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Exploring the Differences in Sports
Betting
Between the US and UK |
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| Photo by
Tim Bechervaise on
Unsplash |
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Sports betting is a popular activity in both the United States and the United Kingdom, but there are some
significant differences in how it’s done in each country.
In the US, most sportsbooks require you to be physically present at their location in
order to place a bet. In contrast, in the UK, you can place bets online or via phone from anywhere in the country. Additionally, when it comes to online
gambling sites available to bettors from either country, those based out of Europe often offer more options than American sites do due to less restrictive
regulations.
Moreover, some US states have restrictions on what types of bets can be placed, such as not allowing single-game wagers or prop bets, all
forms of sports wagering are allowed in the UK with no restrictions.
Furthermore, when it comes to taxes on winnings from sports betting, they are much
higher in the US than they are in the UK. Winnings earned through gambling activities within Britain are tax-free while Americans must pay taxes on any profits
they make from placing bets on sporting events.
Therefore, if you’re looking to potentially make money from sports betting then it’s
definitely worth considering doing so in the UK instead of the US.
How to Comply with US and UK Law
When Placing Bets on Sporting Events
When placing bets on sporting events, it is important to comply with the laws of both the United States and
the United Kingdom. In the US, gambling is regulated by state law, so bettors must check with their local authorities to make sure they are in compliance. In
the UK, all forms of gambling are regulated by the Gambling Commission. It is essential to be aware of any restrictions or regulations that may apply in your
jurisdiction before placing a bet.
Additionally, it's a good idea to be aware of any taxes or fees that may be associated with placing a bet. Depending
on where you live, there may be different tax rates for winnings from sports betting. Finally, you must ensure that you are
using a reputable and secure online betting site when placing bets on sporting events. This will help protect your personal information and ensure that your
funds are safe and secure.
Changes in Legislation Are Driving Growth in the
Industry
Since the US Supreme Court ruled against a nationwide federal ban on sports betting in 2018, 33 states have
legalised sports betting, while others have legislation pending to do the same.
Still, US bettors have to be careful as 17 states restrict its availability. Even so, in 2021 alone, the US generated $4.33 billion in revenue, nearly tripling
the revenue of the previous year.
In the UK, on the other hand, sports betting is completely legal and regulated by the UK Gambling Commission. This
allows people to place bets on any sport or event without fear of breaking any laws. Despite its favourable legal status, the 2021 UK sports betting revenue
figures declined over 15 per cent from the previous year, still totalling $5.4 billion.
As more US states embrace online
gambling and sports betting, it will be interesting to see if UK sports betting revenue continues to decline or breaks the trend and starts growing again.
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