Charles Barkley is worried about the rise of sports betting. However, legal sportsbooks are now available in 30 states. This includes some within NBA arenas. The Pro Basketball Hall of Famer and outspoken bettor believes there's no stopping this trend.
Barkley declared Wednesday at a media event in advance of the American Century celebrity tournament that “there's too many of it.” “We have people betting on who will make the next free throw. You can think of it like this. Imagine me looking at a man in the stands and saying, “Yo, I'm going miss both of those free throws.” Now, that's cheating.”
Barkley became a brand ambassador for FanDuel and a spokesperson in 2020. The league regularly offers picks on “Inside the NBA”, which is a commentary about the expansion of the US sports betting market.
The Professional and Amateur Sports Protection Act was struck down by the U.S. Supreme Court in 2018. This federal statute had for 26 years restricted sports betting to Nevada. 35 states and District of Columbia have now passed legislation to allow betting. The first quarter of 2022 saw $26.34 billion bet at U.S.-based sportsbooks. This is an increase of 102.3% over the previous year.
The market has been growing, and so has the demand for sports betting advertising. The U.S. sportsbook industry spent an estimated $282million on television ads in September 2021 to May 2022. This represents a 281% increase over the previous year, according to iSpotTV. This firm measures the impact and effectiveness of TV and streaming advertising.
Barkley spoke out about betting's financial impact, saying that an NBA owner said in the next three- to five years they would be making triple television revenue. It's scary when you get there. You can bet that a guy will make two free shots in the middle of a game. That's crazy.
He said, “Listen, gambling has always been part of sport.” “That's the reason the NFL is King Kong. However, I am concerned that someone could be sitting in the stands now and place bets during a basketball game. The toothpaste is gone from the tube and I don't know what to do with it.
Barkley is open about his gambling pleasures, even though he has expressed concern. Barkley placed a $100,000 wager on himself that he would finish among the top 70 at the celebrity tournament. Barkley finished in a tie for the 76th spot, but he claimed that the sportsbook reimbursed him his loss because of a Nevada law that prohibits customers from placing bets on an event they do not participate in.
Barkley stated that he plans to place another bet at the tournament at Lake Tahoe in July, but was reminded that it is against regulation. He said, “I'm going give some money to one my friends and have.” He Bet on me!”
Nevada's gaming regulations forbid licensed sportsbooks from taking bets on the participation or teams of participants or coaches.