The Importance of Regulating Sports Betting the Right Way

In a time when technology is making waves in all aspects of life, introducing gambling to the online environment as a way to attract more people to your site is both ingenious and frustrating. 

 

This is particularly true when it comes to sports betting on any platform, including the soccer bet app, which provides many different avenues for players and gamblers alike. The state of sports betting today is one many gamers have taken notice of, especially since it seems to be changing every single day. 

 

This is what makes the issue of regulation especially important; without the restrictions that only government-backed laws can offer, there would likely be no control whatsoever.

 

Here are the top reasons why sports betting must be regulated the right way: 

Increased consumer protection and education

The desire for legalized sports betting has only grown during the coronavirus pandemic, as sports fans look to fill a void left by no live games to watch and bet on.

 

But before any more states consider legalizing sports betting, they should take a look at what has happened in New Jersey since PASPA was overturned. New Jersey's legal sports betting industry has risen quickly since its launch in June 2018. It represents a model for how other states can regulate this growing market.

 

In addition to generating $2 billion in revenue for the state of New Jersey last year, legal and regulated sports betting has helped protect consumers from fraud and scams by keeping customers' money safe through strong consumer protections through anti-money-laundering measures, for instance. 

 

These include age and identity verification systems that ensure only adults are wagering, safeguards against match-fixing and other forms of corruption, and more. 

Can help boost or diversify state economies

The economic benefits of sports wagering are real — if done responsibly — and can help boost or diversify state economies by bringing in tax revenue for schools, roads, and public safety. It is also essential that states provide safe, legal alternatives to offshore online companies that offer no consumer protection or regulation.

Better ensure honesty, transparency, and accountability

For years, some members of Congress have argued that legalizing sports betting would increase corruption in sports. The facts, however, show that by keeping sports gambling illegal, lawmakers have inadvertently done more to encourage dishonesty and corruption than if they had legalized and regulated it from the start.

 

The idea that legalization increases corruption is backward: It’s actually our current system that encourages dishonesty because it allows anyone to place bets in an unregulated environment. With legal and regulated sports betting, there will be much less incentive for athletes or officials to engage in corrupt practices such as throwing a game or shaving points.

 

By legalizing and regulating sports betting, honesty, transparency, and accountability can be ensured. This means that people have an avenue to resolve disputes if they believe they have been wronged in some way by a sportsbook operator or bookmaker. In addition, this means that those who participate in activities like match-fixing or inside trading can be held accountable for their actions.

Regulating sports betting for everyone 

With the increasing number of states coming on board to legalize sports betting, many lawmakers and other public officials are starting to take the idea much more seriously than they have in the past. 

 

And if you’re interested in getting involved in this industry, it’s essential to do so in a legal way. Whether you’re an individual or a commercial entity, be sure to research your options prior to getting started—to ensure that your own betting activities are completely legitimate.

 

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