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CalAttorney2
CalAttorney2, Attorney
Category: Business Law
Satisfied Customers: 10238
Experience:  I am a businesses law attorney, with experience advising and representing owners and investors.
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What are any legal barriers, laws pertaining to or

Customer Question

What are any legal barriers, laws pertaining to or surrounding an operation that offers gambling advice on sports, such as MMA, and takes a percentage of any winnings? This is a Virginia based business, but advice will be given online through a website, gamblers all over would get advice for when they bet in vegas or elsewhere legally.
Submitted: 10 months ago.
Category: Business Law
Expert:  CalAttorney2 replied 10 months ago.

Dear Customer,

Online Gambling in the US is prohibited by the "Unlawful Internet Gambling Enforcement Act of 2006"

See: https://www.fdic.gov/news/news/financial/2010/fil10035a.pdf

However, I would recommend that you review this thoughtful article published by KPMG (one of the largest global audit/accounting firms) on the subject as it gives a very well researched and nuanced approach to the subject, and perhaps may add some perspective to your proposed business - as you can see, much of it is focused on overseas (European markets) where the practice is less regulated.

https://www.kpmg.com/EU/en/Documents/Online-Gaming.pdf

Customer: replied 10 months ago.
Please re-read the question. This was not a question about a gambling website, it is a question about offering advice (for example, predicting the fighter or winner of an MMA fight that is coming up and collecting a monthly fee for members who gain access to this advice).
Expert:  CalAttorney2 replied 10 months ago.

Dear Customer,

I read your question - your compensation model is based on games of chance (your question states that your business "takes a percentage of any winnings").

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