For decades, Americans have been restricted by federal and state law in their ability to gamble. Sure, there have been loopholes and exceptions for certain events, but basically the regulations prevented most people from participating in the sports betting industry. That all changed in 2018.
The year began with a bang as the Supreme Court decided the legalization of sports wagering in the United States was inevitable and overturned laws criminalizing sports betting. Soon after, a number of states followed suit and allowed for legal betting in some form or another.
Although the regulations surrounding sports betting are still somewhat fluid, the industry has already made a serious impact. According to the American Gaming Association, about 20 million American adults now have a passion for sports betting. That’s more than half the population. And the number keeps growing.
The Basics Of Legal Sports Betting
To become a legal sports bettor in a state, you must first of all meet the minimum age requirements. In most cases, you must be at least 21 years old. You’ll also need to pass a background check and abide by all state and federal laws. In addition, you’ll need to ensure you have the necessary infrastructure in place to accept sports bets. The betting exchanges, for example, have to be accessible to U.S. residents and legal establishments must be able to offer U.S. customers. Finally, you’ll need to register with the state gaming agency. Some states require a $5,000 license and some states require an $85,000 license. Those numbers vary by state but are generally quite high. They go up and up, in some cases, exponentially. This is intended to deter would-be illegal sports bettors. Besides, you’ll also have to have some cash on hand to fund your sports betting account.
Where Can You Bet?
Since the legality of sports betting is still somewhat fluid, the most recent sports betting legislation in many states prohibits people from placing bets anywhere in the state except for certain locations. Nevada, for example, has completely legalised sports betting throughout the state, which makes it the center of the betting universe. The only places you can’t place bets in Nevada are hotels, restaurants, and the like. The majority of the U.S. states, however, have some sort of restrictions imposed on them. In most cases, you can only place bets in a specific location, specified by the state. In a few cases, such as New Hampshire and Ohio, you can place bets at any location within the state.
How Do You Place A Bet?
Once you’re in the right place and the infrastructure is available, all you have to do is make a deposit and then place your bets. Most sportsbooks will have all the major games and odds updated frequently, so you’ll always have the latest information at your fingertips. Placing a bet is easy—it’s actually quite similar to placing an order at a restaurant. You give the sportsbook your best estimate of how the game will play out and they do the rest. When you place a bet on a game, you are not committing to wagered amounts, as you are doing business with a bookmaker. Books will usually give you an option to specify the amount you are willing to wager on each individual game.
Where Can You Buy And Sell Bets?
The same as with any other type of betting, you can use various online platforms to buy and sell your sports bets. These platforms, also known as bookmakers or betting exchanges, are widely available across the U.S. and most of them also offer an international option, which makes them accessible to players from around the world.
The Advantages Of Legal Sports Betting
For starters, you can now bet on sports in nearly every state in the U.S. This means you can enjoy the action in all the major sports leagues, with the exception of the CFL, which operates in Canada only. In most cases, you’ll also find that the majority of sportsbooks offer a nice variety of sports, with the exception of a few that only deal with motorsport.
Beyond that, you’ll have access to a massive array of sporting events, both in the U.S. and internationally. The availability of these games makes it much easier for Americans to follow their favorite sports teams and events. This in turn makes it much easier for American businesses to track the results of sporting events, since they will have access to a much larger market.
The Disadvantages Of Legal Sports Betting
Although there are a number of advantages to legal sports betting, there are also some disadvantages. First of all, it’s important to keep in mind that you are still engaging in illegal activity. Secondly, the odds and the range of wagers will vary by location and can be quite different from those located in other parts of the country. This can lead to some pretty hefty fluctuations in your winnings or losses, depending on where you place your bets. Finally, having a passion for gaming and sports can make you an attractive target for sports criminals. This is another area where the industry can improve on, to ensure the safety of its participants.
The Impact Of Legal Sports Betting On Sports
One of the major impacts of legalized sports betting in the U.S. is that it has opened up a whole new world of betting competitions. Back in the day, if you wanted to bet on sports, you’d have to go to a track house or a sports bar and place your wagers there. Now, with the majority of states legalizing sports betting, you can place your bets at home, on your phone, or at a brick-and-mortar sportsbook. The world is at your fingertips. And for competitive gamblers, this has serious ramifications. Since it’s now legal to bet on sports, the competition for the best odds and the best lines has also increased dramatically. This has made it much easier for recreational gamblers to have a good time betting on sports, while ensuring that the industry continues to evolve and improve.