Modern western culture loves a good lawsuit. Just last year, the country was treated to a fantastical attempt by Jeff Bezos to sue NASA; lots of fun! But what if there was a way to make litigation even more “fun”? Well, one tech startup has a very wild idea: gamifying lawsuits with crypto gambling!
Tech startup Ryval wants lawsuits to include gambling
Reported by Vice, tech startup Ryval is aiming to become “the stock market of litigation financing”. Instead of lawsuits being passive — outside of judges and juries — the startup wants to turn litigation into a game for the general public.
Ryval would work by allowing users to buy cryptocurrency tokens tied to the company. These tokens can then be used to bet on civil lawsuits, much like a sports game. Once a verdict is decided, winners will receive more tokens to invest again or cash out.
Founder and trial lawyer Kyle Roche explained that the startup will help to give the public “an interest in the outcome of” lawsuits. Additionally, the technology could be used to make lawsuits more affordable by giving defendants or claimants a percentage.
Roche explained that individuals will be able to bet on any form of court case. He said: “I don't see anything that I wouldn't categorically not go near."
Investors? Of course!
As Vice notes, Ryval’s website is heavily based around intriguing investors to buy into its litigation gambling idea. The tech startup website is hyper focused on what investors can do to make money from lawsuit betting.
The pitch promises investors a “50% annual returns” on investment. Additionally, they'll be able to “access a multi-billion dollar investment class previously unavailable to the public”. The startup will allow “all investors regardless of accreditation status”.
Corruption? In the court system?
Of course, gamifying litigation into a gambling-focused economy sounds like an industry rife for exploitation. Reported by Reuters, the United States court system saw thousands of judges unlawfully jailing individuals over the past twelve years.
Introducing gambling — a financial incentive — to individual court cases could have massive ramifications on proceedings. If anything, it has the possibility of creating more court cases — Contempt of Court cases.