alerts & publications
Money Laundering Compliance Risks in Legalized Sports Gambling10月 23, 2018
After the Supreme Court’s decision in Murphy v. National Collegiate Athletic Association, multiple states have authorized and are beginning to regulate sports betting. O’Melveny’s Nicole Argentieri, Irwin Raij, Steve Olson, Eric Sibbitt, Jeremy Maltby, Laurel Loomis Rimon and Marjorie B. Truwit discuss the new money laundering risks businesses engaging in legal sports gambling will face in Westlaw Journal Bank & Lender Liability.
“Although there is much speculation regarding whether and when Congress may establish a national regulatory structure applicable to sports betting in the United States, federal antimoney laundering laws are already broadly applicable to any licensed sportsbook operating here,” the authors write. “Law enforcement has engaged with the gaming industry, offered guidance, and taken enforcement action where it has felt it necessary. Going forward, we expect to see increased focus in the use of emerging technologies and data collection. Blockchain has already emerged as a platform in online casino gambling. In the esports arena, the use of virtual currency within gaming platforms is well-established and widely accepted for in-game payments and upgrades, among other things.”
To read the full article, click here.
Thank you for your interest. Before you communicate with one of our attorneys, please note: Any comments our attorneys share with you are general information and not legal advice. No attorney-client relationship will exist between you or your business and O’Melveny or any of its attorneys unless conflicts have been cleared, our management has given its approval, and an engagement letter has been signed. Meanwhile, you agree: we have no duty to advise you or provide you with legal assistance; you will not divulge any confidences or send any confidential or sensitive information to our attorneys (we are not in a position to keep it confidential and might be required to convey it to our clients); and, you may not use this contact to attempt to disqualify O’Melveny from representing other clients adverse to you or your business. By clicking "accept" you acknowledge receipt and agree to all of the terms of this paragraph and our Disclaimer.