People love to place bets on sports events, and many use this as a means to make money. Some make a lot of money betting on sports, but only a handful of people actually make money long-term. There are millions of people who place bets on sporting events each year. According to the Daily Mail, the worldwide sports betting market is around three trillion dollars. In addition to professional teams, college sports also have loyal followings. For example, the NHL playoffs and bowl season generate much higher betting volume than those of pro-league sports.
Whether you’re a seasoned bettor or a complete novice, there are many aspects of sports betting to take into consideration. One of the most important things to know is the legality of bookmaking. Although the majority of countries have laws preventing sports betting, they don’t penalize it. While PASPA banned sports betting, it exempted states with pre-existing frameworks. However, it was struck down in 2018 by a federal court in Murphy v. National Collegiate Athletic Association, so it’s currently legal in the United States.
While many countries have prohibited sports betting, PASPA, the Professional and Amateur Sports Protection Act, was deemed unconstitutional on Tenth Amendment grounds. Despite the constitutionality of PASPA, some states have already established legal sports betting markets. In the United States, sports betting is illegal in all states except for some pre-existing frameworks. In Connecticut, the law was struck down in a case called Murphy v. National Collegiate Athletic Association in 2018.