Regulate Online Sports Betting
Over the past decade or so, sports betting has become a billion dollar industry. Worldwide, millions of people bet on every kind of sport – American football, baseball, basketball, soccer, NASCAR racing and boxing are all popular sports that people place bets on. In the United States alone, there are billions of dollars in annual revenue generated from betting on sports. This makes sports betting a large industry with tremendous potential for profit.
Unfortunately, it also makes it difficult for the inexperienced to make a healthy sports betting income. Because sports betting falls under the classification of “sports gambling” and is not governed by the government, there are no official restrictions on how sports bets are structured. Generally speaking, you can go about creating your own loopholes in the system and betting larger sums than the bookie would accept. There is very little regulation when it comes to sports betting and no regulation of the money involved. Until recently, this has led to a lot of dishonest bookies operating illegally and getting away with it.
As a result, bettors have no protection if the system they are using is unreliable, and no official guidelines exist to protect them. With that said, it is important to understand the way bookies operate and learn the best practices to avoid being cheated. One thing bettors should be aware of is that an important factor in gaining an edge over other bookies is the ability to outwit the bookmaker. If you’re able to beat the bookmaker by a certain margin when placing bets, then you have created a lead. If the margin is less, then the bettors might not be able to gain as much advantage.
NCAA Resolves to Regulate Online Sports Betting
Over the past few months, it has been reported that the National Collegiate Athletic Association is looking into the online sports betting industry and establishing a set of standards to regulate it. According to Yahoo, one of the things the NCAA is looking at is online registration and sports betting activity which does not take place through a regulated sports books. If the NCAA does start regulating sports betting, the set of standards will most likely include some sort of money-back guarantee on the part of the sports books.
One area that may be affected if the NCAA implements some kind of regulating standards for online sports betting is in the area of active states. Currently, a number of states in the United States have legalized sports betting and online sports betting activity. Many of these legal sportsbooks are located in either New York or North Carolina, two of the more progressive states in the country. In many instances, these particular legal sportsbooks went live in the states during the last month and have been receiving a large amount of new customers since the move.
With legalized sports betting now going live in the states around the United States, the online sportsbook operators that are operating in these states have to be careful. If they wish to stay in business, they need to offer sports betting services that are consistent with the guidelines set forth by the NCAA. In addition, these online sportsbooks have to offer services to their active customers and not just take their money and run. As the sports betting industry continues to grow, there will be more regulation and additional oversight in the years to come. It’s wise for the online sportsbook operators of today to learn from the mistakes of yesterday and embrace the changes that are coming in the future.