Gambling FAQ » prizes http://gamblingfaq.net Basic Concepts And Rules For Online Gambling Tue, 22 May 2012 00:23:13 +0000 en hourly 1 http://wordpress.org/?v=3.1.3 Is trading points won from fake gambling for prizes considered gambling? http://gamblingfaq.net/is-trading-points-won-from-fake-gambling-for-prizes-considered-gambling/ http://gamblingfaq.net/is-trading-points-won-from-fake-gambling-for-prizes-considered-gambling/#comments Tue, 24 Apr 2012 01:01:22 +0000 admin http://gamblingfaq.net/is-trading-points-won-from-fake-gambling-for-prizes-considered-gambling/ Question by : Is trading points won from fake gambling for prizes considered gambling?
For example, a site that allows free blackjack to be played with fake money. However, can trading this fake money for prizes be considered gambling by US law?

Answer by Harmon Cooper
No you can not use your fake money for trading or any other purpose.

This fake money is only for that site and for that particular game only. You can not even use that money for any other games also.

That fake money is given to you only for a practice purpose.

Related Posts

]]> http://gamblingfaq.net/is-trading-points-won-from-fake-gambling-for-prizes-considered-gambling/feed/ 0 I have a question regarding online gaming/casinos and playing for free prizes? http://gamblingfaq.net/i-have-a-question-regarding-online-gamingcasinos-and-playing-for-free-prizes/ http://gamblingfaq.net/i-have-a-question-regarding-online-gamingcasinos-and-playing-for-free-prizes/#comments Tue, 13 Mar 2012 17:58:12 +0000 admin http://gamblingfaq.net/i-have-a-question-regarding-online-gamingcasinos-and-playing-for-free-prizes/ Question by jriley1337: I have a question regarding online gaming/casinos and playing for free prizes?
I understand that online gambling is illegal in the US under the Federal Wire Act – which was expanded a few years back to cover internet technology. In addition, President Bush passed another act to enforce online gambling law against banks.

Anyways, I still think online casinos are the next big thing, and it’s going to be legal in the USA soon. Is it legal to just start my own ‘play for free’ casino and let people play for rare prizes (100% free). Like if you play for a month or two you might get lucky and win a giant stuffed bear. Just an idea I had.
It will be for free for now, but when the law changes we will change our corporate structure, relocate to the legal region(s) or do whatever is necessary to change our business model.

Answer by Λ₦ᕥḕĿ•♥•ꈛᑬꊛ₮ lṳֆϮ ǟИ൭ꂅよ
Don’t waste your money on casinos. They’re waste of time. You can blow all your money away and say goodbye.

Related Posts

]]> http://gamblingfaq.net/i-have-a-question-regarding-online-gamingcasinos-and-playing-for-free-prizes/feed/ 6 Is playing video games for prizes considered gambling? http://gamblingfaq.net/is-playing-video-games-for-prizes-considered-gambling/ http://gamblingfaq.net/is-playing-video-games-for-prizes-considered-gambling/#comments Sat, 26 Feb 2011 08:07:03 +0000 admin http://gamblingfaq.net/is-playing-video-games-for-prizes-considered-gambling/ Question by ecstatic chick: Is playing video games for prizes considered gambling?
I want to hold a video game convention where people pay to get in and compete in video games to try and win prizes. is this considered gambling since its a fundraiser? please help.

Related Posts

]]> http://gamblingfaq.net/is-playing-video-games-for-prizes-considered-gambling/feed/ 0 What kind of licence do internet casinos require to give away big cash prizes and how are they obtained? http://gamblingfaq.net/what-kind-of-licence-do-internet-casinos-require-to-give-away-big-cash-prizes-and-how-are-they-obtained/ http://gamblingfaq.net/what-kind-of-licence-do-internet-casinos-require-to-give-away-big-cash-prizes-and-how-are-they-obtained/#comments Sat, 25 Dec 2010 06:53:57 +0000 admin http://gamblingfaq.net/what-kind-of-licence-do-internet-casinos-require-to-give-away-big-cash-prizes-and-how-are-they-obtained/ Question by cardboardbert: What kind of licence do internet casinos require to give away big cash prizes and how are they obtained?

Answer by ZCT
None at all.

They are run outside of America and not subject to any US laws.

For some strange reason the American government choose not to regulate and tax the massive industry but to shun it and pretend that Americans don’t want to play online.

Related Posts

]]> http://gamblingfaq.net/what-kind-of-licence-do-internet-casinos-require-to-give-away-big-cash-prizes-and-how-are-they-obtained/feed/ 0 The Basic Concept Of Sports Betting In The UK http://gamblingfaq.net/the-basic-concept-of-sports-betting-in-the-uk/ http://gamblingfaq.net/the-basic-concept-of-sports-betting-in-the-uk/#comments Sun, 21 Feb 2010 15:37:24 +0000 admin http://gamblingfaq.net/?p=31 Sports Betting: General

In this Act “sports betting” means making or accepting a bet on:

  • The outcome of a race, competition or other event or process
  • The likelihood of anything occurring or not occurring
  • Whether anything is or is not true

A transaction that relates to the outcome of a race, competition or other event or process may be a bet within the meaning of subsection despite the facts that:

  • The thing has already occurred or failed to occur
  • One party to the transaction knows that the thing has already occurred or failed to occur

Spread Bets:

  • For the purposes of section “bet” does not include a bet the making or accepting of which is a regulated activity within the meaning of section 22 of the Financial Services and Markets Act of Betting 2000
  • An order under section 22 of that Act which has the effect that a class of bet becomes or ceases to be a regulated activity may, in particular, include transitional provision relating to the application of this Act to that class of bet.
  • This section is subject to section.

Sports Betting: Prize Competitions

For the purposes of section 9 a person makes a bet (despite the fact that he does not deposit a stake in the normal way of betting) if:

  • He participates in an arrangement in the course of which participants are required to guess any of the matters specified in section 9
  • He is required to pay to participate
  • If his guess is accurate, or more accurate than other guesses
  • Win a prize
  • Enter a class among whom one or more prizes are to be allocated (whether or not wholly by chance).

In subsection 1 a reference to guessing includes a reference to predicting using skill or judgment.
Schedule one makes further provision about when a person is to be or not to be treated for the purposes of one subsection as being required to pay to participate in an arrangement.
In subsection 1 “prize” includes any money, articles or services:

  • Whether or not described as a prize
  • Whether or not consisting wholly or partly of money paid, or articles or services provided, by the members of the class among whom the prizes are allocated

Pool Betting:

For the purposes of this Act sports betting is pool betting if made on terms that all or part of winnings:

  • Shall be determined by reference to the aggregate of stakes paid or agreed to be paid by the persons sports betting
  • Shall be divided among the winners
  • Shall or may be something other than money.

For the purposes of this Act pool betting is horse race pool betting if it relates to horse-racing in the United Kingdom.

Betting Intermediary:

  • In this Act “sports betting intermediary” means a person who provides a service designed to facilitate the making or acceptance of bets between others.
  • For the purposes of this Act acting as a betting intermediary is providing facilities for sports betting.

Betting And Gambling Act 2005 In The UK

Related Posts

]]> http://gamblingfaq.net/the-basic-concept-of-sports-betting-in-the-uk/feed/ 0