[ml/nj]

I do this stuff legally with the State of NJ. (Fortunately, I only have made an initial deposit!) NJ takes the pari-mutual bets and already collects a tax on them (just like any other race track bet). If they decide to move beyond the already existing taxes, I will seriously consider the off-shore sites beyond Barney Frank's reach.

ML/NJ

[Reeses]

I will seriously consider the off-shore sites beyond Barney Frank's reach.

Offshore doesn't stop the feds anymore. What's needed is open source software something like encrypted e-mail but where each message is broken into blocks and stored in P2P servers such that it requires keys, maps, and many layers and remote unwrapping steps to access and assemble the data. No one knows who anyone is and can't find out. The initial killer app would be sports betting using an untraceable virtual currency. As internet speed improves it could grow into an entire tax-free underground economy with virtual web servers that no government could shut down without shutting down all forms of communication. The Italian mafia in NJ could get the First Virtual Bank of Sicily going and make a bundle.