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US gaming regulation and the licensed-market playbook, with Bill Pascrell III
Gaming attorney and lobbyist Bill Pascrell III explains how US state-by-state gaming regulation works, why foreign companies struggle to navigate it and what prediction markets could change.
Episode from SGT with Šimon Vincze. Summarised by the AffHouse newsroom from the full episode. How we work →
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Gaming has stayed a state-by-state business in the US, and prediction markets are now testing that. Gaming attorney and lobbyist Bill Pascrell III, who says 75 to 80% of his business is representing 82 different gaming interests, explains to Casino Guru News' Safer Gambling Talks host how the system works.
In this episode
Pascrell says the federal government leaves two areas to the 50 states, car insurance and gaming, and that this is changing with prediction markets (0:49, 1:03).
His campaign against PASPA took 10 years, with the NFL hiring lobbyists to oppose him; it finally fell in 2018 after the court battles (24:01, 24:05, 25:13).
Outsiders ask why the US cannot have "one country, one law"; he says it is 50 states with different cultures under "home rule" (34:25, 34:36, 34:47).
Many European companies think they can "just Google" and hire a law firm, he says, but most US law firms know nothing about gaming (29:00, 29:06).
He takes only clients that want to be licensed, taxed and regulated, and turned down a sweepstakes client even after its retainer offer rose to $75,000 a month (1:01:08, 1:02:01, 1:02:29).
On prediction markets he urges states to approach the CFTC together, with the CFTC dealing with integrity and states licensing and taxing; if state regulators are not more nimble, he expects federal regulation in five years (45:54, 46:06, 1:04:27).
Episode from Safer Gambling Talks with Šimon Vincze by Casino Guru News, published on YouTube.
