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Proposed federal gambling regulations could cost banks a seat at the table

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Sports Game

2024-09-28

Proposed federal gambling regulations could cost banks a seat at the table

Legal sports gambling has spread rapidly across the United States since 2018, and state legislatures have been establishing the rules of the road.

But as concerns about the rise of gambling addiction grow, two Democratic members of Congress are calling for the states to be held to a set of minimum regulatory standards.

A bill introduced earlier this month by Rep. Paul Tonko, D-N.Y., and supported by Sen. Richard Blumenthal, D-Conn., is the most sweeping legislative effort yet to address the harms caused by legal sports betting.

The measure — known as the SAFE Bet Act — appears to have little chance of becoming law anytime soon.

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