Second Life (Virtual World) --Next new gambling frontier??

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And if the Road Warrior says it, it must be true..
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FBI examine casinos in Second Life

At the invitation of Linden Lab, creators of Second Life, FBI investigators have checked out casinos that can be found in the virtual world but are undecided on the legality of virtual gambling.

"We have invited the FBI several times to take a look around in Second Life and raise any concerns they would like, and we know of at least one instance that federal agents did look around in a virtual casino," said Ginsu Yoon, Linden Lab vice-president for business affairs.

Second Life is an increasingly popular online virtual world, similar in ways to the massively popular Half Life though intrinsically it is based upon different ideals. Second Life has its own economy where residents can be buy pieces of land (for real money) and develop it as they wish. So realistic is Second Life, that it even had a terrorist attack last year

As the world has become more popular, so has the number of virtual casinos. It is estimated that some of the largest casinos can earn up to $1,500 a month. That figure is a paltry sum compared to their more traditional online counterparts but nonetheless, the US government will doubtless investigate further following last years crackdown on internet gambling.

Because of the very nature of Second Life, the legality of gambling in a virtual world will be hard to gauge and, perhaps even more so, ascertain the extent of Linden Lab’s responsibility in the matter.

However, following the US’s tough stance on internet gambling, which has seen the arrest of online gambling executives such as David Carruthers, Peter Dicks and the NETeller founders, perhaps Linden Labs should be worried.

"If you're buying money on the Lindex (a virtual currency exchange) and utilizing it for gambling purposes, Linden could have a much higher level of responsibility," said Sean Kane of New York’s Drakeford & Kane, a lawyer familiar with the legality of virtual worlds.

"If they would be found in violation, that's difficult to say, but I can see a much stronger case being made,” he added.

However, Linden Labs have declared that it would not be possible for them to monitor or stop gambling in Second Life.
<SMALL>Editor, Jackpot.co.uk - 2007-04-04 11:49:53</SMALL>
 

And if the Road Warrior says it, it must be true..
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<TABLE height="100%" cellSpacing=0 cellPadding=2 width="100%" border=0><TBODY><TR><TD align=left>Total Residents:</TD><TD align=right>5,275,878</TD></TR><TR style="BACKGROUND-COLOR: #e9f1f8"><TD noWrap align=left>Logged In Last 60 Days:</TD><TD align=right>1,626,207</TD></TR><TR><TD align=left>Online Now:</TD><TD align=right>35,519</TD></TR><TR style="BACKGROUND-COLOR: #e9f1f8"><TD align=left>US$ Spent Last 24h:</TD><TD align=right>$1,808,693</TD></TR><TR><TD style="PADDING-RIGHT: 2px; PADDING-LEFT: 2px; PADDING-BOTTOM: 4px; PADDING-TOP: 2px" align=left>LindeX Activity Last 24h:</TD><TD align=right>$192,625</TD></TR><TR><TD style="PADDING-RIGHT: 2px; PADDING-LEFT: 2px; PADDING-BOTTOM: 4px; PADDING-TOP: 2px; BACKGROUND-COLOR: #e9f1f8" align=left colSpan=2>SEE MORE economic statistics here!</TD></TR></TBODY></TABLE>
:WTF:

these guys are pulling in some jack....wow
 

Programmer
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I've a client who was been toying with the idea of creating a sportsbook & casino in Second Life. Although mostly for marketing purposes, they don't expect it to be profitable.

Although if Linden is inviting the FBI in, maybe they'll reconsider.

The Linden$ economic figures are extremely misleading. They use the LidenX exchange rate, but that rate is for buying the currency in small amounts. You cannot sell large amounts of L$ for that price, the rate will drop very quickly, even if you are able to liquidate L$ holdings at all. In the end L$ economy is fiat, and that fiat may become worth nothing if Linden Labs just prints it but makes no attempt to back it. Then it is not unlike a ponzi scheme, as soon as L$ outflow demand greatly exceeds L$ inflow demand the currency will crash.

Somehow I doubt serious bettors are going to want to wager in a fiat currency that has no guarantee of exchange liquidity.

Now, another option, that also has not been widely popular, is using digital gold currencies. However GoldMoney recently prohibited gambling merchants, and E-Gold recently prohibited gambling transactions by U.S. account holders.
 

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Anyone Familiar with Second Life?

I was researching Internet Gambling news on Google and came across a site called Second Life. I guess it lets you own virtual land and virtual businesses. One interesting thing about it is that it appears you can gamble on it and play blackjack, poker, and other games. It also claims to have over 5 million people "mostly from North America." It seems like you buy Linden dollars with real money, then play, then you cash out your Linden dollars for real money. Sounds an awful lot like a gambling site to me.

Has anyone tried this site or is familiar with the operation of it?

Supposedly they invited the FBI to tour their offices but the Justice Department hasn't made any decision as to whether it's legal or not.

About Second Life
 

And if the Road Warrior says it, it must be true..
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I've a client who was been toying with the idea of creating a sportsbook & casino in Second Life. Although mostly for marketing purposes, they don't expect it to be profitable.

Although if Linden is inviting the FBI in, maybe they'll reconsider.

The Linden$ economic figures are extremely misleading. They use the LidenX exchange rate, but that rate is for buying the currency in small amounts. You cannot sell large amounts of L$ for that price, the rate will drop very quickly, even if you are able to liquidate L$ holdings at all. In the end L$ economy is fiat, and that fiat may become worth nothing if Linden Labs just prints it but makes no attempt to back it. Then it is not unlike a ponzi scheme, as soon as L$ outflow demand greatly exceeds L$ inflow demand the currency will crash.

Somehow I doubt serious bettors are going to want to wager in a fiat currency that has no guarantee of exchange liquidity.

Now, another option, that also has not been widely popular, is using digital gold currencies. However GoldMoney recently prohibited gambling merchants, and E-Gold recently prohibited gambling transactions by U.S. account holders.


Good info...was toying w/ the idea myself...$1500 amonth is not bad at all. Just couldnt understand how the $$ system works in that world...thanks for the explanation.
 

LA Clippers Junkie
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I have clicked around through the site and it is extremely buggy. Nothing seems to work.
 

And if the Road Warrior says it, it must be true..
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merge the 2 threads
 

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