This is the best time to plan your own sports betting platform
Launch your own sports betting platform and mark your presence in the emerging, untapped US sports betting market. Vinfotech helps you develop the best applications for your users.
Last May, the U.S. Supreme Court abolished the Professional and Amateur Sports Protection Act (PASPA). Due to the rise of corruption in sports marketing has captured the attention of different anticorruption bodies, including Transparency International and the United Nations Office on Drugs and Crime, US government was ought to take a decision towards it.
Sports corruption takes many forms, but one of the most prevalent is match-fixing, which occurs when players or officials alter the outcome of a sporting event in a way that benefits those who bet money on those “fixed” games.
History
New Jersey has spent millions in legal fees before as well to try and legalize sports betting, even tried more than once to make it legal, but failed. The first of those efforts were made in 2012, voter’s support during that time made state legalize betting for a while in that time. The law directly challenged the 1992 law and brought on lawsuits from four major professional sports leagues and the National College Athletics Association. Eventually, new jersey lost it to the supreme court that time.
Let’s have a detailed look at each state of US and its current situation on the legalization of sports betting.
# Sports betting legal already
1. Nevada
Nevada has existed for decades in sports betting and has a strong firm in the betting industry. It has been an ideal for other states to look up to and follow the fancy game types and different rules & regulations. Nevada can be designated as a national hub for sports betting in the US market.
2. Delaware
On June 5, 2018, Delaware started a single-game betting on different sports at three casinos in the state. Delaware is expected to expand enormously maybe online presence or offshore land-based casinos. Delaware’s authorization of what Gov. John Carney described as “a full-scale sports gaming operation” happened less than a month after the Supreme Court ruled that the federal law restricting single-game betting to Nevada was unconstitutional.
3. New Jersey
On June 11, 2018, Gov. Phil Murphy signed the sports betting that had passed the previous week. A William Hill sportsbook is set to take bets also other sportsbooks in Atlantic City will offer sports betting as well.
# Moving fast with the legalization
Connecticut, Iowa, Mississippi, New York, Pennsylvania and West Virginia
These states are already moving real fast with the legalization, be it hearings or things beyond the committee stage. Some of them even got the permit to start their own sports betting platform in the states.
# Next in line
California, Illinois, Indiana, Kansas, Kentucky, Maryland, Massachusetts, Michigan, Minnesota, Missouri, Oklahoma, Rhode Island and South Carolina
They have initiated a kick-start legislation process or publicly announced to start a betting platform soon. Hearings and support votes are moving forward at different speeds in each state.
# Laws that can be expanded
Oregon and Montana
Above mentioned both the states already have certain permits and laws in favor of betting which can be easily expanded towards sports betting. Oregon offers lottery games in a pick ’em style, whereas Montana lottery currently offers a fantasy-type sports pool for racing and football majorly.
# No legalization
Alaska, Alabama, Arkansas, Arizona, Colorado, Florida, Georgia, Hawaii, Idaho, Louisiana, Maine, Nebraska, New Hampshire, New Mexico, North Carolina, North Dakota, Ohio, South Dakota, Tennessee, Texas, Vermont, Virginia, Washington D.C., Washington State, Wisconsin, and Wyoming.
States in this category are restricted from the Nevada-style sports betting. These kinds of laws need to be revoked before any full-scale sports betting could be permitted. They don’t even have publicly announced bills or proposals going on in the states.
# Doubtful
Utah
Utah’s anti-gambling rules are written in the state’s constitution. Now changing this present law which is against to any form of gambling, wagering, lottery etc. followed for decades will require a huge policy change towards the gaming industry.
Integrity Fees
A lot is heard about integrity fees after the legalization process. What exactly is integrity fees? How does it work? Whom does it benefit? If you are still struggling to find the answers to it, we got it all.
# Why Integrity fees came into action?
They are basically taxes on legal sports betting. They’ve been popularized by the NBA and Major League Baseball as they look to find a way to profit from the proliferation of sports betting in the US. The fee would transfer money from sportsbooks to sports governing bodies themselves.
# How does integrity fees work?
As proposed in front of government, they would tax handle at a rate of one percent, payable to each league on which sports wagering would occur. An integrity fee of one percent that would send that amount of wagers from the sportsbooks to the leagues, regardless of the revenue picture of the sportsbook. Using a baseline of five percent hold, a one percent integrity fee would equate to roughly 20 percent of revenue going to the leagues.
# How much can leagues make from Integrity Fees?
Using possible mature sports betting market of around $200 billion, that means about $2 billion in integrity fees would be paid out. That translate to hundreds of millions going to individual leagues like the NFL, NHL and the NCAA, possibly.
Upcoming Years
Upcoming years would be blooming and growing market for the sports betting operators, official leagues, and the US government. As it turns out to be, that with the coming years the legal sports betting could end up being more than a $57bn annual market, with probably 32 states offering sports betting within five years.
Vinfotech has been in the sports industry for almost 8 years, thus we are aware of all the laws and legalities of various continents. Our team is known and trusted for custom software development worldwide. Check our sports betting solutions and give us a call.
Blog Source: Vinfotech | Best time to plan your own sports betting platform
