The United States is moving towards more robust regulations in the sports betting market with a new regulatory body SWIMA. Since the world of sports betting changed in May, casinos, and bookmakers across the US are looking for throwing more standardization in the industry so they can spread their businesses in the country. Some states have realized that there is an opportunity in letting the sports betting market open for their citizens while others are still shying away.
The sports betting market could be looking for regulations along the lines of the UK and other developed markets. The US has paid heed to the market sentiment and will establish its own set of integrity standards, which take the concerns of all stakeholder parties into account. The entity responsible for this will be SWIMA or Sports Wagering Integrity Monitoring Association. The not-for-profit organization will establish and integrity framework that could be used by the state and even the tribal gaming segments.
SWIMA will collaborate with lawmakers locally and seek opinions from experts to ensure that the industry works within the ambit of law. It will also coordinate with local law enforcement to ensure that the match-fixing and other illegitimate practices in the industry that could affect the operations of the bookmakers negatively are detected and dealt with.
US-based securities firm gets acquired by the cryptocurrency start-up Uphold
The primary goal of SWIMA will be the protection of consumers as well as operators and betting industry stakeholders from potential frauds which can cause unfair manipulation of betting events. The organization is modeled after a European entity called ESSA or Sports Betting Integrity. Its most potent partnerships with the operators to help investigate cases of suspicious betting activity, to reveal intentional bypassing of the rules.
Additionally, SWIMA will help in developing common rules which could help the users and operators in dealing with simplified regulations and tackle myths related to sports betting. SWIMA has already listed several titans of the industry including Bet365, Paddy Power Betfair’s FanDuel, Golden Nugget, Hard Rock International, William Hill, DraftKings, Tropicana Atlantic City, Resorts Casino Hotel, MGM and Caesars.
George Rover, the former assistant attorney general of New Jersey and gaming expert, will become the Chief Integrity Officer of SWIMA. The organization has also been endorsed by American Gaming Association (AGA), which has previously opposed excessive regulation in the sports betting markets of the US. AGA vice president Sarah Slane called SWIMA’s establishment a milestone for the sports betting industry for improving transparency and providing better consumer protection.
Add Comment