Almost every state in the Union has a different legal framework for sports betting, ranging from the minimum age for wagering to the tax rate. It’s important to understand the differences between these states in order to determine which regulations and tax rates will best benefit their residents. Sports betting is a growing industry with significant potential to help local communities and increase local tax revenue. However, there are many challenges to implementing legal sports betting. First and foremost, it’s important to make sure that the activity does not jeopardize the integrity of the games.
Delaware legalized sports betting
The state lottery operates Delaware’s sports betting industry. Other private companies compete with the lottery, with 50 percent of gross gaming revenue going to the state’s general fund, 40 percent to the racetrack, and 10 percent to the horse races’ purses. Sports betting revenue in Delaware is split between the three racinos, which are Delaware Park, Dover Downs, and Harrington Raceway. In contrast, New Jersey receives more than three times that amount.
New Jersey legalized sports betting
On Super Bowl Sunday, Gamblers Anonymous hosts special meetings to address the issue. New Jersey legalized sports betting in August of 2018. The state is home to the largest sports betting market in the US outside of Nevada, and the state’s online market now accounts for 80% of the total monthly handle. Sports bettors in the state will pay an 8.5% tax rate for land-based bets and an additional 1.25% for electronic wagers.
Pennsylvania legalized sports betting
The Commonwealth of Pennsylvania legalized sports betting in November, making it possible to bet on a variety of sporting events. Sportsbook brands in PA offer most major payment options, although withdrawal times may vary. Most sportsbooks require a minimum deposit amount to participate in bonuses. Fortunately, these regulations are changing as more sportsbooks open up. While credit/debit cards will always be the most common method for deposits and withdrawals, other options like PayPal, Neteller, Skrill, and more are now available.
Iowa legalized sports betting
Sports betting in Iowa is now legal, although certain events are not available in the state. For example, Iowans cannot place bets on the outcome of esports events. In addition, no sportsbooks are allowed to accept wagers on Olympic events. This ban prevents Iowa sportsbooks from booking these events. The state legislature must repeal the ban before sportsbooks can legally offer these events. Regardless of the legal status of Iowa sports betting, the state is a great place for wagering on your favorite team.
Kentucky legalized sports betting
The issue of legalized sports betting in Kentucky has been hotly debated since 2018. However, efforts to pass legislation to open up the state’s borders have not yet yielded any results. Though it’s expected to pass sometime between late 2021 and early 2022, there’s no concrete date in sight. The state’s governor, Andy Beshear, has rallied behind sports wagering and online poker in the past, and he now hopes to pass legislation to help offset the state’s budget deficit.