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Future Of Online Sports Betting
In the world of professional sports betting one important factor that has been overlooked time again is healthy sports betting etiquette. Many people have very strong opinions on what constitutes good sports betting etiquette and what is considered downright poor taste or simply ignorance. In a society that views sports betting as a high stakes gambling activity the lack of clear guidelines and rules regarding sports betting has allowed for an irresponsible minority to take advantage of this growing business opportunity. While this can be detrimental to the overall integrity of the betting industry it is perhaps the least of the concerns for the many people that place a high stake on sports betting.
Currently, all sports betting is governed by in-person bets only with very little if any regulate or ethical standards within the industry not yet formally written into law. The problem with in person sports betting is that unlike most other things in life we tend to lose track of or forget that we have money lying around on a regular basis. As a result the sports betting public often takes its chances and wins more then lose it due to slipshod money management or a lack of organization and discipline.
The lack of standardized rules in the online sports betting market is also a major concern for many bettors. Numerous jurisdictions across the world including the United Kingdom and Canada have taken action against licensed sportsbooks by either banning them or requiring them to open up their books to greater competition. The United States based World Series of Poker has also placed strict limitations on licensed sportsbooks. The U.S. Justice Department has threatened to criminally prosecute sportsbooks that refuse to comply with these new federal laws. In July of 2021 the European Parliament voted to create a new regulation that will force sportsbooks to provide information about their financial status and performance to the betting public.
The Future Of Online Sports Betting Lies With Large Retail Sportsbooks
The lack of standardization and oversight in the online sports betting market has led to many bettors being subject to fraudulent activity. Many sportsbooks encourage bettors to place bets with them based on incomplete or inaccurate data, which leads to bettors being subject to bets that are inaccurate, unverifiable, or just plain impossible. Many sportsbooks have been caught falsely validating bookmaker odds against particular teams or players. In other cases fraudulent activity has meant that bettors have unknowingly placed bets on games they know, or at least have been informed as being the outcome of such games. In short, the lack of standardization has allowed unethical conduct to take place and these activities have lead to numerous law suits and the threats of criminal prosecution.
One of the ways the online sports betting industry hopes to regain some of its credibility in the public eye is by instituting measures to better regulate itself. Among these measures include instituting uniform policies for all sportsbook clients, training both employees and customer service staff to ensure they are following best online sports betting industry practices, and publishing ethics guides and policy statements that all customers and users should read. These policies and guides would ideally provide all sportsbookers with concise and clear instructions on what types of bets they can place, how much they can bet, and which factors they should consider when doing so. For example, the policies and guides on the types of bets one can place on basketball games generally include criteria such as the favorite’s chances of winning by a certain margin, the likelihood of the game being played in an arena, and the historical performance of the team. Similarly, all clients should be provided with complete details of the types of bets they can place on soccer games, including the likelihood of the team losing and the possibility of the team winning.
Another way that online sports betting companies hope to regain some of their tarnished reputation is by not taking any punitive action against clients who bet outside of their licensed venues. While the concept of the sports betting industry being a black market may seem like an exaggeration, it is true that many online sportsbooks have refused to allow bets from players and even team sponsors. In some instances, sports betting companies have even barred players from placing bets on games they are representing, something that many players and teams have criticized as being unfair and counterproductive to the spirit of sports betting. While this sort of action by individual sportsbooks may not amount to a major problem for the overall industry, it does highlight the need for larger, more established sports betting companies in order to gain the trust of gaming enthusiasts.
