Since a Supreme Court decision in 2018, sports betting has surged, with nearly 37% of American adults engaging, leading to nearly $500 billion in wagers. This boom has resulted in increased financial hardship and addiction, especially in lower-income households. Advocates are pressing for regulations to mitigate these effects, proposing measures such as advertising restrictions and deposit limits under legislation like the SAFE Bet Act. However, the online nature of sports betting complicates regulation, raising concerns about the feasibility of implementing effective protective measures.
Sports betting has exploded since the Supreme Court's 2018 decision, with 37% of American adults betting nearly $500 billion, resulting in harmful social impacts.
Despite calls for regulation to protect vulnerable bettors, the rapid expansion of sports betting, particularly online, presents significant challenges to effective control.
Advocates propose guardrails to reform sports betting, including restricting advertising and banning credit card use to prevent excessive losses and gambling addiction.
The difficulty in regulating sports betting is likened to wrestling multiple octopuses, highlighting the complex challenges faced by lawmakers and regulators.
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