Betting Regulations in 2024 – Updates and Implications for Players
2024 finds iGaming flourishing across the US, though its legality and regulation remain hotly contested topics.
In April, the NBA, MLB and NHL came together to form a responsible sports betting advertising campaign. New York’s Registrar also issued updated regulations prohibiting sportsbooks from using celebrities for marketing campaigns.
Legality
As more states legalize sports betting, regulators will come under increasing pressure to restrict gambling advertising. This issue was highlighted this year in Europe when the Culture, Media and Sport (CMS) Committee demanded reduction of gambling marketing campaigns that target children.
New York has long been associated with gambling, including sports wagering. New York ranks as one of the largest sports gambling markets worldwide; bettors spent $280 billion since 2018 alone!
New York does not permit online or mobile sports betting under current state law; this ban will be challenged legally in 2024 and state officials are considering regulations to address concerns over responsible gambling. Bally has recently signed an igaming bill that will permit them to provide slots and table games online to residents over 21. Their site should go live early 2024. Vermont began accepting sports bets in January but won’t launch its online sportsbook until later in 2019.
Regulation
Sports betting’s rise has had various ramifications for the sports industry. While it has increased sponsorship deals and advertising revenue, it also increases match-fixing risks which threaten integrity and fairness of sports. Furthermore, betting may distract athletes and place undue pressures upon them; to protect players and minimize these risks Regulatory measures must be put in place in order to minimize these threats and protect players.
Legislators should go further in their regulation of sports gambling than simply online gaming by overseeing marketing and advertising practices in sports gambling firms. Legislation could prevent misleading bettors by mandating they display gambling hotline numbers and odds for winning bets to allow consumers to make informed decisions about their wagers.
Many states have yet to legalize sports betting, although this will likely happen by 2024. Unfortunately, many of them face political resistance and financial interests from gambling operators that prevents legal sports betting in 2024. Alabama, Alaska, California, Georgia, Idaho, Minnesota Missouri Utah remain among those that do not yet offer sports betting.
Limits
As sports betting gains momentum, states are taking steps to limit the amount of gambling advertising visible to fans. Belgium banned most media channels from broadcasting gambling advertisements by 2023 while Netherlands restricted it only for targeted ads. Furthermore, US Congressman Paul Tonko introduced legislation banning sportsbook advertisements.
Limits are set in order to promote responsible gambling and protect bettors from harm. Many sportsbooks encourage this practice and provide resources that enable players to recognize gambling addiction or self-exclude themselves if necessary. Some critics argue that limits set are too restrictive, not taking into account how gambling impacts society as a whole.
Implementation can be challenging for large digital operators due to technology’s inability to differentiate between different customers on various types of wagers; as a result, some operators do not employ this practice at all – which poses a real problem for sportsbooks who rely heavily on betting taxes and sponsorship revenue streams for revenue.
Taxes
After the Supreme Court struck down PASPA, states began legalizing and regulating sports gambling en masse, leading to record legal and illegal betting handles across various jurisdictions. Unfortunately, several issues still prevent full legalization from happening.
Gambling ads present a major challenge to regulators, with the UK culture, media and sport (CMS) committee calling for reduced sports betting marketing to protect children. A recent Bristol University study discovered that over one quarter of content marketing ads from gambling brands failed to comply with regulations by failing to feature age warnings or harm reduction messages in violation of age warning requirements.
Another key consideration for legislators when taxing sports betting is how to tax it. Many legislators fear raising taxes may drive bettors into the black market and create new revenues streams for state governments while leading to an increase in advertising expenditures – some have even called for redirecting sports betting tax receipts into education programs instead.
