US Congress Holds Federal Sports betting Discussion

…During the hearing, much was discussed and argued concerning the ongoing state-level sports betting legalization and merits of sports betting regulation on a federal level were weighed.

First Steps Behind, Long Road Ahead

During the hearing, iGaming industry experts clashed over the highly regulated market and whether it will prove a hunting ground for underground illegal sportsbooks.

Those among the concerned parties, claiming that liberalization of the sports betting market would have negative consequences via expanded gambling were NFL, presented by their spokeswoman, Jocelyn Moore …

…Her claims were countered by Nevada Gaming Control Board, who stated that market that is regulated properly can only be in leagues’, gamblers’ and local governments’ best interests.

They pointed out the example of Nevada, whose gambling success in the sports betting segment has been ongoing for decades.

According to Slane: “AGA does not believe an additional layer of federal regulatory oversight is needed. Just as Congress has refrained from regulating lotteries, slot machines, table games, and other gambling products, it should leave sports betting oversight to the states and tribes that are closest to the market.”

Country-Level vs State-Level

There are some voices inside the US Senate saying that the sports betting regulatory framework should be instated at federal level, in order to form a unified regulatory environment…

…Senator Chuck Schumer says the federal government should take the wheel and provide all the guidance in order to “prevent uncertainty and confusion for the leagues, state government and fans.”

On Subcommittee Chair, Jim Sensenbrenner, remarked that anyone with money to bet would probably look to an illegal sportsbook if it offered more than a legal sportsbook, Slane responded: “Sports betting is a low margin business, so in order for us to compete with the illegal market there has to be the policies in place that allow us to offer competitive odds and drive traffic to our legal sites.”

The sports betting hearing was concluded with words of Rep. Sensenbrenner: “I think all of you can agree, is that for Congress to do nothing is the worst possible alternative. So, we have some work to do.”

Source:

“Sports Betting Hearing: Gaming Industry Warns Congress Too Many Regulations Will Propel Underground Bookies”, sensenbrenner.house.gov, September 27, 2018.