If you’re a resident of the US, you may already know that gambling is not the same in the country compared to other countries around the world. But to local punters, what they experience is normal. In reality, it’s not.
In this guide from CherishSisters, we’re going on a comparison spree. And our subjects are the US gambling industry and the European gambling industry. After completing this guide, you might want to access the best sports betting sites in America. For that, click here. You’ll find a list of sites curated by a betting expert from BetZillion.
CherishSisters Evaluation: The US Online Gambling Market
If you have to put gambling and America in the same sentence, chances are you’re going to include Las Vegas too. It’s the most popular gambling destination in the world! The world’s largest casinos and hotels are located on the infamous Las Vegas Strip.
However, as time goes by, we seem to have less and less time on our hands. Our increasingly busier lifestyles don’t allow us to take a road trip for hundreds of miles to play casino games.
That’s where online gambling comes into play. At this point, even the iGaming industry is nearly 30 years old, so it’s not the new sensation it once was. But we said that online gambling in the US is not the same as online gambling in the rest of the world, remember?
American citizens didn’t get any valid gambling sites before 2018! The federal government never cared enough about the iGaming paradigm to regulate the industry. As a result, none of the world-famous bookmakers, as well as online casinos, could accept players from the country.
It all came to an end in 2018. The US Supreme Court struck down the Professional and Amateur Sports Protection Act (PASPA). This act single-handedly restricted punters from participating in any online sports betting activities.
Through the new legislation, the federal government put power in the hands of the state governments to regulate gambling. Since then, plenty of states have come forward with new bills to legalize online sports betting as well as online casino games.
At the time of writing, sports betting is legal in over 20 states. The most prominent states are Nevada, Pennsylvania, West Virginia, Michigan, and New Jersey. All of these states have legalized both online casinos and online sportsbooks for gamblers.
Some of the most popular online betting sites all over the country are DraftKings, FanDuel, BetMGM, Rivers, Borgata, and so on. Another difference between the American gambling industry is that you have to be physically present within the state.
Now, it doesn’t mean you can’t access the betting sites. It means using VPNs won’t work. You can do it from all over the country. It’s just that before you can place a real money bet, you’ll need to download a geolocation validator to prove to the bookmaker that you’re present in the state.
The licensing aspect is also exciting in the US. Instead of the federal government, all the state governments have wings to grant licenses. The sportsbook operators must obtain a license from the corresponding branch where it wants to operate.
Moreover, the online gambling license must be pegged with a physical gambling establishment in the state. For example, if an operator wants to access players from New Jersey, it must be licensed by the New Jersey Division of Gaming Enforcement. The same goes for all the other states, individually.
A drawback of gambling in the US is that it doesn’t come cheap. Whatever you make from these sites, you must pay a whopping 24% taxes to the federal government. On top of that, there are various state taxes. In most cases, the overall tax percentage goes well over 30% in most states.
Another drawback would be limited payment methods. Although all of the local methods are offered at most sites, we prefer having access to international methods. The withdrawal policies of the US betting sites are also very strict.
It’s possible because an online casino or sportsbook license is pegged to a physical establishment. It can receive your deposit and credit it to your online account. Conversely, most betting sites allow you to walk into a casino cage and deposit cash directly.
It’s safe to say that online gambling is yet to be user-friendly for the gamblers of the US. All of these restrictions and the high tax rates discourage many people from participating in real money betting.
CherishSisters Phase 2: What About Europe?
Peñiscola, Spain, Corina Constantinov, unSplash
Well, Europe is where the betting magic happens. Of course, when we say Europe, we mean mostly the countries that are members of the European Union. Interestingly, Europe is where the iGaming industry was born. So, it’s somewhat obvious that European betting sites are more advanced than American ones. Here is a great post to read more.
The 2 main gambling regulatory bodies are the European Commission and the European Gaming and Betting Association. However, they don’t explicitly grant licenses or fine operators. Rather, they are responsible for looking over the entire gambling paradigm from a distance.
The actual regulator bodies are spread across Europe. The United Kingdom Gambling Commission, Malta Gaming Authority, Alderney Gambling Control Commission, German Gambling Supervision Authority, Irish Department of Justice, Dutch Gaming Control Board, etc., are world-famous for the strictness of their licenses.
While not all of these authorities are based in Europe, an online sportsbook or casino can accept players from the continent as long as it’s licensed by one of them.
Another excellent aspect is that there are no state or city-based authorities. For example, the Swedish Gambling Authority oversees the entire paradigm in Sweden.
Compared to the American market, it’s apparent that gambling in Europe, online gambling to be precise, is far more convenient and easy. You can sign up for an international brand anytime you like, as long as it doesn’t explicitly restrict your country. And you get plenty of real money payment methods instead of just a few.
Tips for Online Betting in the US
You already know there is a long checklist if you want to participate in online gambling in the US. Here are some tips so you don’t accidentally miss out on them.
- Read State Legislature: Before you sign up for a real money betting site, check which organization is supposed to regulate gambling in your state. You should find all the necessary information on the website.
- Check Out Social Casinos: If your state has yet to legalize any form of online gambling, there’s no reason to be disheartened. You can always play games at social casinos. These are also real money casinos but designed in a way to comply with the current laws.
- Pay Your Taxes: Tax evasion is a serious offense in the US. So, no matter how much you win from a betting site, make sure you declare it to the IRS and pay your taxes in due time. Otherwise, you might spend more than you won in fines.