So just recast participation in the game of skill as the purchase of an insurance policy. (Granted, this is probably easier for, say, Intrade than for something

So just recast participation in the game of skill as the purchase of an insurance policy. (Granted, this is probably easier for, say, Intrade than for something like SL.) But they probably thought of that and were somewhat specific about the allowable types of insurance. edit: I went and read the relevant text of the act. Especially in light of recent events, I find it amusing that Congress couldn't come up with a definition of "gambling" that inherently excluded derivatives trading - they had to do that explicitly as well.