Just days after announcing his plan that would allow interested parties to buy shares in players at a lower price than the players themselves were offering, McDonald abandoned the venture. Apparently, the ramifications involved in publicly offering such a scheme would require licensing and brings up a multitude of questions regarding its legality.
McDonald took to Twitter to inform the masses that after consultations with others regarding “the legality of online gambling,” he couldn’t continue offering the service publicly without running into a bit of trouble. “It would get too big, too quickly and I doubt I’d even get to keep the money I win from you guys,” McDonald tweeted.
The Bank of Timex was believed by many to be both a fascinating and likely profitable endeavor. Realizing that players have a tendency to value their own prowess on the felt too highly than the actual market price should probably bear when selling pieces of their own action, McDonald saw value in accepting action below that rate.
The problem turned out not to be the concept itself, but the fact that it was widely publicized. Had the idea been kept more under wraps, the Bank of Timex may likely have flourished. The scheme received considerable acclaim from various pros who know a thing or two about betting for value.