During the lame duck session of the last Congress, former Utah Sen. Orrin Hatch introduced the Sports Wagering Market Integrity Act of 2018, a bill that would create a federal standard and clearinghouse for states’ sports betting markets. But it never got a vote and was merely symbolic. However, on the heels of this legislative failure, a House Judiciomber subcommittee held a hearing on sports betting in the United States and the issue may finally be getting its much-needed legalization.
Legalization of sports betting
The legalization of sports betting in Texas is a hot topic in the state right now. Despite the fact that many people lose money while sports betting, it could increase tax revenue. In the long run, legalizing sports betting in Texas would increase personal freedoms and reduce the risk of financial instability. Here are three reasons why. Read on to learn more about the pros and cons of legal sports betting in Texas. But be aware that the process will be long and complicated.
o It is estimated that more than thirty states will have legal sports betting by 2022. If that number grows, the tax revenue from sports betting will be substantial. Currently, 31 states are legalizing sports betting in their states, with nine more likely to do so by 2022. State governments will likely benefit from the new revenue, as the legalization of sports betting will provide new tax revenue for their budgets. Moreover, the profits from sports betting could benefit community-based recreation.
Common terms in sports betting
When you’re new to sports betting, it’s likely that you’ve never heard of many of the terms that make the industry tick. Some of the most common terms are ATS and ML, or against the spread. You’ll also need to know what “arbitrage” means. Basically, this means betting on two sides of the game and hoping that one of them wins. Regardless of your style of betting, a glossary will make sure you understand the different terms.
Whether you’re betting on football games or horse races, you’re sure to have encountered some terms related to sports betting. These terms will make it easier to make informed bets and maximize your profits. To start, let’s look at betting odds. These odds represent how likely the outcome is. The odds can make or break your sports betting experience. To make money, you’ll need to understand what each bet means.
Legalization of sports betting in other states
Legalization of sports betting in other states is on the horizon. After all, the industry has shown incredible growth in recent years and has provided a significant boost to cash-strapped states. According to the American Gaming Association, sports betting in New York alone generated $48 million in new taxes and revenue in January. Although Kentucky has stalled its efforts, Oklahoma is expected to legalize sports betting in the coming year.
Other states are following the lead of Oregon. Its legislature has approved a tribal-state gaming compact that allows for sports wagering in retail and mobile locations. The approval is required from the federal Department of the Interior, but once approved, sports wagering could begin as early as late 2021. Legalization of sports betting in other states is on the rise in most states, with California likely to join the list later this year.