Q: Is it legal to form an LLC in California where its' profits come from sports bets made by statistical analysts?
Nothing is in motion, however I am currently a data analyst for a company and through that role I have thought of a way to structure how to make money off of sports bets. I know what to look for and can create spreadsheets that track historical data of players and teams where I can create a report that can suggest a daily bet. Along with the help of a few statistical analysts that would come on board, can this idea be an LLC where I can pay the analysts a salary?
A: It is legal to form an LLC in California for a business that generates profits from sports bets made by statistical analysts, provided that the business complies with applicable laws and regulations related to sports betting and gambling. The California Gambling Control Act regulates certain forms of gambling and requires licensing for operators, suppliers, and employees of gambling establishments. The LLC would need to ensure compliance with any relevant regulations, obtain any necessary licenses or permits, and pay applicable taxes. It may be advisable to consult with an attorney or other qualified professional to ensure compliance with all legal requirements.
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