Legalized sports betting is now available in many states. These include Colorado, Arizona, Virginia, and Florida. Here are some things you should know when betting on sports. First, know that there are two types of bets: favorite and underdog. A favorite has the higher probability of winning, so a bet on that team will probably yield a higher return. An underdog, on the other hand, has a much lower probability of winning. While betting on the underdog will likely yield a higher return, it will also come with more risk.
Legalized sports betting in Colorado
Colorado voters approved Proposition DD on November 6, making sports betting legal there. The initiative is the result of a Supreme Court ruling that struck down most states’ bans on sports betting. After the vote, the Colorado General Assembly approved a statutory bill regulating legalized sports betting in the state. In May, the Colorado Division of Gaming and Limited Gaming Control Commission were created to oversee the new industry in the state.
Colorado’s sportsbooks are starting to open, including DraftKings Sportsbook, whose Colorado operations are licensed under the Twin River Worldwide Holdings. Another new retail sportsbook is BetMGM, which recently launched in Black Hawk.
Legalized sports betting in Arizona
Arizona’s legalized sports betting isn’t without controversy. A lawsuit filed by the Yavapai-Prescott Indian Tribe argues that the new law is unconstitutional because it forces the tribe to participate in betting games on state land. But the tribe is not alone. At least five other tribes have filed similar lawsuits to stop legalized sports betting.
Arizona’s sports betting legislation was passed by Governor Ducey and allowed for 20 sports-betting retail and online platforms to open. In addition to this, eight licenses were issued to professional sports teams, and ten were granted to a select group of the state’s 22 federally recognized tribes. The professional sports teams were the first to get an online license, and they can open retail establishments within two miles of the stadiums where they play.
Legalized sports betting in Virginia
In Virginia, sports betting is now legal, but it’s not yet available in retail locations. Retail sportsbooks only became regulated in November, and Virginia’s new law requires that all sportsbooks open in the state by January 2021. In the meantime, online betting is legal in Virginia. Since the new law was passed, sports betting in Virginia has become a booming industry. Over $5 billion in bets have been placed since legalized sports betting was first announced. Now, Virginia lawmakers are working to develop retail sportsbooks, and construction has already begun in some locations.
Earlier this year, the Virginia General Assembly passed a law legalizing sports betting. The state lottery has been working to create a regulatory system to ensure that legalized sports betting is safe and profitable. The bill also allows for up to 17 mobile sportsbooks, including those tied to casinos. The state lottery estimates that legalized sports betting will generate at least $55 million in state tax revenue.
Legalized sports betting in Florida
The state of Florida is currently facing a major debate over whether or not to legalize sports betting. The state government has the power to legalize and regulate the betting industry, but this will be up to the voters. Several pro-sports teams and big gambling companies are pushing for legalized sports betting in Florida. However, the state government is not sure whether it can afford the additional revenue that sports betting brings.
While there is a great deal of uncertainty about the timing of legalized sports betting in Florida, it is highly likely that the state will legalize this type of gambling. The state legislature’s next legislative session starts in 2021, and while the bill has a long way to go, it is expected to be passed sometime before 2022.