A GIANT asterisk* for bettors anxiously awaiting online wagering for sports in New Jersey and other states
The honeymoon is still on in New Jersey for bettors enjoying their first taste of legalized sports betting on-site at Monmouth Park in Oceanport, NJ and the Borgata in Atlantic City. Very soon to spread toward other casino locations in the historic beach town, plus the Meadowlands Racetrack on July 14th. It’s also an exciting time traveling to the three Delaware racetracks to experience betting on sports in America anywhere besides Nevada for the first time in decades.
But save all that love for now as things should be getting that much “romantic” as the much, much more crucial option for online sports wagering is only weeks away. Although a firm date has not been announced, sources in New Jersey have said they soon will detail plans to have sports wagering online with account management tools. Wow.
This not only could stimulate opportunity within current legalized states, but ignite the long dormant spread of online gambling throughout the U.S. But, with that comes a price, and a very current inconvenient one for bettors according to what’s been in place and what’s currently forecasted. Please, let me explain.
What Exists Online for U.S. Sports Bettors
The only model that currently exists for U.S. sports bettors lies in Nevada. Through technology, only those within the parameters of the state of Nevada can bet on either a personal computer or mobile phone app. Most conveniently, all are invited to set-up an account to deposit wagers and view menu items, including lines available on a variety of sports like any other website. A bettor may also place deposits on-site at one of the many casino locations offering this opportunity and play through these applications. And then repeat the procedure online.
BUT, one major difference separates the process in comparison to the preferred offshore sportsbooks in the gaming industry. At the current time, no sportsbooks in Nevada offer the legal potential to instantly withdraw funds directly into a preferred bank account or third-party source. It is required to for players to collect onsite to receive their requested withdraw.
What Happens in Vegas
It’s practically foolish to ask why.
To put it mildly, because the average person can’t run out a casino door fast enough without risking what they just collected. Or simply spend it. Simply put, by requesting a bettor to show-up in a tempting casino environment with hundreds of opportunities to gamble, eat, see shows and other entertainment opportunities is a lot better business plan than electronically zapping money into an account.
I think you would agree. And therefore does New Jersey, Delaware, upcoming Mississippi, West Virginia and other casino states who are very likely to comply with the Nevada system. Although their locales may not be as glitzy as Las Vegas, it seems apparent this is a sound practice to follow. It has been tossed about in discussion, that tax crazy Pennsylvania, may even go so far as having bettors required to deposit sports wagering funds directly onsite at their casinos as part of their overall online gaming process.
Hold Your Horses
Those who enjoy wagering on horses in the U.S. would be somewhat confused and perplexed by the online wagering customs welcoming sports bettors and currently in place. For years it has been convenient for customers of two of the leading computer and mobile wagering sources (TVG and Twin Spires) to enjoy the benefit of both seamless deposit AND free/no charge withdrawal functions. While deposits are performed within seconds, withdrawals are possible to named banking sources within one day.
Translated, that means a bettor can make a responsible, smart decision rather than the spontaneous one they might choose being tempted in a casino or racetrack setting. Or, for another example, a bettor makes a winning score on his “early day wagers” and could have the option of removing his winnings or putting them in his account pocket.
Studies have shown that gamblers, especially those who wager sports, are prone to double up their wagers after a winning bet in hope of actualizing one complete great day of action. Conversely, for losers of a current day’s wagering the origin of 'the get-out game'. Proven by the highest amount of wagering occurring during ABC’s Saturday Night College Football Game of the Week and NBC’s Sunday Night Football. Until NBC’s highly rated game was added, that distinction belonged to ESPN and ABC’s long-running Monday Night Football.
Advantage for Offshore Wagering?
We’ll wait and see how legislators and large casino organizations decide whether or not to continue this practice as we advance into the U.S. legalized sports betting future. Will this disadvantage help enable offshore wagering companies due to the current option for customers to withdraw funds online?
An important asterisk here offshore is understanding account members cannot instantly withdrawal funds for free into a U.S. banking account, but rather request money be withdrawn and mailed within a specific time. That choice also comes with a negative fee that is not often customer friendly. But, there is an option to receive funding without visiting a specific 'casino-enticing' location. A good idea to check with a Bovada, BetOnline, Diamond Sports and other top sportsbooks to check their policies for best potential individual advantage.
Overall, one might ask why we can bet on horses online in the U.S., but not sports, to enjoy the same technology advances for best customer service and responsible wagering. Wish I had a good answer for that. Until then, just must put up an *asterisk.
Glenn Greene covers the games from a betting angle every week exclusively at OSGA.com. For weekly betting insights, inlcuding previews and picks from Glenn, click here.