Sports Betting Could Have to Contend With Insider Trading Laws
Andrew Mentock of ozy.com details how insider trading laws could soon impact the world of sports wagering.
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Sports betting in the United States is exploding in popularity folllowing a landmark decision by the U.S. Supreme Court that struck down the Professional and Amateur Sports Protection Act (PASPA) and thus paved the way for individual states to begin offering the activity with their own set of regulations (i.e. in New Jersey there is no betting on games featuring state schools while in Rhode Island the types of bet offerings are limited). States such as Indiana, Massachusetts, New York, Tennessee and others use similar language to prohibit or prevent the use of “confidential” or “nonpublic information” when placing a bet on a state-approved athletic competition in legislation they introduced in anticipation of, or after, the Supreme Court order. In Nevada, there’s also an existing law that bars the pursuit of a wager “after acquiring knowledge, not available to all players, of the outcome of the game or any event that affects the outcome of the game.” As Mentock notes, it makes perfect sense of each state to pursue similar measures that prevent insider trading. Read More Here
- Gilbert Horowitz, Gambling911.com
