Lawmakers Revive SAFE Bet Act as March Madness Nears
Two Democrats have reintroduced a bill to create safeguards in the sports betting industry and protect users from potential addiction and exploitation.
LISTEN TO THIS ARTICLE:New York Representative Paul Tonko and Connecticut Senator Richard Blumenthal re-presented the Supporting Affordability and Fairness with Every Bet (SAFE Bet) Act on Wednesday, ahead of the March Madness tournament.
According to the New York congressman, the timing was strategic as it coincides with the upcoming March Madness when many Americans will be “placing, and most likely losing bets” on the tournament matchups.
Following the Supreme Court's 2018 decision to overturn the federal sports betting ban, the industry has witnessed explosive growth. Currently, 39 US states, including the District of Columbia, have legalized sports betting.
In 2024 alone, Americans placed nearly $148 billion in bets on popular sportsbook apps like FanDuel and DraftKings.
However, Representative Tonko cautioned that the billions of dollars generated by the sports betting industry come at a steep human cost. The revenue, touted as a record-breaking success, is in reality 'extracted from the pockets' of ordinary Americans.
Senator Blumenthal added that the industry's revenue is, in part, built on the exploitation of vulnerable individuals with gambling addiction.
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SAFE Bet Act Key Provisions
The SAFE Bet Act was first announced last March and was formally proposed by the pair in September. However, it stalled in Congress without being brought up for a debate or a vote.
The legislation sets federal benchmarks to ensure a safe and responsible sports betting environment. Key focus areas include responsible advertising, affordability checks, and artificial intelligence.
If enacted, the bill would impose stricter marketing guidelines on sports betting services. It would restrict the ways in which operators can promote their products and limit their ability to track users.
Additionally, the measure would bar sportsbooks from running ads during live sporting events, and prohibit using 'bonus bets' and odds boosts to attract new customers.
Under the proposed bill, bettors would be restricted to making up to five cash deposits within 24 hours. Also, sportsbooks would be mandated to perform affordability checks on users before accepting wagers of $1,000 or more.
Furthermore, the SAFE Bet Act would ban the use of credit cards for betting, as well as prop wagers on collegiate and amateur athletes.
Tonko reiterated on Wednesday that despite the Act’s stringent provisions, it does not intend to stifle the booming sports betting industry but rather promote responsible gaming and consumer protection.
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