Sports betting is now legal in over two dozen states, although many have just in-person, hands-on betting. This article highlights the legal requirements in each state to ensure that the sports betting activities are conducted legally and comply with local and state laws. The idea is to help gamblers make the right bets for winnings.
In Pennsylvania, sports betting in the form of wagering is illegal without written permission from the Commission on Wagering. In September of 2021, the legislature passed a bill (HB 1301) which allows for sports betting to take place in the state. Like in many other states, you must be at least eighteen years old to place a bet. In addition, people residing in the state may partake in sports betting in a number of states including New Jersey, New York, Rhode Island, and Pennsylvania.
As in many other states, in Pennsylvania a person can open an account in order to engage in sports betting. To do this, they must meet a minimum deposit requirement and complete a form that will certify them as legitimate customers of the online betting exchange. The forms and verification forms are available at the commission’s website. Once approved, customers are issued a debit card with a code that can be used to make deposits into their account.
A commission representative called the Secretary of State could then accept bets from anyone wishing to place a bet using a bet broker. If the online betting service provider goes out of business, so does the commission’s ability to license a sports betting company. Thus, the bill was designed to keep the Commission from being absorbed by a new online gambling company.
As it stands now, there is no regulation or law that prevents a resident from participating in sports gambling anywhere in the state. While some worry about potential gambling laws being weakened due to a lack of enforcement, others believe the lack of action on behalf of the legislature is actually good for the economy. Without regulation there would be chaos and rampant gambling, which would drive down tourism and affect the state’s GDP. Today, the gaming industry supports over twenty-two thousand jobs in Wilkes-Barre alone, and this number is only expected to grow over the next few years.
According to the Atlantic States Gaming Commission, the lack of intervention in the sports betting market by the General Assembly is encouraging companies to invest in expansion in Wilkes-Barre. “The Gambling Impact Study found that there has been an influx of capital funds and jobs to the area,” said commissioner John Tilley. “There is also a need for high-end jobs in the area to support the expansion of the online casinos,” he continued. Tilley went on to add, “The people of Wilkes-Barre understand the benefits of regulating online gambling and live in an economically strong region.” The lack of regulatory interference is helping the economy.
Many of the legislators who voted against legalizing sports betting in Wilkes-Barre did so not because they believe it is bad for the city, but rather because they do not want new regulations put onto the industry. They see the legalization bill as a chance for the legislature to shovel money into their campaign coffers. Proponents of the bill claim that it will create jobs for local citizens, but Tilley claims that a study conducted by the University of Pennsylvania’s Center for Sport Management found that there will be a fifteen percent increase in jobs in the cities of Wilkes-Barre and Middletown over the next three years. Additionally, the legalization bill is contingent upon the Pennsylvania State Department of Gaming Commission approving it before it is passed into law.
If all fifty states legalized sports betting, there would be a significant amount of money available to profit from the industry. However, because no such laws exist, there is no money to be made. Therefore, the lack of regulation for online sports betting represents an opportunity for investors to enter a field that has been dominated by the financially powerful few for years. Considering that the U.S. sports betting industry is in the middle of an economic recession, the growth and success of this industry represent an exciting opportunity for people who have never invested before. For more information on whether you should consider investing in sports online, check out the website Sports Betting Champ.