Attorney David Phillip Graham, known in the FGC as UltraDavid, recently posted on his law firm's website about the implications of video games being officially recognized as sports. To make these ideas easy to understand, he outlines several scenarios under a fictional "20×6" where it has already become reality and makes comparisons to real situations. In general, he explains that the ensuing government regulation of competitive gaming would both be a boon and a cross for the community to bear.
In the first scenario, he explains Title IX, a piece of federal legislation that requires sports organizations balance out opportunities for women to join in athletic competition. In the ficitional example provided, there are video game athletic clubs in colleges as well as in professional leagues. Because much of the competitive gaming community is overwhelmingly male, Title IX would negatively affect these clubs until they balance out with more female players.
In the second scenario, he explains the transition between college to professional athletics is also regulated, although this time per state. Generally, college players who make that transition to professional sports won't be allowed to go back to college competition.
In the third scenario, Graham explains that athletic training is also regulated on a state level. Each state outlines different requirements, licenses, etc. The fictional scenario given describes a good esports player disallowed from training a team because he does not have a license, and is then sent abroad to train that professional team's Scandinavian branch. Similarly, regulations are in place for sports agents, in regards to how they acquire talent, the fees they can charge, etc.
Other scenarios explain legalities of applying for unemployment benefits and media companies having to split coverage to break up potential monopolies. In the end, Graham makes comparison between how professional wrestling and ice skating approached the question of official sports recognition and regulation, and that the community needs to think long and hard before they take the next step to being recognized.
Overall, I think this would be an overall good for gaming. It would help legitimize gaming to the public at large, and would also enable gamers to make careers from their passion. It would also protect newcomers in these communities from being used and manipulated by its more unscrupulous participants. Of course, that discussion on whether competitive gaming should become professional sports will have to go to each game or gaming genre's community to decide.
If you have the time, I recommend you read his whole piece at the link below.
Source: DPG At Law