WATCH: Historic U.S. Sports Betting HearingLawmakers, Stakeholders Meet To Discuss Industry |
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The House Subcommittee on Crime, Terrorism, Homeland Security, and Investigations met at 10 a.m. Thursday on Capitol Hill to discuss sports betting regulation.
Among those set to testify in front of federal lawmakers is the controversial Coalition to Stop Online Gambling, the Sheldon Adelson-backed lobbying group that is seeking to prevent the regulation of a slew of online casino games, including traditional poker. Former Nebraska Attorney General Jon Bruning, a Republican, will represent the group at the hearing.
In addition to Adelson’s Coalition, the NFL, the AGA and the Nevada Gaming Control Board have signed on to testify. The NFL has historically been hostile to gambling, but now that the floodgates are open and the Raiders are moving to Sin City, the league has done a 180.
The emerging U.S. sports betting market, which is currently limited to just a handful of states, could grow to more than $15 billion annually in terms of revenue if all states have the activity, according to an analysis earlier this year from research group Eilers & Krejcik Gaming. Americans are said to bet about $150 billion per year on sports, according to research from the American Gaming Association. Historically, about 97 percent of that handle has been wagered through illicit channels, according to the casino industry.
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