The global online gambling world alone is worth an estimated $46 billion employing over 1.4 million people, and by 2024, it is projected to be worth at least $94 billion. Needless to say that online gambling is a large market that has huge profit potentials.
Before the Supreme Court’s decision on May 14, 2018, to lift the ban on sports betting in the United States of America, Nevada was the only state where you could legally bet on the outcome of a game. As a result, the power to decide whether sports betting was legal or not now rested in the hands of the various state governments.
Since the landmark ruling back in 2018, Delaware, New Jersey, Mississippi, West Virginia, and several other states have made regulated sports betting legal within their boundaries. Other states where sports betting has not yet been legalized are already in the process of permitting it. The only exceptions to this are Idaho, Wisconsin, and Utah. These states have anti-gambling laws that are as old as the states’ constitution.
Even as regulated sports betting has been legalized, the full implementation of mobile sports gambling has continued to hit speed bumps in America. This is mostly due to political pressure, and other considerations still have to be made. These processes, however, cannot happen overnight because of the nature of sports betting.
The stringent legal requirements that govern online sports betting have posed a significant speed bump for the proliferation of regulated online sports betting operators. In Pennsylvania, for example, a sports betting license costs a whopping $10 million. This fee does not include the 36% tax imposed on the operators. These and several other regulations put in place by the various state governments have made the industry very unattractive to potential investors and operators.
However, several regulated operators still exist. You will have to search for sport betting operators that are licensed to operate in your location. If you reside in America, there are several of them. If you live in Canada, check Betsafe.com/ca/.
After online sports betting was made legal in many states in the US, many operators that started offering state-regulated online betting services have at one point or the other encountered severe technical issues. Some of these issues include computer glitches that have, in the past, changed the odds for games by only a few numbers for just seconds. The glitches can potentially disrupt betting activities and result in massive losses for either the operators or the bettors. Given this possibility, several states are still exercising caution and patience before they will fully legalize online sports betting.
The Addictive Nature of Sports Betting
Betting can affect the brain that is very similar to the kind stimulated by drugs and alcohol. As a result, it can be very addictive, even leading to a gambling disorder called compulsive gambling. This disorder is more likely to affect younger gamblers.
People who suffer from compulsive gambling disorder will knowingly place bets that may lead to losses, exhaust their savings, amassing enormous debt, and resort to stealing to sustain their gambling addiction. This potential danger that online sports betting presents have been another factor that has delayed the widespread legalization of online sports betting in America.
The Memory of the Black Box Scandal
The World Series Major League Baseball game-fixing scandal of 1919 is one issue that keeps coming up when sports betting is discussed. It is a memory that shows just how much influence sports betting can have on the sport itself. It is one of the many reasons why full-scale legalization of online sports betting has been delayed.
Depending on where you live, several sports betting operators may be available to you. Ensure you do a little research before placing bets with any operator so that you don’t break the law.