The latest craze that’s sweeping the nation is sports betting. States like New York, Pennsylvania, and Illinois have completely banned the practice as of January 2020, but that hasn’t stopped people from flocking to places like Las Vegas and beyond for their fix. The reason for the hysteria? Even people who are opposed to sports betting see the potential for growth that it brings.
Why Are People Embracing Sports Betting?
The most convenient and widely available platform for sports betting is smartphone apps. You can download a variety of apps to your phone which provide you with real-time odds, as well as the ability to make wagers on games you’re interested in. The ability to access betting information when you want it, where you want it, and how you want it makes sports betting an incredibly attractive option for busy people.
In the past, people who wanted to place bets had to go to a bookmaker’s office or a newspaper’s website to make their wagers. Now, with online platforms taking the place of land-based bookmakers, people can place their bets wherever they choose. The only limit is their smartphone’s data plan, as you’ll need at least 10MB to register for an online sportsbook account.
When Will Sports Betting Come To Ohio?
While it’s impossible to predict when or if online sports betting will become available in Ohio, it’s clear that the state needs to prepare for the day it does arrive. The Buckeye State currently bans all forms of sports betting, but that won’t stop the wave of change that’s coming. In fact, it may even push it forward.
The bottom line is this: if you’re running a business in Ohio, you need to know how to handle sports betting as part of your customer base. It’s clear that many people are interested in trying out the exciting new sport, and you need to be ready to take their wagers when they’re offered to you.
How Do I Handle Sports Betting?
According to the law, you can’t actually “handle” sports betting. What you can do is establish the rules and regulations around it. Before you know it, your office will be overrun with men in suits arguing over whether Cleveland should be allowed to establish a sports betting line or not.
First and foremost, decide what you’ll and won’t accept as a customer. For instance, if you decide that you won’t accept payouts greater than $15, you won’t have to worry about large sums of money changing hands. The $15 limit will also prevent your customers from being ripped off by unscrupulous bookmakers. It’s a common complaint that people have about traditional bookmakers: they either charge exorbitant fees or they take large percentages of the winnings.
Establishing a $15 limit on payouts will also mean that you won’t have to worry about your customers getting ripped off by sportsbooks who accept payments greater than $15. Some companies will even match payments up to $15 or provide a $15 credit for new customers. That’s a great way to establish credibility with your audience since you’re essentially giving them a free $15.
Another important consideration is whether you’ll allow people to bet on teams or players who are currently playing. Some companies allow bets on teams when they’re out of the game, while others don’t. It’s a grey area, and you don’t want to get caught between a purist and a bookmaker who wants to make a profit from your fans’ bad decisions.
What Other Considerations Should I Make?
Besides limiting the size of your payouts and establishing how you’ll handle sports betting, there are several other considerations that you need to make. First, decide how much you’ll charge for your services. Some companies will waive your bank fee if you sign up with them, and many offer free bets for new customers. Establishing a pricing structure that’s consistent with your limitations will help customers who are already aware of your rules and regulations feel more comfortable interacting with you.
Deciding how much you’ll charge for sports betting is important, but you need to consider the bigger picture. Just because you don’t accept certain bets doesn’t mean that you should undervalue your services. After all, if someone wants to bet on the Browns, who else will they turn to?
If you decide to handle sports betting, the next step is to figure out how. There are several options, and while none of them are ideal, at least one of them will fall within the law. Hopefully, after reading this article, you’ll have a clearer picture of how to proceed.