Future Of Industry To Be Discussed At American Sports Betting Summit

• The All American Sports Betting Summit will happen on June 18.
• The location of the summit will be in Monmouth Park.
• One of the major talking points for this summit will be about regulation.

OCEANPORT, N.J. – The All American Sports Betting Summit (AASBS) will meet in Monmouth Park on June 18.

Several different groups are going to be present for the AASBS. Lawmakers, sports betting operators, tech experts, and others are attending the summit. The AASBS will talk about several topics regarding American sports betting. One of the key topics of discussion is going to be legalization and regulation of sports betting.

Regulating A New Market

States began legalizing sports betting laws after the repeal of the Professional and Amateur Sports Protection Act (PASPA). It has only been a year since the repeal of PASPA and the market is still new. States are deciding for themselves how they want to regulate and legalize sports wagering.

Harmony of the regulated markets is one of the key topics at the AASBS. Harmonizing the sports betting market will have many benefits. Taking lessons from legal states who are not doing so well will help guide other states. Lawmakers in attendance will be able to see what others are doing first hand. Stakeholders will also be able to see it and they can lobby lawmakers to do what works.

Rhode Island’s 51 percent tax on gross revenue is not having as strong of an impact as lawmakers wanted it to. This is likely due to the lack of mobile wagering. New Jersey had early statewide mobile betting. Along with that, the state has an 8.5 to 13 percent tax rate. With this, New Jersey has the best sports betting market next to Nevada. Showing what is happening in these two states will guide lawmakers in other states on what to do.

This is not a call for a federally regulated framework. Stakeholders have all agreed that each state should cater to the needs of the state. A federal framework will not work in every state for sports betting. This is showing what does and what does not work when legalizing sports betting.

In a similar light, player acquisition is another topic of discussion. The ability to bet on home college games and other matters are decided at the state level. Stakeholders at the event will learn about what players want from sports betting. Knowing this will help lawmakers and stakeholders discuss what should be allowed in sports betting.

The AASBS will be helpful for the future of American sports betting. This summit could guide the future of sports betting in the country. Lawmakers attending could use this summit to help them decide on what they should do next. The Summit happens on June 18 in Monmouth Park.

News tags: American Sports Betting Summit | New Jersey