The best way to protect yourself from rampant sports gambling is to bet on legal sports games. Unlike illegal sports gambling, where anything goes, legal sports betting is tightly regulated and is a far safer alternative. While it may be volatile, it makes up a small fraction of sports gambling’s overall revenue.
It’s volatile
Just like the stock market, the sports betting market is volatile. There are many external factors that create this volatile atmosphere. As a result, the market can leave you spinning. You can find it difficult to predict what will happen when you place a bet, so here are a few tips to keep in mind when betting on a sporting event.
It’s a small fraction of overall revenue
Sports betting revenue is a small percentage of the total revenue generated by casino gambling. This revenue is used to pay for gambling-related expenses, like state licenses, taxes, and other fees. State revenues from sports wagering vary by state, from 6.75% in Nevada to 51% in Iowa. Some states use the sports wagering tax revenues for general fund purposes, while others put them toward education programs or transportation infrastructure.
The American Gaming Association estimates that 47 million people placed wagers during March Madness games last year. In the same month, 17.8 million people placed bets on online tournaments. However, this amount is not a complete reflection of the popularity of different sports. State-level data also provides an idea of the popularity of different sports. In Illinois, for example, football and basketball were tied in total wagering revenue in 2021. Baseball was the most popular sport, while hockey was the third most popular. Sports gambling is legal in 33 states, Puerto Rico, and Washington D.C.
It’s regulated
The legality of sports betting depends on the state. Some states are already legal, while others are not. The federal government has been working to ensure that sports betting remains a legitimate form of entertainment. Nevada, for example, had a near monopoly on sports betting, but the Supreme Court invalidated that monopoly and made the betting industry more accessible. Washington, however, has been opposed to sports betting and will have to wait until all of the other states have legalized the sport before legalizing it.
Sports betting is legal in 27 states, Washington, D.C., and Ontario in Canada. Many states are moving towards legalizing sports betting, and others are considering the idea. Those states are likely to move forward in the near future. In the next few years, sports betting is expected to be legal in Maine, Maryland, Pennsylvania, and Washington. Some states, however, are still mulling whether to allow it online or in-person.