Legal Issues

When it comes to legal sports betting, rules vary from country to country, as well as from state to state. The Professional and Amateur Sports Protection Act of 1992 generally makes it illegal to operate a betting scheme in most states, as far as the United States is concerned. In most of the European countries, the profession of accepting sports bets is referred to as “bookmaking.” It is not criminalized, although it is regulated.

So where can you go for legal sports betting?

Legal sports betting can generally not be found on college campuses. In fact, NCAA threatened to ban all playoff games in both New Jersey and Delaware if they allow betting on college campuses. Betting in general is usually outlawed on college campuses, but sports betting seems to be come down on particularly hard. 

Those who enjoy betting and are in favor of more legal sports betting venues tend to look at sports betting as a hobby. They state that it is a fun pastime that can actually increase interest in sporting events which, in turn, can be beneficial to the players and sports in general. In addition, proponents also say that by allowing more legalized sports betting, the live attendance and television viewing audience will increase.

On the other hand, those who are not in favor or legal sports betting venues say that sports betting can actually harm the integrity of both professional and amateur sports. This is partly due to the fact that in the past sports gamblers have made several attempts to fix the sporting matches to their favor. Of course, this is partly over-exaggerated because while there are some sports bettors that can earn a living off of betting, the overall odds are typically not in the bettors’ favors and the vast majority of people lose money rather than winning it.

There are basically two ways to bet when it comes to legal sports betting in the United States. Bettors can bet legally at licensed Nevada Sports Books, but while you can bet by phone, you can’t bet if you live in another state. The other legal sports betting arena is with the Oregon State Lottery system. Of course, bettors can make illegal bets just about anywhere, but those odds are usually not as good.
Technically, as far as legal sports betting is concerned, all wins and losses are meant to be reported to the IRS. However, if you wager more than $10,000 in one go then you will have to fill out paperwork. Additionally, you must be 21 or over in order to bet on a sporting event.

Offshore is also becoming a popular option. The legality is a little gray, but you should also make sure that you are betting with a reputable agency if you are using one of these services. Although some are perfectly legitimate, many of them are not.
While many people choose to bet online, again, finding a legal sports betting site that is reputable, reliable, and dependable is important. Where people bet money, you can always bet to find scammers. When your financial information is at stake, such as your credit cards and banking information, it pays to use caution where you can. Make sure you check everything out before you sign up for anything that takes your money.

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