Legal online sports betting is a multibillion-dollar industry. Since the Supreme Court overturned PASPA in 2018, dozens of states have made it legal for their residents to place wagers.

Sports wagering in Rhode Island is available online or at two casinos. Retail sportsbooks are not yet open in the state.
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The legality of sports betting is changing rapidly across the country. Some states have embraced it, while others have been reluctant due to moral reasons or complex relationships with native tribes. The industry is growing so fast that it’s now a major concern for state governments. This is especially true when wagers are placed with money that could be coming from professional sports teams or fans who support those teams.

In the past, states were not allowed to offer legal sports betting, but that all changed after the Supreme Court overturned PASPA in May 2018. The professional sports leagues quickly lined up with FanDuel and DraftKings to make the most of this new opportunity. This was a significant turning point because it was the first time that money made on sports betting would actually benefit the United States instead of leaving it to offshore accounts.

Pennsylvania took the lead in the first wave of legalized sports betting, with its first sportsbooks opening just six months after SCOTUS ruled. New Jersey followed suit, and other states have since passed legislation or opened their own sportsbooks. Rhode Island has a legal sportsbook, and Massachusetts’s sportsbooks are expected to launch in March 2023.

In Missouri, pro sports franchises have partnered with local casinos to sponsor legal sports betting initiatives. The idea is that the teams will earn one mobile skin, while the casino gets three skins or online platforms per retail location. The model has been successful so far. It’s likely that other states will follow suit in 2023. In addition, the Nebraska legislature has introduced a bill to allow sports betting at land-based establishments. The move would give the state a chance to become one of the first to legalize sports betting outside Nevada.
Regulation

A legal sports betting industry has become a multibillion-dollar business since the Supreme Court overturned PASPA in May 2018. But as this new industry develops, many states face challenges as they try to regulate and tax an activity that was previously illegal. These challenges include determining who is responsible for overseeing the integrity of the betting industry and establishing a framework for regulating this new business.

The first wave of states to legalize sports betting opened their doors six months after the Supreme Court ruled in favor of the industry. These states included Delaware, New Jersey, Mississippi, West Virginia, Pennsylvania, Rhode Island, and New Mexico. Several of these states have also passed legislation that permits mobile/online wagering on their markets.

Some states, such as California, have tried to establish a legal market through a ballot initiative in November 2022. The initiative, however, was defeated by Californian voters. It is unclear whether the state will try again to legalize sports betting in 2023.

While the state of Wyoming has yet to launch legal sports betting, it is making headway in regulating the industry. In August of 2021, the Department of Gaming approved daily fantasy sports licenses for FanDuel and DraftKings, as well as event wagering licenses for Penn National and MGM Resorts. In addition, the department is preparing to launch a mobile/online sportsbook later this year.

The legal sports betting landscape is changing fast, and some of these changes are controversial. For example, some of the largest online sportsbooks have begun to advertise directly to college students, a demographic that is highly sought after by the betting companies. This has sparked outrage among the public and, in particular, on campus.
Taxes

The primary motivation for states to legalize sports betting was tax revenue, and this remains a major driving factor as the industry continues its rapid expansion across the country. Various taxes apply to bettors and to sportsbook operators, depending on the state. The latter are charged licensing fees (sportsbooks are allowed to operate only in states that allow them) and taxed on their earned revenues. For example, New York taxes retail and mobile sportsbooks at a rate of 51%.

In addition, the state’s gross gaming tax applies to casino, pari-mutuel, and lottery winnings, and is levied at a rate of 8.75%. This is not as high as some other states’ tax rates, which can reach 24% for certain categories of gambling winnings. Moreover, winnings from sports betting are considered taxable income, but only if they surpass losses for the year.

Colorado distributes its sports betting revenue in an unusual way. After covering administrative costs and providing a small stipend for counseling services and a gambling crisis hotline, 6% of the money goes to a hold harmless fund. The remaining revenue is distributed to the state’s water projects.

Another state that imposes a sports betting tax is North Carolina, where the tax rate is 14%. This is significantly higher than the state’s corporate tax rate of 2.5%. In addition, the state’s individual state income tax is 4.75%. While these taxes are not as steep as the federal income tax, they still represent a significant source of revenue for the state. As a result, the state has been able to capitalize on sports gambling revenue that would otherwise go untaxed in the black market. This is a model that other states can use to boost their own tax revenues.
Apps

When betting online, it is important to find a legal site that offers a variety of deposit and withdrawal methods. Some of these options include PayPal, Bitcoin, and credit cards. Depending on the method you choose, it can take anywhere from seconds to 24 hours for your winnings to show up in your account. A good legal online sportsbook will also have a clean, modern design that is easy to use on your mobile device.

In the US, sports betting is regulated at the state level. Some states have already passed laws allowing sports wagering, while others are in the process of doing so. Some states have launched retail and online sportsbooks, while others are only launching mobile sports betting apps. Some states have geofenced the regions where they can offer mobile betting, while others require that you sign up in person at a physical location.

Illinois was one of the first states to roll out sports betting after PASPA was overturned, launching in March 2020. However, their launch had a bit of awkward timing as the COVID-19 pandemic shut down most of the country’s sportsbooks for weeks. The state eventually opened up online and mobile betting, with DraftKings, BetRivers, and FanDuel being the first to offer it.

New Hampshire jumped on the bandwagon a little later than some other states, but it was still fairly quick to launch its online and mobile sportsbooks. The lone retail sportsbook in the state is owned by the New Hampshire Lottery, which partnered with DraftKings to offer its branded app. Other states, such as Montana and Oregon, are limiting their mobile sports betting to players within the geofenced footprint of approved retail locations.
Banking

When betting on sports, you want to be sure that your money and data are safe. Fortunately, legal US online sportsbooks provide this protection by complying with state regulations and following industry best practices. These sites have clear terms and conditions, house rules for players to follow, a wide range of normal funding options and customer support that can be reached easily. You can also find a list of offers at these sites, such as free bets or other promotions. Offshore operators do not offer these same protections, so be careful when choosing where to place your wagers.

Several states have already legalized sports betting, and the list continues to grow. New Jersey became the first to launch, and its sportsbooks are available through several sites in the state. The number of sportsbooks in each state varies according to the legislature and its progress towards legalization. In 2023, the total number of legal sportsbooks in the US is expected to reach 33, and more are preparing to go live.

The latest to join the ranks of legal sportsbooks is Iowa. The state’s online sportsbook market launched on March 5, 2022, after the in-person registration requirement expired. Players in the Land of Lincoln can now use mobile apps from Caesars, DraftKings, FanDuel, and BetMGM.

Colorado also opened its doors to online sports betting in 2022. Oaklawn Racing & Casino Resort took the first bets, and multiple operators have since signed up. However, the state does restrict some types of bets, including player props on in-state college teams. This is an area that could change in the future, if the state adopts a more flexible approach to legal sports betting.