PUBLIC POLICY
coffers swell, and licensed operators thrive. The prerequisites of these robust markets include strong legislation, dynamic regulation, sensible tax rates, and a commitment to enforcement against black market operators: • Strong legislation is the foundation of any successful sports betting market. Well- crafted laws 9 should strike a delicate balance between fostering a competitive market environment and safeguarding the interests of consumers. Legal frameworks must establish clear rules and regulations, including age restrictions, responsible gaming measures, and mechanisms for dispute resolution. Without robust legislation, negative consequences may overshadow the benefits of legalized sports betting. • Dynamic regulation is equally critical in adapting to the evolving landscape of sports betting. Regulations must be agile enough to accommodate technological advancements, changes in consumer behavior, and emerging trends in the industry. A regulatory framework 10 that remains static risks becoming outdated, hindering the ability to address new challenges and opportunities effectively. • Sensible tax rates play a pivotal role in the success of legalized sports betting. Excessive tax burdens on operators may lead to diminished competition, limiting consumer
choice and potentially driving bettors toward unregulated alternatives. Striking the right balance in taxation 11 ensures that operators can thrive in a regulated market while contributing significantly to state coffers. • Enforcement against black market operators is a vital component of creating a secure and transparent sports betting ecosystem. A commitment to eradicating illegal gambling platforms 12 helps protect consumers from potential fraud, ensures fair competition among operators, and preserves the integrity of the betting markets. Regulatory bodies must collaborate with law enforcement agencies to actively pursue and prosecute those operating outside the legal framework. Only through a comprehensive and well- balanced approach can jurisdictions establish a gambling landscape that maximizes benefits while mitigating the potential harms associated with excessive or problematic gambling behavior. Proactive measures to minimize harm, protect consumers, and support those in need should always accompany legalization. The expansion of legal sports betting is a win-win scenario that fosters enormous societal benefits. As more states embrace this trend, the benefits become clear, and the case for legalized sports betting becomes stronger than ever.
WILLIAM J PASCRELL Partner, Princeton Public Affairs Group Trustee, Entain Foundation For information contact pascrell@ppag.com +1 609 209 9993
9 https://www.cbssports.com/general/news/u-s-sports-betting-here-is-where-all-50-states-currently-stand-on-legal- izing-online-sports-betting-sites/ 10 https://iclg.com/practice-areas/gambling-laws-and-regulations/usa-new-jersey
11 https://www.bettingusa.com/sports/taxes-and-licenses/ 12 https://www.americangaming.org/illegal-sports-betting/
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IMGL MAGAZINE | JANUARY 2024
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