The Implications of Regulating Online Sports Betting
Online betting is any form of betting conducted online. This includes sports betting, online casinos and virtual poker. The first online betting venue open to the public, was online ticketing for the first Liechtenstein International Poker Tournament in October 1994. Since then, online betting has become more popular and is now an integral part of most major sporting events and games.
There are many questions surrounding the future of online betting in the United States. Some worry that it may lose its congressional support given that many members of Congress are strong supporters of online gaming. Others believe that online betting will increase because it will allow states to experiment with new tax laws. A few states such as Montana already allow online gaming and sales. There is no current legislation preventing states from legalizing sports betting or allowing states to enact statewide gambling initiatives.
Opponents argue that the U.S. should not make it legal for online casinos and sports book businesses to operate within the states. The main argument against legalized online gambling revolves around the concern that it will make it illegal to operate online in certain areas or if you run a website in a particular state, that it could have an impact on that state’s gambling, online gaming and business climate. For example, if the U.S. legalized online betting but then placed all of the state casinos out of commission, that could hurt the Las Vegas economy which depends so heavily on the gambling industry.
Since there is no Congressional committee looking into the online betting industry, some members of Congress (particularly Republicans) see the new bill as an opportunity to increase their political power. Legal wagering is already illegal in some states, such as California and New Jersey, but only in a few isolated instances, such as in the case of online betting. With just a simple majority in the Senate and a House with a likely majority, some legislature members see an opportunity to make their constituents vote against something they consider liberal-oriented or fundamentally liberal-laired. Whether this new legislation actually ends online betting or makes it illegal across the board remains to be seen.
It’s easy to look at the politics of online wagering and say “oh well, maybe Congress won’t do it anyway” and move on. However, that might not be the best approach. If the law becomes universally implemented it could force U.S. companies to stop operating in certain countries and/or create new laws for U.S. companies to follow. In other words, if it becomes the law there is no way to be sure how your bets are placed and there is no recourse if they are placed incorrectly. As more controversy erupts around sports betting, we’ll see how the future of America’s legal system may play out.
If you’re considering placing bets on college football, auto racing, or any other type of sporting event, now is a great time to take action. While the law surrounding online betting in the U.S. is still pretty hazy, the trend is clear – stay ahead of the curve. While sportsbooks don’t like being compared to organized crime, there is no denying that they are an integral part of the American sports industry. Online sportsbooks have been used for years by ardent fans and professional gamblers alike to place their bets on any event imaginable, and while the future may hold many clues about the way the law will impact online betting, there’s no denying that the sports books will always remain a staple element in the American sports landscape.