Gambling Marketing Bans In Professional Sports Neglect the Risks Posed by Financial Trading Apps and Cryptocurrencies

Abstract

Professional sports have in recent years become increasingly intertwined with gambling marketing, especially in countries such as Australia, Spain, and the UK. Even Formula 1 racing, which used to be closely associated with tobacco sponsorship, announced in 2021 an agreement to have an official betting sponsor. However, as happened previously with tobacco sponsorship, some policymakers and regulators have started to take legal action with gambling marketing restrictions. In Italy, gambling advertising and sponsorship are now prohibited. In Spain, gambling sponsorship of sports teams is prohibited, whilst advertising is prohibited except between 1:00AM–5:00AM, thus effectively banning commercially viable gambling marketing through sports. The UK is currently considering a sponsorship ban in sports. Although these regulatory actions may have improved consumer protection against gambling harms, a closer examination of recent developments in the top men’s soccer leagues of these three countries reveals an emerging trend toward sponsorship from two gambling-like industries that are unaffected by these legal bans: financial trading apps and cryptocurrencies. Consumers are becoming increasingly exposed to the marketing of these gambling-like products through sports contexts, and these products could pose similar risks to gambling or even additional, unique risks.