Legalized sports betting does not resemble the Wild West. States that allowed for wagering on pro and college football, basketball, baseball and tennis have a long history of sports betting, including Pennsylvania, which preemptively legalized the industry in 2017. Other states have been more reluctant to legalize the industry, but have seen the potential of the new industry and are actively pursuing legislation that will permit sportsbooks in their jurisdictions. While the legalization of sports wagering has been a long process, there are still many new operators lining up to take advantage of the market.
The term “book” refers to the records maintained by wage brokers for clients. There are a variety of different types of sportsbooks, and many of them are legal. A legal sportsbook is one that operates in a separate jurisdiction from its clients. Some sportsbooks accept “up-front” wagers and use a secure platform for tracking wagers. These sportsbooks also offer promotions that are geared towards attracting new customers.
Legal sports wagering in New Jersey was approved in June of 2019. The state’s legislature is now discussing the tax structure for the sports betting industry. The average hold is about 7.5%, while three “master online” licenses will cost $20 million each. But the sports betting industry in New Jersey is here to stay, and there are several ways to get involved in the action. There are a number of other ways to support sports betting in your state.