Written by :
Published on :
A new bill in Nevada could threaten staking deals in poker.
SB 40 aims to reduce money laundering in sports betting but the impact could be felt among poker players who depend on the deals to hedge high variances experienced during live tournaments.
From PokerFuse.com:
The key activity which the bill criminalizes is receiving “directly or indirectly, any compensation or reward, or any percentage or share of the money or property played,” from anyone “accepting or facilitating any bet or wager upon the result of any race, sporting event or future contingent event,” not fully licensed under federal, state or municipal laws and regulations.
In addition it will be an offense to transfer or deliver any payments based on the outcome of such a wager. The penalties have been set at one to six years in jail and/or a $5,000 fine.
Last week, the U.S. Treasury Department warned all casinos in the country that they must take steps to curb illegal sports betting.
“Increases in sports betting conducted on behalf of third parties are facilitating criminal activity and posing a money laundering risk to the U.S financial system,” the Treasury said in a letter made public on Friday. The letter was dated Dec. 24.
- Ace King, Gambling911.com
