The Legalization of Sports Gambling
It has only been less than a year since the Supreme Court ruled the Professional and Amateur Sports Protection Act of 1992 is unconstitutional and legal sports betting has taken over the sports world. An act that used to be taboo and only legally allowed to do in one state…no not that, but that is true…we talking about wagering real money on real games and all done legally.
It cannot be stopped; once betting on the games becomes as common as it surely will, even laws banning betting would have little impact.
Traditional Sportsbooks and Sports Betting Technology
There have are now so many way to now place your sports bet. You still have your traditional sportsbooks and sportsbook management software, where you can go up to the window and place your bet. But thanks to technology, many bettors can now bet from their phone and from sports betting kiosks placed in heavily trafficked areas.
Who, What and Where
Since that time there have been 29 states and D.C., introduce 77 bills to legalize sports betting. Ken Adams of CDC Gaming Reports has a great article detailing what the landscape is soon to look like.
The details differ greatly from state to state and each state is planning to use its sports betting windfall to fit its needs. Each state must address at least three separate issues – who, where and what to charge for the privilege of accepting wagers. The potential operators are casino companies, the lottery and companies exclusively dedicated to sports betting. The locations will depend on the type of entity chosen to conduct the wagering.
Besides casinos, the other possibilities include bars, fraternal organizations, truck stops, grocery stores and restaurants. Those are locations that currently have slot machines or keno games in many states making them a logical choice for sports betting. Free standing kiosks are also a possibility. At the moment, Rhode Island and Nevada are the only states that permit sports betting kiosks. For any state looking at options, kiosks operated by the state lottery are certain to be very attractive. The tax rates discussed vary widely. The rates imposed by the states that have already legalized sports betting run the gamut from 34 percent of win imposed by Pennsylvania to the more reasonable 12 percent Mississippi charges.
The competition is going to be intense between the lotteries and the casinos. Casino companies are lobbying heavily for the privilege at every opportunity. To further strengthen their bid, large casino companies have been very active forming partnerships with the major wagering companies, such as William Hill, Ladbrokes, FanDuel and DraftKings. The alliance of the largest casino companies and largest sports betting companies may seem unbeatable. But in some states, lotteries are proving to be very influential and strong candidates for bookmaking licenses.
My favorite line from the article is:
Like tattoos, skateboards, rap music and reality TV, sports and sports gambling is a cultural phenomenon, a trend that will run its own natural course. It is just in its infancy and there is a lot of growth to come.
Don’t look now, but sports betting is on it’s way and due to some of the recent success these books have been having, it only going to grow, get bigger and become unstoppable.
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