Starting a sportsbook requires a substantial amount of cash. You’ll need at least $20,000 for the startup, and a few million dollars if you’re planning on taking a lot of bets. You may also need more money if you’re opening a sportsbook in a busy area. You’ll want to keep a 20% cash reserve in case you don’t make any profits right away.
Legalization of sports betting in multiple states
Legalization of sports betting in multiple states has been a hot topic this year as Congress and various state legislators are looking at the issue. Though there are still a handful of barriers to legalizing sports betting, there are already a number of proposals on the table. For example, Missouri legislators have pre-filed five bills that would legalize sports betting. This means that the issue could be decided by voters in November.
In Mississippi, two MGM Resorts casinos opened sports betting on Aug. 1, 2018. The state legislature approved a new sports betting law in 2017 and its implementing regulations were adopted in June 2018. The law currently requires all wagering to take place in person, but mobile wagering is in the works. In addition, in neighboring New Hampshire, a bill to legalize sports betting in the state is nearing its final stages in the legislature.
Best sportsbooks to bet on
Top sportsbooks are usually operated by major companies with an established history of quality products. Each has a special selling point and offers something different to their customers. For example, DraftKings is one of the biggest names in the sports betting industry, with an excellent range of NFL betting options. Similarly, PointsBet is an Australian sportsbook that has been a leader in bringing technological innovations to the US market. It also offers an extensive range of betting markets, including parlays and team props.
FanDuel has a clean interface and several features that are beneficial to new players. For example, it should be easy to sort past wagers by category and date frame. Moreover, it is mobile-friendly, with links that will guide you through the process of placing a wager.
Offshore sportsbooks to avoid
Before you start betting on sports, it is crucial to check that a sportsbook is licensed to operate in your state. Sportsbooks that do not have a license are subject to state and federal regulations and are best avoided. These sites don’t have good digital security and your personal information is more likely to be stolen. This can lead to identity theft. So, the best way to avoid offshore sportsbooks is to wait until your state legalizes sports betting. However, this may take years, and you may not know which sportsbook to trust with your money and time.
In addition to avoiding offshore sportsbooks, you should look for sites that accept cryptocurrency. Although this may seem like a no-brainer, it is still essential to do your due diligence when choosing a site. Before you sign up, read sportsbook reviews and choose only top sports betting sites.