The Wire act criminalizes being in the business of betting. This has generally been defined (even by Congress way back when) as the bookie and not the individual bettor. This seems clear.
My question is, to be defined as being in the business, would someone have to have a chance of profiting.
Specifically, if someone ran a matchbook like site with no vig where all bettors bets simply had to match someone elses and the owner of the site held balance in a bank account with no interest such that there was no chance or intend to profit, would the owner be violating the wire act?
As a second option if someone ran a matchbook like site with no vig where all bettors bets simply had to match someone elses and the owner was a non profit organization continuously and immediately donating all interest on balances held to a federally approved charity such that he could never profit would the owner be violating the wire act?
The reason I ponder this is it is becoming more and more difficult for established players or professionals to get down 4 or 5 figure bets. Pinnacle has brought credit down as it is having trouble moving money, Matchbook has really outlawed the U.S., almost no offshores take wires anymore, fullboat is closed for a few weeks, etc... At some point it would seem if people want to keep making a living gambling they might have to set up their own vig free exchange.
Just pondering thoughts as this industry continues to contract.
Thoughts?
My question is, to be defined as being in the business, would someone have to have a chance of profiting.
Specifically, if someone ran a matchbook like site with no vig where all bettors bets simply had to match someone elses and the owner of the site held balance in a bank account with no interest such that there was no chance or intend to profit, would the owner be violating the wire act?
As a second option if someone ran a matchbook like site with no vig where all bettors bets simply had to match someone elses and the owner was a non profit organization continuously and immediately donating all interest on balances held to a federally approved charity such that he could never profit would the owner be violating the wire act?
The reason I ponder this is it is becoming more and more difficult for established players or professionals to get down 4 or 5 figure bets. Pinnacle has brought credit down as it is having trouble moving money, Matchbook has really outlawed the U.S., almost no offshores take wires anymore, fullboat is closed for a few weeks, etc... At some point it would seem if people want to keep making a living gambling they might have to set up their own vig free exchange.
Just pondering thoughts as this industry continues to contract.
Thoughts?
