Legal Sports Betting In Oklahoma Is Possible, But There Are Some Barriers Ahead
In recent years, there has been a growing trend for professional sports bettors to try their luck offshore. Although it may be appealing for some, it can also be quite risky. The World Series of Poker, for example, is highly competitive sports betting event that requires large sums of money to play in. It is the most popular and therefore attracts players from around the world. For this reason, some punters place their bets in countries like Ireland, where they are not welcome or even allowed to wager large amounts of money.
There is no doubt, however, that Las Vegas is still the prime location for many professional sports betting events. No longer just the domain of a few casino owners and high rollers, Las Vegas is now a thriving, professional betting hub that boasts millions of bettors from across the United States and Canada. No longer the lone state to allow a variety of legalized sports betting, Nevada has proven itself a strong player in international sports betting circles. As such, it makes sense that many states looking to capitalize on the sports betting craze would want to learn more about Nevada’s unique sports betting laws.
One such newly implemented law has been implemented by the Nevada Gaming and Motor Racing Commission (NGMRC). Known as the “no wager bonus” law, it allows customers to make their sports bets without having to cover any initial costs. This means that bettors do not need to pay for hotels, meals, or even rent if they lose their wagers. In short, no upfront monetary investment is required. This means that people from all walks of life can now take part in the growing sports betting business.
Another interesting initiative that recently made its way into the sports betting world was the introduction of “Oklahoma sports betting.” This law allows Oklahoma sports books to issue sports betting tickets that could only be used by residents of Oklahoma. In other words, customers in this part of the United States could purchase tickets for sporting events in this state, but they wouldn’t be able to take them home with them. This measure was designed to stem the surge of out-of-state visitors who would then be unable to enjoy their winnings.
While it’s too early to say whether Oklahomans will choose to openly participate in the upcomingsterdam Convention or not, it seems very likely that some legislation will be introduced before the start of the 2021 season. As it stands, the current governor is expected to sign off on legalized sports betting throughout the state. In the meantime, sports books across the state have already taken matters into their own hands. They are gearing up to welcome guests from across the country and abroad during the upcoming season. For example, Oklahoma City’s William Farley has already stated that he anticipates “a very busy summer season,” and anticipates even more growth in the betting sector after the current legalization.
There are a few things worth watching for if you’re looking for a potential growth story for the Oklahoma sports betting industry. First and foremost, both the Oklahoma House of Representatives and Oklahoma State Senate are expecting to introduce pieces of sports betting legislation that would update the law regarding personal information laws. Currently, there is no requirement that customers provide proof of residence, but the new legislation would make it much more difficult for a customer to use a false ID in order to place a bet. Specifically, it’s believed that the new laws would prohibit sports books from requiring proof of residence in order to issue tickets. The new law could also make it harder for out-of-state clients to enjoy the benefits of playing in Oklahoma.
Additionally, both chambers of the Oklahoma State Legislature are expected to introduce comprehensive tax measures that would generate much-needed revenue for the Oklahoma State Lottery and Casino Commission. If approved, the measures will fund the commission by more than one million dollars. Should the legislature decide not to pursue this ballot measure, the lottery and casino will likely be forced to explore new sources of revenue in order to balance their budgets. This could ultimately force the regulated sports betting initiative on hold until another lucrative market opportunity presents itself. However, given the current economic climate, it’s entirely possible that a new regulated sports betting initiative could materialize sooner rather than later.
Even with the possibility of an initiative surfacing, there is still hope for individuals and companies to create more legal sports betting lines in the state of Oklahoma. Specifically, one way that entrepreneurs can make money in the state is through establishing a casino at the Alton Resort in Riverside. The owners of the Alton have remained coy about the prospect of taking over the struggling Alton Las Vegas Hotel and Casino, despite repeated requests from the business community. However, the savvy entrepreneur might think twice about investing in an existing casino resort, as the chances of them securing a significant tax break from the state of Oklahoma are slim to none. In any event, entrepreneurs looking to earn some extra money in Oklahoma should keep an eye out for any new legislation aimed at legalized sports betting.