Each US president who assumes office brings with him new policies and rules that govern the ruling administration. The sports betting field in the US has thrived under great criticism and opposition from different stakeholders.
What matters most is the president’s directive on the matter. Their decision can mean the sports betting sector will thrive or turn back to the old days when the Federal Wire Act was in effect.
The future of online betting looks bright
After the PASPA act was thwarted by the Supreme Court in 2018, many American citizens celebrated that they could finally place bets online. Although the Wire Act was still an impediment to the sports betting future, many US citizens were happy when the first online betting site was launched.
Since then, the sector has consistently recorded positive growth due to the massive support from Americans. The impressive year-after-year performance shows the sports betting sector has a brighter future.
US president’s decisions on sports betting
When the current US president Joe Biden assumed office in January 2021, there was renewed hope in the sports betting industry. Although he hadn’t given any signals that he would oppose the sector, all signs showed he would focus on giving support to it.
One of the key indicators of his support was when he was recorded saying he didn’t support the decision by the Trump administration to establish a stricter view of the Wire Act established in 1961. Supporting sports betting will be a plus to the industry and will be one way of attracting customers from a wide range of demographics into the industry.
The Wire Act is the greatest impediment to the sports betting future in the US. The Biden administration was quiet on whether it would support legislation on federal sports betting. The highly likely thing the Biden administration is focusing on is to take no action on the matter, which would be a favorable decision for the sports betting industry.
Legalization of sports betting at the federal government level
The Trump administration was keen on opposing the legalization of sports betting in the US. The Federal sports betting bill brought before the house at that time didn’t gain progress. It might not gain much during the Biden administration, and stakeholders can only hope the next US president in 2024 will be bold enough to act and support the bill.
To date, more than 30 states have legalized sports betting. There has been a higher level of willingness from the Biden administration to support sports betting. Support from his team makes a big difference in the success of the bill. Stakeholders in the sports betting field hold on to the hope that one day every pending bill will be passed, and the sports betting field will thrive more.
