Partner Robert L. Boone has authored a visitor column in Sportico inspecting the US Department of Justice’s growing scrutiny of the faculty sports activities business and the potential utility of federal felony statutes to rising areas of danger. He discusses how prediction markets and identify, picture and likeness (NIL) agreements might expose athletes, advisors and corporations to wire fraud legal responsibility because the business continues to evolve.
Excerpt: “The question then is not whether another DOJ college sports scandal will emerge, but which aspect of the industry will be impacted next. The two most likely areas? Prediction markets and name, image and likeness (NIL) agreements… A ‘prediction market doesn’t insulate you from fraud,’ and the misuse of confidential information or material nonpublic information to gain an advantage could create criminal liability.”
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