If you love to bet on sports, you’ve likely heard of the terms favorite and underdog. The former is more likely to win, while the latter is less likely, but also carries more risk. In both cases, you’ll receive a bigger return if you bet on the underdog. You can also bet on a game with even odds, known as a pick. Below is an explanation of how these terms relate to sports betting.
Legalization of sports betting in the U.S.
Proponents of legalized sports betting point to several benefits. This new industry will protect consumers, empower law enforcement and bring in new revenue. In addition, legalized sports betting will benefit media companies that have close relationships to professional sports leagues, including ESPN and other big-time companies. If successful, legal sports betting will increase the value of sports broadcasting, and boost the bottom line of American citizens. Here are a few more reasons why legalization of sports betting in the United States is a good idea:
Legalization of sports betting in California
A petition filed by the 18 Californian tribes aims to put sports betting on the ballot in 2020. It calls for a 10 percent tax rate and a clause that prohibits sports betting on in-state college teams. While mobile sports betting is not part of the petition, it is considered complementary to the tribal-only proposal that would allow sports betting at horse races and casinos. However, the proposal faces challenges. If approved, it would take several months to get passed by the voters.
Legalization of sports betting in Nevada
While nearly every state has considered legalizing sports betting, full online sports betting will likely not hit more than a dozen states anytime soon. The interactive map below illustrates the projected year that sports betting is expected to take effect in each state. Wallach Legal Principal Daniel Wallach and Jake Williams, vice president of legal and regulatory affairs at Sportradar, offer insight on the future of sports betting in Nevada. They also address the challenges faced by sports bettors, including the possibility of taxing sports wagers.
Legalization of sports betting in Massachusetts
The state Senate voted unanimously to legalize sports wagering, though it hasn’t passed the full House yet. House Speaker Ronald Mariano and Senate President Karen Spilka are both trying to build consensus on sports betting legislation. Mariano has made the case for legalizing collegiate bets, given that Massachusetts has several prominent college sports teams. House Bill H 3993 includes collegiate sports wagering, but Senate Bill S 2884 does not. Both bills have different tax rates, and they must be reconciled before a final bill can be passed.
Legalization of sports betting in Tennessee
The Tennessee legislature recently passed a bill to legalize sports betting online. The bill is the first step to regulating online gambling in Tennessee. The legislation prohibits the physical establishment of sports betting sites. It has since passed the Senate 19-12 and the House 58-37, with the amendments included in the Senate bill. Gov. Bill Lee is opposed to legalizing sports betting, but the bill’s supporters believe that the new industry could provide $50 million per year in tax revenue to Tennessee. These funds will be used for education and local government, and possibly addiction treatment.