In light of recent betting scandals and actions in the US Congress, the Costa Rica-based sportsbook said the industry needs regulation and tracking and remains vehemently opposed to any prohibition attempts.
“If consumers in the U.S. have a choice between a reputable brand like ours which is publicly traded, backed by a license and a regulatory body, and one that isn\’t and doesn\’t offer consumers those safeguards that come along with regulation, they will choose a brand like ours every time. In addition, under regulation, our industry could be taxed and generate new revenues to state and federal budgets,” commented David Carruthers, Chief Executive of BetonSports.
“Prohibition has never worked in the U.S. for any activity,” he added. “The idea that prohibition would suddenly work now on any aspect of the Internet is a falsehood and trying to shut out a multi-billion industry with the consumer demand of online gambling through prohibition won\’t work.”
Carruthers, who is leading an independent Advisory Council, which in conjunction with the International Institute for Conflict Prevention and Resolution, deals directly with the social, economic and public concerns surrounding regulation of the online gambling industry in the United States, argues, that if online sports books were regulated in the US, organized crime elements which opponents of the industry feel are prevalent, would disappear quickly.
“We saw during prohibition of alcohol that organized crime controlled the liquor trade. Now, alcohol is a regulated industry and only the best and most reputable firms are at the top of it. The same thing will happen in our industry, so it is up to the Congress to decide which direction it wants to take,” said Carruthers.
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