Two congressmen have proposed legislation that would add federal regulations to sports betting. Senator Richard Blumenthal (D-CT) and Representative Paul Tonko (D-NY) have publicly backed their bid for tighter regulations on sports wagering, known as the Supporting Affordability and Fairness with Every Bet Act (SAFE Bet Act).
The bill was added to Tonko’s list of proposed legislation on the U.S. Congress website as H.R.9590, which is intended “To establish minimum Federal standards for sports betting, and for other purposes.”
If the bill is sworn into U.S. law, the 38 states where betting is legal would have to undergo a new regulatory process with the Justice Department. The bill would also add a renewal period, during which the U.S. Attorney General would approve or reject applications, with approvals lasting three years.
Senator Blumenthal said, “We’re not making gambling illegal. We’re stopping the promotions, enticements, and bonus credits that target losers. Let’s be very clear right now: the gambling industry methodically and relentlessly targets losers because that’s where the money is. People who lose are losing to the benefit of the gambling industry.”
Congressmen propose new betting regulations
Speaking at a press event, linked to the SAFE Bet Act, Tonko said, “I’ve been so concerned about what we’ve seen since the rapid widespread legalization and promotion of sports betting we in need to address addictions of all kinds if not we’re failing in our responsibilities.”
If passed, the SAFE Bet Act would ban advertising between 8 a.m. and 10 p.m., effectively creating a watershed for the promotional bets that have been commonplace before, during, and after an event.
“For more than 10 years, gambling has been recognized as an addictive product a known addictive product, and gambling disorders as an addiction are akin to heroin and opioid and tobacco and alcohol and cocaine use,” Tonko continued.
The legislation would also cap wagering, similar to the United Kingdom’s updated attempts to halt problem gambling. It would limit a single customer’s deposit to five individual transactions within 24 hours, stop gambling operators from being able to link a user’s credit card and take deposits from that source, and “affordability checks” would be conducted within 24 hours if a person wagers more than $1,000.
“We’re not Banning gambling. We’re banning practices that exploit and abuse people who legitimately want to gamble,” concluded Blumenthal.
Image: RepPaulTonko
