There are many different sports you can bet on. In the fall, college football is huge. The College Football Playoff and March Madness draw casual fans off the sidelines.
College basketball is popular in the spring, but the fall brings a different kind of energy to the sports world. Both fall sports offer games with high volume, similar to NFL games.
Legalized Sports Betting
Legalized sports betting has made its way to Illinois. The state legislature passed a comprehensive gaming bill in March that allows in-person and online sports betting.
Gov. J.B. Pritzker signed the bill into law on March 9. The new law requires operators and certain data providers to obtain a license. And some platforms like online-betting.ph has the same. The state has a huge population and some big-name sports franchises.
Since New Jersey’s lawsuit, many states have attempted to pass legislation allowing sports betting, such as pay per head. While Kentucky’s bill was defeated in 2017, the state’s legislature is working on legislation that would allow sports betting at riverboat casinos.
Meanwhile, Missouri has introduced several bills aiming to legalize sports betting. These bills are currently stalled in the state legislature. However, Gov. Charlie Baker has said he hopes to have legalized sports betting in the state by 2021.
Legalized Sports Betting in New Jersey
After the Supreme Court overturned the federal ban on sports betting, New Jersey became the first state in the US to legalize online sports betting. This ushered in a new era of legal sports gambling.
New Jersey’s legalized sports betting market includes online sportsbooks, mobile applications, and land-based casinos. The state’s Division Of Gaming Enforcement regulates the new industry.
While the legislation does not specify the types of bets that will be allowed in New Jersey, sportsbooks are expected to post a list of available bets. Moreover, online sportsbooks will be required to offer two-factor authentication.
Legalized Sports Betting in Other States
Legalized sports betting in other states can be considered a step in the right direction for the industry. The federal government has accepted a tribal gaming compact with the State of Arizona that will allow retail and online sports betting.
Maryland has already passed a bill to legalize sports betting and it will take effect on June 1, 2021. Wyoming and South Dakota will also legalize sports betting, with Wyoming’s bill slated to become law on April 5, 2021. In addition, online sports betting is set to launch in Virginia on January 21, 2021.
While legalized sports betting in other states will benefit the sports industry, it is still unclear whether Texas will follow suit. As the largest state in the U.S., Texas has the most people and the most sports fans. Despite the fact that it hasn’t legalized sports betting yet, some sports fans in the state are hopeful, not least because of the legalization of sports betting in other Southern states.
However, two states that have strict gambling laws, such as Wyoming and Utah, have yet to legalize sports betting. In addition, these states have no casinos or charitable gaming events, which prevents sports betting.
Regulation of Sports Betting
The federal government has debated whether to regulate sports betting and the benefits and drawbacks of each option. For example, it has been widely debated whether PASPA violates the rights of states and violates the Equal Sovereignty Doctrine.
This week’s seminar explores the pros and cons of both state-level and federal regulation.
The federal government should consider the potential repercussions of sports betting on the black market, such as the damage to children and the harm to children caused by illegal activity. It is also important to consider the appeal of the black market when considering tax rates. Congress should also support states in their efforts to regulate sports wagering.