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When asked what issue requires the most attention, Kesitilwe highlights underage gambling, especially as mobile penetration in Africa continues to soar.
Particularly concerning to Kesitilwe is the amount of gambling advertising in sports-related content.
“At a break or at half time you see 10 to 20 [gambling] adverts,” he says. “It’s come to a point that oftentimes I even hear my kids singing [gambling adverts]. They’ll just keep asking, ‘But Daddy, what is this? What does this mean?’
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The distinction matters for crypto businesses. The filing shows regulatory work is moving forward, but exchanges and other market participants cannot yet consider it a set of rules they must adhere to.
The CFTC’s move also comes as other US regulators continue to craft their own crypto policies. The agency and the Securities and Exchange Commission (SEC) jointly issued an interpretation in March on how certain crypto assets would be treated under federal securities laws.
A lot of bigger questions remain without the CLARITY Act. The bill aimed to establish a federal framework for digital commodities and delineate the roles of the SEC and the CFTC.
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Financial advisors continue to urge consumers to view sports wagering strictly as entertainment and to only risk funds they can afford to lose.
Research from Stanford University published in April concluded that sports bettors remain “overoptimistic,” generally expecting to break even despite losing an average of 7.5 cents on every dollar wagered.
“Overoptimism is largest among bettors who partake in a complex type of bet known as a parlay,” the Stanford researchers wrote. “Compared to other forms of betting, parlays are more likely to be driven by bias.”
