The decision to legalize sports betting comes down to taxation, regulation, and integrity of the game. While states and regulators are most interested in maximizing taxable revenue, it is important to keep the integrity of the game as a primary concern. Therefore, states must consider the tax rates that will be appropriate for the state and create a regulatory body.
Legalized sports betting
A decade ago, there were no legal sports betting options in the United States. However, in the last few years, that has all changed. Several states have enacted legislation that allows sports betting. These states include Nevada, Delaware, Oregon, Montana, and New Jersey.
Online sports betting
Sports betting is a lucrative and fun activity that keeps people involved. The challenge of picking the winners and losers is a great mental challenge. Online sports betting sites offer a variety of betting options, and there are plenty of promotions available to help you get started. Many of these websites offer small free bets just for signing up. Some of them even offer free funds to use while playing.
Spread betting
Spread betting is a type of wagering where the payout is based on the accuracy of the bet. It is a form of wagering that differs from parimutuel and fixed-odds betting.
Legalized sports betting in North Carolina
A recent amendment to North Carolina law would have made college sports betting illegal. However, that amendment was withdrawn just before the legislative session opened. North Carolina is the ninth-largest state by population, and sports betting would have become an extremely popular industry there. The state already has some sports betting venues, but they are located on tribal lands, more than five hours from the state capital of Raleigh.
Legalized sports betting in Tennessee
In Tennessee, a proposed bill to legalize sports betting would impose a 10 percent tax on revenue earned from gambling. Of that money, 40 percent would go to the state’s general fund and 30 percent would go to community colleges and applied technology schools. The remaining 30 percent would go to local governments. The bill is not final and could be changed with the input of local leaders. Republican State Senator Brian Kelsey supports the bill. However, Governor-elect Bill Lee opposes the idea.
New Jersey legalized sports betting in June 2018
After years of legal battle with the federal government, New Jersey legalized sports betting in June 2018. After the Supreme Court struck down the ban on most states, retail sportsbooks and online sports betting began in the Garden State. On June 14, 2018, the state’s first sportsbooks opened at Monmouth Park Race and Sports Bar and the Borgata Race & Sports Book in Atlantic City. Governor Phil Murphy even placed his first bet at a Monmouth Park sportsbook on that day.