Wednesday, April 15, 2009

Delaware to Legaize Sports Betting

That's right. The Governor of Delaware is supposed to introduce a bill to Delaware that would allow for legal sports betting. Delaware is one of four states that was grandfathered out of the current federal laws that prohibit sports betting. The other three are Nevada, Montana and Oregon.

While proposing the legalization of sports betting used to be the "taboo" of gambling proposals for politicians, with the struggling Delaware economy (estimated at a $700M deficit) and with surrounding states taking away from Delaware's slot and horse racing revenues, this should be the year that Vegas won't be the only place where Americans can legally place a sports bet.


It is rumoured, however, that a bettor will be required to bet a parlay. A parlay is a single bet consisting of two or more bets and the bettor has to win all bets for the bet to be considered a win. Usually when you push (tie) for one of the plays within the parlay bet, the bet is then reduced to the "next tier down" from the original parlay. In other words, if you place a 3-team parlay and you push one of your bets, your parlay is reduced to a 2-team parlay and the corresponding odds. It is still unclear as to whether the Delaware Sportsbook will offer the standard parlay odds or not. They should, especially if a parlay bet would be the only type of bet a bettor could make.

If all goes as planned, Delaware hopes to have everything in place in time for the upcoming NFL season, the most wagered on league in the U.S. Some estimates of illegal online gambling taking place within the U.S. are as high as $380 Billion! If Delaware only gets a small percentage of this action, they should be able to make a great profit, reason enough to continue with the program once it starts. Delaware better get ready to service some large numbers. Anyone within a three hour drive who likes to bet on football will be making the trip, especially those who have been scammed and scorned by illegitimate online sportsbooks.

The bettor will undoubtedly view local legal sports betting as a much better choice than illegal online gambling- not just because of the legality of it. But, also because of the security of it and the ability to get paid out right away, instead of having to wait for days and verify information like bettors currently have to do, even with quality online sportsbooks. Giving up the convenience of betting on the computer to drive a couple hours to place a wager is well worth it for smart sports bettors.

It will be interesting to see how everything unfolds and we look forward to the possibility of legal sports betting on the east coast. We hope others follow suit. If this bad economy is the spark for such change in out-dated and unconstitutional laws, so be it!

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