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Would This Be Legal?
rma
post Oct 7 2006, 07:51 PM
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What is the general consensus about programs where you spend an amount for the day via e-gold, and an admin does a bet (eg on betonmarkets), and then pays you a profit if the bet is a win.

I am involved in a few programs like this, also sportbets where an admin bets on a sports event, then pays you a profit if the pick is correct. All these programs are transparent in that you get the pick before the outcome is decided, so they can't cheat you. They are not really HYIPs, because they are not promising you a specific return. They pay only if they win.

Would these be legal if the participant is in the US, and the admin is outside US?
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smart_i80
post Oct 11 2006, 12:19 PM
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I think it's very complicated question. It will be better if you visit an attorney in your state and ask your question. Try to find an attorney doing internet cases. You will be charged like $200-300 but you will know for sure.
Alot of people can say "yes" or "no" here but you can't be sure if it's true or not and if they are really right or not. smile.gif

I hope you won't have problems anyway.
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GTS Designs
post Oct 13 2006, 05:32 AM
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I dont see why it wouldnt be legal, but you should check your local laws if you are concerned.


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smart_i80
post Oct 15 2006, 05:38 AM
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Hmmm .. no matter that I still think this is some kind of investment or managed service ... I think you have to contact with attorney because the question is very complicated.
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ether93
post Jul 25 2007, 09:43 PM
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I tried to sign up with betonmarkets recently and I couldn't because the site is now closed to US investors. I wish I could join.

Also, I do remember a program called BOMTrades. You gave them some egold and they bet it on BOM, and they had a very good track record, but they shut down as soon as e-gold started having problems.
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ether93
post Jul 29 2007, 03:48 PM
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Any responses?

This post has been edited by ether93: Jul 29 2007, 03:49 PM
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gpmac12
post Jul 29 2007, 04:57 PM
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I would guess not. From USA sending the funds to casinos or poker rooms seem to be a federal issue. Sending to a bookie service seems very similar.
Consulting an attorney is good advise.
Laws vary from state to state also.


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imthunder
post Feb 8 2008, 11:57 PM
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Im Aussie, why not just get me to do it for you? tongue4.gif


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