The online gambling industry is expanding at a rapid pace. In fact, the US online gambling market size is anticipated to grow from $4.39 billion in 2023 to about $9.42 billion in 5 years.
If you want to place mobile bets with real money or play online casinos in your state but do not know where to start, you have come to the right place! This post explores all you should know about gambling online in the US. Read on to learn more.
Types of Gambling in the US.
Various forms of gambling are available in the United States, but it differs by location. Some states prohibit all forms of gambling, whereas others have fully legalized online casinos, poker, daily fantasy sports, to NFL, bingo, and sportsbooks.
Here are some of the main legal online gambling options available to US players:
- Online Casinos
- Social Casinos
- Sports Betting
- Online Poker
- Daily Fantasy
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How To Assess the Suitability of Gambling Sites?
When looking for potential gambling site operators, there are several factors to consider, including:
License & Safety
When exploring new possibilities, finding safe gambling sites should be your primary focus. You should only play with operators licensed in the state in which you are located. Numerous offshore gambling sites are known for being fraudulent, shady, or outright swindles.
Even if a site has the best bonus and reward offers, it is worthless if you do not use it. The games, the poker room, sportsbook, and anything else you are interested in give you the experience. Find a site that ticks your boxes in terms of bets and games.
Whether free spins or deposit matches, welcome bonuses pique the interest of gamblers all over the world. They are the main draws of online gambling sites for new players.
There is only one reason why people start gambling; to make money. Knowing the best payout online casinos increases your chances of increasing your bankroll.
Although certain online gambling games, such as DFS and online poker, do not offer payouts, they have varying rake levels. Rake is the portion of each, hand played, competition, or tournament entry that the operator keeps for itself. Finding low-rake sites can hugely boost your return on investment.
Safe Gambling Software
The core of the best online gambling websites is their software. Globally recognized companies, such as IGT, NetEnt, and Evolution, are known for developing high-performing, fair, and entertaining titles that players worldwide enjoy.
Online Gambling Taxes in the US.
Anytime you win real money, the IRS demands you pay some tax. As a rule of thumb, the withholding tax is 24% of your total winnings. Nonetheless, this amount varies based on the games you play.
For this reason, upon registration of any authorized gambling site in the US, you must provide your Social Security number (SSN).
Often, gambling winnings are categorized as taxable income. However, as with the case in New York City, you might also have to file local taxes. So, it is best to research and determine what taxes you should pay in your area.
What is the Legal Gambling Age?
In most of the United States, you must be 21 years or older to gamble online. Although it differs depending on where you are, several US horse racing betting providers and lottery websites welcome participants 18 years of age or older in most states.
If you are uncertain about the minimum age in your area, look at the footers of the top-operating websites. Most authorized online gambling sites display the minimum age there. If you are still unsure, visit your local gambling authority’s website.
Underage gambling or assisting somebody underage in gambling is a serious offense that can result in jail time. So, if you suspect somebody is gambling while under 18 years old, you should contact a responsible gaming organization. Responsible gambling non-profits have experts on staff who can assist.
How are the Advertising Laws on Online Gambling?
Unlike many other areas worldwide, online gambling advertising laws are quite lax in the US. For instance, the UK has rigorous restrictions governing how online gambling firms can sell their products. However, free speech rules exist in the US to protect operators.
Gambling advertising in America does not seem to be regulated anytime soon. The Supreme Court has ruled that the First Amendment protects the accurate advertising of legal gambling activities, even if it is received in a jurisdiction where gambling is prohibited.
What Penalties Exist for Illegal Gambling?
Federal law in the US makes gambling legal, but there are limitations on online and interstate gambling. Each state can impose whatever gaming laws it wants on its soil. Nonetheless, there are harsh penalties for gambling-related fraud, such as tax evasion, illegal gambling rings, and money laundering.
Gambling in jurisdictions where it is prohibited is often dealt with as a misdemeanor. Federal anti-money laundering laws provide sentences of up to 20 years in jail for money laundering and up to five years for placing interstate bets violating the Wire Act.
In the ever-growing world of online gambling in the US, there are many interesting opportunities for those daring enough to try their luck. Hopefully, you now understand everything you should know about this thrilling pastime to ensure a fun and safe experience.
But remember, gambling is addictive. So, set limits, and stay within your budget. Gambling is more fun if you stay in control.
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