While sports betting has gained legal status in many states, the market is still not homogeneous across the country. Illegal operators offer some advantages in this era of legalization. State-licensed operators are generally safe, but technological advancements and fierce competition are making the industry safer and more regulated. But whether legal sports betting is better for your financial and personal safety is debatable. Read on to find out. If you’re looking for a safe and convenient way to place your bets, here are some things to consider.
Legalization of sports betting
The recent SCOTUS decision to overturn the federal anti-gambling law PASPA has many states rushing to legalize sports betting. These changes were largely motivated by the potential tax revenue from sports betting. The impact of legalizing sports betting on the fiscal picture depends on the relationship between sports book spending and overall gambling expenditures. Legalized sports betting will generate more tax revenue if overall gambling spending is flat or increases. This is because sports betting isn’t the same as online gambling, which means that tax revenues from legalized sports betting will be much smaller than if the ban were still in place.
Since the US Supreme Court ruling, only three states have not yet legalized sports gambling. Of those that have, only Nevada and Delaware have been operational. Of these three states, three have legalized betting but not operations. The rest are expected to either introduce legislation to legalize the industry or hold a referendum on the issue. However, legalization in these states will only take effect in the near future. Legalized sports betting can be a lucrative business, generating millions of dollars for local governments and tax revenues.
Daily fantasy sports in at least 40 states
There are several barriers to daily fantasy sports betting legalization in the United States, and some states have already made decisions regarding these issues. In California, the Assembly approved a bill legalizing the practice in January. Its authors, Assemblymember Adam Gray, Reggie Jones-Sawyer and Cheryl Brown, set forth a process for DFS sites to be licensed in California, but did not specify tax rates or licensing fees. A new bill in the state’s Senate is expected to address this issue as well.
Although some states have not yet legalized daily fantasy sports, more are regulating them than others. Arizona, for example, prohibits betting on fantasy sports in real money. Other states, including Kansas and Indiana, regulate the practice. While many argue that daily fantasy sports are illegal gambling, such statements have not been proven. For now, Colorado, Kansas, Indiana, Massachusetts, Missouri, New York, Tennessee, and Washington have adopted laws regulating the practice.
Legalization of sports betting in Maryland
In the spring of 2020, the Maryland legislature passed a bill that authorized sports betting at licensed facilities. However, the COVID-19 pandemic cut short the legislative session, so lawmakers were forced to tinker with the bill in order to pass it. Ultimately, they settled on a more limited bill that granted the Maryland Lottery and Gaming Control Commission regulatory authority. The law passed and became effective May 18, 2021. Online sports betting in Maryland is not expected to open until fall 2022.
The state’s medical marijuana industry began operations in 2016, but most businesses were white-owned. Lawmakers increased the number of licenses in 2018, hoping to encourage minority-owned businesses in economically depressed areas. However, the new law was held up by a lawsuit alleging technical mishaps. The state’s Attorney General also issued a report saying sports betting in Maryland would need voter approval. Nevertheless, lawmakers didn’t give up.