US Sportsgambling Loophole

3/22/10 – The Washington Business Journal reports that entrepreneur Jeremy Levine is convinced he’s found a loophole that allows online betting on sporting events in the United States….and he’s using March Madness to see if he's right.
Levine, a resident of Cambridge, Massachusetts, has launched a private beta test of his concept on Star Street, which treats pro sports like a stock market.
Gamers place bets with real cash by buying shares in a team or an individual player. If the team or player does well, those share prices may go up, and the gamer wins..
To date Levine has attracted around 150 users betting cash on teams in this year’s NCAA Men's Basketball Tournament. He hopes to have the site ready for full public action in time for the 2010 professional football season.