Legal Sports Betting: Coming to a Casino Near You?

Sports betting was illegal in the United States for two and a half decades thanks to a piece of legislation called the Professional and Amateur Sports Protection Act (PASPA) that has outlawed all forms of betting on sports across the country (with the exception of Nevada, Oregon, Delaware and Montana, where it is available in a limited form). But times have changed, so it may be the perfect time to learn how to bank it or blow it when betting on sports: legal sports betting might return to the United States in the near future. And this includes betting on hockey, basketball, football, boxing, MMA, and whatever else you can think of.

Gone underground

Sports betting is legal in Europe, Australia, Canada, some countries in Asia, and in most African countries. It is a well-regulated business with both the authorities and the industry’s own groups overseeing its workings. In the US, in turn, sports betting has gone underground, with corner bookies and online operators currently handling most of the bets. And they work outside of the reach of the authorities, with no customer protection policies and without paying any taxes. In short, they are completely unregulated. But this might change sooner than you think.

New Jersey to the rescue?

New Jersey has missed out on securing at least a partial carveout on sports betting back in the 1990s and it has tried to correct this situation for years. It has taken its case to the Supreme Court this year – a hearing on the matter has been held in December, and a lot depends on its result. If things work out well, New Jersey may gain the right to legalize sports betting within its borders – and other states will surely follow its lead (some of them have the regulation of sports betting ready for the case the federal government repeals its current ban).

What does this mean for sports?

For years, sports leagues were clearly against legal sports betting as they saw it as a threat to the integrity of sports themselves. The example of other areas – especially Europe – has proven that legal sports betting can contribute not only to the welfare of sports leagues but the prevention of any foul play related to events and boosts the interest of fans in the sports themselves. Legal sports betting in the US can do the same, plus generate considerable tax revenues for the states deciding to regulate the business – which is a desirable thing for many states today. Plus, it is seen as an acceptable form of entertainment by many sports leagues, especially considering the success of daily fantasy sports which is not entirely dissimilar from sports betting.

While there’s no way of predicting what the fate of legal sports betting will be in the US, 2018 may bring major changes in the business. So keep an eye out for the news.