Group: Member Posts: 26 Joined: 20-December 05 Member No.: 15,369
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?
Group: Member Posts: 1,912 Joined: 5-October 06 From: Planet Earth! Member No.: 74,902
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.
Group: Member Posts: 334 Joined: 29-December 06 From: USA Member No.: 87,280
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.