From CNBC: 2024-09-13 12:57:33

Sports gambling has surged in the US over the last six years, prompting lawmakers to introduce the SAFE Bet Act for federal regulations. 38 states have legalized sports betting, leading to a record $11 billion in revenue for the industry in 2023, a 44% increase from the previous year.

Lawmakers seek to address public health implications of sports betting, emphasizing the need for federal standards. The bill covers three key areas: advertising, affordability, and artificial intelligence concerning player gambling habits. The legislation aims to promote responsible gambling and ensure customer safety.

Gordon Douglas shared his son’s struggles with gambling addiction, highlighting the need for regulation. An estimated 7 million Americans have a gambling problem, with one in five problem gamblers attempting suicide. Lawmakers are pushing for a national standard to control the industry’s exploitation of advanced technology for profit.

Operators in the sports betting industry argue against the SAFE Bet Act, claiming their contributions to state taxes and consumer protection. Rep. Dina Titus opposes the bill, calling it “outdated” and “unwarranted.” Public health advocates stress the need for regulation to prevent harm and protect vulnerable individuals from exploitation.

The bill proposes restrictions on advertising, customer affordability, and AI monitoring of player habits to promote responsible gambling. The American Gaming Association criticizes the legislation as detrimental to industry progress and state efforts to regulate. The debate over federal regulations continues, as concerns over public health risks remain at the forefront.



Read more at CNBC: U.S. lawmakers introduce bill to put regulations on sports betting