Sports gambling, also called sports betting, involves prediction of sport results by making a wager on the outcome of a sporting event. The legality and acceptance of sports betting varies from one nation to another. It also varies from one state to another. The legal age limit for sports gambling is usually twenty-one years.
Some of the sports that a person can bet on are NFL games, horseracing, professional hockey, hound racing, and baseball. Some of the sports that are not usually available for gambling are golf, Indy 500, and tennis. A gambler can wager on sports in Nevada and Oregon where betting is legal. Wyoming also allows betting on sports but there is some ambiguity about the subject.
Although it is illegal to bet on sports in the US, there are many illegal bookmakers in every town and city. Other betting options include Internet and offshore gambling that are a relatively new phenomenon. Internet gambling is a little riskier compared to land based gambling because the gambler cannot judge the quality of the gaming institute. Many frauds and swindles have become known in the recent years. However, many people successfully bet on-line and win on a regular basis.
There are many types of bets in sports gambling. Some of the popular types include spread bets, proposition bets, money line bets, over/under bets, parlays, and teasers. The winnings and procedures for these bets differ according to the bets themselves. All gambling wins and losses are to be reported to the IRS every year and anyone betting an amount in excess of $10,000 will have to fill up a form for the IRS before starting the betting procedure.
According to surveys, seven out of ten adults in the US betted on some sport in the year 2005. The total revenue generated because of online betting exceeded $12 billion in the same year. This shows that sports- betting is not frowned upon as much as other gambling since it is a skill game where the knowledge of the gambler about a particular sport is tested along with his betting abilities.