bluebarracudas
Junior Member
What is the name of your state (only U.S. law)? Indiana
I have the opportunity to participate in a sports betting venture where I run what is called a node and process the results of sporting events and then execute contracts between two betting individuals. The premise is that the two individuals will enter into a contract on the blockchain and that I(the computer) will determine the victor of the bet as well as capture a small commission for doing so.
Part b of this is where a player can bet against the house. Like the first example, my only role is to process the result and collect a commission.
I am not the house, and none of my money is used by the house. The way I see it, I am introducing person A to person B and collecting some amount of money for doing so.
As a "mediator" of sorts between bettors, is any of this considered illegal by U.S. law? I was somewhat vague with my description of what the business model is, so let me know if you need a more detailed description.
I have the opportunity to participate in a sports betting venture where I run what is called a node and process the results of sporting events and then execute contracts between two betting individuals. The premise is that the two individuals will enter into a contract on the blockchain and that I(the computer) will determine the victor of the bet as well as capture a small commission for doing so.
Part b of this is where a player can bet against the house. Like the first example, my only role is to process the result and collect a commission.
I am not the house, and none of my money is used by the house. The way I see it, I am introducing person A to person B and collecting some amount of money for doing so.
As a "mediator" of sorts between bettors, is any of this considered illegal by U.S. law? I was somewhat vague with my description of what the business model is, so let me know if you need a more detailed description.