ringit! complies with all local, state and federal laws where it is offered.
Although ringit! is currently only offered in the “social” mode for virtual currency and prizes, it has the capability for play in three modes: social, fantasy and sports betting (where legal).
ringit! for Fantasy is Legal
Under Federal Law, ringit! fantasy sports contests are legal under a specific exemption provided for in the Unlawful Internet Gambling Enforcement Act (UIGEA). At the State Level, ringit! fantasy sports contests are legal in the vast majority of states by virtue of the fact that skill predominates in the determination of the outcomes of such contests.
ringit! for Fantasy Complies with Federal Law
ringit! fantasy sport contests do not fall under the purvey of Federal gambling laws such as the Federal Wire Act (which applies only to book makers and not gamblers) and the Professional & Amateur Sports Protection Act (PASPA). Further, they fall under the UIGEA exemption for fantasy sports contests that comply with the following criteria,
- Prizes are made known in advance
- Prize amounts are not based on the number of participants
- No winning outcome is based on the performance of a single team or combination of teams
- No winning outcome is based on the performance of a single athlete in a single event
Notwithstanding the foregoing, even those contests that do not comply with the above criteria are not necessarily in violation of UIGEA unless they also violate applicable state law.
Therefore, ringit! fantasy sports contests are 100% legal in states where they are offered, and have double security in complying with UIGEA.
ringit! for Fantasy Complies with State Laws
ringit! Fantasy Sports Contests are not available to people physically located in Arizona, Iowa, Louisiana, Maryland, Montana or Washington.
- ringit! employs geolocation and identity controls to ensure that those physically located in the five prohibited states are not able to participate in pay to play fantasy sports contests.
In the remaining 44 states, the predomination of skill in the determination of outcomes of ringit!’s pay-for-play fantasy contests distinguishes them from gambling.
- ringit! fantasy sports contests are designed to enable participants to exercise their skill components in calling the next play on the field much like how a professional coach would, rather than be mere spectators to plays that are completely outside of their control. Given the obvious level of skill involved, it is reasonable and defensible that such contests are predominantly skill-based.