Senate hearing on "integrity in sports" is likely "next month"

As the Wild West phase of the sports betting industry continues, Congress may be trying to apply some much-needed guardrails.

Via John Ourand of Puck, the Senate Commerce Committee is “likely” to hold a hearing next month on “integrity in sports.”

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The hearing is expected to include appearances from executives in gaming and prediction markets, along with professionals who monitor integrity in that space.

Wherever it goes, regulation is needed. In many respects. For now, everyone associated with gambling (and prediction markets) is grabbing the cash and awaiting the reckoning. It’s increasingly obvious that the reckoning is overdue.

Too many people are losing too much money in an industry that has emerged from the wrong side of the tracks and landed on everyone’s menu of iPhone apps. A click here, a click there.

Money is gone. Losses are chased. Problems are created. Addictions emerge.

Both gambling and prediction markets have no commodity other than money. They make their money by taking it from you. And they’re taking a shitload of it.