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Two influential congressmen have put forth federal legislation intended to regulate the sports gambling industry in reaction to the sector’s explosive growth across the country. Sen. Richard Blumenthal (D-Conn.) and Rep. Paul Tonko (D-N.Y.) proposed the SAFE Bet Act—the Supporting Affordability and Fairness with Every Bet Act—on Thursday. This measure aims to solve public health issues related to the spread of gambling and set minimum federal regulations for sports betting companies.
“This relationship between the gambling industry and sports has reached intolerably dangerous levels,” Tonko remarked during a press conference. “It’s well past time for Congress to step up and make a difference.”
Since the Supreme Court overturned the federal ban on sports betting in 2018, the industry has surged. Today, 38 states have legalized sports betting, leading to a record $11 billion in revenue for 2023, a staggering 44% increase from the previous year, according to the American Gaming Association. This boom has also resulted in significant new revenue for states through taxes.
The explosive growth has prompted operators to invest heavily in acquiring customers through aggressive marketing strategies, including advertisements, promotions, and enticing offers.
“Now every single solitary moment of every sporting event across the globe has become a betting opportunity,” Tonko explained. “Whether you’re scrolling on social media, driving past billboards, or listening to a podcast, sports betting ads are omnipresent, presenting an endless cascade of flashy promotions.”
The press conference also featured Gordon Douglas, who shared his personal experience with gambling addiction. His son, Andrew Douglas, a 28-year-old athlete and coach, faced severe challenges after being inundated with gambling promotions. Gordon Douglas described his son’s descent into addiction, highlighting the detrimental effects it had on his life.
“He became a different person who would do anything to get money to gamble,” Gordon Douglas said. “He reached a point of wanting to end his life because he saw no way out.”
The SAFE Bet Act aims to address these issues by imposing stricter regulations and ensuring that operators adhere to federal standards, aiming to mitigate the risks associated with the booming sports betting industry.