Domestic sportsbook options are now available in more than half of the United States. Twenty-six states have now authorized sports betting for their citizens. More are expected to follow.
Due to the economic impact of COVID-19, lawmakers finally agree on state sports betting legislation. Representatives can’t ignore such a proposal, given the huge amounts of money at stake and the budget deficits across the country.
Many will place their first bets as sports betting grows in popularity and accessibility. We thought it was courteous to compile a guide for domestic bettors.
Laws Vary From State to State
While this may seem obvious, it’s something for new bettors to be aware of. Because sports betting is so new, many of the rules and guidelines are…finicky.
The minimum betting age jumps quickly from 18 to 21 across states. Sports betting is not allowed in all states. Others have restrictions about the type of account that can be used to place wagers.
SBL provides a list of all the gambling laws in each state.
Choosing A Sportsbook
Several sports betting states offer 10 or more sportsbook options for patrons to place wagers. It can be difficult to choose the right one, with so many options available, including online, mobile and retail sportsbooks.
However, bettors should sign up with several sportsbooks. While bettors don’t need to sign up with every single sportsbook available, it is advantageous to have accounts with 3-5 reputable sportsbooks. Patrons will be able to compare the odds and determine the best value for their wager.
Don’t Forget About the Feds
The PASPA Act was repealed in 2018, allowing states to have full autonomy over gambling laws. The PASPA Act was repealed in 2018. Since then, the states that have legalized betting on sports have been able to extract their tax revenues directly from the casinos.
But that doesn’t mean domestic bettors are free and clear of tax obligations. All major winnings, like the lottery, are subject to tax and must be reported the IRS. A tax advisor is recommended if you intend to become a regular bettor. This will help you avoid an audit.
All things considered, first-time bettors that plan to play casually can wager with confidence as long as they have a little research on their side.
Online sportsbooks are a good option if you want to be more serious about your sports betting. These online books are legal in many ways as licensed state-licensed businesses, but they are also more legal.
Thank you to CNN
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