It has been five years since the Supreme Court allowed sports betting throughout the United States.
It didn’t take long for the industry to grow rapidly across the country. In that timeframe, 33 states, Washington DC and Puerto Rico have legalized the practice and reaped billions of dollars in untapped revenue. Online sports betting is available in 23 states and one territory.
Eric Raskin of USBets.com and Jeff Edelstein of SportsHandle joined Action Network podcast host Brendan Glasheen on Monday to discuss the state of sports betting in the United States.
With 25 of the United States’ states, districts and territories currently operating online sports betting, both Raskin and Edelstein agree that sports betting is moving in a positive direction.
There are three states or territories that have legalized online sports betting but are not currently operating: Maine, Kentucky and Puerto Rico.
Puerto Rico has in-person sports betting but does not yet operate online. Puerto Rico is not alone, with states including North Carolina, Montana and Nebraska holding in-person sports betting in casinos but without online infrastructure. They said some of the states may not work online.
The states furthest away from online sports betting would be the three most populous states: Texas, California and Florida. It is possible that Texas will legalize it in the near future but there is a push from state officials, including Governor Greg Abbott.
Raskin and Edelstein believe that much of the pushback in the southern states was due primarily to religious and cultural issues.
California and Florida have struggled to pass legislation because of Native American tribes, who have actively pushed back against a booming industry that could cut into their incomes.
Naturally, legalization in any of the states would put it in the top five in regulated betting per state. And that means billions of additional dollars in public works and education.
Currently, the closest state to launch is Vermont, where Raskin and Edelstein are considering legalization during a mid-May vote.
Other states like South Carolina have bills opening this legislative session but are unlikely to pass.
In the podcast, Raskin and Edelstein also break down which regulations make things more difficult for sports bettors and sportsbooks — and which ones will best serve the consumer.
Both agree that the more competition in the market, the better it is for the sports bettor. Oregon and New Hampshire have both legalized online sports betting but bettors can only bet on DraftKings. Monopoly creates fewer opportunities in the store line and ultimately leads to less engagement in best practices.
Tennessee is a struggle for sports bettors, because they need sportsbooks with a 10% hold. That makes it difficult for bettors to get fair value odds. Some games appear as high as -117 on both sides.
The best regulatory body? Those in New Jersey, Colorado, and Pennsylvania, making it relatively straightforward for sportsbooks to enter the market. That allows for more competition, better products for consumers and more educated patrons.
Listen to the full podcast here.
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