Several US States are Considering More Sports Betting Restrictions
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- Category: Gambling Industry
- Created: Monday, 29 April 2024 14:08
When it comes to legal sports betting, the U.S. is a fairly new player in the sports wagering industry. This is because sports gambling has only been legal for 6 years since the repeal of the PASPA Act. Today, 38 States have legal sports betting with more to come. However, it has also brought a number of new problems to the table. Thus, several States are Considering More Sports Betting Restrictions to combat these gambling-related issues.
As the sports betting market matures in the U.S., we will see more sports betting regulation as more problems arise. At the moment, the sports betting restrictions that have been trending are the use of credit card for gambling and college prop bets. Thus, a few states, concerned citizens, and lawmakers have been bringing up these issues and want something done about it.
According to gambling analysts, this is a normal course of event for any country that has made gambling legal. In fact, the UK and other countries that have had legal sports wagering for years have already gone thru these changes in gambling regulations. However, they are by no means perfect. For example. The UK have had a regulatory body for only 24 years despite sports betting being legal since 1960. Thus, they are still in the learning process.
These States are Considering More Sports Betting Restrictions
Pennsylvania Possible Ban on Using Credit Cards for Sports Betting and Casinos
Just last week, Pennsylvania lawmakers began considering banning the use of credit cards for sports betting. State Senator, Wayne Fontana put up bill SB 1159 which is currently under review. If it passes, it would ban the use of credit for any type of online sports betting and gambling.
Furthermore, if it passes, Pennsylvania would join Iowa, Tennessee, and Massachusetts where it is illegal to use of credit cards for gambling.
Of course, this is nothing new as most credit card companies do not allow their clients to use their credit card for gambling. While their reason is not altogether altruistic, the credit card restrictions are there. The main reason being due to the chargebacks that often take place once a player loses. Furthermore, all states have laws that prohibit the use of credit cards to buy lottery tickets. Therefore, it is only logical that the same would apply to online sportsbooks and casinos.
For their part, sportsbooks are usually not too eager to take credit cards for players to fund their account. The fear of credit card chargeback is one of the main reasons but also because of the fees involved. This is why many sportsbooks require several forms to fill out to use a credit card. In addition, bonuses are bigger and better for those that use cash, or some form of cryptocurrency.
Ban on College Player Prob Bets Gaining Traction
Last month, Charlie baker, the NCAA president made headlines by asking state officials to ban college player prop bets. Also known as in-play betting, these types of wagers are specific to specific events, or outcomes in a game. Therefore, it also includes the number of points an athlete may score during a specific time-frame during a game.
According to Pay Per Head Companies, the reason is to protect student athletes from people that lost their wagers on such bets. In addition, it is also to keep the integrity of the game.
Since then, his movement to ban prop bets on college players has been gaining traction. The latest state top ban those is Louisiana which will come into effect on August 1, 2024. Earlier this year, Ohio and Maryland also passed similar laws.
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