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The Ultimate Guide to Responsible Online Sports Betting in the US

The Ultimate Guide to Responsible Online Sports Betting in the US

Did you know that online sports betting is a multi-billion-dollar industry in the U.S.? This is because of its appeal and wide variety of betting opportunities. Online sports betting allows you to bet on your favorite sports in your comfort zone, wherever you are, and whenever you wish. But even as you enjoy the remarkable opportunities with online sports betting, you must remember to exercise responsible betting habits. Responsible betting means betting within your financial limit. It also means understanding the risks involved in online sports betting. To bet responsibly and enjoy your rewards, you must also understand the legal landscape of online betting in the U.S. 

At NXTbets, we know the importance of these crucial components of online sports betting. We remain committed to providing real-time odds analysis, data on potential sports to wager on, and expert tips for responsible betting. This guide provides the perfect toolkit to learn everything you need to know about online sports betting. Let’s dive in!

Understanding Online Sports Betting in the U.S.

Online Sports Betting

Popularity and Growth of Online Sports Betting

Online sports betting has attained more popularity in the U.S. over the past few years. The development of technology and increased internet access have enabled many people to bet on their favorite sports online. Online betting platforms are also attractive, user-friendly, and convenient. They also offer many betting options, thus attracting more people to the industry. Due to its continued appeal, the online betting industry will continue expanding in the coming years as more people get into online betting. Check out some of our partner sportsbooks to familiarize yourself with online betting platforms.

Emerging Trends in the Industry

Online sports betting continues to evolve, and artificial intelligence and blockchain development cause this change. These new aspects improve security and user experience in online sports betting.

Most sportsbooks and bettors are also embracing responsible betting activities. Bookmakers currently implement effective platform tools to help bettors manage and control their betting activities. There has also been an increase in the development of mobile betting apps. These apps offer greater accessibility and convenience for users, thus expanding the industry.

Online Sports Legal Landscape In the U.S.

Online sports betting is legal in the U.S. today. The legal landscape for online sports betting in the U.S. has changed tremendously. Initially, the Professional and Amateur Sports Protection Act (PASPA) of 19192, also known as the Bradley Law, prohibited all sports betting nationwide. Fortunately, the Supreme Court struck it down in 2018, allowing States to legalize and regulate sports betting. The Wire Act 1961 also prohibits the transfer of betting data across State lines. This affects interstate betting activities.

After the Court’s decision in 2018, 38 states and the District of Columbia legalized some form of betting. Twenty-nine of these States allow online betting. Most States have set the minimum age for online betting at 21 years, while others still accept 18 years. Generally, the law states that for you to engage in online sports betting, you must be physically within the State. You do not necessarily need to be a resident of that State.

Some of the States that have legalized online sports betting include:

States Where Online Sports Betting is legal

States Where Online Sports Betting is Illegal

Arizona

California

Arkansas

Texas

Colorado

Idaho

Connecticut

Utah

Delaware

Minnesota

Florida

Missouri

Illinois

Alabama

Iowa

Georgia

Kansas

South Carolina

Kentucky

Oklahoma

Louisiana

Alaska

Maine

Hawaii

Maryland

Massachusetts

Michigan

Nevada

New Hampshire

New Jersey

New York

North Carolina

Ohio

Oregon

Rhode

Tennessee

Vermont

Virginia

Washington D.C.

West Virginia

Wyoming

Types of Bets in Online Sports

You can choose from many kinds of bets in online sports betting.

Common Types of Bets

You must understand the various bets available for online sports betting. This will give you an edge when you wager on your favorite sports.

  • Moneyline Bets: They are the simplest types of bets because you pick the winner to get your payout. So, if the Boston Red Sox are playing against the New York Yankees, you can bet on either team to win. If your chosen team wins, you get the reward.
  • Point Spread Bets: With these bets, you wager on the margin of victory. For example, if the Miami Heat are favored to win (–5) against the Los Angeles Lakers by 5 points (+5), the Heat must win by more than 5 points for your bet to succeed, and vice versa.
  • Over/Under (Total) Bets: With this type of bet, you bet on whether the total score by both teams will be over or below the specified number. For instance, if the specified number for the total scores is set at 50 points, you wager on whether the total score will exceed 50 or fall below 50 points.

Advanced Types of Bets

If you are looking for more complex betting options, consider the following types of bets:

  • Parlays: A parlay is a combination of multiple bets. For example, you can bet on four football teams to win. The four teams must win for you to get a reward. Although this bet offers greater returns, it also has higher risks because if one team loses, you also lose.
  • Teasers: Teaser bets allow you to vary point spreads to favor you. For example, if you add 3 points to the underdog in three games, all the adjusted bets must win for your teaser to pay out.
  • Futures: Futures allow you to wager on events that have not happened but will occur. So, you bet on who will win or lose the Super Bowl. Futures mostly offer higher odds because they are placed in advance.
  • Prop Bets: Prop bets focus on a specific event in the game. For instance, you can bet on how many touchdowns a player will score or which team will score first. They bring more excitement into the betting experience.

Responsible Online Sports Betting

Choosing a Reputable Online Sportsbook

Choosing a good online sportsbook is a crucial component of responsible gambling. A reputable sportsbook guarantees a safe, secure, and enjoyable betting experience. Here are some of the key factors to consider:

Licensing and Regulation

The first thing to look for in a sportsbook is if it is licensed and regulated by the local authority. In the U.S., sportsbooks should have a state Gaming commission license. For instance, if you wish to bet in New Jersey, ensure the New Jersey Division of Gaming Enforcement has licensed the sportsbook you’re using. You should always verify the sportsbook’s licensing information. You will mostly find this information at the bottom of the sportsbooks’ homepage.

Reputation and Reviews

If a sportsbook is reputable, it is likely reliable. To know how reputable a sportsbook is, look for what other bettors say about it. Reviews and ratings from fellow bettors will give you invaluable insights about a sportsbook. Research in social media, review sites, and online forums to see what other bettors say about their experiences with the sportsbook. Pay attention to complaints like poor customer service or slow payouts. Such issues are red flags that show that a sportsbook is not reliable.

Understanding the Risks of Online Sports Betting

Online sports betting is thrilling but also presents some challenges. Therefore, you must understand these risks to thrive in responsible online sports betting. The first risk is the high chance of financial loss if you do not manage your bankroll properly. Remember to separate your betting money from other expenses. Always be cautious and bet only what you can afford to lose.

Online sports betting can also be very addictive. This means it can negatively affect your personal and professional life. To prevent gambling addiction, you must control your betting habits. Utilize self-exclusion tools, session limits, and deposit limits to control the amount and time you spend betting. Avoid the temptation to chase your losses. Taking breaks is necessary and will give you time to avoid betting.

Recognizing and Addressing Problem Gambling Behaviors

Problem gambling is common in online sports betting, especially for those who do not gamble responsibly. Some of the common signs of problem gambling include:

  • Hiding your betting activities from friends and family
  • Obsession with betting activities
  • Feeling depressed and anxious when you cannot bet
  • Taking debts to fill your betting account

If you notice any of the signs above, seek professional assistance immediately. Resources such as counseling, self-exclusion programs, and support groups can help you prevent and manage problem gambling.

Understanding Odds and Making Informed Bets

Taking part in online sports betting requires understanding the different odds offered in the market. Below are some of the common types of bets to consider:

Types of Odds

  • American Odds: American bets are represented as a positive or a negative number. For example, a +100 means that you win $100 for a $100 bet, while a -200 means you need to bet $200 to win $100.
  • Decimal Odds: Decimal odds indicate the reward for every $1 bet. For example, 2.00 means you will win $2 for every $1 you bet.
  • Fractional Odds: These odds are commonly used in the U.K. They are displayed in fractions like 3/1, meaning you win $3 for every $1 you wager.

Converting Between Odds Types

Converting between odds can give you an added advantage in online sports betting. The good thing is that it is straightforward. To convert American odds to decimal odds, if the odds are negative, you divide them by 100. But if the odds are positive, divide them by 100 and add 1.

You can also convert decimal odds to fractional by subtracting one and then converting the result into a fraction. For instance, a fractional odd of 4.00 would become 3/1.

Interpreting Odds

Interpreting odds is how bettors win in online sports betting. If you are new to online sports betting, you must also learn this technique. Interpreting odds simply means understanding the probability and rewards.

Odds always represent the probability of an event occurring. For example, a +150 American odd means a 40% chance (100/(150+100)). On the other hand, a -150 means a 60% chance (150/(150+100)). Higher odds mean a lower probability of the event happening but a higher reward.

Research and Analysis

Research is crucial for any bettor wishing to participate in responsible online sports betting. You must analyze historical data to gain insights into players, teams, and trends in the industry. Pay attention to player statistics, player performance, team dynamics, the effect of weather conditions on match outcomes, and other relevant data. Do not bet based on your gut feeling. This can often lead to impulsive bets, which are risky and can lead to losses. Instead, conduct thorough research to ensure you only make informed betting decisions.

Developing a Responsible Betting Strategy

Here, we will provide expert tips on establishing a responsible betting strategy to prevent gambling addiction or losses.

Setting a Budget and Managing Finances

After identifying the best sportsbook, the first step is to set a budget for your betting activities. Begin by assessing your financial situation to see how much disposable income you have. This should be the money left after paying the rent, bill, and groceries. Never bet an amount that you cannot afford to lose.

Assessing your financial status will allow you to set a realistic budget that will not affect your financial stability. Once you have determined a suitable budget, stick to it.

Online Betting Tools and How They Help

Most reputable sportsbooks provide tools for bankroll management. These tools are designed to give you more control over your betting habits. As a result, they promote responsible betting. Using them will help you prevent excessive gambling and overspending. Some of these tools include:

Deposit Limits

Deposit limits help control how much you spend betting. You can set daily, weekly, or monthly deposit limits. This tool limits the amount you have in your betting account. It ensures you do not exceed your limit, thus promoting responsible betting.

Session Limits

Session limits limit the time you can spend betting. This tool provides reminders or automatically logs you out once you have exhausted your time limit. It helps you manage your betting time and avoid overspending. By regulating the time you spend betting in a session, it reduces the chances of addiction.

Tracking Bets and Wins

Tracking your bets and wins will allow you to understand your betting habits and performance. You should maintain a detailed record of every bet you place. This will help you identify patterns and trends, whether positive or negative. This data will enable you to identify your weaknesses and areas of improvement, thus making more informed decisions.

Analyzing Performance

Regularly analyze your performance to improve your betting strategy. If you review your wins and losses more frequently, you will identify what is working for you and what is not. This analysis will allow you to refine your betting strategy and make better bets in the future.

Adjusting Your Betting Strategy

Be flexible when adjusting your betting strategy to increase payouts. If you realize that you thrive more on certain sports or bets, you should pay more attention to them. Adjust your betting strategy to mirror any changes in the market or research findings. This can lead to a more responsible and rewarding experience.

Educational Resources

Websites and Courses for Learning Betting Strategies

You can find many online courses and websites that teach different betting strategies. You must be careful with websites, however, since some of them are not very reliable. Conduct thorough research and select the best and most reputable websites. Reputable resources like NXTbets are verified and reliable.

NXTbets and online courses provide a wide range of topics on online sports betting. You can find information on simple basics to advanced betting strategies. You will also get real-time data analysis and learn about new trends in the industry. NXTbets also offers analysis of odds and online betting markets to help you make informed decisions.

Books and Guides on Responsible Betting

You can also find invaluable insights from books and guides on sports betting. Sharp Sports Betting by Stanford Wong and The Everything Guide to Sports Betting by Josh Appelbaum offer in-depth information on betting strategies and bankroll management. They provide practical guides on how to set limits, manage your bankroll, and bet responsibly.

Betting Communities

Joining betting communities can also be very helpful for you. Online forums allow you to meet and share your experiences with fellow bettors. You will learn critical information and tips from seasoned bettors that can help you improve your betting strategies. Online communities also offer camaraderie and emotional support, which are key to maintaining responsible betting.

Conclusion

Online sports betting provides a wide range of betting opportunities. It offers great convenience and ease of access to betting information. To thrive in online sports betting, you must understand the ins and outs of strategic betting. Conducting comprehensive research can help you obtain enough information on online sports betting. It is also important to set clear budget limits and manage your bankroll to enjoy a rewarding and improved betting experience. You must stay disciplined and practice responsible betting at all times. If you notice any signs of gambling problems, do not hesitate to seek professional assistance. To bet responsibly and enjoy massive payouts with online sports betting, don’t forget to subscribe to NXTbets today!

Frequently Asked Questions

The minimum age for online sports betting is 21 years in most states. However, some states allow anyone aged 18 years and above to participate in online sports betting. You should confirm with the regulations in your State or the State where you reside before engaging in online sports betting.

Financial safety and security are crucial for any bettor who participates in online sports betting. The most important step is to select a sportsbook with advanced security measures, such as SSL encryption. A reputable sportsbook with relevant licenses and a strong privacy policy is also advantageous.

Yes, payouts from online sports betting in the U.S. are taxable. Federal laws require this, and non-compliance may lead to sanctions such as penal punishments. To ensure compliance, some sportsbooks provide a W-2G form for bettors whose winnings exceed a certain amount.

Betting on sports online with cryptocurrency depends on the sportsbook. Some sportsbooks allow Bitcoin for deposits and withdrawals, while some do not. You must confirm with the sportsbook whether cryptocurrency is permitted. Further, remember to verify the security and legality of the security measures established by a sportsbook that uses cryptocurrency.

If you suspect that you have a gambling problem, you must seek professional assistance immediately. You can get help from many resources, such as the National Council on Problem Gambling (NCPG). They have a helpline where you can call for emergencies. Most sportsbooks also have advanced tools like self-exclusion to help you control your betting activities by taking breaks.

Please refer to Affiliated Operators’ T&C. Void where prohibited. Gambling problem? Call 1-800-GAMBLER