Legalizing sports betting in New Jersey, Delaware, Rhode Island, and Minnesota are two great steps towards a more regulated sports betting industry. While regulated markets are not perfect and illegal operators still have their advantages in the era of legalization, they are generally safe. Technological improvements and intense competition are also contributing to safety. Let’s take a closer look at the current status of legal sports betting. Here are some things to keep in mind.
Legalization of sports betting in New Jersey
The state of New Jersey recently legalized sports betting, and all eight casinos are now prepared to accept bets. The state expects a total annual handle of $124 million for sports betting, although the true size of the market may be even higher. Online sportsbooks are allowed as long as they partner with a physical casino. The state has approved licenses for internet gambling and for casinos and racetracks to operate up to three sportsbooks.
Many people believe legalizing sports betting in New Jersey will lead to increased revenues, reduce budget deficits, create jobs, and boost tourism. And while it may seem hard to see immediate benefits, sports betting in New Jersey could benefit the entire state. The state’s stance on legal sports betting is unique, but it is likely to help the state’s sports betting industry in the long run. If the bill passes, it will fast-track through the legislature.
Legalization of sports betting in Delaware
A long time ago, when PASPA prohibited sports betting, Delaware had already implemented a parlay play system that allowed lottery customers to place bets on three NFL games at one time. Winning bettors were only paid out if their selections were all correct. But that was before the federal ban on sports betting, which banned sports gambling nationwide. Delaware’s sports gambling laws still remain more liberal than most states’, though.
The state of Delaware has a long history of gambling. Colonists in Delaware first bet on horse races as early as the 1760s. Puritanism did its best to ban the activity, but it eventually made its way back into the state. Legal horse racing and harness racing are now conducted in Delaware under the stewardship of the Delaware Thoroughbred Racing Commission. Legal sports betting will be permitted in Delaware beginning in June 2018, making Delaware the first state to legalize full online gambling.
Legalization of sports betting in Rhode Island
The Rhode Island lottery has legalized sports betting and horse races, but daily fantasy sports aren’t considered gambling. While lawmakers have tried to pass legislation that would make these contests legal, the state lottery maintains that they aren’t. Additionally, attempts to regulate the industry would violate the state’s constitution. Still, Rhode Island residents enjoy a variety of sports. In fact, some sports are more popular in this state than others.
A professor at Holy Cross University, Victor A. Matheson, said the difficulties Rhode Island encountered with sports betting are unlikely to recur in future years. Matheson also said that casinos often make mistakes in the spreads they offer and beat laymen over time. Despite the challenges of regulating sports betting in Rhode Island, the state is banking on more losses than profits from the industry in the state’s fiscal year.
Legalization of sports betting in Minnesota
Legislation to legalize sports betting in Minnesota has been on the table for some time, but it’s not clear when it will actually pass. While the Minnesota House Finance Committee approved a bill that would legalize sports betting, the issue is still awaiting the full Senate’s approval. Then, the bill would go through a conference committee, which could work out differences. It’s not clear when legalization of sports betting would actually become law, but it’s certainly a step in the right direction.
The House passed a bill last week that will allow sports betting in casinos run by the state’s 11 tribes. The bill would create two 20-year “master mobile sports betting licenses” – one for tribal entities north of Interstate 94, the other for those south of the interstate. Taxes on sports betting would be 10% of gross gaming revenue, and the money would be split between the Minnesota Amateur Sports Commission, the department of human services, and the Department of Public Safety.