States are most interested in maximizing taxable revenue from sports betting. While this is a legitimate concern, it is important to remember that it is also important to protect the integrity of sporting events and games. In many cases, the decisions affecting sports betting are purely about money. As such, it is essential that states identify an appropriate regulatory body and tax rate.
Delaware legalized sports betting
Delaware legalized sports betting last year, becoming the first state to legalize it. The state’s governor, John Carney, signed the legislation with little hesitancy. The state prepared the framework for sports betting prior to the SCOTUS ruling, and has been operating sports betting since June 5. This early entry has already paid off, bringing in solid tax dollars for state coffers.
The Supreme Court has repealed the 1992 Professional and Amateur Sports Protection Act, which banned sports betting in the United States. Delaware is one of the few states that was exempted from the federal ban. This legislation has made it legal for Delaware residents to place a limited number of sports bets, including three-team parlays on NFL games.
Pennsylvania preemptively legalized sports betting
In October 2016, Pennsylvania legalized sports betting and online gambling. This new law imposed a 2% tax on sports betting in local municipalities, which is still far lower than the 54% tax on slots. But that tax will be tough to swallow for sports books in Pennsylvania because the margins are razor thin.
Sports betting is legal in several states, including Oregon, Nevada, and Pennsylvania. While Oregon does not allow sports betting on college sports, it has sportsbooks. FanDuel Sportsbook is one such sportsbook in Oregon. Several other states have grandfathered their sports betting laws.
North Carolina legalized sports betting
If you live in North Carolina, you are a part of a growing industry. Legalized sports betting is quickly becoming one of the fastest growing industries in the U.S., especially when it comes to online wagering. The Supreme Court lifted its ban on sports betting on May 14, 2018. Since then, the legal sports betting industry has been growing rapidly across the country.
A recent bill introduced in the North Carolina legislature aims to legalize sports betting in the state. The bill, sponsored by Senators Jim Perry and Paul Lowe Jr., is expected to pass the state’s legislature by October 1. But, there’s still a long way to go until sports betting opens in the state. And, unlike many states, North Carolina hasn’t yet made any attempts to regulate online gambling.
Maryland legalized sports betting
The state of Maryland legalized sports betting in November, allowing people from the state to bet on a wide variety of sports events. The new law allows a variety of sports betting options including online and mobile games. Maryland also allows bettors to place moneyline bets, or bets that don’t add up points. These bets are typically placed on the underdog or favorite team.
One of the most popular sports in the US is the National Hockey League, or NHL. As Maryland legalized sports betting, there is a plethora of betting opportunities in this fast-paced and action-packed sport. Bettors can enjoy betting on teams like the Washington Capitals, or wager on big events such as the Winter Classic or playoffs.
Kentucky legalized sports betting
Kentucky lawmakers are looking to legalize sports betting. A bill passed the House in March, but the Senate has yet to vote on it. While most Democrats are on board with the bill, there are some Republican lawmakers who are skeptical. The Senate normally sits for only 30 days during odd-numbered years, making it difficult to pass legislation with enough support. The state could see a big tax revenue boost if sports betting becomes legal.
Despite the potential for tax revenue, the biggest challenge will be finding a way to make legal sports betting work in Kentucky. Although lawmakers have proposed legalizing sports gambling in Kentucky, they’ve been unable to muster the support they need. It’s unlikely Kentucky will be able to legalize sports betting until 2021 or 2022. While it’s difficult to change decades-old laws and beliefs, it could bring in much-needed revenue for the state.