Anyone want to start a Gambling internet business, seriously..
 

I mean build the software and compete with the big boys, I think that market needs to some competition.

I think 4 partners total.

I would say atleast 10k each to start.

ICQ if interested. 249 028 685

isnt it illegal to operate one of those businesses and live in the USA?

if so count me out.

It is not illegal to protect your assets offshore, though

You can incorporate offshore as well as premium hosting.

I think everything would have to be offshore, like party poker (which is owned by people in the us). They run everything from Africa.

please let me invest in putting myself in prison.

do you take paypal?










a US citizen can't operate an online gaming site.

If the owners of Party Poker step foot in the USA they will be arrested. You need to recheck your facts I think.

Yea?? :winkwink:

As long as you declare any corp in which you have an interest of more than 10% shareholding and report all revenue to the IRS.

A US citizen cannot legally engage in net gaming operations - irrespective of the operational jurisdiction. But.. try it and see :)

wrong SplitNinja.

betonsports guy was nabbed in dallas for stepping foot on US Soil. it is illegal to be a US Based Person and run a gambling site.

However, alot of people setup FREE POKER ONLINE sites and then have ads plastered all over them for Pay Poker. (similar to partypoker,etc.) Thats how they are allowed to advertise here in the USA like on Comedy Central late night.

But as for the actual money gambling they need to run that entirely overseas with another corp, and the way those "Free Poker" corps get paid is through those ads on the Free Poker Sites. Its a loop hole in the system.

http://www.cbsnews.com/stories/2005/...n1052420.shtml

check out the recent 60 minutes episode on CBS about it.

You must understand that real rich people with gambling sites, do not put their companies at their name, and incorporate in countries like 'St. Vincent & the Grenadines, Antigua, Dominica, Belize .. etc'

There are many (you cant imagine how easy it is to do it) companies that do that are offering online offshore incs, offshore banking and investments. It is a totally anonymous service and procedure.

Benefits are obvious,

1)- Very low level of government involvement in business activities.
2)- Very low level of restrictions, intervention, and regulation regarding traffic data.
3)- cough, Taxes.

Hard to say what the outcome with be, but there is a World Trade Organisation ruling due out very shortly where judgement was already made against the US in respect of three laws - where one of these was the Wire Act and where these was deemed to be in violation of WTO trading. The next stage is posssibly the implementing of trade sanctions until such time the US complies - however, there will prob be some deal before that - tho the time for that may already have expired.

Who knows what the result may be - but probably along the lines of quitting restrictive practices on taking bets by "wire" (ie phone, net, whatever), but the flip side is that tho this may happen, - the US is still entitled to make it's own laws as far as US citizens are concerned and these could still remain where net gaming is illegal, tho the action of transmitting funds may be legal.

Costs millions to build any software that will be currently competitive in that market.

Is now really the right time to be doing this? Lots of heat right now.

Excuse me SN - you are not even close to reality and heading right down the shit pan on this one :winkwink:

The US is the only western country which does not give benefits in respect of offshore corporations. Apart from gaming offenses, there are obvious IRS tax evasion charges for the following reasons.

(a) All interests in foreign corps and revenue is required to be reported to the IRS annually.

(b) Whether a US citizen is resident in the US or in some offshore area - this requirement of reporting worldwide income still applies.

(c) The fact that there is a requirement to report all corps where there is an interest means the whole concept of "offshore" is pointless from any privacy angle.

You are correct regarding the privacy of offshore jurisdictions, however the problem is not with them - it's with the tax laws within the country where you remain a citizen.

This scenario is unusual and it only applies to the US, Lybia and Saudi.

Sure.. the software exists already - but is more than $40K to start with.

I totally agree with you Webby, can you aim me ? SplitNinja is my screen name.

Would need to be COMPLETELY offshore. (And when I say COMPLETELY, I mean completely! All of your employees, investors, etc.) Study the laws regarding internet gaming and get back to us. :)

Brilliant idea, except like others have pointed out, it's illegal in the US...

and even if it was legal, you invest 100k, and then what? you will pull traffic out of your ass?

Add to that - relinquish any US citizenships and plan not to return.

Hi Spit - you on ICQ?

Been there done that not worth the trouble :2 cents:

This is what business is all about. Some sink some swim, it's just the game we all have to play. I would say pick your team mates well and good things can happen.

I dont have ICQ, but aim and icq have interoperability, try sending me a message on SplitNinja, or email me your icq, [email protected]

Dunno what kinda experiences you had TT, but it's a good biz and serious earner. The only criteria and main weakness lies in "personal backgrounds" - by that I mean covering ass and remaining legal. For US folks that is a problem, but otherwise no big deal.

Guessing.. to do a proper basic setup (tho could vary depending), it prob needs capitalizing to around $500K for premises, software blah and local gaming permits which can be around $100K'ish.

As already mentioned, the "weakness" is in the backgrounds of those involved and the achilles heel lies in citizenship and compliance with "home country" laws and taxation - if there are no "home country" laws applicable and no requirement for annual filings of a citizen while resident 'elsewhere' it's easy - but otherwise a problem.

Shit.. forgot! :winkwink: Hitting you up now!

I can handle the development :)

I run a web design & development company in my other life. And by 10k, you mean monopoly money, right? heh

like your sites. very nice and clean.
i have a ton of good cam domains if you are in the market