{"id":82,"date":"2018-04-20T05:27:49","date_gmt":"2018-04-20T04:27:49","guid":{"rendered":"https:\/\/generic.wordpress.soton.ac.uk\/kanton\/?p=82"},"modified":"2018-05-03T20:23:16","modified_gmt":"2018-05-03T19:23:16","slug":"how-is-carrot-and-stick-model-different-from-gamble-and-online-finance","status":"publish","type":"post","link":"https:\/\/generic.wordpress.soton.ac.uk\/kanton\/2018\/04\/20\/how-is-carrot-and-stick-model-different-from-gamble-and-online-finance\/","title":{"rendered":"How is “Carrot and Stick” model different from gamble and online finance?"},"content":{"rendered":"

Why is it not gamble?<\/strong><\/h2>\n

According to\u00a0<\/span>Gambling Act 2005<\/em><\/strong> in the United Kindom, sports for reward is not gamble.<\/p>\n

\n

Gaming & game of chance<\/span><\/h4>\n

(1)<\/span>In this Act \u201cgaming<\/span>\u201d means playing a game of chance for a prize.<\/span><\/p>\n

(2)<\/span>In this Act \u201cgame of chance\u201d\u2014<\/span><\/p>\n

(a)<\/span>includes\u2014<\/span><\/p>\n

(i)<\/span>a game that involves both an element of chance and an element of skill,<\/span><\/p>\n

(ii)<\/span>a game that involves an element of chance that can be eliminated by superlative skill, and<\/span><\/p>\n

(iii)<\/span>a game that is presented as involving an element of chance, but<\/span><\/p>\n

(b)<\/span>does not include a sport.<\/span><\/strong><\/p>\n

(3)<\/span>For the purposes of this Act a person plays a game of chance if he participates in a game of chance\u2014<\/span><\/p>\n

(a)<\/span>whether or not there are other participants in the game, and<\/span><\/p>\n

(b)<\/span>whether or not a computer generates images or data taken to represent the actions of other participants in the game.<\/strong><\/span><\/p>\n

(4)<\/span>For the purposes of this Act a person plays a game of chance for a prize\u2014<\/span><\/p>\n

(a)<\/span>if he plays a game of chance and thereby acquires a chance of winning a prize,<\/strong> and<\/span><\/p>\n

(b)<\/span>whether or not he risks losing anything at the game<\/strong>.<\/span><\/p>\n

(5)<\/span>In this Act \u201cprize<\/span>\u201d in relation to gaming (except in the context of a gaming machine)\u2014<\/span><\/p>\n

(a)<\/span>means money or money’s worth,<\/strong> and<\/span><\/p>\n

(b)<\/span>includes both a prize provided by a person organising gaming and winnings <\/strong><\/span>of money staked.<\/strong><\/span><\/p>\n<\/blockquote>\n

Why is it not online finance?<\/h2>\n
\n

According to \u00a0<\/a>Small Business, Enterprise and Employment Act<\/a>\u00a0<\/a>the<\/p>\n

<\/div>\n<\/div>\n
finance provider <\/a>means that\u00a0a body corporate that:<\/div>\n
\n
(a) lends money or provides credit in the course of a business; or<\/div>\n
(b) arranges or facilitates the provision of debt or equity finance in the course of a business; or<\/div>\n
(c) provides, arranges or facilitates invoice discounting or factoring in the course of a business;<\/div>\n
but, in accordance with regulation 2(2) of the\u00a0Small and Medium Sized Business (Credit Information) Regulations<\/a>, for the purposes of those Regulations it does not include a body corporate that provides credit only by providing goods or services before payment of part, or all of, the amount to be paid for such goods or services.<\/div>\n<\/blockquote>\n
<\/div>\n
Although the platform will charge a little transaction fee in “Carrot and Stick” model, it is just service to cover platform maintain cost. There are no financial services(credit, loan, etc.) on this platform. As a result, it is not a platform involving financial activities.<\/div>\n
<\/div>\n
To conclude, it Carrot is just a fitness application to motivate individuals to keep fitness and enjoy a healthy lifestyle.<\/div>\n
<\/div>\n
Reference<\/strong><\/div>\n
Gambling Act 2005 2005 CHAPTER 19 http:\/\/www.legislation.gov.uk\/ukpga\/2005\/19<\/a><\/div>\n
Small Business, Enterprise and employment ACT 2015, FCA \u00a0https:\/\/www.handbook.fca.org.uk\/handbook\/glossary\/?starts-with=F<\/a><\/div>\n","protected":false},"excerpt":{"rendered":"

Why is it not gamble? According to\u00a0Gambling Act 2005 in the United Kindom, sports for reward is not gamble. Gaming & game of chance (1)In this Act \u201cgaming\u201d means playing a game of chance for a prize. (2)In this Act \u201cgame of chance\u201d\u2014 (a)includes\u2014 (i)a game that involves both an element of chance and an … Continue reading How is “Carrot and Stick” model different from gamble and online finance?<\/span><\/a><\/p>\n","protected":false},"author":3001,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2},"jetpack_post_was_ever_published":false},"categories":[7],"tags":[8],"class_list":["post-82","post","type-post","status-publish","format-standard","hentry","category-literature-review","tag-law"],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/p9O41e-1k","_links":{"self":[{"href":"https:\/\/generic.wordpress.soton.ac.uk\/kanton\/wp-json\/wp\/v2\/posts\/82","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/generic.wordpress.soton.ac.uk\/kanton\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/generic.wordpress.soton.ac.uk\/kanton\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/generic.wordpress.soton.ac.uk\/kanton\/wp-json\/wp\/v2\/users\/3001"}],"replies":[{"embeddable":true,"href":"https:\/\/generic.wordpress.soton.ac.uk\/kanton\/wp-json\/wp\/v2\/comments?post=82"}],"version-history":[{"count":4,"href":"https:\/\/generic.wordpress.soton.ac.uk\/kanton\/wp-json\/wp\/v2\/posts\/82\/revisions"}],"predecessor-version":[{"id":130,"href":"https:\/\/generic.wordpress.soton.ac.uk\/kanton\/wp-json\/wp\/v2\/posts\/82\/revisions\/130"}],"wp:attachment":[{"href":"https:\/\/generic.wordpress.soton.ac.uk\/kanton\/wp-json\/wp\/v2\/media?parent=82"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/generic.wordpress.soton.ac.uk\/kanton\/wp-json\/wp\/v2\/categories?post=82"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/generic.wordpress.soton.ac.uk\/kanton\/wp-json\/wp\/v2\/tags?post=82"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}