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The proliferation of sports betting across the United States has opened up legal wagering avenues in nearly 40 states. However, concerns surrounding the adverse effects of excessive gambling and the integrity of sports have escalated in tandem.
Amid reports of athletes facing harassment from disgruntled gamblers on social media, various leagues and stakeholders have advocated for a ban on prop bets, particularly for collegiate games. The issue took center stage at a recent keynote session during the SBC Summit North America.
Adam Greenblatt, CEO of BetMGM, and CNBC’s Contessa Brewer engaged in a dialogue addressing several pressing matters, including player prop bets and regulatory measures. Brewer highlighted recent incidents, including the case of Jontay Porter, a player for the Toronto Raptors embroiled in a betting scandal.
Greenblatt acknowledged the need to tackle such issues but refrained from advocating specific measures like banning certain bet types. He emphasized the collective responsibility of the industry, regulators, lawmakers, and league partners in safeguarding the integrity of the sport.
While underscoring the importance of legal betting activities in maintaining sports integrity and fostering partnerships with sports teams, Greenblatt cautioned against a blanket ban on player prop bets. He emphasized that eliminating such bets from the legal sector could inadvertently drive bettors to illegal operators.
Greenblatt emphasized the need to combat the illegal gambling vertical effectively. He advocated for measures aimed at making it challenging for bettors to fund their accounts with illicit operators. Additionally, he suggested implementing advertising restrictions to curb the reach of illegal gambling operators.
Greenblatt reiterated the significance of the legal betting sector in generating tax revenue and offering fair wagers while protecting athletes. He emphasized the need for a comprehensive approach that balances expansion with robust regulatory measures to safeguard the integrity of sports.