Following the U.S. Supreme Court’s decision in Murphy v. NCAA, a number of states are expected to legalize some form of sports betting. Each state will institute its own regulatory compliance framework, with many likely borrowing heavily from those states with more mature sports betting industries (like Nevada and New Jersey). Those seeking to establish and operate a sports betting business should be prepared for attendant regulatory compliance obligations, such as licensing.
State licensing requirements will undoubtedly vary, but a license applicant should expect to provide information about its organization, governance, finances, control persons, and business plan. License application processing timeframes will similarly vary—from a matter of weeks to six months or more. This being said, potential participants who are familiar with the licensing and other regulatory compliance requirements that are imposed on the financial services industry will certainly have an advantage here.
For more information on this topic, check out the SportsBusiness Journal article “Improving Your Odds on the Gambling Frontier,” written by Buckley Sandler partners, Andrew Louis and Katy Ryan, and APPROVED Chief Operating Officer, Tim Lange.