Spring Break
Free money
Former student Victor Palmer creates legal gambling website
By: Michael Sullivan
Issue date: 11/3/08 Section: Sports
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Palmer decided to create a website that would allow him and his friends to place bets online and compete with each other to see who had the most sports knowledge. To up the stakes, Palmer took money out of his pocket and, with the help of a few advertisers, gave his friends the opportunity to increase bragging rights and win money.
Palmer launched the website in October 2007. Within a year, the website took him places he never thought he would go.
"This was not a planned effort," Palmer said. "I didn't sit around a table plotting this out. This came as a complete surprise."
Palmer said the popularity of CentSports grew by word of mouth. Palmer invited a group of friends to try the website. They told friends, who told friends. The website has grown to 250,000 users. Palmer no longer supports the website with funds out of his pocket. Instead, name brand advertisers pay for the betting money.
"This site is an outsource of being at A&M," Palmer said. "The social interaction that took place while I was at A&M was what allowed this site to happen."
In 2006, the SAFE Port Act was passed in the U.S. prohibiting banks, credit card companies and similar institutions from transferring funds to gambling websites. By doing this, the U.S. essentially outlawed using sports betting and casino websites to make money.
Palmer bypassed the legalities by giving money to users to bet with instead of users giving money to the website.
"Congress assumes that if you are dumb enough to give away money, then go for it," said Palmer, who holds a doctorate in computer science.
When users join the website, they are given 10 cents free, which is paid for by advertisers, to bet on a plethora of sports from Major League Baseball to European soccer leagues. For the good sports betters, it takes a minimum balance of $20 to cash out. Bad betters receive 10 cents more free if the balance goes below the 10 cent level. Users never lose real money.
Special features of the website include the ability to add friends, send messages and chat on message boards. Users are automatically friends with Palmer, allowing users to contact the creator of the website, making it more personal.
"The website has taken the spirit of A&M and put it online," Palmer said. "This is a community, and I am a friend. This is a big friend database, there is no barrier between me and the users."
CentSports is the only website of its kind. Palmer said the website is an example of the values he learned while he was at A&M.
"CentSports would not have been created if I hadn't developed a faith in humanity while at A&M," Palmer said. "You are always as good as your word. You have a handshake - that is it."
Palmer said CentSports offers those addicted to gambling a way to continue betting without losing money.
"CentSports is not a magic bullet for solving gambling problems, but it does help," Palmer said. "If I am able to help just one family [recover from an addiction to gambling], then that is enough. After all, isn't that the Spirit of Aggieland?"
Internet Gambling Prohibition and Enforcement Act
To prevent the use of certain payment instruments, credit cards, and fund transfers for unlawful Internet gambling, and for other purposes. -July 11, 2006
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