Brandt Iden: “The industry needs to educate lawmakers better about illegal gambling”

We sit down with Brandt Iden, VP of Gaming and Betting at Fanatics, to discuss the current state of the iGaming industry in the United States at a time when sports betting is enjoying unprecedented popularity. The key issue with the somewhat slow pace of iGaming adoption lies in the lack of education and the fact that lawmakers have not been informed by industry leaders about the safeguards a regulated iGaming market would bring. Illegal gambling is happening across the United States, with lawmakers unaware of the exact level of harm inflicted on consumers. To overcome this and see iGaming more broadly legalized, increased awareness is needed, argues Iden. Read the full interview with him below.

Q: We have seen sports betting legalized en masse since the overturning of PASPA, but iGaming has been a harder sell to lawmakers. What do you think holds back lawmakers, and even consumers, from embracing online casinos for real money more earnestly?

In my opinion, the issue is education. The industry needs to do a better job of educating lawmakers on the illegal online casino gambling which is already occurring in their state. For most lawmakers, I think offshore sports betting was easier to comprehend. They intuitively knew that illegal bookmakers were taking wagers and preying on consumers. I think the issue of illegal casino gaming, albeit most likely even more prevalent, is more complex and requires more education. Also, the industry needs to do a better job of informing lawmakers of all tools and resources that the regulatedindustry provides to ensure that consumers are having safe and fun entertainment experiences.

Q: Do you believe the current pace of iGaming regulation adoption, specifically online casinos, would remain slow or do you expect it to pick up in the coming years?

I remain optimisticthat iGaming expansionwill start to pick up. I think as more states search for new sources of revenue, they will quickly turn to the gaming sector and specificallyiGaming. States will not be able to continue to ignorethe massive positive financialimpacts of iGaming. In states like MI and NJ, the increased tax revenue from iGaming has not only revitalized communities but provided significantdollars for education and first responders.

Q: What are the main benefits for consumers and states from embracing iGaming and regulating it the same way they do sports betting?

The key is protection. As a former state lawmaker, I always believed it was my civic duty to protect state residents. That's why so many of the local laws debated by state legislatorsare vitally important. RegulatingiGaming in my opinion is no different than enactinghelmet or seat belt laws, it's about protecting consumers from the predatoryillegal offshore market which seeks to take advantageof people.

Q: Do you think there are pitfalls that need to be adequately addressed before iGaming regulation has to be passed?

As I mentioned, I think that the industry needs to do a better job of educating lawmakers on the safeguardsprovided from a regulated industry. The responsible gaming tools that companies like Fanatics can provide to consumers are incrediblyrobust. None of these same tools exist in the illegal market. Significanttools like diligentKYC protocols, self exclusion lists, and cooling off periods are only a few of the ways that we are able to ensure customers are having a safe entertainmentexperience. None of these safeguardsexistin unregulatedmarkets and the industry needs to do a better job of adequately addressing these concerns with lawmakers.

Q: Should states with a long land-based casino tradition fear about the coming of online casinos, and how can these online brands help brick-and-mortar properties
thrive?

No! The issue of market cannibalizationis a hot topic being debated amongst industry gurus. There are numerous market impact studies which have recently surfaced debating both sides of this very topic. However, as the former lawmakerin MI who successfullypassed iGaming legislation, I would encouragefolks to look at our market. Both retail casinos and mobile casinos are thriving in Michigan. It has quickly become one of the most successful gaming markets in the country, precisely becausemobile and retail products support one another. In March, MI retail commercialcasinos had the best in their history and it was without a doubt attributed to the massive success of mobile casino gaming.

Q: Would you make one bold prediction about iGaming over the next year in the United States?

I could, but I won't.... I of course say that to be cheeky, but the reality is that in order for iGaming growth totake hold, the industry needs to fully embraceits success. The industry needs a united front when educating lawmakers and putting aside differences which divide the industry for the benefit of specific operators is critical. iGaming is undoubtedly the future of the industry and the sooner the entirety of the industry recognizes that, the quicker we'll all find success.

Image credit: Casino Guru News