Spotlight on sports betting laws

Spotlight on sports betting laws”

America's gambling industry predicts $10 billion will be bet on the March Madness college basketball tournament - almost all of it illegally or off-the-books.

ATLANTIC CITY, N.J. America's gambling industry predicts $10 billion will be bet on the March Madness college basketball tournament - almost all of it illegally or off-the-books.

The illegal betting numbers rise because of the country's sports betting laws.

In the process, as much as $18 billion was spent on entry fees. Some of them are to the likings of West Virginia, which greenlighted a bill, which will make single-game sports betting legal, as well as the state of NY, planning to hold a sports wagering legislation discussion soon.

The AGA said that 10 percent of American adults, or almost 24 million people, reported spending almost $3 billion collectively in the past year on college basketball pools alone. Per the AGA, two thirds of states consider participation in sports pools to be illegal, meaning that you're technically committing a crime by handing over $20 bucks and a bracket to Dave in accounting. Enforcing those laws, however, has not been a priority for law enforcement.

The American Gaming Association estimates that gamblers illegaly wager at least $150 billion annually on sports, due in large part because of a failed federal prohibition on single-game sports betting the the Professional and Amateur Sports Protection Act of 1992.

"Our current sports betting laws are so out of touch with reality that we're turning tens of millions of Americans into criminals for the simple act of enjoying college basketball", Geoff Freeman, president and CEO of the AGA, said in a release. Only $300 million of that, or about 3 percent of the total figure, will be bet legally through Las Vegas sports books. As many as 18 states are actively working towards legalizing sports wagering so that they could be prepared for the moment when the PASPA will be overturned or modified in a way which permits sports betting.

Freeman predicted "a flood of new products" if sports betting is legalized, including increased opportunities for bets on events within a game and not just on its final score or statistics.

The Council on Compulsive Gambling of New Jersey says "sports betting is a cause for concern". As it is known sports betting is legal only in the jurisdictions of Nevada, Delaware, Oregon, and Montana and many people are expected to place their bets in an illegal manner because of convenience or simply being unable to bet in those states.

Almost 25 percent of the US adult population admitted to participating in a sports betting pool in 2017.

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