The inaugural hearing by the D.C. Council on a proposed bill aiming to establish an open and competitive sports betting market unfolded with a mix of contention and critique.
Representatives from industry giants such as BetMGM, Caesars Sportsbook, DraftKings, and Fanatics Betting & Gaming lent their vocal support to the initiative aimed at opening up the market. Conversely, the Committee on Business and Economic Development also heard testimonies from small business representatives who voiced criticisms of the impending legislation. The bill, if enacted, would ramp up tax rates and reinstate funding for initiatives addressing problematic and responsible gaming. Additionally, it would pave the way for partnerships between seven professional sports franchises and teams with sportsbooks.
Okera Stewart of Potomac Supply Company, a provider of thermal paper for kiosks and gaming devices, raised concerns over potential adverse impacts on his business should the bill come to fruition. He elucidated that in a competitive landscape favoring mobile platforms, consumers are likely to gravitate towards online betting over retail, spelling a significant downturn in his organization's revenue.
