In a remarkable development, which comes after a year of U.S. Supreme Court legalizing sports betting, U.S. casinos on Tuesday, consented on a code of conduct for responsible sports betting marketing.
The new code urges gambling operators affiliated to the American Gaming Association to promote gambling adverts only amongst adults.
The code calls for avoiding any cartoon character, music or influencers which may appeal to children. It also calls for restricting gambling adverts on a medium where children are more likely to be exposed to betting ads.
Post-legalization of sports betting, several U.S. states have brought in sports betting legislation. It has opened a huge market for advertising gambling products and services. As such a code for the gambling operators catering to the evolving market is a welcome step.
William Hill PLC, FanDuel Group, a unit of Paddy Power Betfair PLC, DraftKings, MGM Resorts International, Caesars Entertainment Corp are amongst the top gambling operators and bookmakers who have agreed to the new code.
At present, there are eight U.S. states offering sports betting. While it got official approval in Indiana last week, on Monday Governor Kim Reynold signed the sports betting legalization bill in Iowa.
According to the reports from GamblingCompliance, the sports betting market is expected to hit $5.7 billion by 2024. It is also expected that in the next five years around 34 states would be offering sports betting.