Does anyone know would it be legal to open a sportsbook that specifically only deals with bitcoins or would the laws against sportsbooks in USA still apply to it?
I should note this would be a online website not a physical sportsbook.
The fact that players would be wagering in bitcoin, versus some other form of currency, would not take the business outside the state and federal laws prohibiting sports betting. Bitcoin has been found to be a form of money and currency, by the courts and the IRS. Gambling laws prohibit wagering any 'thing of value' on the outcome of a sporting event or other contest. A sportsbook that accepted US players, and permitted wagering in bitcoin, runs the risk of violating state and federal gambling laws.
Disclaimer: The foregoing does not constitute legal advice or form an attorney/client relationship. Please contact an attorney for formal legal advice on any specific matter.
This is certainly an area of law and a specific question for which you would need to hire an attorney familiar with Internet law and online gambling.
Your idea violates both State and Federal laws, and will create tremendous liability for yourself.
This post is provided for general informational purposes only and is not intended to be legal advice specific to you. This general information is not a substitute for the advice of an attorney in your jurisdiction. The attorney client relationship is not established by this post.
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