$100,000 Handicapping Tournament

[Ed Santos]

Hello Guys,

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Good Luck!

[Handle]

Hi Ed,

This looks like a nice operation. I have a couple of questions about how this is run that maybe you could answer. The questions are genuine and are in no way meant to cast shadows on your operation. I'm just curious.

1.) Is it legal in the US to have contests with cash prizes where "purchase is necessary" -- that is, if you require entry fees. I wonder if this is considered gambling, which, I assume, would require a special license.

2) Assuming this is legal, or it requires a license that you have obtained, what oversight is there to prevent your company from collecting entry fees in the amount of, in this case, $100,000, and then going out of business before the contest ends (through bankruptcy, for example)?

Thanks for any info you can provide.

-Nathan