Money Laundering – FairOdds Network

April 18, 2025

State of the Union: NY bill proposes dramatic sports betting limits; ECGC review, more

Welcome to iGB's State of the Union, a look at the biggest North American sports betting stories we've covered over the week and briefs on others we found interesting.

NY assemblyman introduces bill on sports betting limits

A New York assemblyman introduced proposed legislation this week with sweeping restrictions that seek to curtail excessive wagering behaviour.

The bill from Assemblyman Robert Carroll would establish a wagering ceiling of $5,000 (£3,760/€4,389) per day on New York sports betting accounts. It would also limit the number of account deposits a customer can make over a 24-hour period. In addition, the legislation would create restrictions on sportsbook advertising, a point of contention among problem gambling advocates over the last several years.

New York lawmakers have introduced a bill that would restrict deposits and advertising in the nation's highest-grossing legal sports betting market; bill would prohibit bettors from wagering more than $5,000..

April 10, 2025

Compliance teams weigh competing factors in the wake of historic RWLV settlement

Burdensome costs and AML compliance come into conflict when troubled casinos attempt to construct remediation plans.

For months, a potential settlement between Nevada and Resorts World Las Vegas (RWLV) dominated the conversation among compliance officials at networking events on the conference circuit.

A litany of civil complaints against RWLV and several other Strip properties have given regulators agita, with one Nevada commissioner warning that the financial improprieties would serve as a wakeup call for the industry as a whole.

Given the severity of the allegations, one option for state regulators involved placing RWLV into conservatorship, a strict penalty that would have ranked among the harshest available. Alternatively, a $100 million fine ($£77 million/€89 million) in combination with a licence suspension could have been just as punitive, or even worse.

In the end, the Nevada Gaming Commission (NGC) approved a $10.5 million fine against RWLV. It is the second largest fine..

April 2, 2025

Ohtani’s ex-interpreter scheduled to report to prison in May after delay

Ippei Mizuhara is set to surrender to federal authorities this spring to serve a 57-month sentence stemming from gambling-related crimes.

Shohei Ohtani’s former interpreter, Ippei Mizuhara, has received a new date to report to federal prison for crimes related to his gambling. Mizuhara is scheduled to surrender to federal authorities by 12 May, according to court filings unsealed this week.

The disgraced confidant of the MLB star was sentenced to in February to 57 months imprisonment for embezzling $17 million (€15.8 million/£13.2 million) from Ohtani. The interpreter used the stolen funds to repay a portion of his sports gambling debts with an illegal California bookmaker.

The new date is nearly two months past Mizuhara’s initial reporting deadline of 24 March. Mizuhara pleaded guilty last June to one count of bank fraud and a count of signing a fraudulent tax return.

Delayed reporting date

Over a 37-month span, Mizuhara placed more than 19,000 wagers with an enterprise operate..

March 21, 2025

Resorts World Las Vegas agrees to pay second-largest fine in Nevada gaming history

If approved, the $10.5 million fine over the casino's purported AML failures will be the largest in Nevada history behind a 2019 fine against Wynn Resorts.

The Nevada Gaming Control Board (NGCB) entered into a proposed stipulation for settlement with Resorts World Las Vegas (RWLV) on Thursday (20 March) in the latest chapter of a comprehensive investigation that has ensnared the bookmaker of Shohei Ohtani’s former interpreter.

The proposed settlement was reached months after the NGCB issued a 12-count complaint against RWLV stemming from the property’s purported anti-money laundering (AML) deficiencies. Given the enormity of the probe, questions arose of whether the NGCB would impose the largest fine against a casino in state history.

The stipulation includes a fine of$10.5 million (£7.7 million/€9.2 million), payable to the Nevada general fund. The proposed monetary penalty pales in comparison to a $20 million fine Wynn Resorts received in 2019 over the company’s failure to i..

January 24, 2025

Vietnam police uncover billion-dollar money laundering ring, illegal wagering op

Vietnam police have announced arrests in a vast money laundering case and an illegal sports betting operation.

Vietnam law enforcement have announced the shutdown of a billion-dollar money laundering operation linked to online gambling. It followed the bust of an illegal sports-betting ring that reaped millions.

On 23 January, AFP reports, officers in Danang arrested five people in the money laundering case, which brought VND30 billion (£960.9 million/€1.14 billion/$1.2 billion) in tainted funds into Vietnam.

Between 2022 and 2024, the sophisticated gang, which included bank employees, used fake IDs, business registration certificates and bank seals to establish 187 phony businesses holding 600 corporate bank accounts.

Through the accounts, they washed money that originated in offshore gambling and fraud. Police called it the biggest money laundering case in the city’s history.

Black market sports betting takedown

The news comes on the heels of another gambling-related raid. On 2..

November 3, 2022

Austrac orders SportsBet and Bet365 to conduct money laundering audits

The Australian Transaction Reports and Analysis Centre (Austrac) has ordered an audit of both Bet365 and Flutter-owned SportsBet, to determine if the operators have broken money laundering rules.

If SportsBet or Bet365 is found to be non-compliant with the rules, Austrac may then take further action, such as a court-ordered fine.

Austrac, a government body focused on money laundering, noted the action was “the result of an extensive supervisory campaign that assessed entities within the corporate bookmaker sector and follows the recent commencement of an investigation into Entain”.

The auditors will examine compliance with four areas of money laundering laws.

The first is whether the two operators adopted and maintained “an AML/CTF programme that has risk-based systems and controls in place to effectively identify, mitigate and manage money laundering and terrorism financing risks”.

They will next look at whether the operators conducted proper money laundering risk assessments.

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Tag: Money Laundering