The NBA Proposes New Laws to Help Legalize U.S. Sports Betting
What do the Super Bowl, March Madness, The World Series, and The NBA Finals all have in common, besides the fact that they are sports events? All four of these, and countless others, are also some of the biggest betting events in the United States.
But, Everybody Does It…
It is technically illegal in the U.S. to bet on sports events but, especially on a friends and family level, it is mostly ignored. There has been talk for a long time about making sports betting legal, but there has been no substantial or concrete moves made toward setting it in stone.
But, the National Basketball League (NBA) has to legalize sports betting, and further, have asked for 1 percent of all bets made on NBA games or outcomes. This comes as a bit of a shock, as the NBA in past has gone on record to scold betting on sports, specifically on their games.
Las Vegas is currently the only place in the country that allows for legal sports betting, and historically it has proven to be a lucrative business, bringing in billions of dollars a year. The NBA’s proposal would certainly mean that their funds would see a formidable bump upwards, if Vegas’ books are anything to go by.
“Dan Spillane, an attorney for the NBA, testified in front of a New York State Senate committee and for the first time made it clear what the league’s price would be to become a partner in legalizing the multibillion-dollar industry.
The NBA wants 1 percent of every bet made on its games in addition to other regulations, a request that could create massive revenue for the NBA and other sports leagues in the future”
The laws are to be introduced to New Jersey first, hoping that other states will follow suit soon after, branching from NBA betting to other facets of the sports betting world.
The biggest cause for concern is the performance of the athletes. Will there be problems with game and player sabotage? Athletes telling friends and family members to bet against their team, and playing poorly on purpose? The NBA says that they’ve poured through studies, and legalizing sports betting will protect fans and bettors, as the sites will be regulated, and funds backed up.
ESPN in the same report goes on to say,
“Spillane wants to limit action on certain types of bets that could be more easily manipulated. He used the example of prop bets Wednesday, such as placing a wager on who may draw the game’s first foul.”
Bets like these are a known risk and cause many people to lose a lot of money. Betting on the results of a coin toss, or as the report mentions, who will foul first, is a very high-risk high reward bet. The fact that the NBA is aware of these bets, and have intent to leave them out of the legal gambling laws being proposed, shows that they truly have taken their time to understand what would be beneficial and improve upon the current state of sports betting in the U.S.
This venture could absolutely change the entire gambling and betting scene in the United States for the better, making it safer to place your bets and collect your payouts. If it passes, and the laws are enacted, Spillane and the NBA will be blazing the trail for future laws and regulations.
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