I found this article online:
https://www.gamblinginsider.com/in-depth/13527/new-frontiers-in-gambling-present-problems-for-regulators In the article the regulators explained how they cannot control certain new gambling sites like : sorare.com and are issuing warnings about them. Since they cannot take it entirely as gambling, the speculation in the football index is actually something that is way beyond the scope of government's regulatory body.
The ability to sell bets/shares between users was something the company put in place immediately, but it did so without any permission. This is a feature that sits outside gambling regulation and is something the Commission would be likely to refuse and had done so before,” remarked Rhodes.
The commission cannot monitor the site continuously. Their framework does not allow to do so. How at the end the public is criticizing them about their age old traditional methods to try and control the gambling.
But now with the new technologies they are unable to cope up with the regulatory stress. Shouldn't they ask themselves this question that why haven't they thought about this since 2009 when cryptocurrencies were invented and the gambling+ crypto industry came not long after that.
Now they cannot question cryptocurrencies, they cannot question gambling, the laws needs a serious reform. But I somehow feel like the government will again bend this down and make this the probelm of cryptocurrencies and not them.
What do you think about this particular article??
I think such sites need to be very careful with how they operate, because we see governments around the world are very capable of controlling or restricting access to certain sites around the world and such sites are not as untouchable as the article might suggest. However, most governments do not care that much if their citizens pour their cash into these type of gambling sites - sure they'll try to take a cut where they can impose it within their borders, but the only time they're usually interested in many jurisidictions is being able to tax large winning amounts. The football index you describe is a "novel" form of betting, which is akin to trading cards or NFT's but is not really a new idea, people have just found a new way to market an old product under the guise of being crypto related. It most definitely can be judged under existing securities or currency laws in most countries.
