Sports Gambling and the Law - An Incredible Ball Of Confusion!
Sports gambling in the United States is big business, very big business indeed. The amount wagered yearly by Americans ranges between 50 - 100 billion US Dollars, which actually gets one wondering what's legal and what isn't when it comes down to the business of wagering on sports.
Most of the laws surrounding Sports gambling are governed by the State, but there also a few Federal laws that also come in to play, here's a quick look.
All legal bets in the States can only be made by citizens who are totally disconnected from the event being gambled on. Example if one were say the coach of the New England Patriots, they would not be allowed to bet on any of the Patriot games, including the Super Bowl!
Only licensed racetrack operators or casinos are legally allowed to hold accounts of sports bets, anyone else taking money without a license falls foul of the law and is considered practicing business illegally.
Online Sports Gambling
Online gambling is one huge topic of conversation when it comes to US gambling laws. Even gamblers get concerned about it when it comes to placing their bets online. Not just from the angle of will they actually receive winnings they are due back to their bank account or credit card, but also could they have their winnings frozen by the government and maybe end up prosecuted!
The short of it is, no one has ever been prosecuted for gambling online, also no one's ever been arrested. Hopefully now, no need for sleepless nights!
In 2006, the US Government put laws in place that made it illegal for online sports betting operators to run their establishments online, however that did not deter everyone. As well as many different ways to legitimately get overseas gaming accounts funded, the Government would then take further action in 2010, making it illegal for financial institutions and American Banks to handle transactions with any online gambling entity.
Today mystifyingly, online sports gambling still presents muddy waters and confusion for many. Why the independent states don't just tax online winnings and legitimize the whole process is rather strange to say the least. They would gain much needed tax revenue of an absolutely huge market that they are missing out on all at a stroke, doesn't that make far better sense than constantly creating gambling mayhem?