Predictious Exploits Loophole And Offers Legal Online Gambling Option
Online gamblers in the U.S looking to try their luck are still largely restricted to the three States that have legalized it. With only Nevada, New Jersey and Delaware offering limited online gaming options there is a huge demand that has yet to be supplied for millions of Americans who want in on the action.
Wherever there is strict regulation and legal restrictions there are always entrepreneurs who look for legal loopholes to overcome limitations. One such site is called Predictious.com. This online Bitcoin site has found a legal loophole in which it is operating. The Ireland–based company allows anyone to bet on what is known as a “prediction market”. In other words one can bet on anything from the Olympics to who is going to win on the Oscars.
This type of betting is controversial and was banned by the federal Commodity Futures Trading Commission (CFTC) in 2012 based on the grounds that it was “contrary to the public interest.” This led to the well-known prediction site Intrade.com been forced to shutdown. It is here where Predictious.com have thought of a loophole in the form of the digital currency Bitcoin. As our regular readers know, Bitcoin is still largely a gray area when it comes to legal precedents. Due to the fact that there is no central governing body or nay physical form, it does not fall under the same restrictions as regular currency.
Currently this enables sites like Predictious to operate but the future of these Bitcoin sites is uncertain as most governments around the globe have yet to get their heads around the volatile digital virtual currency. Even a spokesman for the CFTC admitted that it prohibits the prediction market sites that utilize cash but when it comes to Bitcoin the issue is still uncertain.
Prediction market online sites are popular and take the form of anything from Binary sites to sports betting. Bitcoin is at the moment the ideal solution to legal headaches as the founder of Predictious, Flavien Charlon said,” With all the legal problems and regulations, that made it almost impossible to start a prediction market. But when I found out about bitcoin I thought: ‘That’s the perfect thing for this.’ Almost right when I discovered bitcoin, I started to work on this project.”
Legislators have their hands full with online gaming legislation. The introduction of virtual currencies like Bitcoin to the issue make things more complicated for legislators on the one hand but fun and rewarding for gamblers on the other.