While most of the sports betting process is conducted online, there are some states where it is required to sign up in a retail sportsbook. We’ll discuss state-by-state requirements later. Regardless, the basic rule remains the same: in order to place a bet, you must be within the state’s borders. This is achieved through geolocation tracking, a feature of software that runs in the background. The best betting odds on a sports event can be found by line-shopping frequently.
Sports betting is legal in eleven U.S. states, and in Arizona, it went from law to launch in less than five months. The state launched its sports betting market on Sept. 9, and by the end of the day, seven sports betting apps were live in the state. Meanwhile, two sportsbooks opened in Phoenix-area stadiums. In addition, sports betting is becoming a multi-billion-dollar industry. However, there are still many obstacles to overcome before this new industry can reach full potential.
Despite the potential for new revenue, New York state residents may turn to illegal offshore sportsbooks instead of legal ones. In addition to a burgeoning online sports betting market, the state is aiming to generate $493 million in tax revenue annually. The New York executive budget projects a sports betting revenue of $249 million in 2022, with about $200 million coming from licensing fees. By 2027, New York expects to collect $518 million from online sports betting.