Betting is not limited to professional sports and teams – college sports and teams are also very popular for a number of reasons. Firstly, these amateur players take their sport to a different level and the chance of going pro is pretty high. The odds were previously stacked in favor of the bookmakers – but that trend is changing. Gambling was legalized in 1931 and Las Vegas became the home for the betting industry.
Of course, with a need for more betting options, online sports betting offer alternatives – there are quite a few sites competing for business. People can do it from their home and use payment methods like credit cards or wire transfers. For now, FIFA55 even though internet gambling is not legal, online betting seems to be allowed by the US government.
For many years, the stand taken by the US government was that it was illegal to use phones or wired devices to transfer money under the Interstate Wire Act. The question that lawmakers are now grappling with is – does the Wire Act cover all kinds of gambling or just sports wagers?
Under the SAFE Port Act, provisions prohibit American citizens from using checks, credit cards and wire transfers to finance their gambling habit. This specific piece of legislation deals with how accounts are funded, not the betting activity per say! Lawmakers are aware that people will find ways to bet on their favorite teams and players and are trying to figure out ways to track activity. This bill is interesting in the sense that it doesn’t criminalize betting and gambling on the Internet, FIFA55 the financial transaction is.
Until such time as there is legislation and a crackdown on such activity, people can bet on their favorite teams and players and follow their progress closely. An independent accounting firm has worked out numbers and estimates that the US can make up to $15.2 billion in revenues by regulating online gambling in the first 5 years. The World Trade Organization is now looking into complaints filed against the US about how an internet ban on gambling violates the rights of countries which offer these facilities to customers. One contentious point was that the US does allow internet betting on horse races within its borders and hence countries offering internet gambling opportunities for other sports should be allowed to ply their trade legitimately as well.