Legislation could set new standards for sports betting

New legislation is targeting the gambling industry, specifically sports betting, which has been growing at a fast rate since being made legal in many states, including Connecticut.

The SAFE Bet Act, introduced by U.S. Sen. Richard Blumenthal (D-CT) and U.S. Rep. Paul Tonko (NY-20), would set federal standards for sports betting when it comes to advertising, affordability and artificial intelligence.

“This industry is growing astronomically and so is the problem of addictive gambling,” Blumenthal said. “The gambling industry knows it, exploits it, and we need to take action to reign in the excesses and abuses before they destroy a lot more families and people.”

The gambling industry, he said, is expected to grow by 30% this year, up from $26 billion to $35 billion.

“This industry targets losers. It does so methodically and scientifically using algorithms to track who’s betting, what they’re betting on, whether they’re winning or losing,” Blumenthal said. “We need to impose safeguards and guardrails for this industry, and the way to do it is through a federal standard. The state standards for gambling are half baked and faint hearted.”

Blumenthal said the SAFE Bet Act would establish national standards through federal law that would restrict enticements that lure in gamblers and would forbid advertisements during certain hours.

“It used to be the little old lady at the slot machine that we were concerned about, now it’s 20 something males betting on sports,” said Diana Goode, executive director of the Connecticut Council on Problem Gambling. “We’ve had people call who’ve said they’ve cashed out their 401k, they’ve taken a second mortgage on their home, they spent their kids college fund.”

Valerie Tebbetts knows the dangers of gambling all too well.

“I pretty much lost everything. I lost my friends, I lost my family, I lost lots and lots of money,” Tebbetts said.

Tebbetts now answers the help line for the Council, helping people in her shoes. She said calls have increased.

“[I’ve gotten] calls that were young men, [saying] ‘I lost $10,000 over the weekend.’ Even for me, that’s really fast,” Tebbetts said. “We protect young people from alcohol, we protect them from cigarette smoking, we protect them from predators…there’s no protections whatsoever in the gambling industry.”

In response to the legislation, the American Gaming Association issued the following statement:

“Today’s regulated sports wagering operators are contributing billions in state taxes across the U.S., protecting consumers from dangerous neighborhood bookies and illegal offshore websites, and working diligently with over 5,000 state and tribal regulators and other stakeholders to ensure a commitment to responsibility and positive play. Six years into legal sports betting, introducing heavy-handed federal prohibitions is a slap in the face to state legislatures and gaming regulators who have dedicated countless time and resources to developing thoughtful frameworks unique to their jurisdictions, and have continued to iterate as their marketplaces evolve.”

If you or a loved one are struggling with a gambling addiction, click here for resources.