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What is Diamonds Up?
A fraudulent ad directing consumers to an unlicensed offshore operator highlights the exact issue Alberta sought to address by adopting an Ontario-style regulated iGaming model.
Dale Nally, Minister of Service Alberta and Red Tape Reduction, has repeatedly emphasized that the primary objective of launching the province’s regulated market on July 13 was to offer consumers safe alternatives to illicit offshore sites operating out of jurisdictions like Malta and Curaçao.
“Standing still was not the responsible choice,” Nally said when the market launched. “Albertans were already gambling. What we’re putting in place is a regulated market that will put player safety and player responsibility first.”
About Diamonds Up
Anthony Lee’s senior campaigning role gave him access to confidential discussions about the election timing. Rather than keeping that information confidential, he placed bets and passed it to his wife. She then used the information to place her own bets.
UK operators already carry out enhanced checks on politically exposed persons (PEPs), but this case shows the limits of those safeguards, Bethan Lloyd, partner at law firm Wiggin, recently told iGB.
“PEP status does not prevent someone from gambling,” Lloyd explained. She said PEPs are entitled to bet, but not on events where inside information gives them an unfair advantage.
How to play Diamonds Up
The petition poses the question of whether the Dodd-Frank Wall Street Reform and Consumer Protection Act, which was enacted in 2010 in the aftermath of the Great Recession, “preempted states from regulating sports bets that occur within their jurisdictions if those bets are offered on markets registered with the Commodity Futures Trading Commission”. Prediction markets have argued that their event contracts are financial derivatives regulated by the CFTC whereas many states contend that they are simply sports bets by another name.
There is no guarantee the Supreme Court will hear the case but a separate appeals court ruling from 28 August bolsters its chances. In that case, a three-judge panel from the Ninth Circuit ruled unanimously in favour of the state of Nevada, creating a circuit court split, which is a hallmark of many Supreme Court cases.
“We’re calling on the Supreme Court to resolve this issue and recognise that Congress did not silently make the sports-betting industry immune from state law,” Davenport said in a statement.
