Senator Richard Blumenthal (D-CT) and Congressman Paul Tonko (D-NY) unveiled legislation on Thursday to put guardrails on the rapidly growing sports betting industry.
The Supporting Affordability and Fairness with Every Bet (or SAFE Bet) Act, would crack down on in-game advertising, require that sportsbooks run “affordability checks,” and regulate bookies’ use of artificial intelligence to track gamblers’ habits, per a press release from Tonko. In perhaps its most radical move, the bill would ban all betting on college and amateur athletes.
The sports betting industry has experienced a massive boom since the Supreme Court legalized the practice in 2018. Tonko said that the move has led to “a frightening rise in gambling disorder."
“This bill is a matter of public health. It is a matter of stopping addiction, saving lives, and making sure that young people particularly are protected against exploitation,” Sen. Blumenthal said shared in a press conference outside the U.S. Capitol.
Per the American Gaming Association, sports betting companies swelled in 2023, taking in nearly $120 billion in bets. That works out to nearly double the amount that was wagered at casinos in the same year. Tonko has unsuccessfully tried to reel in the industry in the past, introducing the Betting on our Future Act just last year.
The AGA wrote in a statement that the legislation was “heavy-handed” and a “slap in the face,” saying the legislation unfairly targets an industry drawing in billions in tax revenue.
