US-based poker players, who make a living from participating in prestigious tournaments and regard the poker game as their lifetime profession, are about to face issues related to the new regulations, imposed by the US Treasury’s Financial Crimes Enforcement Network.
Actually, players who sell part of their action to investors are to be affected by the anti-money laundering program.
US poker officials have recently warned all American gambling operators about the issues money laundering could bring about.
Meanwhile, the state of Nevada proposed an amendment to the existing law SB40 with the aim of making it clear that placing bets by using the services of a third party is prohibited on the territory of the state.
Illegal activity for placing bets through third parties is also known as “messenger betting”. Although the amendment is, to a great extent, beneficial to state’s well-being, officials were prepared to meet the opposition of poker players.
Actually, the amendment has already succeeded in attracting a lot of opponents. Poker communities even said that the above-mentioned SB40 is “designed” to bring staking in poker to the end. Some players even suspected that it will have an adverse effect on the World Series of Poker.
What made them particularly worried was the fact that the bill would literary “kill” WSOP, which is believed to be among the most prestigious tournaments held in Nevada during the summer. In addition, all the other tournaments which are not as famous as WSOP would be left with no chance of survival.
However, authorities hurried up to assure all affected parties that SB40 is definitely not an anti-gambling or anti-poker bill. On the contrary – its implementation aims at reducing the anti-money laundering and providing poker players with better gambling experience.
The federal law, on the other hand, requires all licensed gaming providers to inform the Crimes Enforcement Network about any cash bet that exceeds $10,000.
Nevada is known as the state where players based in other states place sports bets via third parties. That is the reason why the Gaming Control Board implemented the amendment in order to let everyone know that the act of placing bets on behalf of another player should be compatible with the state’s requirements.
It is a well-known fact that placing bets through third parties can be a really profitable business. Those who get any compensations, rewards or properties from the player whose bet they place should comply with the existing law. Violating the rules would result in tough penalties.
