US Senator calls micro-prop bets 'insidious' in new bill

[The Buzz]

US Senator Brian Schatz (D-Hawai‘i) is drafting legislation that would ban micro-prop bets and give the Federal Trade Commission authority to investigate and penalize companies that knowingly facilitate illegal offshore gambling.

He described micro-props as “insidious,” saying they can be manipulated by players or other actors. Schatz said the bill is aimed at addressing integrity risks as well as what he called an “addictive, manic, algorithmically driven problem” tied to these markets.

From the press release:

On addressing offshore sports books, Senator Schatz said, “We think we, legislatively, have a pathway here. It doesn’t solve every problem, and it certainly doesn’t solve every problem as it relates to the challenges that individuals and society [are] facing with gambling. But if you empower the FTC to go after the payment processors, then they would have a perfect right to go and say, ‘You may not work with these offshore shops if they are not complying with federal law having to do with micro prop bets.’”

Read more here: https://www.gpwa.org/article/us-sena...ew-bill-263549