Sportsbetting has grown beyond just a hobby to one of the major contributions to the world’s economy. Before this modern era, Sportsbetting was not regulated, especially in places like the United States. However, things have changed as the industry is making a buzz in revenue.

The regulation of sports betting markets brings many benefits to the government, as the industry is a significant economic force. In this article, we will take you through everything you need to know about the benefits of regulated sports betting and how this regulation takes place.

Benefits Of Regulating Sports Betting Markets

As said earlier, sports betting is no longer a mere action that sports fans and gamblers enjoy. Today, it is a system that also assists as a boost to world economies, so there is an increasing need for legal and regulatory measures to be implemented throughout the industry.

Here are some significant benefits and reasons for regulating sports betting markets.

Safer Sports Betting Market

Back in the early 1930s-60s, only a tiny cartel ran the sports betting industry, especially in countries where there were laws prohibiting it. During this period, sports betting was an organized crime.

However, with the help of several regulatory bodies, online sportsbooks have become legal, and gamblers can now bet on their favorite sporting events. 

Creation Of More Job Opportunities

Regulated sports betting would have a more benefitting and broader economic impact, as it would naturally create lots of job opportunities. State-licensed sports bookies would expand faster, creating more opportunities for analysts, cashiers, oddsmakers, and security companies.

Improved Betting Experience

Nothing beats the feeling of engaging in legal and regulated sports betting.

Bettors no longer experience complications in legalized sports betting companies. Some laws and regulations guide their operations, and this regulation is a significant reason why legal sports betting websites keep snowballing.

Better Regulated Betting Environment

Legalized and regulated sports betting markets present the required supervision, assisting bettors battling addiction. A regulated betting environment can easily detect any problem in a gambling scene and direct players to the appropriate help.

This action is one that players cannot find in regular local and offshore bookies. According to a 1999 report by PSGSC, many gambling sites had no responsible gambling tools for setting wagering and loss limits. This report was at the time when most sports betting entities ran freehand without regulation.

Today, more sportsbooks and online casinos are regulated, so operators can impose gambling limits and help addicted players to ensure responsible gambling.

Increased Tax Revenue

Sports betting generates tons of tax incomes for countries like the UK and Curacao, where the government wholly regulates sports betting. These countries are unlike the United States, where there is still a struggle for total sports betting regulation.

Today, there are already commercial and Native American casinos that operate in over 40 states in the US, creating close to 2 million jobs. These casinos, in turn, generate up to $30+ Billion in tax revenue, and it keeps growing.

Regulatory bodies can generate more from the sports betting industry with a better-regulated sports betting system. This move would lead to an annual flow of billions into the country’s tax system. This increase, of course, can close a lot of budget dues and assist in other industries like health, construction, schools, etc.

Regulatory Sports Betting Markets

In countries like Latvia, gambling takes place only after a bookie receives a license from the Lotteries and Gambling Supervision Inspection, the country's regulatory body.

Following this regulatory method, players can easily find legal casinos by choosing from the best online sportsbooks in Latvia, as most the Latvian casinos in the country are legal. This body inspects every gambling site in the country to ensure a safe gambling environment for players.

While this is typical in most major gambling regions like the UK, it is pretty different in the United States. Moreover, there is no central body regulating the gambling industry in the US, so the processes and restrictions are quite different for obtaining licenses.

Skin Betting Regulations

Like sports betting, several forms of gambling are getting regulated online, and an example is Skin Betting. With the advent of games like Counter-Strike: Global Offensive (CS: GO), gamblers can now participate in virtual skin gambling at csgo skin gambling sites. 

In addition, statistics predict that the skin gambling industry will generate up to $50 Billion in revenue in 2022. In skin gambling, gamers simply exchange virtual items won in virtual games and tournaments.

Despite being less popular compared to general sports betting, there are already quite a few regulatory bodies overseeing this industry. As of 2022, skin betting is illegal unless a company holds an official license called the 'Isle of Man License.' This license is based in England but obtained by almost any online betting entity that meets the requirements.

New Federal Sports Betting Regulatory Law

The US Congress moved to regulate gambling at the federal level in recent times. This regulation is already prevalent in countries like Malta, Curacao, etc. However, a new gambling regulation at the federal level could improve overall sports betting in the United States and other parts of the world. 

Moreover, the US is home to some of the best online and physical casinos, so getting fully regulated will improve the sports betting market overall as some other countries will follow suit. 

Conclusion

There are many benefits of regulating sports betting markets, from general safety to responsible gambling measures. Thus, measures are taken in most parts of the world to make this a reality, and sports betting is already well regulated in most countries. 

However, countries like the United States are still struggling to fully control the sports betting industry. Considering all the benefits sports betting can add to the economy of nations, more sports betting markets are getting regulated. Without a doubt, this creates safer gambling environments for bettors in regulated regions.