Lawmakers on Capitol Hill heard testimony Tuesday on sports betting, with one congressman calling for federal regulations on the multibillion-dollar industry.
The hearing was held to examine the rise of sports betting and its effects on athletes and fans.
“We understand sports betting is here to stay,” said NCAA president Charlie Baker.
Baker was one of several witnesses to testify.
>> Download the free WMUR app to get updates on the go: Apple | Google Play <<
“If you are a 12-year-old child, you don’t know sports without it being attached to gambling,” said Dr. Harry Levant, a gambling therapist.
“We are in a sports betting boom,” said Sen. Richard Blumenthal, D-Connecticut. “That is one of the most severe public health problems today.”
Blumenthal is pushing his Safe Bet Act, which would create new federal regulations on advertising and the use of artificial intelligence in sports betting. The bill also proposes a ban on using credit cards to fund bets.
The Consumer Financial Protection Bureau reported this week that credit card companies often charge costly fees for each sports betting transaction, something many people may be unaware of.
New Hampshire is among the states where bettors cannot use credit cards to make deposits.
“We don’t allow credit card usage for just the reasons you would think of,” said Charlie McIntyre, executive director of the New Hampshire Lottery. “I don’t mind folks spending the money they have. I don’t like folks gambling with money they don’t have.”
McIntyre noted that the growth of sports betting in New Hampshire has exceeded expectations, bringing in more than $70 million to state coffers in the last two full fiscal years.
“I think we’re No. 2 in the country per capita in profitability to the state, which is something we’re proud of,” McIntyre said. “We do it well, and we do it very profitably for the taxpayers.”
A gaming industry trade group criticized the hearing, saying it lacked an industry witness. The group said it remains committed to state frameworks to protect consumers.
Hearst Television participates in various affiliate marketing programs, which means we may get paid commissions on editorially chosen products purchased through our links to retailer sites.
