Various states across the US are considering legalizing sports betting. Some states have already enacted legislation to make sports betting legal. However, the question remains as to how the states will implement their laws.
Legalization of sports betting in New Jersey
During the early years of legal sports betting, New Jersey was one of the pioneer states. This was partly because of the availability of sports betting talent in the state. There are several higher education institutions in the state leading the financial innovation and technological advancement of sports betting.
The legalization of sports betting in New Jersey was a long process. First, the law passed by Congress in 1992 was challenged by the NCAA and NFL. The NCAA won in the federal court, but the NFL sued to block the regulations. The court ruled that the law passed by Congress is unconstitutional.
Legalization of sports betting in Indiana
Despite the hype, legalized sports betting in Indiana has gone fairly well so far. The state’s gaming commission has not yet authorized an online sportsbook, but it’s likely to happen soon. Until then, the market will continue to be a competitive one.
The first online sportsbook, BetRivers, opened in the state, followed by FanDuel and DraftKings. Several other big names are reportedly planning to launch in the state in the coming years.
Indiana’s sports betting law also allows wagering on international contests. These wagers are not allowed on youth sports, however. The law also does not require sportsbooks to use official league data.
Legalization of sports betting in Michigan
Despite a long history of legalizing gaming, Michigan has not yet fully legalized sports betting. It has approved online and mobile sports wagering, but it is still in the process of determining all of its requirements.
The Michigan Gaming Control Board oversees sports betting in the state. Licensed casinos may work with third parties to provide mobile and online sports wagering. There are more than a dozen retail sportsbooks currently open at the state’s casinos.
Michigan is expected to become the most profitable sports betting market in the country. In 2020, sports wagers will take in nearly $500 million a month. The state is expected to have more than 20 land-based sportsbooks. In addition, the state will have a number of online sportsbooks.
Legalization of sports betting in Nevada
Until the Professional and Amateur Sports Protection Act (PASPA) was repealed in May 2018, Nevada was the only state that had legalized sports betting. The decision by the US Supreme Court to repeal PASPA opened the door for states to legalize single-game sports betting and to offer other forms of sports wagering. This led to a flood of new sports betting apps flooding the app stores. Some of these apps allow residents to place bets on sports outside of Nevada sportsbooks.
Since then, Nevada has had a run for its money when it comes to sports betting revenue. New Jersey is closing in on Nevada’s sports betting revenue each month. This has forced Nevada to adapt to the new competition.