Insider Betting: Deep Threat or No Harm, No Foul?

With last year’s U.S. Supreme Court decision in Murphy v. National Collegiate Athletic Association declaring the Professional and Amateur Sports Protection Act (“PASPA”) unconstitutional, several states have rushed into the legal sports wagering market. Indeed, some experts estimate that within the next five years, at least 40 states will have legal sports betting in one form or another. While wagering on the outcome of sporting events is obviously not new, the proliferation of legal sports betting in the United States is unprecedented. As with anything new, the rise of legal sports betting has not occurred without a some considerable scrutiny. Some industry opponents and advocates alike have raised concerns about the impact this trend could have not only on the integrity of the underlying sporting events, but on the integrity of sports wagers themselves. One specific concern that some lawmakers and regulators have raised centers around the potential for certain bettors to use “confidential,” “nonpublic,” or “inside” information to gain an unfair advantage when a wager.

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