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http://www.usatoday.com/tech/news/2004-12-29-bets-usat_x.htm
Canadians can place online bets for next CEO to get boot
Posted 12/29/2004 12:24 AM Updated 12/29/2004 4:45 AM
By Del Jones, USA TODAYPeople who want to do more than just read about CEOs getting booted now can try and cash in on the next executive suite ejection.
Online site Betfair this month introduced wagering on the fates of CEOs of nine troubled companies. While this might have you reaching for your credit card with plans to bet on who will be the next to suffer the fate of someone like Franklin Raines of Fannie Mae, put your wallet away. The betting is only on CEOs of Canadian companies, and it’s not open to U.S. gamblers.Gambling on non-sporting events such as CEO job security is illegal in the USA and almost certain to remain that way. Laws vary state by state. Even Nevada, which allows sports gambling, does not permit betting on non-sporting events such as the Oscars, says Anthony Cabot, a partner at Lionel Sawyer & Collins in Las Vegas and an expert on gaming law. CEOs can rest assured that there won’t be any rush by states to allow betting on their fate, Cabot says.
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