The Legal Status of Sports Betting
Laws that regulate sports betting
The federal government is looking at ways to reshape the rules surrounding sports betting. The industry is booming, and it contributes to the economy in many ways. For instance, sportsbooks in Nevada generate over $3 billion in revenue each year. However, most of that money is funneled to offshore sites that are legal.
There are three main laws that govern sports betting in the U.S. These are the Wire Act, the Professional and Amateur Sports Protection Act, and the Unlawful Internet Gambling Enforcement Act. While these laws are not the sole reason why sports betting is legal, they are the primary force behind it.
Terms associated with sports betting
While sports betting can be quite complex, it is important to understand the lingo associated with the industry. The terms associated with sports betting can help you navigate the market and increase your chances of winning. There are a number of terms you should know, including bad beat, accumulator, and chalk. The odds of winning a wager will determine the type of bet you place, and understanding these terms will help you select bets that will maximize your winnings.
You may also be familiar with the term “double chance.” A double chance wager means that you have two chances to win a bet. For example, a soccer game could end in a tie or win. In such a case, you could make a double chance wager and win double the money.
States that have legalized sports betting
As sports betting has grown in popularity across the country, many states have decided to legalize it. As of 2018, more than 30 states have legalized it, with more than 20 of those states having legal sportsbooks. A quick look at the legal status of sports betting in these states shows that there are few barriers to its success.
New Jersey is a prime example of a legalized sports betting state. Since its legalization, New Jersey has become the “Vegas East” of the U.S. It is worth noting that New York failed to legalize when New Jersey did, losing more than $1.3 billion in tax revenue. Meanwhile, North Carolina legalized sports betting for two tribal casinos in 2019, with the first bets being placed in March 2021. The state was also considered a frontrunner to legalize online sports betting in 2022 or 2023, but ultimately fell short. This was largely due to confusion over rewritten legislation and concerns over collegiate betting.