Legalised sports wagering has spread across the United States, reaching residents in almost 40 states. Despite this, anxiety over the potential negative impact of betting activities, particularly excessive gambling and the safeguarding of sports integrity, is progressively rising.
Recently, against a backdrop of increasing instances of athletes being harassed by disgruntled bettors on social media platforms, various leagues and stakeholders have advocated for the establishment of a ban on proposition bets, specifically for college-level games. The infamous prop bets, which became more widely-known following cases of angry bettors issuing threats towards athletes after losing wagers, was among the subjects deliberated during a keynote session at the recent SBC Summit North America.
At the same conference, Adam Greenblatt, CEO of BetMGM, alongside CNBC’s Contessa Brewer, graced the stage to engage in a debate that covered several critical subjects, incorporating player prop bets and regulatory measures. Brewer drew attention to recent controversies, including the case of Jontay Porter, a player for the Toronto Raptors who was embroiled in a betting scandal. Following an inquiry into Porter’s activities, he was excluded from the NBA due to numerous violations of gambling regulations, including wagering on league games, amongst other transgressions.
In response to this, BetMGM’s leader conceded that there is an unequivocal necessity to confront such problems. Greenblatt, however, abstained from suggesting concrete measures like bans on specific betting options. The chief stated that this represents a crucial topic, and continued to say: “The measures that we as an industry, along with our regulators, lawmakers, and league partners take, will dictate our success in safeguarding our industry and our players.”
Could The Illegal Sector Benefit From a Potential Ban on Prop Bets?
Apart from ensuring an effective alliance among stakeholders, legislators, regulators, and players, BetMGM’s chief spoke on the significance of legal betting operations. He stressed that providing clear and lawful gambling activities could uphold the integrity of sports that are essential in bolstering partnerships among all stakeholders, including sports teams. Nonetheless, Greenblatt did not support a potential ban on player prop bets, arguing that if such bets are unavailable from legitimate operators, illegal bookmakers could fill this void.
“If we’re so naive as to believe that the ‘Under’ is not accessible in the illegal market, then we’re misguided.”
Adam Greenblatt, CEO at BetMGM
In Greenblatt’s view, instead of implementing restrictive measures against the legal betting industry, the focus should be shifted towards antagonizing illegal betting operations. He backed the idea of making it harder for gamblers to finance their accounts with unlawful gaming operators.
In addition, Greenblatt contended that punitive actions against the illegal betting sector could comprise of advertising restrictions. He, once more, emphasized the value of the legal betting industry, stating that it was the only effective way to elevate significant tax revenues while allowing fair wagers and implementing policies that help safeguard athletes.
