Are Sports Bets Legal in the USA?

Are Sports Bets Legal in the USA?

Legalization of internet sports betting was a breakthrough for sports betting enthusiasts in the USA. The individual states were now free to make their own choice on whether to allow or disallow sports betting. If you're looking for a quality platform to make your bets, you can learn more about one of the best sportsbooks in the country through our FanDuel Sportsbook review.

Legal Gambling Age

Gambling age is different concerning each state and the activity you would like to wager on. Primarily, you must be at least 21 years old in order to wager on sports and casino games. On the other hand, horse racing and fantasy sports wagering age is 18 but is different depending on each state.

Geolocation

Previously, players could just declare their location and place bets, but some of the players crossed the boundaries. Nevada states thus came up with legislation that requires new online betting sites to verify whether the bets posted by users are posted within the state boundaries. Bookmakers, for their part, use geolocation technology to accurately identify the player's betting request within a few meters before accepting or rejecting it.

Gambling Tax

Winnings from gambling are exempted from taxation in the USA, so you cannot keep all your winnings. The tax rate is between 8% and 50% based on the nation. For instance, New Jersey levies an annual 15% tax on gross gaming revenue. New York levies it at 51% on gross gaming revenue for sports wagering.

Retail and Remote Registration

States like Nevada require players to present their IDs in person at physical casinos to create their online accounts. States like New Jersey save you the trip and gas money by allowing you to create an online account directly on state-licensed sports betting websites, provided you upload your ID and go through the verification process.

Betting Site Licensing

To obtain a betting license within the USA, sports betting websites need to prepare a business plan, select a jurisdiction, gather required documents, and make an application. The license cost varies from state to state. For example, a New Jersey sports betting license requires an initial payment of $100,000. The first annual license is $300,000, and a renewal fee of $150,000.

What You Can Bet on in the USA

Though sports betting is legal, the rest of the betting is not. The following is a brief summary of what you can bet on:

  • Professional Sports: Betting on professional sports is legal in most of the states, including the premier leagues like the NFL, NHL, and NBA. You can also bet on niche sports like beach soccer and netball on certain sportsbook websites.
  • College Sports: You are legally able to bet on college sports in West Virginia, Iowa, and Colorado.

What You Can't Bet on in the USA

What you are not allowed to bet on in the USA differs from state to state. Some of those are mentioned below:

  • College Sports: College sports are legal to bet on in Arizona but not on college players. College events are legal to bet on in Arkansas.
  • High School Sports: Wagering on high school and junior sports is prohibited.
  • Chess: In states like Massachusetts, chess wagering is prohibited due to past cheating scandals involving top players.
  • Non-Sports Events: In states like Iowa and Kentucky, political or entertainment event wagering, i.e., the Oscars, is prohibited.

Sports Betting in the USA: Pros and Cons

Without a doubt, sporting wagering is a popular hobby. And as with any form of gambling, however, there are its risks and benefits.

  • Increases enjoyment of the game viewing
  • Legal in all but a few states
  • Multiple events and sporting events to bet on
  • Home betting provided through online sportsbook
  • Time to learn the game fundamentals

Popular Payment Methods in US Sportsbook Sites

Understanding how payments in US sportsbooks are made is essential to your overall sports betting experience. Each form of payment has its own pros and cons when it comes to transactional speed, convenience, and fees, allowing you to choose the most appropriate for your needs.

Debit and Credit Cards

Credit and debit cards such as Visa, Mastercard, American Express, and Discover are still some of the most popular payment methods on US internet casinos. They offer a range of advantages, from sophisticated security features to wonderful convenience. While the transaction speed may be slower than other methods.

E-Wallets

E-wallets are a great option for frequent players who want convenience and rapid payouts. They help you keep your money for gaming kept away from your regular money. Moreover, you don't need to reveal your personal banking information to make payments. PayPal, Skrill, and Neteller are the most popular among players. You may be required to monitor additional transaction fees on internet sites such as Neteller.

Cryptocurrencies

Few of the US sportsbooks necessarily accept cryptocurrency, but several innovators are quickly turning the tide. Of course, the system is likely to be problematic for novice players who are unfamiliar with cryptocurrency complications, but there's little doubt that it has quite a few benefits.

First of all, cryptocurrencies are quick transactions, with the withdrawals in minutes. Secondly, the cryptocurrencies are anonymous and this is a significant benefit if you wish to stay anonymous while betting. Bitcoin, Litecoin, and Ethereum are some of the most well-known ones.

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