New Bill Introduced to Regulate Sports Betting in the U.S.
Two lawmakers, Rep. Paul Tonko, D-N.Y., and Sen. Richard Blumenthal, D-Conn., introduced the Supporting Affordability and Fairness with Every Bet, or the SAFE Bet Act, to implement federal regulations on sports gambling. The legislation aims to ensure sports betting operators comply with minimum federal standards and address public health implications resulting from the legalization of sports betting.
The Supreme Court overturned the federal ban on sports betting in 2018, leading to a surge in popularity across the United States. As of now, 38 states have legalized sports betting, with the industry generating a record $11 billion in 2023. This growth has brought in billions in revenue for states through taxes.
The rapid expansion of sports betting has resulted in operators investing heavily in advertisements, promotions, and enticements to acquire customers. This has raised concerns about the impact on individuals susceptible to gambling addiction.
Joining the lawmakers at a press conference, Gordon Douglas shared his firsthand experience with his son’s struggles with gambling addiction. The Douglas family’s story is not unique, as an estimated 7 million Americans have a gambling problem, with one in five problem gamblers attempting suicide.
A July report indicated that states with legal betting saw an increase in bankruptcy filings, highlighting the financial risks associated with gambling. The lawmakers aim to establish a national standard to ensure the safety of the public engaging in sports betting as a recreational activity.
The SAFE Bet Act addresses key areas such as advertising, affordability, and the use of artificial intelligence in sports betting. The legislation seeks to prohibit the use of AI to track players’ gambling habits and individual promotions, restrict advertising strategies that induce gambling, and implement limitations on customer deposits.
Despite the lawmakers’ efforts to promote responsible gambling practices, the sports betting industry argues that the bill undermines the work done by state regulators and operators. Chris Cylke from the American Gaming Association emphasized the industry’s contributions to state taxes, consumer protection, and responsible gaming initiatives.
The SAFE Bet Act has garnered opposition from Rep. Dina Titus, D-Nev., who views it as outdated and unwarranted. The goal of the legislation is to prevent individuals from falling into the trap of excessive gambling and to limit access to harmful practices.
If you are experiencing suicidal thoughts or distress, contact the Suicide & Crisis Lifeline at 988 for support from a trained counselor.
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Emily Jensen, graduated from the London School of Economics and Political Science (LSE) in the UK in 2015 with a degree in Economics. She specializes in financial markets and international trade. After graduating, she worked as an analyst at an investment bank in London, where she developed expertise in global economic trends. She later transitioned into consulting, focusing on fintech ventures and providing insights into global economic developments. Emily is passionate about the intersection of finance and technology and aims to drive innovation in the financial sector.