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Schumer Pushes For Federal Sports Betting Legislation

Schumer Pushes For Federal Sports Betting Legislation Senate Minority Leader Chuck Schumer told ESPN this week that he plans to introduce federal sports betting legislation . The New York Democrat said the legislation he envisions will not legalize sports betting nationwide, but rather create a federal framework.  "The stakes are too high — legal sports betting laws must be crafted and executed in a careful and thoughtful way," Schumer said . "As state legislatures develop new legislation in the weeks and months ahead, I hope they will take these principles under consideration. I also support the efforts in the Congress to debate and develop bipartisan federal legislation that would adhere to these principles. The integrity of sports is too precious to not protect as best we can." The news comes after Republican Senator Orrin Hatch said he also plans to introduce a federal sports betting bill.

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Indiana gaming regulators enlist market experts to study sports betting legalization

“But we’re moving forward this session.” That’s because, Morrison and Ford added, the legislators are committed to drawing potential revenue out of the existing “gray market,” where gamblers may already be participating in sports wagering events illegally. A fiscal analysis of Morrison’s 2017 legislation, House Bill 1325, for example, projected between $3.1 million and $18.8 million in revenue annually, should the law impose a 9.25 percent tax on gamblers. “People are currently betting on sports locally,” Ford said. “We don’t know what is possible until we introduce sports wagering.” But Jennifer Roberts, associate director of the University of Nevada’s International Center for Gaming Regulation, said lawmakers should be wary of revenue estimates. Roberts disclosed that the center had recently been contacted by state officials to create educational programs about sports wagering. She declined to identify who contacted the center but said plans should be finalized this week. While she said that potential revenue nationwide has been projected to land anywhere between $80 billion and $450 billion, actual results cannot be guaranteed for a state. “You have to really understand the business operates at a low margin,” she said. “It will certainly add some benefits, but it’s not going to suddenly repair all of your roads.” And the variety of platforms used at sports wagering events can mean different outcomes for the state. Both Ford and Morrison said they would prefer to see mobile platforms in addition to physical venues.

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