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FINDING THE LOOPHOLE
Webpreneur Victor Palmer (26) from College Station, Texas claims he has a business model that enables his Centsports.com website to circumvent US online gambling constraints, and it's interesting enough to have attracted the reportage of Forbes business magazine.
Forbes summarises his model as: "Give people money and let them place any bet they'd like. If they win, they get to keep the spoils; if they lose, give them more money to play with."
In the Palmer concept, the three elements that make online gambling legally risky are avoided - "prize, chance and consideration." Because Centsports.com users don't bet their own cash, no "consideration" is involved, and thus it is legal. Palmer quipped to the Forbes reporter: "Congress assumes if you’re dumb enough to give away money, then go for it."
Each user starts off with 10 cents in his or her account, provided by Centsports. From there, they can bet on any event for which Las Vegas bookmakers set a line. Once users accumulate $20 in winnings - the equivalent of doubling 'their' money eight times - they can cash out a minimum of $10 and receive a check in the mail. Losers risk nothing and are immediately restaked with fresh dimes.
Cashing out is not exactly straight forward. Users compete with each other to snag their winnings from a community pot, with big winners having preference. Users can also earn money by referring friends to Centsports.com for an incentive bonus of 5 percent of any winnings their friends make.
Palmer's main revenues will come not from the gambling action, but from advertisers like Skype, Pizza Hut and the National Basketball Association anxious to connect with Palmer's claimed 200 000 player base, assembled on a miniscule marketing budget that finances the 10 cent player freebies and some touting on YouTube. Unless Palmer speaks with a forked tongue, that player base has doubled every month so far.
The young entrepreneur has apparently done his homework. He graduated from Lubbock Christian University at age 16 with a BSc in math, went on to win a Masters in physics at Texas Tech University and in 2006 achieved a Ph.D. in computer science from Texas A&M.
Danske Spil Bingo Moves to Microgaming -
The national lottery of Denmark, Danske Spil, is live on the Microgaming Bingo Network. Danske Spil, the Danish national lottery, is live on the Microgaming Bingo Network following a change to its licence conditions.
Quickfire live on Strendus -
Quickfire powered by Microgaming is extending its reach in the LatAm region with the signing of Strendus. Strendus is the online division of Logrand Entertainment Group. The group comprises several companies that operate gaming and entertainment establishments in Mexico, running 14 land-based casinos in total.
Quickfire content live on BetatHome -
Online gaming and sports betting company bet-at-home was founded in 1999. Today the company has 4.8 million registered customers around the world, offering sports betting, casino, live casino, Vegas games, poker and virtual sports.
Microgaming has donated £30,000 between four charities -
Gift of Giving provides Microgamingís customers the opportunity to vote for one of several charities in their region. In lieu of Christmas gifts, £30,000 is split equally between four global regions: Isle of Man, UK and Europe, Africa, and Rest of the World.
Entertainment Betting Odds: 90th Academy Awards -
The Shape of Water leads Sundayís 90th Academy Awards (8 PM ET, ABC) with 13 Oscar nominations, but when it comes to Best Picture, this highly-acclaimed film is a +140 second-favorite behind Three Billboards Outside Ebbing, Missouri at Ė115.
Fair Play Bets and QuickFire in Deal -
Fair Play Bets enjoys an unrivalled reputation for an outstanding player experience, with secure deposits and withdrawals, surprising casino bonuses and committed customer support. Fair Play Bets is licensed in UK, Malta and Curacao.
Cavaliers Aim to Take Down Wizards on 2/22/18 -
The Cleveland Cavaliers have looked like a different team since making their moves at the trade deadline. The Washington Wizards are up next for the Cavaliers, who will be at home after the All-Star break.
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