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Betting Online
On Tuesday, a Cambridge online gaming company presented a "Napster" style "
bettor to bettor" betting system for World Cup Soccer buffs.
Grand Virtual Inc.'s WagerCity Web offering aims to do away with the "Houses"
position in order for sports bettors to wager against each other openly over the Internet.
Grand Virtual also plans to implement this new system for other exhibitions including the
popular Tyson - Lewis fight coming up.
However, Grand Virtual will not profit from the U.S.
marketplace due to online gambling illegalities, except for certain omissions.
Though the U.S. will have access to the new system through the Internet gaming market,
and in the event that it becomes legalized, Sebastian Sinclair,
president of Christiansen Capital Advisors in New York says,
"It is eBay for betting."
The company anticipates on making its profit on legal betting in the U.K.
and other popular legal Internet gaming markets.
Grand Virtual looks forward to showing the new system's success and expects to license
its software to casinos and gaming companies.
It is important to note that Grand Virtual will try to prevent U.S.
gamblers from using its system illegally.
On Thursday two men disguised as police officers were charged with illicit incarceration
and extortion subsequent to trying to lug money out of
a used car merchant who failed to pay a $60,000 gambling
liability sited all through the World Cup playoffs.
Two men told authorities that a man named “Koh” had confronted them and asked them to collect
$20,400 along with a Volvo sedan from a 40 year old car dealer named Saksin Poonchalak,
Situated in Nonthaburi, Thailand.
Authorities confiscated an ID card found in the suspect´s car belonging to an ex- deputy
colonel from the crime control department. The car dealer confessed to an outstanding balance of $60,000
he owes a bookmaker. Mr Poonchacalak Claims that he was swayed in to placing a bet by
a man named "Puwadol,”
that entered his car dealership at the time the World Cup was taking place.
At first Mr. Poonchacalak hit a winning streak, collecting more than $2,400 on his first bet.
Unfortunately it all went downhill from there and consequently,
he lost $60,000 on the third game between South Korea and Turkey.
The car dealer was determined to get his money back that he had lost and again tried to bet on the final game. However,
the bookmaker snubbed him in his attempt to place a bet,
requiring him to sign a payment advancement contract.
The contract stated that as a security guarantee,
he would have to hand over possession of fifteen stores and confiscating four vehicles from Mr.
Poonchacalak. Mr. Poonchacalak said,"They have taken more than 10 million ($240,500) from me."
The UK is on its way to becoming the worlds leading gambling dome.
After eliminating a 9% wagering tax and implementing more laissez-faire gambling laws last year,
a number of gaming analysts have seen bookmaker's profits sky rocket
and a growing amount of offshore online betting venues making its way to the UK.
Many online betting venues feel that the new guidelines are a positive step in the right direction,
while international "gaming goers" too, have observed the gaming sites as reliable and unfailing.
Mark Blandford, from Sportingbet, a prime wagering group, said,
"The UK is setting out its stall to become the gambling capital of the world."
Consequently in August, Sportingbet packed up its saddle and made the move from Alderney to the UK.
Mr. Blandford believes that this move will give the company
"an open route to the market" and the skills to partner up with new betting venues.
A study was done by Nottingham Trent University on the UK's stepping ground in the gaming industry,
foreseeing a continual increase in betting profits amid bookie earnings reaching up to 70% as we speak.
The director of the study summed it up by saying,
"The UK is set to establish itself as the key player on the international stage for betting on sports events."
Last week Malaysian authorities detained ten people next to Kuala Lumpur at an Internet Café,
also arresting the café´s owner, for accumulating illegal bets made on the World Cup.
Given that the World Cup Began on May 31, bets wagered at the café have added up to $6,000.
Authorities entered, seizing detailed papers holding information on betting activities and a
World Cup timetable of games along with a fax machine and television.
In any case, Anyone charged and found guilty of illegal betting would suffer the consequences and
face Malaysian law with fines over $52,000 or will be sentenced to five years in prison.
Even though betting is illegal in Malaysia,
apparently illegal betting on the English Premier League and
Home soccer Games is still going on and has been growing for quite some time.
As the World Cup approaches Thailand's Interior Minister,
Purachai Piumsombun, set out
on a quest to stop illegal gambling.
The Interior Minister commissioned authorities to
investigate privately operated phone-in services that use 1-{900} numbers,
as well as aired programs promoting the usage of 1-{900} numbers in order to predict soccer results.
Piumsombun said that," the police crackdown on football {soccer} betting should be taken seriously.
” This comes after reports of 1-{900} numbers telecasted during many popular soccer games.
The minister expects to be updated on the matter by May 31.
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