Sports Betting: Legalization in Different States

In the USA and Great Britain, providers of sports betting earn billions. Germany will soon follow suit, as the laws become more relaxed. The hottest gambling metropolis of the USA is not called Las Vegas, but Atlantic City. The coastal city of the otherwise rather unglamorous US state of New Jersey has been experiencing a rise to become America’s sports betting Mecca for almost two years now.In May 2018, the American Supreme Court rejected the 26-year-old PASPA law after New Jersey had filed a lawsuit against it. The Professional and Amateur Sports Protection Act empowered the government in Washington to ban all 52 states from legalizing sports betting. The requirement was unconstitutional, the supreme judges ruled, and returned the decision to the states. New Jersey lost no time: only one month after the decision, players were able to place their first bets.

“Today, we are making the dream of legal sports betting in New Jersey come true. Our casinos in Atlantic City and our racetracks can attract new businesses and new fans, improving their long-term financial prospects. This is the right path for New Jersey and it will strengthen our economy,” Governor Philip D. Murphy said in June 2018. A year later, the state was looking at more than $3 billion in bet on sports.

In the months since the Supreme Court decision, 21 states have legalized sports betting, with the first betting offices – whether virtual or in the form of shops – already open in 14 of them. A further twelve will vote this year on the admission. According to estimates by the market research company H2 Gambling Capital, legal bets worth nine billion dollars were placed between May 2018 and May 2019.”With an average betting fee of 6.7 percent, it can be assumed that providers generated a gross profit of 600 million dollars,” the analysts say. This means that the market has doubled in the last twelve months. And the boom is continuing: in 2030, the industry experts expect a gross profit of 8.42 billion dollars. Gold rush mood. Online providers, sports leagues, statisticians, casinos – everyone wants to earn money. Companies such as DraftKings and FanDuel have become famous with fantasy betting games: Participants put together a fictional team, for example in football, score points based on the players’ scores, and the best one wins a cash prize. Both fantasy game giants now offer sports betting. Bets placed via mobile phones and the Internet already account for a large proportion of legal bets. Business is going so well that Draft-Kings has announced an IPO for 2020, FanDuel is also aiming for an IPO. Both companies have signed contracts with the basketball and football leagues NBA and NFL to obtain statistics for their betting services. The leagues also sell their statistics to sports service companies such as the Swiss group Sportradar and to casino operators such as MGM Resorts and Caesars Entertainment, which have long since started offering sports betting themselves. Sports broadcasters such as Fox Sports and ESPN can also hope for profits: Betting opportunities mean more TV viewers watching the game in suspense. Live betting, where players can bet money even during the match, promises to be a gold mine:

“We are creating a market that did not exist,” Scott Warfield, Managing Director of Gaming of the American Motorsports Association, told the news channel CBS. “How do we get our fans to watch 30 or 45 minutes longer? We can if they bet on the second stage or on who will lead in the 100th lap. There’s a lot to bet on. “Britain has shown how the industry is inextricably linked to professional sport. 10 out of 20 football teams in the Premier League this season have the name of a betting company on their jerseys as a sponsor. Once primarily focused on horse betting, Britain’s betting industry experienced a boom from 1961 onwards, when the Betting and Gaming Act allowed British operators to open offices off the track. In 2005, the government permitted advertising for sports betting. In 2005, the government allowed sports betting to be advertised. In 2005, the government allowed sports betting to be advertised in 2005. 2017, researchers at Goldsmiths College, University of London, studied the broadcasts of three football matches and found that viewers on the BBC saw advertisements for betting providers 71 to 89 percent of the time: as perimeter advertising, on players’ jerseys, as TV spots or inserts during the broadcasts. The triumphal march of smartphones promoted the boom. Bet365 focuses on bets that can be placed online and mobile and is one of the most successful companies in the UK. Providers such as William Hill, Paddy Power and Ladbrokes grew up with betting shops, but now all have online offerings. Critics are worried that the all-round sound system is driving people into a gambling addiction. According to a study by the Gambling Commission, which has been regulating and monitoring the industry since 2005, 0.6 percent of all players show problematic betting behaviour because they play too often and bet more money than they can afford to lose. The age group of 25 to 34-year-olds is particularly at risk. Critics are therefore calling for a ban on advertising and stricter monitoring of providers.

About RJ Frometa

Head Honcho, Editor in Chief and writer here on VENTS. I don't like walking on the beach, but I love playing the guitar and geeking out about music. I am also a movie maniac and 6 hours sleeper.

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