Banking on luck to win some money has always been in existence ever since the concept of money and the understanding of luck had been put in place. From ancient China to Mesopotamia and even in India, the game of dice and any game that depends on probabilities have been in existence for thousands of years.
Today, the concept of betting has trickled down to the world of sports. The passion of the fans and the relentless desire to earn money has converged in creating a massive market for sports betting apps. There have been mixed emotions about betting, and this has resulted in diversifying the legal status across different nations.
The Legal Status of Sports Betting
Depending on where your business is registered the legal statuses might change in accordance with the local laws. The laws are more stringent when it comes to online betting.
In Australia – a country considered to have one of the most lenient legislation when it comes to sports betting – betting on any sport in any part of Australia is legal.
In places like the Philippines and Argentina, betting on certain sports is legal and betting on some is not. In the Philippines, only betting for horse racing is allowed and in Argentina betting on soccer is prohibited.
In places like the United States, a few States have ruled in favor of sports betting by legalizing them. Nevada, New Jersey, Pennsylvania, and Rhode Island are some of the states that have legalized sports betting.
In countries like India, Brazil, Russia, and Singapore, sports betting in any form is considered completely illegal.
A factor that needs to be considered when creating your online sports betting platform is the licensing requirement. Depending on the jurisdiction under which your sports betting business falls, the licensing requirements might be different.
Licensing could also cost you money in addition to time. In some cases, the applicant will have to pay the license fee and the compliance fee for as long as the business runs. There are some countries where the fees have two components, a percentage of your revenue and a fixed annual fee.
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