The state’s interests in sports betting are primarily related to maximising taxable revenue. However, the integrity of sporting and betting events should also be considered. The key decision to be made is the tax rate and the regulatory body. Money is the main factor in any decision to regulate or prohibit sports betting. So how should states go about this? Here are some tips:
Over/Under bets
In sports betting, Over/Under bets are wagers on the total number of points scored by both teams. The best way to understand this type of bet is through an example. Take a recent Super Bowl between the New England Patriots and Philadelphia Eagles. Over/under odds were almost exactly the same. Here are some tips to help you make the right choice:
Prop bets
There are many types of prop bets in sports betting. These bets are formulated by using league averages. They are softer than the primary markets, which makes them ideal for newbies. Some sites have exclusive props for certain games. These bets offer a slight edge to the bettor who understands the rules of sports betting. However, you should use professional judgment when selecting these bets.
Futures bets
One of the best strategies for winning futures bets is to spread the risk. This can be done by placing bets on multiple teams, which will increase the odds of your selection. You can also bet on a specific finishing position. While this may sound difficult, it can be a very profitable strategy. Futures bets are most commonly placed before the season starts. While it is hard to predict which teams will win, they are very lucrative when they are successful.
Tribal casinos
Although Washington State has passed legislation that allows for sports betting inside tribal casinos, tribes have divided over the benefits of such gambling. Some have added sports betting to their casinos, but most are taking a cautious approach and plan to wait several years before pursuing this new revenue stream. It is also possible for tribes to partner with commercial casinos that already offer this type of gaming. Ultimately, the decision will depend on how much public support there is for the idea.
Legalized sports betting
New York is the fourth most populous state in the U.S., and the biggest state to legalize sports betting. The state is expected to benefit from a 51% tax on all gambling revenue, compared with a 13% tax in neighboring New Jersey. But despite the high tax, it may not be possible for New York to overtake New Jersey in gross gaming revenues until 2024, as predicted by Eilers & Krejcik Gaming. Meanwhile, Florida has yet to begin operating a sports betting regime, as a court has blocked the state from doing so. While legalizing sports betting in Florida will increase the revenue, it is still not a viable option for the state.