Official betting is a new type of wager that allows sportsbook operators to accept bets from licensed players. The wagering process is identical to regular betting, with the addition of an additional step that verifies the identity and age of the bettor. This is done to protect against money laundering and money terrorism, which is an increasing concern in the industry.
The emergence of official betting has been a boon for sportsbooks, especially in states where the legalization of sports betting is taking place. However, it is still a relatively new concept, and its implementation has a number of challenges. The first challenge is the need for a standardized system for verifying the identity and age of bettors. The second challenge is the need to integrate this verification process into existing betting systems. In some cases, this can be accomplished with a combination of manual and automated processes.
Historically, the NFL has opposed legalized sports betting, arguing that it could lead to game-fixing and other forms of corruption in the sport. But following the Supreme Court’s ruling in 2018, the NFL has reversed its position and is actively promoting sports betting.
As the legalization of sports betting continues to expand, new sportsbook companies are entering the market and expanding their presence in existing markets. One example is Fanatics, which entered the US market in 2022 by acquiring PointsBet’s US operations. The company has been steadily expanding since, and is now available in 11 states with more on the way.
While the majority of sports betting is done through traditional bookmakers, online casinos also offer a wide variety of options. These sites are typically operated by regulated operators, and most offer multiple payment methods. Some of them even allow bets from overseas players. The availability of online sports betting is limited by the legality of gambling in a particular jurisdiction, and the number of countries where it is legal has grown steadily over the past decade.
In the United States, legal sports betting began with the repeal of PASPA in 2018. The decision was made after the American Gaming Association, the gambling industry’s lobbying group, argued that black markets of illegal gambling thrived due to federal prohibitions. The AGA supported the Supreme Court’s ruling and also strongly advocated for states to establish their own sports betting laws.
The NBA has taken a similar approach to its relationship with sports betting, urging Congress to adopt a framework for state-by-state regulation of the industry. The league has also pushed for more transparency in sports betting data and the establishment of age restrictions.
Until recently, all major professional sports leagues opposed legalized sports betting. The NFL, in particular, has long been the league most vocal about its opposition, citing concerns about maintaining the integrity of the game. But following the Supreme Court’s ruling, the NFL has changed its stance and is now actively promoting sports betting and working with sportsbooks to promote it.