SharpRank’s weekly updates on Compliance, Audit, Legislation, Ethics, & Regulation within the Sports Betting Industry.
Click here to read our latest blog post: Rates, Odds, Money Supply, and Jerome Powell
Topics 9/11/24:
- Former Finance Secretary Urges Stricter Gambling Oversight in Brazil
- Ohio Proposes Legalizing Online Casino Gaming with 15% Tax Rate
- Surge in Women’s Sports Betting: Growth, Impact, and Challenges
- Missouri Sports Betting Initiative Approved for November Ballot
- 49ers’ McCaffrey Scratch Sparks Betting Chaos
- IRS Urges Use of Licensed Sportsbooks Amid Crackdown on Illegal Gambling
- Massachusetts Considers Multi-Factor Authentication for Online Sportsbooks
- Study Finds Major Sportsbooks’ Social Media Content Lacks Responsible Marketing Compliance
Former Finance Secretary Urges Stricter Gambling Oversight in Brazil
José Francisco Manssur, a former special secretary at the Ministry of Finance, has highlighted the need for careful regulation of Brazil’s gambling sector, particularly concerning access for beneficiaries of social programs like Bolsa Família. Manssur, who played a key role in drafting the country’s gambling regulations, noted the importance of regulating advertising and preventing gambling addiction, emphasizing that responsible gaming measures, such as prohibiting credit card use and welcome bonuses, are essential to protect vulnerable populations. He also suggested that ongoing discussions and legal challenges are expected as the market matures, but believes the regulations are a step toward ensuring a more controlled and transparent environment for gambling in Brazil.
Ohio Proposes Legalizing Online Casino Gaming with 15% Tax Rate
Ohio’s Senate Bill 312 proposes legalizing internet casino gaming with a 15% tax rate, allowing online poker, roulette, slot machines, and card games. Sponsored by Senator Niraj Antani, the bill aims to provide a regulated online gambling option to Ohioans, though it has faced concerns from traditional gaming sectors about potential negative impacts on physical businesses. The Ohio Casino Control Commission will oversee the regulation of online games to ensure a safe environment. The bill’s first hearing is expected in November, and if approved, Ohio would join the seven states currently offering legal iGaming.
Surge in Women’s Sports Betting: Growth, Impact, and Challenges
The rising popularity of women’s basketball, driven by high-profile matchups between players like Angel Reese and Caitlin Clark, has significantly boosted sports betting on women’s sports. This surge has led to record-breaking wagers and increased partnerships between sportsbooks and WNBA teams, such as Bally Bet’s 15-year deal with the Mercury and DraftKings’ recent partnership with the league. However, this growth has also brought challenges, including increased online harassment of players and a rise in gambling-related issues, prompting calls for better education and support for responsible gambling. Despite these concerns, the expansion of sports betting is seen as a key factor in the growing interest and engagement in women’s sports.
Missouri Sports Betting Initiative Approved for November Ballot
Judge Daniel Green has ruled that Missouri’s sports betting initiative will appear on the November 5 general election ballot. The ruling supports Secretary of State John “Jay” Ashcroft and the Winning for Missouri Education campaign, which aims to legalize sports betting and generate funds for public schools. Plaintiffs Jacqueline Wood and Blake Lawrence had challenged the validity of the initiative’s signatures, claiming discrepancies in Ashcroft’s calculations. However, Green found that the plaintiffs failed to prove their case on all four counts, noting that Ashcroft’s methods for determining valid signatures were appropriate and consistent with Missouri’s historical practices. The ruling marks a significant victory for supporters of the initiative, who argue that legalizing sports betting will bring much-needed revenue back to Missouri’s schools.
49ers’ McCaffrey Scratch Sparks Betting Chaos
The San Francisco 49ers’ decision to make star running back Christian McCaffrey inactive just before their Week 1 Monday Night Football game caused a major disruption for fantasy football managers, bettors, and sportsbooks. With McCaffrey out, backup Jordan Mason started, prompting one bettor to place a wager on Mason’s rushing total at favorable odds before bet365 could adjust. Although bet365 initially altered the odds and cited house rules, the sportsbook later agreed to honor the original bets. This incident comes after recent regulatory trouble for bet365 in New Jersey over odds errors, highlighting ongoing scrutiny on sportsbooks’ handling of odds changes and player information.
IRS Urges Use of Licensed Sportsbooks Amid Crackdown on Illegal Gambling
The IRS is urging sports bettors to use licensed sportsbooks and adhere to legal regulations as the new NFL season begins, amid concerns about rising illegal gambling. With the growth of sports betting and the NFL’s increased betting activity, the IRS is emphasizing its focus on combating illegal operations, including money laundering and tax evasion. Recent cases highlight the issue: former MLB interpreter Ippei Mizuhara and ex-bookie Matthew Bowyer are facing serious charges for their involvement in illegal gambling, with Mizuhara potentially facing 33 years in prison. The NBA is also affected, with former player Jontay Porter pleading guilty to wire fraud for providing insider information to illegal gamblers, resulting in a lifetime ban and up to 20 years in prison.
Massachusetts Considers Multi-Factor Authentication for Online Sportsbooks
The Massachusetts Gaming Commission is considering a new rule to mandate multi-factor authentication (MFA) for online sports betting accounts, potentially requiring users to provide additional verification steps at login or during key actions. This follows Ohio’s move to require MFA for every login, with New Jersey, Iowa, and Pennsylvania already implementing similar measures. While the commissioners generally support MFA, opinions vary on the extent of its application, with some advocating for MFA at each login and others preferring it at intervals or on new devices. The commissioners have requested more information on the impacts of MFA on responsible gaming and feedback from sportsbook operators before making a final decision.
Study Finds Major Sportsbooks’ Social Media Content Lacks Responsible Marketing Compliance
A study by the University of Bristol found that 75% of non-sponsored social media content from major U.S. sportsbooks, including BetMGM, DraftKings, ESPN BET, and FanDuel, did not adhere to the American Gaming Association’s (AGA) responsible marketing code. The AGA disputed the study’s findings, arguing that their code applies specifically to content linking directly to sports betting services, not general social media posts. While the study revealed that all paid ads from these sportsbooks complied with the code, the AGA’s Joe Maloney defended their practices, whereas Bristol lecturer Raffaello Rossi criticized the AGA’s interpretation, suggesting it overlooks potential risks to vulnerable groups.
Click here to read our latest blog post: Rates, Odds, Money Supply, and Jerome Powell
