The state of Arkansas is one of the few that actually allows you to legally bet on sporting events. That’s right, you can bet on your favorite team playing, on the weather, or you can even place a wager on the number of goals that will be scored in a game.
The only limitation is that you can’t advertise the fact that you’re betting. That’s why the state-sponsored sportsbook, the Arkansas Egg, doesn’t allow users to create “betting blogs” or websites, which it claims are attempts to defraud the bookmaker.
But what are the actual legal terms and conditions surrounding sports betting in Arkansas? And which apps do you need to be aware of to place legal bets?
First Off, Check The Politics.
The simplest way to find out if sports betting is legal in your state is to check the state’s sports betting website. If you’re lucky, the website will tell you whether or not you can actually make a wager in your state. But more often than not, you’ll have to find that out yourself.
It’s important to remember that, in most cases, state-sponsored sportsbooks will have a friendly relationship with the state’s gaming authorities. This is mainly because they need to generate revenue from legal sports betting in order to keep their doors open. Therefore, they’ll work with the state’s gaming commission to ensure that everything is handled smoothly and that they’re meeting any demands that might be placed upon them for regulation purposes.
Know The Technology.
In most cases, you’ll need a newer device to place a bet in your state than the one you use to access the internet. This is mainly because online sportsbooks are operated via software, and devices from the early 2000s aren’t usually compatible with this type of software. Also, most online sportsbooks require that you create an account before you can even place a bet, which makes registration somewhat laborious.
However, this isn’t always the case. Some states, like Montana, actually allow for pretty expansive device compatibility, as long as you’re using a VPN to surreptitiously access the betting sites. It’s also worth noting that certain regions of the United States, like Nevada, are starting to look into the possibility of allowing residents to use their credit cards for sports wagering. This, of course, would require that state-sponsored sportsbooks accept credit cards as well.
Know Who You’re Betting Against.
To be able to place a bet in your state, you’ll need to have access to a bookmaker that operates legally within your state. For the purposes of this article, we’ll assume that you’re located in Arkansas and that you’ve found a sportsbook that is willing to take your wager. It’s also worth noting that this doesn’t apply to all states, so be sure to check with the state’s gaming commission before you make any bets.
Unless you’re willing to bet on the number of goals that’ll be scored in a game (an incredibly risky proposition, given that the goalposts are likely to move around a bit, which would make your calculated odds slightly off), you’ll need to choose your game carefully. Make sure to check out the matchups and try to find games that are on networks that you’re familiar with. For instance, if you like to bet on the New York Yankees, it’d be a good idea to look for games that the team plays against the Boston Red Sox.
Otherwise, if you’re located in another state and you don’t watch many games outside of Arkansas, there’s really no point in betting on them, because your odds of winning are probably not going to be favorable. The same goes for games that take place in another state. You’ll have to select games that take place in your home state, or at least, ones that you’re familiar with.
Watch Your Language.
In most cases, you’re going to need to be extra careful about what words you use on your online account, especially if you’re located in a state where censorship is a concern. For example, the use of the words “wager” and “bet” are generally banned, as they’re part of an acronym for “whale abuser,” which the gaming commission in Nevada considers to be a derogatory term used to refer to people who place fake bets. Fake bets are considered to be a type of fraud, which is a punishable offense in Nevada.
However, these restrictions don’t apply to all states. For instance, in Arkansas, the use of such words is generally considered to be OK, as long as you’re not seeking to defraud the bookmaker. Therefore, while you might want to avoid using such words intentionally, you’re likely to hear them sometimes in the course of regular use. This might lead some people to question your nationality, or perhaps even accuse you of cheating.
Look Into Varying Bookmaker Bonuses.
Most bookmakers will give you some sort of bonus for using their services. It’s usually a matter of signing up for an account with them and using their software to place bets. These types of bonuses can be very profitable, particularly if you’re winning often enough to cover the bonus on a regular basis. However, if you’re not trying to beat the odds, it might not be the best idea to take advantage of such bonuses, because you’re likely to end up losing money, instead. Unless, of course, you’re intentionally trying to defraud the bookmaker.
Understand Your Limitations.
It’s important to remember that, in most cases, you’re not going to be able to keep track of all of the variables that might affect the outcome of a game. It’s not always possible to predict the weather, for example, which can cause floods or tornadoes, or accidents, which might result in a score of injuries or fatalities. In cases like these, it can be difficult to win, even if you’re using the best software and the most up-to-date devices.
On the other hand, you might be able to win if the games being played in your state are on the underdogs’ side. This is usually the case, with favorites suffering set-backs that result in them losing. If you look at sports betting in historical context, this is sometimes referred to as the “over/under” theory. Favorites are more often than not, the ones who end up winning, simply because people are more likely to bet on them. This gives the underdogs a better chance of winning, which is why they often end up as the beneficiaries of these types of strange wagers.
But, you should only bet on games that you’re confident you can win easily. Sometimes, even if you’ve picked a game that you think you can easily win, you might lose. It’s all about odds and probability, and sometimes, even smart betting can lead to bad results. Which is why it’s always a good idea to consult books that can predict games more accurately than the average person. As mentioned before, it’s also worth considering the state of the game, as well, and knowing when to hold ’em and when to fold ’em.
Speaking of which, there’s another important thing that you need to be aware of if you decide to engage in sports wagering. Most bookmakers, particularly those on the internet, will ask you to put up a security deposit. This is usually done to avoid payment problems in case you end up losing a large sum of money. The money will be returned to you, once the bookmaker’s auditors have verified that you’ve registered and paid successfully. In most cases, the amount of the security deposit will be equal to or greater than your total cash out amount, in case you do end up losing, thus requiring the bookmaker to shut down your account. That’s why, in most cases, it’s a good idea to put down a security deposit. It’s also one of the reasons that the internet is generally considered to be illegal in most countries, as far as online gambling is concerned.
Keep Records.
It’s important to keep accurate records of your sports betting activity, including details such as the date and time of your wagers, the teams and scores you’ve used, as well as the outcomes of your wagers. Remember that you’re required to report any winnings of more than $10,000 to the IRS, so make sure that you do your reporting promptly.
These documents, along with your personal financial records, are essential in the event that you end up in court, or if you’re audited by the IRS. The gaming commission in Nevada actually has specific rules regarding what documentation must be kept regarding sports betting activity, including income and expense documentation and an email or hard copy of every transaction, along with its source. Make sure that all of your records are housed in a safe place, as well as backed up regularly, in case disaster strikes.