The Crazy World of Profit and Fun in Sports Gambling

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March is long forgotten and for most so is the March Madness that encouraged sports fans to spend significant amounts on sports betting. During March, more than $8.5 billion was spent by American fans alone on college basketball betting. Since the federal ban has been lifted, sports betting is allowed in casinos in Nevada as well as seven other states. Still, the law is changing and legalisation possible in several more states. Finally, sports fans get to place bets on the team or player they most support and feel part of the action.

American Fans Place Bets Worth More Than $150 Million Yearly

A sports betting reporter involved with fantasy sports betting companies such as DraftKings and FanDuel, Rey Mashayekhi recently released an article. In his report, he indicated that Americans wager over $150 billion on different sports yearly, according to the AGA. With some of the wagering taking place via offshore betting or directly via illegal bookmakers. The astronomical amount of cash available via legitimate means almost forces debated taking place regarding sports betting legalisation.

Legal Sportsbetting Win-Win Situation for All

Mashayekhi is keeping an eye on all the changes, and many casino operators await the new sports betting rules and regulations with great anticipation. The future of the gambling sphere is in digital platforms, and everyone is jumping onboard to enjoy and take advantage of the opportunities. Sports teams enjoy significant investments, the bookmakers can offer legal services, and the fans get to place bets legally and enjoy their winnings. For many, this appears to be a win-win situation as it is clear that betting is going to take place, legally or illegally.

Mobile Sportsbetting Left Out by New York State Leaders

Recently the financial-year budget was announced by the New York state leaders, and one thing that was quickly noticed is that the bill for mobile sports betting was not included. The budget details how the government will spend $175.5 billion over the next year. They will make significant decisions regarding tax cuts, school spending and Medicaid. It does not take any stand on mobile sports betting or legalising marijuana.

Governor Andrew Cuomo is disinterested in making sports betting legal as he feels it does not make lots of money. Sports betting is televised all the time, and they raised more than $13 million, so it seems that the economic benefit could be there.

Joseph Addabbo – Bill S00017 Need to Pass Before Mid-June

Joseph Addabbo, the democratic state senator, did attempt to pass the mobile sports betting legislation, but convincing the governor failed. Which means, for now, the New York punters will have to wait as mobile sports betting is not happening any time soon. Addabbo is still putting pressure on the state via his bill S00017; the bill has to be passed before the end of the spring session, which ends on the 19th of June.