When betting on sports events, you can make a bet based on the likelihood that a particular team or player will win. The oddsmakers determine the betting lines by using information about past performance and other relevant factors, including the history of a game, to create lines that reflect the probabilities of winning and losing. The wagers are placed by one party, or bettor, who commits money to the line and receives winnings if the bet is successful.
Legal sports betting is now available in 24 states plus Washington, DC, and has been in operation for a year or more. Illinois, which launched its retail and online options in March 2022, features a wide variety of betting options, including DraftKings, FanDuel, BetRivers, and PointsBet, as well as BetMGM and BetStars.
Kentucky introduced legal sports betting on the last day of its legislative session in September 2023. The state’s sportsbooks are operated by the Kentucky Lottery and offer both retail and online betting. Eight online sportsbooks are available in the state, including DraftKings, FanDuel, and BetRivers.
In New Jersey, legal sports betting launched in 2019 with retail options at brick-and-mortar casinos and a full online launch in October 2021. The major sports leagues challenged the law in court, and a lower court and the Third Circuit sided with them. The state appealed, but the Supreme Court declined to hear it.
The new law includes a number of safeguards to prevent illegal gambling and protect minors, including requiring sports betting providers to implement age-verification measures. In addition, bettors must register with their state of residence to place bets. Moreover, a sports governing body may require a permit holder to use official league data to settle tier 2 bets. A permit holder must notify the Department of such desire in accordance with the forms and procedures prescribed by the Director.