Schwartz will play a pal of Timberlake in the film about online gambling, which also includes Ben Affleck in a starring role.
The Hollywood Reporter said the picture would begin shooting this summer in Puerto Rico.
Schwartz has been on a roll since appearing in NBC's "Parks and Recreation" and Showtime's "House of Lies." He recently completed filming of "Better Living Through Chemistry" and has signed to do voice work in the 20th Century Fox animated pilot "Working Class Hero."
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