Online sports betting gains momentum
As millions of March Madness fans obsess over their brackets and huddle around TVs to watch some basketball, they will also be putting down cold hard cash on their favorite college teams.
Online sports betting is now legal in multiple states, and the industry is surging.
Just last year, legalized sports betting doubled in size as Americans wagered over $52.7 billion in 2021.
With the exploding market comes legal questions. What should you be on the lookout for when placing bets online? What should you know before entering the scene? Read four key things to know about online sports betting.
What you need to know when online sports betting
As online betting becomes more popular, make sure you know the following:
1. Rules and laws vary from state to state
While dozens of states have legalized online sports betting, there are different rules to understand in each state, and other states prohibit it all together.
It’s critical to know if your region allows online gambling. Check here for all the states it’s legal in, but know that laws are constantly evolving. To understand and stay up to date with the laws in your area, consult with a lawyer.
2. Go with a reputable sportsbook
When you’re new to online sports betting, it may be tempting to commit to the first sportsbook you find – but beware! Experts suggest going with a reputable sportsbook because they are more secure and reliable.
While you may come across sites that accept bets globally, few may not operate in your region. Research any site you come across and find out what people say about them before committing to anything.
3. Be aware of withdrawal options
Many sites will require a deposit before playing or placing bets but won’t allow you to withdraw your winnings. When this happens, the site is either a scam, or they don’t offer withdrawals in your state.
This is why it’s critical to understand where online sports betting can occur. Do your due diligence to learn if the site is reliable and if it offers withdrawal options in your region.
4. Guard your personal info
It’s always critical to safeguard your personal information when you do anything online. Especially in a newer atmosphere like online betting, scammers hide in every corner and are eager to reel you in with bogus sites and hit a home run with your money and data.
To avoid getting your personal information stolen, remember to keep your passwords long and robust, change them often, and always do research to find secure betting sites.
A lawyer can help you navigate your rights when placing bets
The online sports betting world is booming, and there are a lot of legal questions rising and laws that are evolving. To understand your rights to place online sports bets in your state, get a consultation from a dedicated lawyer with a LegalShield Personal & Family Plan.
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