Shumer Wants Legal Framework for Sports Betting
- House Minority Leader wants sports leagues to decide what types of bets can be offered
- Internationally-licensed online sportsbooks have few limits on betting options
- Schumer appears mostly focused on age limits and prevention of game fixing
House Minority Leader Chuck Schumer on Wednesday suggested a legal framework for legalized sports betting in the United States following the Supreme Court ruling to abolish previous prohibition.
According to ESPN.com's Darren Rovell, Schumer is calling for the individual sports leagues involved to determine what types of bets will be accepted.
This could provide a boost for internationally-licensed online sportsbooks, many of which are already benefitting from advertising for sports betting in markets that are fragmented like the New York Metropolitan area. Sports betting is currently legal in New Jersey. The activity has yet to be fully legalized in New York. The New York City media market covers half the state of New Jersey and even portions of Southwestern Connecticut.
The internationally sites, in addition to allowing 18 to 21-year-olds where the US-based sportsbooks will only permit those over the age of 21, also have few limitations on the bets that can be offered. Some now report more than half of their business is LIVE IN-PLAY betting, something that could become an issue in the States.
Shumer released this statement on Wednesday:
"As a New York sports fan—especially my Yankees and Giants—and a senator, my priority in the wake of the Murphy v. NCAA decision is making sure the integrity of the games we love is preserved, that young people and those suffering from gambling addiction are not taken advantage of, and that consumers that choose to engage in sports betting are appropriately protected. With the Supreme Court's ruling, it's incumbent on the federal government to take a leadership role and provide the necessary guidance to prevent uncertainty and confusion for the leagues, state governments, consumers and fans alike."
Shumer is also focused on ensuring youths cannot place sports bets and that suspicious wagering activity is reported.
"The stakes are too high—legal sports betting laws must be crafted and executed in a careful and thoughtful way," Schumer added. "As state legislatures develop new legislation in the weeks and months ahead, I hope they will take these principles under consideration. I also support the efforts in the Congress to debate and develop bipartisan federal legislation that would adhere to these principles. The integrity of sports is too precious to not protect as best we can."
Late last week, Utah Senator Orrin Hatch, a Republican, announced he plans to introduce a new bill that would regulate the activity at the federal level. Hatch was among the original drafters of the sports betting prohibition shot down by the Supreme Court. The state he represents has already made it clear they want no part of sports gambling.
Schumer's statement comes on a day when the sports bar chain Buffalo Wild Wings inched closer to offering sports betting by announcing a new partnership with Draftkings. A representative from the company advised Gambling911.com this was just the first of many announcements on this front forthcoming.
- Gilbert Horowitz, Gambling911.com
