Difficult to see Wire Act reinterpretation stand, says Gambit Founder

By Tim Poole

Gambit Founder Richard Pistilli thinks the Department of Justice’s (DoJ) reinterpretation of the Federal Wire Act "doesn’t seem to meet" what’s in the public interest.

Pistilli has teamed up with AD:60 CEO Alex Matjanec to create the Gambit Rewards platform, a product which can be exchanged for loyalty and reward points.

He explains: "Consumers get to play free games and win real cash, rewards companies get to differentiate their prize alternatives and offload liabilities and gaming companies get access to an entirely new customer base and revenue stream."

The Gambit token is Wire Act compliant, while Pistilli believes the DoJ’s latest interpretation will leave a number of gaming companies in limbo.

However, the Gambit Founder doesn’t see this as a beneficial market outcome, despite any individual advantages, and questions the objectives of the DoJ’s reinterpretation.

"You have to ask yourself whether this is good policy," he says. "To apply this statute to stop what is a very nascent marketplace, the ramifications, as history has shown us, are not necessarily going to be optimal.

"Its implications could be so broad but its objectives don’t seem to meet what’s in the public interest. For those reasons, it’s difficult for me to see the interpretation stand."

Register for free here to read the full interview with Pistilli and Matjanec when the March/April edition of Gaming America is published.

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