Slipjockey dot com Risk Arbitrage for in-line sports betting?

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November 15th, 2011 at 4:51:51 PM permalink

FleaStiff

Member since: Oct 19, 2009
Threads: 75
Posts: 4799

Salt Lake City startup www.slipjockey.com seems to be a market maker in already existing Sports Betting slips that have been written by any licensed Sports Book in Nevada. Only 79 followers on Twitter so far.

Since no new bet is made only an existing bet is transferred its been described by a former Gaming Commission attorney as lawful.

NOTE: Under Nevada law a Sports Book receipt for a bet is a bearer instrument transferred by possession.

Basically, once you have a sports book bet that has been made, your options are no longer just Win, Lose or Push. You can also buy and sell your ticket.

November 15th, 2011 at 5:54:52 PM permalink
odiousgambit Member since: Nov 9, 2009 Threads: 173 Posts: 2404	You can just Paypal yourself in, amazing. This could be trouble. [g] "Baccarat is a game whereby the croupier gathers in money with a flexible sculling oar, then rakes it home. If I could have borrowed his oar I would have stayed." Mark Twain

November 26th, 2011 at 1:21:32 PM permalink
FleaStiff Member since: Oct 19, 2009 Threads: 75 Posts: 4799	Your current options with the "static" Sports Book market is" Win, Lose or Push. With Slipjockey you have the added option of a more fluid market in which you can Win, Lose, Push ... or trade in a Live Market auction. Just paypaling your way in seems fine, since the funds have to be received before the transaction takes place.

January 12th, 2012 at 5:56:45 AM permalink

FleaStiff

Member since: Oct 19, 2009
Threads: 75
Posts: 4799

Quote: FleaStiff
Salt Lake City startup www.slipjockey.com seems to be a market maker in already existing Sports Betting slips that have been written by any licensed Sports Book in Nevada.

Is it dormant or dead or active?
I went to the site and they have a chart of the Fiesta Bowl which was of course some time ago. They showed the In-Game action ranged from 50 dollars to 200 dollars so I guess it was a fairly volatile game. The problem is that they don't seem to have any more recent or current data so maybe they closed or got closed down or just have not grown at the rate that was expected.

January 24th, 2012 at 11:24:54 AM permalink

slipjockey

Member since: Jan 24, 2012
Threads: 0
Posts: 4

Hi FleaStiff. I am the President & CEO, and we are trading actively at this time, just not promoting the site yet. We are working on several fronts to increase liquidity at which time we'll begin promoting it more. If you or anyone you know is interested in buying or selling a slip that you don't see available just let me know and we'll try to track one down for you. Remember, a bet or wager requires that both sides have a chance to win or lose, the seller of a betting slip does not have either chance, therefore trading pending betting slips is not a gambling activity, and may be done over the Internet. Thank you for your support.

Ryan Eads
President & CEO, Slipjockey
ryaneads@slipjockey.com

January 24th, 2012 at 11:58:41 AM permalink

MathExtremist

Member since: Aug 31, 2010
Threads: 45
Posts: 2514

You're telling me that someone in Nevada can go buy a bunch of sports tickets and then sell them over the Internet to people in states where sports betting is illegal? That sounds like being a proxy for a bookmaker. How does this not violate the Wire Act?

Quote: Wire Act
Whoever being engaged in the business of betting or wagering knowingly uses a wire communication facility for the transmission in interstate or foreign commerce of bets or wagers or information assisting in the placing of bets or wagers on any sporting event or contest, or for the transmission of a wire communication which entitles the recipient to receive money or credit as a result of bets or wagers, or for information assisting in the placing of bets or wagers, shall be fined under this title or imprisoned not more than two years, or both.

If Joe in Las Vegas buys a ticket on the Super Bowl and sells it to Fred in Oregon over the Internet, Fred has received a "transmission of a wire communication which entitles the recipient (Fred) to receive money or credit as a result of bets or wagers". It doesn't say the bets or wagers have to be Fred's. IANAL but it seems like Joe would be liable for violating the Wire Act and Slipjockey would be liable for conspiracy. What legal opinions do you have to the contrary?

"In my own case, when it seemed to me after a long illness that death was close at hand, I found no little solace in playing constantly at dice." -- Girolamo Cardano, 1563

January 24th, 2012 at 12:15:00 PM permalink
FleaStiff Member since: Oct 19, 2009 Threads: 75 Posts: 4799	Under Nevada law the transfer of a betting slip transfers the obligation and does not create a new wagering agreement since it is the sale of a mere expectancy.

January 24th, 2012 at 12:29:33 PM permalink

rdw4potus

Member since: Mar 11, 2010
Threads: 57
Posts: 1966

Quote: FleaStiff
Under Nevada law the transfer of a betting slip transfers the obligation and does not create a new wagering agreement since it is the sale of a mere expectancy.

And it's also not an interstate event. But the wheels come off when a Utah company facilitates the sale of a Vegas betting slip from a guy in VA to a guy in WA. That transaction almost certainly violates the Wire Act.

"So as the clock ticked and the day passed, opportunity met preparation, and luck happened." - Maurice Clarett

January 24th, 2012 at 1:06:51 PM permalink

MathExtremist

Member since: Aug 31, 2010
Threads: 45
Posts: 2514

This activity also apparently directly violates NRS 465.091-094:

Quote: NRS 465

NRS 465.091 “Medium of communication” defined. As used in NRS 465.091 to 465.094, inclusive, unless the context otherwise requires, “medium of communication” includes, but is not limited to, mail, telephone, television, telegraph, facsimile, cable, wire, the Internet or any other similar medium.
(Added to NRS by 1997, 3318)

NRS 465.092 Accepting, receiving or allowing another to accept or receive wager from person physically present in this state prohibited under certain circumstances; penalty.
1. Except as otherwise provided in NRS 465.094, a person, alone or with others, shall not knowingly, within or outside of this state:
(a) Accept or receive, directly or indirectly, through any medium of communication a wager from another person who is physically present within this state; or
(b) Allow a lessee, agent or employee to accept or receive, directly or indirectly, through any medium of communication a wager from another person who is physically present within this state.
2. If a person engages in conduct in violation of subsection 1 and the person is outside of this state at the time of the offense:
(a) The offense shall be deemed to commence outside of this state;
(b) The offense shall be deemed to be consummated within this state; and
(c) The person may be prosecuted within this state pursuant to the provisions of NRS 171.015.
3. A person who violates the provisions of this section is guilty of a misdemeanor.
(Added to NRS by 1997, 3318)

NRS 465.093 Placing, sending, transmitting or relaying wagers to another person prohibited under certain circumstances; penalty.
1. Except as otherwise provided in NRS 465.094, a person, alone or with others, shall not knowingly:
(a) From within this state, place, send, transmit or relay through a medium of communication a wager to another person or an establishment that is located within or outside of this state; or
(b) From outside of this state, place, send, transmit or relay through a medium of communication a wager to another person or an establishment that is located within this state.
2. A person who violates the provisions of this section is guilty of a misdemeanor.
(Added to NRS by 1997, 3319)

NRS 465.094 Limitation on applicability of NRS 465.092 and 465.093. The provisions of NRS 465.092 and 465.093 do not apply to a wager placed by a person for the person’s own benefit or, without compensation, for the benefit of another that is accepted or received by, placed with, or sent, transmitted or relayed to:
1. A race book or sports pool that is licensed pursuant to chapter 463 of NRS, if the wager is accepted or received within this State and otherwise complies with all other applicable laws and regulations concerning wagering;
2. A person who is licensed to engage in off-track pari-mutuel wagering pursuant to chapter 464 of NRS, if the wager is accepted or received within this State and otherwise complies with subsection 3 of NRS 464.020 and all other applicable laws and regulations concerning wagering;
3. A person who is licensed to operate a mobile gaming system pursuant to chapter 463 of NRS, if the wager is accepted or received within this State and otherwise complies with all other applicable laws and regulations concerning wagering; or
4. Any other person or establishment that is licensed to engage in wagering pursuant to title 41 of NRS, if the wager is accepted or received within this State and otherwise complies with all other applicable laws and regulations concerning wagering.
(Added to NRS by 1997, 3319; A 2005, 724)

"In my own case, when it seemed to me after a long illness that death was close at hand, I found no little solace in playing constantly at dice." -- Girolamo Cardano, 1563

January 24th, 2012 at 3:03:21 PM permalink

slipjockey

Member since: Jan 24, 2012
Threads: 0
Posts: 4

Hello Math Extremist. Yes, that is what I am telling you. The scenario you propose is perfectly legitimate as long as the original wagers were made with his own money and on his own behalf. We have a 15 page legal opinion memo from Scott Scherer of Holland & Hart. Scott is a former member of the Nevada Gaming Control Board, and he's arguably the most respected gaming attorney in the United States, maybe the world. His memo is very specific to topics such as the Wire Act of 1961, UIGEA (2006), Federal Anti-Lottery Laws, the Interstate Transportation of Wagering Paraphenalia Act of 1961, the definition of a wager, as well as other pertinent items.

You must first accept that no betting occurs on or as a result of Slipjockey because selling pending betting slips is not a two sided risk transaction. Once you accept that you'll understand why we don't violate the Wire Act as we'd have to be in the business of betting (making or accepting wagers) in order to violate it.

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