As the United States nears 25 years with a federal law that has driven trillions of dollars in sports betting to the black market, experts from around the globe gathered at a standing-room-only event on Capitol Hill Wednesday to discuss the threat unregulated gambling poses to the integrity of professional and amateur sports and possible ways to strengthen the law.
Led by the American Gaming Association and Genius Sports, the event, “The World of Sports Betting and Safeguarding Sports Integrity,” educated key congressional staff, policymakers and inside-the-Beltway media about the thriving, widespread illegal sports betting market and current and potential solutions.
Here are three key takeaways you need to know:
Illegal Sports Betting is Wildly Popular and Growing
AGA estimates that Americans bet nearly $14 billion on the two biggest sporting events of 2016 – Super Bowl 50 and March Madness. About 97 percent of it was bet illegally. Even the President of the United States knowingly places illegal wagers on these events. The illegal sports betting market in the U.S. is nearly five times bigger than the entire legal sports betting market in the U.K. Sports betting is mainstream and widespread and it’s only going to get bigger.
Integrity of Games At Risk in Unregulated Market
The lack of data collection, information sharing and transparency in America’s massive illegal sports betting marketplace threatens the integrity of the sports we love. In the U.K. and across Europe, where Genius Sports operates, the integrity of games is protected by an innovative regulatory framework where stakeholders – leagues, sports book operators and law enforcement – work together. Legalizing sports betting in other countries hasn’t led to more corruption or game-fixing and sports fans in the U.S. believe that more regulation would actually better protect the game. Sixty-five percent of Super Bowl viewers say legal, regulated sports betting would either strengthen the integrity of games or have no impact on game outcomes.
Sports Fans Support Changing Sports Betting Law
America’s passion for football is rivaled only by its enthusiasm for sports betting. Eighty percent of Super Bowl viewers want to change current sports betting law, and two-thirds (66%) believe states should decide whether or not to legalize sports betting. Further, sports betting increases engagement among fans with most agreeing that betting on sports makes them more enjoyable.
Is there a more effective approach to sports betting laws? We believe that there is – one that will protect consumers, the integrity of the game and the communities in which we live. Sign up at SportsBettingInAmerica.com to join our effort in modernizing the rules of sports betting.
