Legislation to Legalize Sports Betting
When a gambler decides to place a wager on a sporting event, they do so through a “bookmaker,” or wager broker. The term “book” refers to the records kept by the bookmaker. Legal sportsbooks are located in select markets and operate out of jurisdictions separate from their clients. Generally, these sportsbooks accept “up-front” bets. A few legal sportsbooks are not located in Nevada.
Several major sportsbooks have popped up in the past year, including the New York-based Betfair, which has not yet launched. However, other states are preparing for the future and are considering laws that will make gambling legal. In Kansas, for example, the new law will allow for statewide mobile wagering and in-stadium sportsbooks. This law is expected to take effect on the opening day of the 2021 NFL season.
Some states have already passed legislation that legalizes sports betting. In Kentucky, the bill was introduced in 2018 but was stalled by anti-gambling conservative groups. In Louisiana, a ballot referendum passed in November bringing brick-and-mortar sportsbooks to state-run casinos. A similar bill in Maine failed in a ballot referendum in November, but passed in the state legislature. Earlier this year, a Maryland bill was approved by the governor, but was vetoed by the Governor Mills. In April of the following year, a new law will allow online gambling in that state.
Although the sports betting tax was introduced in Arizona in 1974, it has not passed in other states. In Kentucky, a gambling sportsbook bill has been under consideration since 2017, but has faced opposition from anti-gambling conservative groups. The bills in Louisiana and Montana have already passed, and the state legislature is currently considering legislation to legalize the gaming industry there. The goal of these bills is to legalize online gambling by fall 2021. If successful, the state can compete with other states with the same regulations.
Unlike in Rhode Island, the legislation has not been passed in every state. The bill in Kentucky passed in April of 2020. It allowed mobile wagering and in-stadium sportsbooks. The bill went live on the first day of the 2021 NFL season. It is unclear when the other states will follow suit, but it’s expected to happen in the fall of 2021. This is a big step forward for the industry. If all of these laws are passed, online gambling will become a reality in that state.
A few states have already passed legislation that allows online sports betting. This legislation will allow statewide mobile betting, as well as in-stadium sportsbooks. The legalization of sports gambling will likely happen before the 2022 NFL season. If these laws are passed, it will affect the sportbook market in every state. The New Jersey bill will also allow tribal casinos to open their own sportsbooks. Lastly, the legislation will help regulate the industry.