Introduction

I have recently read this article about cent sports (http://www.centsports.com) @ forbes.com. It is a website that has been operating for some time now, and it offers an ad funded betting system, where all your bets are for paid for by their advertisers. They even offer you extra bonus, toping up your bet up to 100%.

You have to register to start using the service. once in , you can claim your betting money , which starts at 10 cents, which you can use to bet on any offered sport. You can claim half your money once you hit the 20$ mark.

I had a run to 4 dollars in a 3 day period, but lost it on a high 2 Parlay bet. a 2 Parlay bet is a bet were you bet on two results on the same screen, thus tying the 2 results to get better returns if both scores predicted win. It is a higher risk bet but i felt like doing it.

The Trick

Excerpt from Forbes.com:

” Here’s a business model for you: Give people money and let them place any bet they’d like. If they win, they get to keep the spoils; if they lose, give them more money to play with.

No, we’re not talking about the subprime mortgage business. We’re talking about a new–and perfectly legal–online gambling outfit called Centsports.com, founded by budding Webpreneur Victor Palmer in College Station, Texas.

Online gambling has always been illegal, even though people got away with it for years. In 2006, U.S. federal prosecutors started cracking down on payment processors, making things a little harder, even for off-shore virtual casino operators and their customers.

Palmer skirts this pesky problem by banking his customers. Three elements have to be present to violate most state gambling laws–namely “prize, chance and consideration,” says attorney Chuck Humphrey, a gaming-law specialist and author of the Gambling Law U.S. blog. Because Centsports.com doesn’t allow users to bet their own stash, no “consideration” is involved, and thus all is kosher. Quips Palmer: “Congress assumes if you’re dumb enough to give away money, then go for it.”

Here’s how the site works. Each user starts off with 10 cents in his or her account, provided by Centsports. (You need only register a name and password.) From there, they can bet on any event for which Las Vegas bookmakers set a line.

Once users accumulate $20 in winnings–the equivalent of doubling your money eight times, or striking gold on a 200-to-1 long shot–they can cash out a minimum of $10 and receive an actual check in the mail. (In terms of “consideration,” winnings on that initial 10-cent stake don’t constitute ownership until actually cashed out.) Losers risk nothing–except perhaps a touch of pride–and get immediately restaked with fresh dimes. “

It is a site worth a look check it out @ http://www.centsports.com/

for the latest from the people who brought you Centsports,  Check out my latest post dated 23-10-2008