The US Senate will be taking a look into college sports betting this week. They will be discussing the use of teams’ likeness rights, names, and the overall impact of gambling on college sports.
This hearing could potentially have an enormous effect on the financial side of college sports, as it would make its way rapidly throughout the country. One argument, for example, would be to legalize it with strict regulations, even though most universities oppose the legalization of it.
What Could Happen
The hearing titled “Protecting the Integrity of College Athletics” is set to begin soon. It is said that this hearing will cover two areas of focus. These are the student-athletes’ names, images, and the likeness rights for these student-athletes. The other being, of course, the impact of gambling on college sports.
This hearing has the potential to lead to universal effects. States have the option to legalize sports betting if they choose, but college sports was out of the question. Most states even restrict bets being made for in-state teams, and some do not have any desire to do so at all.
Colleges Typically Support Betting Bans
Many colleges support a blanket ban on college athletics in general. Their reasonings are simple, with the well-being of their student-athletes.
You can take a look at Purdue, for example. They ban all students, faculty, staff, and whoever else there from betting on any athletic competitions.
Other schools turn their attention towards educating their students and faculty on the effects of gambling and any negative habits associated with it. They do this, for example, to inform their students and staff rather than enforcing a ban altogether.
The Negative Side to Sports Betting
There are many scenarios where the integrity of a game and life-threatening situations have occurred over the years. As such, sports betting is not for everyone, and some people will handle these situations very differently.
There have been point-shaving scandals, death threats to certain teams, and even where games have been rigged due to the nature of illegal bets being made.
However, this is all subject to change. Since the movement of legal sports betting has taken place, there have been more responsible forms of gambling with stricter regulations. This all points to each regulatory system doing its job to promote safe and responsible gambling.
As noted, this hearing could be monumental for the sports betting industry. College sports, in general, have been an off the table discussion until now.
Looking at how well the US market has responded to the well being of sports and the economic impact in general, it makes sense to at least open a debate for college athletes to be wagered on.
We could potentially see the passing of this, but each state would need to adhere to their own guidelines as to how they want to approach it. For example, every state has the right to allow sports and online gambling, but some choose not to participate at all.
Overall, illegal sports betting will have its place for people who want to do shady things. But by having legalization go through, this ultimately reduces those instances from occurring as often.
These regulations are here to help you and me. This hearing can potentially be one of the biggest game-changers we have seen in the sports betting industry.