In a moment that seemed impossible in 2022, on Wednesday (23 October), Indian Country and the Sports Betting Alliance (SBA) in the US had a meaningful conversation about how to fight – together – against sweepstakes.
Victor Rocha invited lobbyist Jeremy Kudon, who represents the SBA (comprised of BetMGM, DraftKings, Fanatics and FanDuel) to share his thoughts on the rise of sweepstakes. That is the latest “unregulated, unlicensed and untaxed” gambling to emerge in the last year.
Sweepstakes offer gaming without initially using real money. In legal sports betting and igaming, consumers stake accounts with cash or cash equivalents. In sweepstakes, the games start off free to play, but then consumers can purchase “coins” or “virtual cash” with which to wager.
Recently, the legal industry has not only taken notice of the rise of sweepstakes, but is starting to educate itself on what they say is already a multi-billion-dollar industry. The goal is to stop it from continuing to prolifer..