Betting is gaining popularity all over the world, and the sports betting market is expected to reach approximately $155.49 billion by 2024. The online betting industry brings in a large portion of global gambling profits. Here, Slotegrator provides a basic overview of sports betting regulations in different markets.
US & Canada
Sports betting legislation in the US is rapidly changing. States recently received the power to officially legalize sports betting after the US Supreme Court struck down a federal ban on the practice. Currently, sports betting is legal in:
- New Jersey;
- West Virginia;
- New Mexico;
- Rhode Island;
- New York;
States that have passed sports betting legislation but haven’t launched it yet are Tennessee, Montana, Indiana, Illinois, North Carolina, and Washington, DC.
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In Canada, the Federal Criminal Code makes all types of gambling, betting, and lotteries illegal throughout the country. However, provincial governments can provide exceptions to the ban, so legal forms of betting vary by province. Some provinces have their own state-sponsored lottery and casino sites. Pari-mutuel betting on horse races is widely practiced, but betting on single events is strictly prohibited.
The Latin American sports betting market is very promising. For example, in Colombia, online sportsbooks have been legal since 2016. The regulatory body for sports betting is Coljuegos. The sports betting licensing fee is $160,000.
In Brazil, betting is prohibited under Decree Law, but there is a possibility it will be legalized soon. Currently, only horse race betting at racetracks is legal, but there is almost no government enforcement.
African countries provide many opportunities for sports betting operators, as the growing market is seeing a big boom in betting. Online sports betting is completely legal in almost all African countries, so African punters are allowed to bet at offshore and domestically-licensed online sportsbooks.
In South Africa, the situation is different, as the country is divided into nine provinces that have their own regulatory bodies which issue licenses to operators. There is no tax on winnings for sports events, but when it comes to horse races, punters pay 6% of their winnings as tax. Online gambling is illegal, except for sites run by bookmakers with a provincial license.
Online betting in Europe is legal and regulated, and most countries have their own national laws regarding sports betting. Each country has its own regulatory body that issues licenses to operators who want to provide sports betting services.
Probably one of the biggest sports betting markets in Asia is the Philippines, where sports betting is legal, regulated, and popular. Online betting platforms for Philippine residents are regulated by the Philippine Amusement and Gaming Corporation (PAGCOR).
As for Taiwan and Hong Kong, they both have legalized lotteries and horse racing, and they provide some opportunities to bet on sports, like local soccer matches. These countries’ citizens can also bet on offshore betting platforms.
Singapore and Japan, however, both have very strict regulation of online sports betting. Singapore only allows betting through two operators, and in Japan, only betting provided by the government is legal.
In Australia, online sports betting is a legal and regulated industry. Different states and territories of the country each have their own regulatory bodies. Operators of sports betting platforms in Australia should obtain an operator’s license that allows them to provide pari-mutuel and fixed-odds betting on racing and sports, as well as other approved events.