Lawmakers Propose Federal Sports Betting Regulations

U.S. lawmakers, Senator Richard Blumenthal and Representative Paul Tonko, have introduced the SAFE Bet Act, aiming to impose federal oversight on the expanding sports betting industry. The legislation seeks to ban in-game advertising, prohibit bets on college athletes, and restrict the use of credit cards for online gambling, citing concerns over rising gambling addiction and the exploitation of young athletes. Both lawmakers emphasize the need to protect public health and prevent financial ruin among individuals due to gambling. The bill faces significant opposition from the gambling industry, which argues that state regulations are already sufficient and that federal intervention would undermine local governance. Critics within the industry express that existing self-regulatory measures do not adequately address the issues at hand. The debate continues over the balance between consumer protection and industry autonomy in an increasingly popular market.