I am about to launch an online betting site. Can you please advise me
on what specific problems I might encounter?
Components:
- Our users create bets on everyday events with their friends, because
we think this is a fun thing to do. Bets are made with BUX, our
currency system, which can be purchased using a paypal link or by
check. we have not incorporated yet, because we want to see if people
like this.
- We wrote software so that the winners of bets keep all of the money
in the pool, minus an automatic donation to a specified charity (the
point of the site).
Some other things we are doing that may have legal ramifications:
1. all bets created will be real situations, none of which involves
random variables (don't think internet poker). bets on sports and
other taboo subjects are also prohibited, but we will have trouble
enforcing.
2. we will publicly track how much money has been raised (i.e. the
amount of the skim.) all of the money "skimmed" will go straight to
charity.
3. to make money, we plan on investing some of the money sitting in
our system into liquidable market funds.
4. users can withdraw money at any time every 3-4 days, and we will
send a check or money transer.
5. the server for this site is in the United States.
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Please let me know what your advice is towards proceeding with this
project, because I have already had huge committments from friends and
philanthropy chairs at 5 colleges around the united states to start
using it.
I am planning a huge launch over this weekend (10/28-10/31)...so
feedback is much appreciated! |
