For decades, sports betting has been an expensive and largely inaccessible hobby for the average person. It has largely been reserved for the wealthy and well-connected, and often involves significant financial risk. This has changed in recent years with the progressive legalization of sports gambling throughout the United States.
Now, with the proper licensing in place, sports betting is finally becoming a legitimate and safe hobby for the average person. Today it is possible for anyone to enjoy the thrill of betting on their favorite team during a televised event. And best of all, it’s possible to do so legally.
Thanks to the efforts of various non-profit organizations and lawmakers looking to make sports betting available to more people, the future of sports betting in Nevada looks incredibly bright. Let’s take a look at what is happening in Nevada as we continue to wait for the ideal conditions to thrive for sports betting.
License Requirements
One of the first steps towards legalizing sports betting in a state is to create clear licensing requirements. While there are no exact figures available, it is estimated that somewhere in the region of 500,000 to 1 million Americans currently engage in some form of illegal sports wagering. The number of people putting down their hard-earned money on sporting events without legal authorization is truly shocking. Illegal sports wagering is often referred to as ‘greyhound racing’ because of the similarities in how the games are conducted and the way the business is structured.
According to the Nevada Gaming Agency, the state legislature is currently considering a bill that would license and regulate sports betting in Nevada. If this bill passes, it will be the first of its kind in the country, as Nevada would be the first state to have legal sports betting. The bill would also impose new limits on how much money an individual can wager per year, as well as establish minimum age restrictions for sports wagering.
The organization behind the development of the legislation is the United States Sports Wagering Association. USSA helps to oversee the regulation of sports wagering in 28 states, including Nevada. The group is committed to creating an environment where sports betting is accepted and tolerated, rather than viewed as a criminal activity. With the support and guidance of the USSA, sports betting in Nevada could become a reality sooner than you’d think.
Legalized Sports Wagers In Other States
The good news doesn’t end here. The momentum to legalize sports betting in more and more states continues to grow. As mentioned above, Nevada would be the first state to have legal sports betting. But that doesn’t mean it’s the only state that will. As of 2018, there are currently 12 other states that have legalized sports wagering, and a total of 24 states that are currently considering legislation to do the same.
In 2018, New Jersey joined the 12 states that have already legalized sports betting, marking the first time in history that New Jersey has allowed such a law to pass. The state legislature passed the bill with a 34-0 vote in the Senate and a 132-0 vote in the House. It is anticipated that in the coming months, New Jersey will officially launch its sports betting program. Let’s take a quick look at how recreational sports betting will work in New Jersey.
New Jersey’s Betting Options
Like any good neighbor, New Jersey is looking to make life as easy for its residents as possible. One way of doing this is through providing them with a variety of options when it comes to betting. For instance, while it won’t be possible to wager on individual players as in tennis or baseball, New Jersey has opted to allow individuals to bet on the outcome of entire games. This will allow residents to feel as connected to a sporting event as possible even if they can’t be there in person.
You’ll be able to wager on horse races, football, basketball, and more. It’s almost as if New Jersey wants to give residents as many options as possible when it comes to spending their money. Whether you’re a diehard New York sports fan or an avid fan of professional wrestling, you will be able to find an event to bet on. This could potentially make recreational sports betting in New Jersey a whole lot more exciting.
New Jersey’s Financial Regulations
One of the most significant impediments to legalizing sports betting is ensuring that the activity is financially sound. Just like any other form of gambling, there is a chance that a bookmaker could go out of business due to excessive debts. Therefore, it is imperative that the industry is financially regulated and monitored closely by local and federal governments. Fortunately, New Jersey has some of the strictest financial regulations in the country when it comes to regulating sports betting. Per the New Jersey Gaming Control Act (GCA), every sports betting operation in the state must be licensed by the state. The state also requires that all financial transactions involving sports wagering be reported to the Internal Revenue Service. These regulations are in place to ensure that the industry as a whole is sustainable and trustworthy.
Nevada’s Optimistic Future
Nevada is certainly the most prominent state when it comes to legalized sports gambling, having first granted such permission in 1966. Over the years, Nevada has become a mecca for sports betting, due in large part to the favorable legislation that continues to be passed by state lawmakers. Thanks to the efforts of the USSA and similar organizations, Nevada is well-positioned to become the industry leader in legalized sports gambling.
In 2016, the state of Illinois passed legislation that would have regulated and licensed sports betting in the state. However, the legislation was widely criticized for being too restrictive, preventing residents from accessing a variety of legal betting options. Since then, rather than tighten up on sports wagering, Illinois has become a popular destination for betting due in large part to the variety of options available. In 2018, there are currently six different teams in the NFL that you can bet on, ranging from the Chicago Bears to the New York Jets. This is in addition to the various MLB, NBA, and NHL games that you can put a wager on. It seems that as more and more states legalize sports gambling, the more choices people will have when it comes to betting. This will make the experience as good as possible, providing fans with a variety of ways to follow the games that they love.