Touching on an important point, Bill Miller, the president and Chief Executive Officer of the American Gaming Association, said that the responsibility of educating people about the sports betting is upon the stakeholders in the ecosystem. It has already been two years since the Supreme Court invalidated the Professional and Amateur Sports Protection Act (PASPA), and Miller stressed the need to have a curb on unregulated sportsbooks.
Bill clearly pointed out there has been a vacuum due to the court’s order, and the absence of the sports activity has been clearly felt by fans and enthusiasts across the nation. It is important to note that despite the ongoing coronavirus pandemic, the sports betting segment has received a tremendous response, with more and more States joining the spree to legalize sports betting. The government has also been tremendously benefited from the tax revenue generated by sports betting activity with as much as more than $190 million has been collected in the tax revenue. The sector itself has been able to successfully strike partnerships with a large number of gaming operators – nearly 80 partnerships have been struck.
The future potential of the segment can easily be realized by the fact that by the end of the year 2020, around a hundred million adults in America are going to be potential players in the sports betting segment. PASPA has never been able to serve its purpose, and it failed to achieve its objective. Instead of protecting market players, the PASPA has resulted in the perpetuation of illegal entities, thereby leaving the genuine ones vulnerable. It is disheartening that many customers in the market today are unable to differentiate between illegal and genuine players. This is exactly where the need to make customer savvy of genuine and false players come into the picture – which the Bill is emphasizing upon.
This is a compelling need to educate customers so that they will be able to make a clear cut distinction between legal and illegal players. Mass media also has to refrain from glorifying illegal sportsbooks. This will not only enhance the credibility of the betting industry but also helps to ensure the financial sustainability of the betting business long in the future.