Betting Exchange
Is it legal for U.S. citizens to trade futures on the Irish prediction exchange Intrade.com?
The SAFE Port Act seems to suggest it isn’t, or at least that it’s illegal for a U.S. bank to fund your account.
Here’s the bill:
http://thomas.loc.gov/cgi-bin/query/D?c109:6:./temp/~c109ngStnM::
Here’s the Wiki:
http://en.wikipedia.org/wiki/Safe_Port_Act
This site:
http://www.chrisfmasse.com/3/3/opinion/2006/10/
says:
“The real-money prediction exchanges are not exempted from the Internet Gambling Prohibition and Enforcement Act of 2006. Also, there’s no indication that the US Treasury and US DOJ will exclude the real-money prediction exchanges (a.k.a. Betting exchanges) when they will enforce the law.”
Personally, I think that if your state has a prohibition on gambling, then you could be in serious trouble here. You need to do individual state research. There is some federal law which also appears to go against you. The odds are NOT in your favor. There has been no dispositive case law for this exact issue, but similar issues are generally negative.
The Betting Exchange – What Is Betfair
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