanges when a legal authority takes a close look at the sports league and puts 2 and 2 together? I'm wondering if this venture wouldnt be putting the exchange itself at risk for scrutiny. A public listing for a company that basically is a gambling venue might not be wise. Capturing back a portion of the 30 percent drop in sl spending due to a gambling ban is a great idea. Listing the company here really isn't. | ||
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| Aug 9th 2007, 06:56 Xavier Mohr |
Re: Sports Gambling? | |
| I think what you're forgetting is that fantasy sports do not rely on random number generation, thereby excluding them from LL's gambling ban. Above and beyond that we are trading in a fictional currency. Before any authority came in to stop this as 'gambling', they would have to legally recognize the Linden as a legitimate form of currency that can be traded without question (right now LL reserves the right to refuse to cash out Lindens in their TOS). If that ever happened I think the authorities would have several things in line in front of this project - including taking a closer look at the exchanges themselves! =P In all truthfulness I think this is a very innovative idea with little potential for actual risk of being shut down by higher powers. To be honest I am shocked nobody has thought of this before now. X |
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| Aug 9th 2007, 07:13 Lindsay Druart |
Re: Sports Gambling? | |
| In all honesty, I think linden banned gambling because of the linden movement. People were making hand over fist and cashing out and Linden Labs is trying to balance the economy as they were cashing out more than they were making so Linden Labs is in the red right now. That's why they put out more mainland to recoup. Now that gambling is gone, I think the economy will do better actually because linden won't have to put out mainland anymore and land prices will stablize which will, in turn stablize everything else. **thinks she just pwned the purpose of this thread** Sorry :) |
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| Aug 9th 2007, 09:11 Dezmond Martinek |
Re: Sports Gambling? | |
| Actually no, it doesnt have to be a legal currency. An example is chips at a casino. Are those legal currency? No but they can be cashed in for legal currency. It has to be something of value not currency. And if you re read the policy you will find sports events are also included in the ban. As for why Linden banned gambling, I guess that doesn't matter, however it is likely due to the fact that the Linden's facilitated the conversion of linden to usd making them liable and open to prosecution. Regardless of what you want to call it, its gambling and connecting those activities to this exchange in my opinion is a really bad move, especially when your using the same software. If anything should go wrong with your fantasy football league that lands you in legal hot water the next place they will be stopping are the other sites in which the software is in use. Here is where I take issue. I don't really care if people want to invest in or take part in gambling, however I would like to feel confident that my money is going to be available to me and not amongst the frozen assets of a gambling scheme gone bad. | ||
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| Aug 9th 2007, 09:32 Xavier Mohr |
Re: Sports Gambling? | |
| I just read up on the gambling policy. Fantasy sporting - even this... in no way comes close to violating that in my opinion. ~ It actually addresses fantasy sports specifically believe it or not. This is a cut/paste from the actual LL gambling policy: "4. Does the policy apply to all games based on real-life sports activities? The policy prohibits Sports Books or Sports Betting, including the placing of bets on actual sporting events against a book-maker or through a betting exchange. However, the policy does not prohibit “fantasy sports†leagues if the rules and operation of those games comply with all applicable laws." ~ Fantasy sports are actually allowed. I learned something in reading this: I thought it was a gray area too. As for sporting events, the only sporting events covered are "real-life." Per the gambling policy: The policy applies to gambling games which: "(1) (a) rely on chance or random number generation to determine a winner, OR (b) rely on the outcome of real-life organized sporting events," ~ X |
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| Aug 9th 2007, 09:36 Arbitrage Wise |
Re: Sports Gambling? | |
| Just because fantasy sports was taken to court does not mean that it is considered gambling. People will always try to take an idea to court for money. The fact that it was taken to court, and lost should give this idea more support. I do not think that we are doing constitute gambling. We are changing the way fantasy sports is played and adding in a new element. I am confident that for our business to be considered gambling, fantasy sports has to be considered gambling. Fantasy sports is a skill based game that is heavily involved in analysis and speculations. The old way that was played was that only the owners can do this. Now, we are just setting up a system for the owners to share a percentage of their ownership to others. |
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| Aug 9th 2007, 09:46 Lindsay Druart |
Re: Sports Gambling? | |
| Difference between fantasy sports and sports betting... Sports betting is a guess on who is going to win the game and thats about it...with a spread maybe. Example: The Broncos are going to beat Dallas by a touchdown in the 4th quarter. Fantasy sports is like the draft to me...you are picking the best players for a team based on stats of each player, market news, that players health, and other non-sports related factors. It's what a owner of a team does to build his team. Example: Mike Vick's stats are awesome as QB but his attitude sucks and may get him booted from the team as a starter since he might be in jail. Eli Manning is an awesome QB but may need additional backup to make sure he doesn't get hurt. What defensive lineman is going to be key in Eli's success? Much more in depth there.... JMO |
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| Aug 13th 2007, 19:47 ROBO Marx |
Re: Sports Gambling? | |
| Look guys Company wise its a great idea and a great place to do it. I get stuff in the mail promoting fantasy, it will cost the government the National treasury to fight all the cases. Go for, and buy the stock too. | ||
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