According to reports, having President-Elect Joe Biden in the White House could prove to be a positive move for the sports betting industry. The report, which appeared on MarketWatch, states that Biden is in favor of supporting the concept of sports betting at the federal level. However, he aims to still allow states to control their own fate, or how they implement any changes to legislation.
It is believed that Biden will work towards setting federal guidelines while the federal government also needs to work more closely with states in conjunction with sports betting. The aim is to create a succinct gaming system that is not only free from potential corruption but fair to everyone involved.
Industry experts hope that the potential creation of a federal guided framework will allow for easier implementation of the more local legislation for sports betting. It should, by all accounts, lead to changes occurring more quickly than before. Considering the slow speed at which alterations to legislation can move along, then that is good news for all sides.
One area with a growing sense of excitement in light of the Biden approach to sports betting is interstate gambling. Collaboration between states that already allow sports betting has proven to be difficult in the last few years. This is due to concerns regarding the Wire Act and how it could be implemented within this industry. Yet again, a federal framework should remove those concerns.
By creating this framework, it is hoped that it paves the way for greater collaboration allowing for an easier expansion of the sports betting industry. If successful, you will see more of this interstate gambling appearing throughout the course of the next 12 months.
Furthermore, even states where sports betting is allowed to have restrictions in place. Once again, incorporating an agreed framework, it may make it easier for those restrictions to be lifted allowing for a greater scope when it comes to sports betting.
It is clear that Biden has an understanding of the potential revenue for states that can be generated via sports betting. By seeking to provide this clearer framework, it allows states to move forward with greater urgency, and to then generate more income via taxes. Considering the current economic difficulties due to pressures caused by the pandemic, any new source of income should be welcomed. For some, this may be the perfect time for sports betting to push on with its agenda.
The Position of the Operator
Sports betting operators are looking on with renewed interest in the hope that Biden can help reduce the volume of red tape currently surrounding their business. Indeed, MarketWatch is of the belief that an approach aligned on a federal level would allow operators to only have to meet criteria as set out by the federal government rather than on an individual state basis.
The problem with that concept is that it will still be up to the individual states as to who they will grant permission to when it comes to running sports betting operations within their borders. Yet again, MarketWatch believes that states will largely refer to what is happening at the federal level as a form of guidance while still listening to what locals want to happen on the ground.
Finally, the report indicates that, at the very least, moves by a Biden led government will mean it is going to be easier for online sports gambling to become far more prominent without the need to jump over the same number of hurdles. This will still be done on a state by state basis, but there will still continue to be the issue of both sides of the political spectrum seeking to point score over the other.