Legal Sports Betting
Despite many legal obstacles, sports betting is becoming more popular. In the U.S., New Jersey is home to the largest sports book, and Massachusetts is considering launching mobile wagering. As a result, the state’s gambling law is changing and sports betting is now regulated by the state, not the federal government. In addition, a number of states have legalized online wagering as well. The following are some of the most common barriers to legalized sports betting.
In the state of Kentucky, the first sports book will open there in 2023. In New York, the first sports betting shop will open in October. Then in the state of Indiana, there will be retail and online options. The three initial options are FanDuel, DraftKings, and BetRivers. As the industry continues to grow, the list of options will grow. In New Jersey, there are several potential legal sports books.
In most states, the first step in legalizing sports betting is a bill to amend the state’s gambling laws. While the Supreme Court case decided in favor of New Jersey, various state lawmakers are considering legislation. In Kentucky, Sens. Chuck Schumer and Orrin Hatch have introduced comprehensive sports betting legislation and the House Judiciary Committee held a formal hearing in September 2018. In Maine, a consumer-friendly bill was vetoed by Governor Maggie Hassan, but an override was passed. The Massachusetts bill is also in the works.
Common Barriers to Legal Sports Betting
In Virginia, a bill to legalize sports betting in the state is in the works, but the legislature will not act on it until the 2020 legislative session. The Kentucky legislature has already passed a bill that would regulate online wagering, but it was blocked by anti-gambling conservative groups. Meanwhile, in Maine, a bill that was more consumer-friendly was vetoed by the governor. In other states, Massachusetts has been stalled due to anti-gambling sentiment, and the state is currently seeking to pass a legal sports betting law.
Although South Carolina has passed the SB 552 bill, it will not be passed into law until after the state’s legislative session in 2020. The bill will affect only riverboat casinos and new casino constructions, but it has been adopted by the legislature. In Louisiana, the SB 552 law covers sports betting. In the state, the SB is related to the maximum number of licenses an owner can hold. The SWF 617 legalizes sports betting, but it contains other details. The laws will set a 6.75% tax rate on revenues and mobile wagering, among other things.
Illinois is expected to be a major player in the U.S. market for legal sports betting. It is a heavily-populated state and has not had much success in other states, but it is expected to do so in 2022. The bill is still in the early stages, but it is an important step in the process. It will take time to make the process as smooth as possible, but it is a sign of things to come.