The NBA, MLB, and PGA Tour are among the sports leagues that have lobbied for legal sports betting. The NBA and MLB recently drafted a “Model Legislation” to regulate sports betting. If the proposed legislation is approved, it would be the first time in US history that sports betting is available to the public. Currently, only three states have sports betting laws, including New Jersey, Illinois, and Tennessee. Some sports leagues may soon join this fray as well, depending on the outcome of the debate.
While it’s true that sports betting is supposed to revolve around sporting events, a variety of sports and off-field props are allowed, such as the Oscars. While college sports betting is legal in all 50 states, New Jersey and Pennsylvania don’t allow bets on in-state events. This is the only drawback to sports betting in these states. The good news is that there are a handful of markets in these states that have legalized sports betting.
The first step is to understand the odds. Odds are often set by the sportsbooks based on their probability. A high-risk event will pay out more than one with a low-risk. On the other hand, a low-risk event will pay out less and be a lower-risk bet. The greater risk, however, comes with greater reward. Unlike casino games, sports betting can be played legally in every state, including New Jersey.