I just got an email from Tradesports saying that they may not be able to process credit card deposits anymore thanks to the Unlawful Internet Gambling Enforcement Act Congress passed and President Bush recently signed. The email from Tradesports says:
We would like to inform you that due to recent legislative changes in the United States, there have been policy changes on the part of several credit card issuing banks. As a consequence, you may experience difficulties in attempting to process a credit card deposit on the Exchange.
While we still process credit card deposits for members, your own credit card issuer has been highlighted to us as one through whom a deposit may possibly be rejected.
I think this is a travesty, not because I have any monetary interest but because I think the site provides an invaluable source of information for newswatchers like myself. I quite enjoy following the odds on everything from political contests to lawsuits, and I hope that the new law doesn't significantly reduce the volume (and therefore quality) of the aggregated data.
Congress needs to pass an exemption for futures markets that are really no different from the Chicago Mercantile Exchange Weather Futures.
This evening I see that the Wall Street Journal has an op-ed about political futures markets as well, but it doesn't mention the connection to the internet gambling ban. I scooped them once again!