Legalized sports betting has spread across the nation, with states such as Colorado, Florida, and Connecticut making it possible for people to wager on sports. If you live in one of these states, here are some things to keep in mind when looking for a sportsbook. The first thing you should keep in mind is that the sportsbook will almost never win all bets in a contest. Whenever a line is posted with an attractive price, the sportsbook will lock in profit over time.
Legalized sports betting in Arizona
A bill signed by Arizona governor Doug Ducey authorized legalized sports betting for up to 20 retail locations and ten professional sports teams. Among those licenses, eight went to each professional sports team in the state, and 10 to a select group of Native American tribes. Each team will get a retail license, and the first sports book will open in the area within one-quarter mile of its home stadium. Ultimately, Arizona hopes to become a global leader in legalized sports betting.
In its first 53 days, Arizona saw faster-than-expected growth. Its first two months were marked by record-breaking wagering totals. In fact, most wagers were placed via mobile sports betting apps. In total, the state took in nearly $15 million in taxes and fees. In its report, the Arizona Department of Gaming released the numbers for September and October. The numbers broke the previous record set by Virginia in the first two months of legalized sports betting.
Legalized sports betting in Colorado
As the calendar turns to Jan. 1, sports betting regulators in Colorado are taking stock of how the process is going. In Colorado, the state has the Taxpayers Bill of Rights Amendment, which prevents the legislature from raising taxes without the approval of the people. The sports betting law included a tax on sports betters and casinos. In order to pass the law, legislators first introduced the new tax law as a gambling tax.
The new law also allows casinos to increase the table game bet limit. The implementation of Amendment 77 is expected to boost retail sports betting in Colorado. As a result, casinos in Colorado are licensed to offer online and brick-and-mortar sports betting. While most Colorado casinos are located in Black Hawk, Cripple Creek, and Central City, a mobile sportsbook is now available to Coloradans across the state.
Legalized sports betting in Florida
Though the state’s voters haven’t voted on legalized sports betting yet, the general consensus is in favor of the initiative. Many opponents cite various factors. The Seminoles and DraftKings, the two largest online sports betting sites, oppose legalized sports betting in Florida and the tribes opposed the establishment of a Miami Beach casino. If legalized sports betting passes in Florida, it would eliminate the need for offshore betting sites.
Legalized sports betting in Florida is inevitable. The state already has eight professional sports teams, as well as several Division I collegiate sports. With over 21 million residents, it’s an obvious place for legalized sports betting. And the state has reached an agreement with the Seminole Tribe of Florida to deploy mobile sports betting by 2021. In the meantime, there are a number of obstacles to overcome. The bill has several potential downsides.
Legalized sports betting in Connecticut
The first revenue report for legalized sports betting in Connecticut was released by the Department of Consumer Protection on Dec. 2, 2021. That first day of operation saw a total of $54.6 million in accepted bets. Connecticut sports betting does not apply to collegiate games or in-state school teams. However, the state has been a leader in innovation in the betting industry. The state’s newest licensed operator, Sportech Venues, has brought innovative betting developments to Connecticut.
While the state’s largest sport is baseball, Connecticut is also home to a number of popular sports teams, including the University of Hartford women’s basketball team. The Huskies men’s basketball team is a perennial NCAA tournament contender, and the women’s basketball team is among the best in the country. While in-state college sports betting is illegal in Connecticut, a new law signed by Gov. Dannel Malloy in October 2017 makes it legal to bet on UConn games and other teams.