Getting Into Sports Betting

4/7/2022

Getting Into Sports Betting Rating: 4,7/5 2645 votes

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Connecticut lawmakers were urged Tuesday to finally legalize sports betting and internet gambling after years of debate, but it’s clear disagreement still remains as to whether the state’s federally recognized tribes have exclusive rights to that kind of wagering — an issue that has stymied the state’s efforts in the past.

Unfortunately, a lot of people get into sports betting without putting in much effort. People tend to assume they can “wing it,” or that their knowledge sans extra research is good enough to win. Jan 26, 2021 Mashantucket Pequot Tribal Chairman Rodney Butler, however, insisted both sports betting and internet gambling fall under the decades-old memoranda of understanding between the state and the Mashantucket Pequot and the Mohegan tribes, who currently pay the state 25% of their slot machine revenues at Foxwoods Resort Casino and Mohegan Sun in exchange for having the exclusive right to offer. May 04, 2017 Sports betting isn’t illegal, however, the transfer of money between banks for the facilitation of online bets is where the laws start to get complicated. Let us preface, we are not lawyers, but it appears as if the United States federal law concerning online betting operations targets the financial institutions who move money to and from. Jan 28, 2021 Sports betting narrowly passed in spring 2019. Bill Lee let it become law without signing it due to his opposition to more gambling in a state without casinos. After the law took effect that summer, the lottery was tasked with coming up with rules and vetting operators and others looking to get into Tennessee’s industry.

“We can’t find anybody else from a legal perspective that doesn’t work for the tribes ... who has said they have exclusivity,” Ted Taylor, president of Sportech Venues Inc., told members of the General Assembly’s Public Safety Committee in his pitch to allow all existing Connecticut gambling operators to get into the sports betting game.

Mashantucket Pequot Tribal Chairman Rodney Butler, however, insisted both sports betting and internet gambling fall under the decades-old memoranda of understanding between the state and the Mashantucket Pequot and the Mohegan tribes, who currently pay the state 25% of their slot machine revenues at Foxwoods Resort Casino and Mohegan Sun in exchange for having the exclusive right to offer casino games.

“Suffice it to say, our tribes are resolved to defend our position and we would consider it a break in trust if the state allowed other entities to engage in sports betting without our agreement,” Butler told the lawmakers. Tribal leaders in the past have said they’d stop the payments to the state if they thought their deal was violated.

“Both of our governments, as well as the taxpayers of Connecticut, are well served by the existing agreements, and sports wagering can and should be implemented without putting those agreements in jeopardy,” said Ray Pineault, chief operating officer for Mohegan Gaming and Entertainment, which already operates online gambling in other states.

Despite the familiar arguments, both legislators and Butler insisted the state may be on the brink of finally hammering out a compromise, one that would benefit not only the two tribes, but possibly Sportech and the Connecticut Lottery Corporation, which also made a pitch to offer sports betting.

“I feel like it’s so close,” said Rep. Kurt Vail, R-Stafford. “The hurdle seems so small now.”

Butler said the tribes have resumed talks with Democratic Gov. Ned Lamont and his administration about gambling expansion in the state. Also, Butler said it appears lawmakers are more supportive of online gambling than in previous years after seeing so many other businesses move online during the pandemic.

“I really do believe we’re going to get this through this year,” Butler told reporters after appearing virtually before the Public Safety Committee from Puerto Rico, where he announced a partnership between the Mashantucket Tribal Nation and LionGrove, a hospitality investment firm, to reopen the El San Juan Casino as the Foxwoods El San Juan Casino.

Butler said the tribes are willing to be flexible and open to compromise on a sports betting and internet gambling deal so long as their rights to exclusivity are protected.

“Having the governor really dedicating effort to try to get this across the finish line, the legislature understanding it,” he said, “it seems to be all coming together in a way that can have a positive outcome for the state and for the tribes.”

If you like unscripted drama, boy do I have a concept to sell you. It's called sports, and every single facet of it is must-watch television. In today's world, the rate at which we consume breaking news in the sporting world is breathtaking. The rate at which we process, analyze and form thoughts on sporting events or players is next to none. If you enjoy doing all of that and want even more, I suggest you try getting involved in sports betting. Now, before you start worrying about needing to go into the shady room at the back of your local pub, I must tell you that only happens in movies. But you don't live in Las Vegas? Well, today's technology allows us to make bets from our computer or mobile device from anywhere in the world. It's really quite simple and extremely safe to do.

If your interest is still piqued and you would like to get into the world of sports betting, let me walk you through a few important steps on how to get started and what to do or look for.

Choosing a Sportsbook(s)

First things first - you need a place to make your wagers at. If you live in Las Vegas and can physically get to a brick-and-mortar Casino to make a wager then you are all set. If you are like me and reside outside of Sin City, then you must create an account with one of the many online sportsbooks currently in market. For starters, the online sports betting industry has been thriving for the last handful of years and is only getting bigger and better. Before you create an account, I would recommend sifting through the list of Doc's sportsbook bonus guide and find one that fits your needs. Some sportsbooks offer reduced juice (5Dimes), while some offer an extensive list of in-game options and teaser options.

Some sportsbooks have a small minimum deposit requirement, but all of them offer a plethora of deposit methods. Once again, make sure to do your homework on a sportsbook before you sign up so that you are completely comfortable and understand their services.

Starting a Bankroll

Now that you've decided which sportsbooks you will create an account at, you must make your first deposit. Whether you plan on placing wagers sporadically for fun or with any sort of seriousness to turn a profit, you must be clear about your bankroll. It is vital that you separate your betting money from your normal money. This will help you keep track of whether you are actually winning or losing. However, more importantly, it will help you to avoid financial problems and avoid using money allocated for bills or groceries to fund this hobby. The more safeguards you have in place in terms of the bankroll, the better off you will be and the more enjoyable it will be.

Understanding the Odds

I understand the overwhelming feeling of looking at the odds board or hearing new lingo and not knowing what any of it means. I was new to the betting scene once before. If you are having trouble understanding the lingo, our Glossary will help you understand what every word/phrase in the industry means. In the meantime, some of the most important things to understand in the betting industry are the betting odds. There are a slew of different betting options, but the odds and prices you bet on are what will make your break your bankroll. You should understand the difference between a -115 line and a -105 line on all point spread bets. With a -115 line, you must wager $115 to win $100. With a -105 line, you will wager $105 to win a $100. While the $10 savings may not seem like a big deal at the time, trust me, it adds up over the long run. Something else to consider when trying to understand the odds is the parlay payouts. While parlays are generally sucker-bets, you want to be able to get full value if you do happen to hit one. Do your research and find out what kind of odds each sportsbook gives out on two-, three-, four-, 10- or even 12-team parlays.

Online Betting Sports Gambling

Have a Game Plan

Sports Betting Websites

Looking at the betting board is essentially like being a kid in a candy store. There are so many amazingly good-looking options to choose from, and you want to pick a little from each shelf. In sports betting, that's the quickest way to go broke. My suggestion to you would be to pick one sport you enjoy the most or know the most about and stick to that sport. Doesn't matter if that's the NHL or MLB. The minute you start placing wagers on sports you know nothing about like WNBA or Tennis or the French Basketball League is the minute your bankroll goes from full to empty. Sticking to one sport will help you improve your betting habits and allow you to focus in and find league quirks, profitable betting situations, solid ATS teams, and everything in between. The more you know, the better educated your wager will be.

How To Get Into Sports Betting Industry

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