Understanding The Legal Framework Of Sports Betting

Understanding The Legal Framework Of Sports Betting

The sports betting industry was always big, but when the pandemic struck and people were forced to stay inside, there was a new wave of online bettors around the globe. However, the legal landscape around sports betting is different all around the world. Because of that, in this article, we will cover everything you need to know about the regulation of sports betting around the globe. We are also going to cover challenges and opportunities regarding sports betting.

Regulations: A Country-by-Country Overview

We will cover only the countries, places, and regions that are large by size and population.

United States

Sports betting has been legalized fairly recently in the United States of America. Before that, only a handful of states were allowed sports betting, with Nevada being the epicenter of everything gambling-wise. In 2018, the Supreme Court took down the Professional and Amateur Sports Protection Act, also known as PASPA. By doing that, they allowed every state to determine its regulation for betting.

United Kingdom

The United Kingdom has a legal sports betting history from the 19th century. In 2005, the Gambling Act was passed, and when the UK established a system that oversees all land-based and online betting control, it took the UK Gambling Commission. It’s worth mentioning that the UK market is highly competitive, and their bookmakers are always trying to boost odds and give bonuses to keep their customers and attract new ones.

Australia

In Australia, betting is immensely popular and has a unique regulatory landscape. The Interactive Gambling Act was put together and came into power in 2001, and it oversees online gambling and sports betting. The only prohibited thing is in-play online betting, but people can place their bets over the phone or at retail venues. Australia also has every state and territory oversee and regulate the industry, which results in regulation variations across the country.

Asian Market

The Asian market is very different regarding sports betting and gambling. For example, in Macau, gambling and sports betting is embraced because of revenue source, and they are constantly opening new casinos. Conversely, countries like Singapore and South Korea have very strict regulations. You can bet only at a few authorized operators in those two countries or in strictly controlled environments.

Challenges And Opportunities

The challenges of legalizing sports betting can be consumer protection, integrity, and anti-match fixing. These are the three top concerns when legalizing gambling and sports betting because you need to ensure that all three are in place before legalization. Regarding opportunities, the biggest ones are definitely taxation and revenue growth, while technological innovation is closely followed. Let’s first talk about the benefits of taxation and revenue growth. If you legalize gambling and sports betting, more businesses will open up, and their taxation and revenue will benefit the country. Also, technological innovation is something that is going to continue. We already live streams and betting from the phone, which will only mean the industry is expanding.

Closing Thoughts

Sports betting regulations vary a lot globally, usually because of different countries' diverse social, cultural, and legal landscapes. Challenges like match-fixing and consumer protection are still there, but legalization can help with much of that.