New SAFE Bet Act Aims to Regulate AI in Sports Betting

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00:00Let's get into this new Safe Bet Act and tell us a little bit more about it.

00:09I see AI is being brought up into this as well.

00:12So how is artificial intelligence getting involved in sports betting to where they have

00:17to put out an act to keep safe with it?

00:20Don't get it.

00:21Tell me.

00:22Yeah.

00:23Congressman Paul Tonko and Senator Richard Blumenthal unveiled their Safe Bet Act.

00:30This is their formal introduction of this piece of legislation that they've been talking

00:36about for the last handful of months.

00:39And it aims to regulate bits and pieces of the sports betting industry at the federal

00:45level, including AI, like you said, Craig, a couple of interesting notes that stuck out

00:49to me from their press conference yesterday.

00:52One of the big ones being that this piece of legislation calls for an outright ban on

00:57all college player props, which we've seen a handful of states around the country already

01:04taking action to regulate college wagering, especially around those college player props.

01:11In addition to that, they focused on three areas where they want to see increased regulation.

01:18One being advertising, another affordability, and the third AI.

01:23So the ads on that advertising piece, the ads, they want to limit where sportsbooks

01:30can promote their products.

01:34They want to make sure that ads are restricted to times and places where children most likely

01:40wouldn't be in the audience.

01:41They want to also regulate advertisements so that it's strictly about brand awareness

01:48rather than enticing people to place bets or educating people on how to place bets.

01:54The affordability aspect of this legislation was also interesting.

01:59They want to put in place a handful of different deposit limits.

02:03They're calling for no more than five deposits into your sports betting app in a 24-hour

02:09period.

02:10You can't deposit more than $1,000 in 24 hours, and you can't deposit more than $10,000 over

02:16any 30-day period.

02:19Now on the AI piece, as we know, Craig, sportsbooks are using that artificial intelligence, that

02:27machine learning, all of these data points to custom tailor those same-game parlays,

02:34different advertising promotional boosts, all sorts of things to entice us to place

02:39a wager.

02:40So, Tonko and Blumenthal, they both want to see regulation around the use of AI to

02:46better protect players.

02:48They say that unfairly targets losing players to have them chase their losses, so on and

02:55so forth.

02:56So, they want some regulation around that.

02:58Their legislation that they unveiled yesterday was met with some pretty stern opposition.

03:06Congresswoman Titus from Nevada, she represents the district that includes the Las Vegas Strip.

03:12She spoke out against the legislation, as well as the American Gaming Association.

03:18They spoke out against this legislation as well.

03:21We've seen in recent years some attempts to regulate sports betting at the federal level

03:26be unsuccessful.

03:27So, it remains to be seen what the uptake of this SafeBet Act will be, but they did

03:33formally introduce it yesterday in D.C., Craig.

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