Article:
Let the games begin: Gambling returns, lag free and (somewhat) Linden$ free 
I really don't understand their explanation of the loophole. After reading this all I see is L$ -> Z$ -> L$. You can't really claim it has no value when you apply a Linden Value to it. If you're able to redeem a single linden from it, it has a value.
Basically it runs down like this:
- You buy a Z$ for a L$
- You play games of chance with your Z$ and your Z$ balance increases or decreases. But you can't cash out on those games of chance.
- Then you play a skill based game with an L$, and you can win your Z$ balance back.
Skill based game could easily be, push this button within 24 hours.
Quote:
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To date, several Lindens have investigated and the Zorkmid system is ready to launch on July 25, 2008, exactly one year since the first Linden Blog announcement that gambling in SL was going away.
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I really don't believe that. I hope it gets shut down yesterday.