The federal anti-gambling policy recently overturned by the U.S. Supreme Court in Murphy v. National College Athletic Association was designed to deter the personal and social dangers often associated with betting and wagering. However, making gambling illegal has not proven effective in deterring people from participating. Rather, what it’s done is drive wagering underground, where crimes are even more likely to occur. In fact, legalized gambling is expected to significantly decrease crimes related to illegal sports gambling.
Now that sports betting is legal in several U.S jurisdictions, private companies and state regulators alike are working hard to ensure that gaming establishments operate in a safe and responsible manner.
Sports betting brings plenty of legitimate economic opportunities. However, the potential for fraud in this budding industry can’t be ignored. In order show sports spectators and gamblers that their safety comes first, sports organizations and private companies are taking initiatives to self-regulate. For example, NASCAR has been working with upstart Sportradar to safeguard its gamblers interests.
Brian Herbst, NASCAR executive, expressed how critical it is to be proactive in developing safeguards and monitoring services against fraud before those threats actually arise. NASCAR decided to partner with Sportsradar to ensure that all races are properly monitored and analyzed for potential fraud, scams, or cheating. In order to ensure that gamblers are making fair bets, NASCAR recently announced its multi-year agreement with Sportradar. This deal provides fraud monitoring services for key motor races, and it represents and important step forward in the development of safe and reliable sports betting markets.
Sportradar and similar companies that provide enterprise software solutions have developed sophisticated computer programs that utilize real-life game data to track and analyze related gambling activity. These computer programs are designed to detect irregularities in betting activities, with the idea that these software solutions provide better fraud protection and deterrence than manual monitoring.
Pursuant to its deal with NASCAR, Sportradar will monitor all global and domestic betting and track signs of potential fraudulent activity within all three of NASCAR’s national series races. Sportradar’s Education and Preventative Services will also provide officials, associated stake holders, and NASCAR’s drivers and teams, with on-site training on the new betting rules and policies that apply to them.
NASCAR’s partnership with Sportsradar will provide NASCAR fans with some much-needed peace of mind. while also securing the integrity of NASCAR races, which are growing in popularity within the surging U.S. sports betting market. However, self-regulation is no silver bullet. Progress on this front must continue, and regulators will continue to play a key role in preventing fraud in U.S. gaming markets.
Gaming regulators, investors, athletes, and sports wagering enthusiasts across the country have cheered the decision, as legalized sports betting can add new levels of excitement to sports spectators while lining state coffers with valuable gaming-related tax revenues. However, just as great legal shifts invite innovation and opportunity, they also open up new avenues for scams and fraud.