Lawmakers Introduce Federal Sports Betting Regulations

Lawmakers have introduced the SAFE Bet Act, aimed at imposing federal regulations on the sports betting industry, which is currently operational in 38 states. The bill, championed by Senator Richard Blumenthal and Representative Paul Tonko, seeks to enforce stricter advertising limits, implement affordability checks for bettors, and restrict the use of artificial intelligence by sportsbooks. If enacted, states would need to reapply for federal approval every three years under new standards managed by the U.S. Department of Justice. Supporters argue that the bill addresses gambling addiction and the need for a national standard, while critics, including the American Gaming Association, claim it undermines state authority and existing regulations. Key provisions include limiting deposits to five per day, banning credit card usage for gambling, and prohibiting specific types of promotional advertising. The introduction of the bill comes amid rising concerns over the societal impacts of sports betting and the prevalence of gambling-related issues.