Research Brief: State Legislative Update on U.S. Sports Betting & Online Gaming – March 2021
March Madness is Upon Us
For the first time in two years, sports fans will be able to wager on the NCAA Division I Men’s basketball tournament. While the tournament went dark last year because of the Great Shutdown, legal sports betting has expanded significantly across the country since last March. However, this does not preclude though the office pools that will still take place, especially in jurisdictions that still do not have legal sports wagering. The NCAA tournament is one of the largest wagering opportunities in the year, in addition to the Super Bowl that took place just over one month ago.
One of the challenges that will be faced those in legal states is the ability to wager on the ‘home team’, as several of these states have banned wagers placed on local teams and contests including college sports taking place in that jurisdiction. States across the country are looking to provide these same athletes with the ability to profit from their name, image, and likeness (“NIL”) but provide them “cover” when it comes to wagers being placed legal on them. However, keeping student-athletes off the legal books only allows an illegal market to continue, exposing these athletes to more harms than protections. For the integrity of the tournament and student-athletes, the best place for any sports wager is in the legal market without restrictions.View Full Article