⭐ How Does Sports Betting Work
Sports betting is the process of placing a wager on the outcome of a sporting event. It involves predicting the outcome of the event and selecting a bet based on that prediction.
The odds of each bet that can be placed are determined by the sportsbook and are based on the probability of the prediction being correct. A bettor can choose to wager on the favorite or the underdog, with the odds and the payout increasing or decreasing depending on the selection.
Once the bet is placed and the event is through, the sportsbook will grade the bet and the bettor will either win or lose based on the result of the event. The winnings from the bet will be determined by the odds for the bet and the size of the wager.
How Do Odds Work?
The sportsbook assigns a probability to each outcome, which is displayed in the form of betting odds. Generally, the higher the odds, the less likely the event is to occur. For example, if Team A is rated as a -500 favorite to win a match, it means that the oddsmakers believe Team A is five times more likely to win than Team B. On the other hand, if Team B is rated as a +400, it means that the oddsmakers believe Team B is four times less likely to win than Team A.
For more detailed discussion about odds, you can visit the BonusFinder Odds Calculator page.
⭐ Legal Sports Betting States
Sports betting in the United States is regulated by each state individually. According to the American Gaming Association, 30 states and the District of Columbia currently have legislation that’s considered “Live, Legal,” meaning sportsbooks are either operational or close to opening. Each state has its own set of regulations about what types of bets can be placed, who can place them, and where they can be placed. For example, some states allow online sportsbooks, while others have sports betting restricted to only in-person locations. Some states prohibit certain bet types or only allow wagering on professional teams. With the ever-changing landscape of legal sports betting in the US, it is important to stay up-to-date on the regulations and laws in the state where you live. Online sports betting is currently legal in the following states:
- NJ Sports Betting – the first to legalize gambling, and the most competitive and open market
- PA Sports Betting – competitive betting market
- Colorado Sports Betting – set to become a challenger for New Jersey
- WV Online Sports Betting – figured out their problems at launch, now need to expand offering
- Illinois Sports Betting – BetRivers the first online site to launch. FanDuel & DraftKings also available
- Best Sportsbooks in Indiana – a force to be reckoned with
- TN Sports Betting – launched on November 1st, 2020
- Iowa Sports Betting – online betting in Iowa launched on January 1st, 2021
- Michigan Sports Betting – launched on January 22nd, 2021
- Virginia Sportsbooks – launched in January 2021
- New Hampshire – DraftKings Sportsbook, the monopoly provider
- Rhode Island – in-person registration at a casino required
- Oregon – DraftKings, the monopoly provider
- Washington D.C. – Gambet DC, Caesars, & BetMGM DC the only options
- CT Sports Betting – Live with three books
- Maryland Sports Betting – (2022 launch)
- Arizona Sports Betting – Launched September 9th, 2021
- Wyoming Sports Betting – Launched on September 1, 2021
- Arkansas Gambling – Live since March 4th 2022.
- New York Betting – Launched January 8th, 2022
- Louisiana Sports Betting – Now live
- Kansas Sports Betting – Going live in 2022
- Ohio Sports Betting
States that will soon legalize sports betting
There are also some states that offer retail sports betting and are ready to make the jump to online sports betting as well. The laws and regulations in these jurisdictions are not yet clear, but we expect them to be sorted out in the next two years.
Massachusetts Sports Betting – Going live in 2023
⭐ Betting on Different Sports
All sports and sporting events are not the same. Therefore, you need to employ different strategies when betting on different sports. BonusFinder US has compiled the best bonuses and sports betting tips for all the major sports in the US. You can find the best betting tips for different sports, regardless of the game or event from the following sites:
⭐ Sports Betting Bonus Types
Online sportsbooks give you free bets, risk free bets, and deposit bonuses when you create a new account. Sports bettors can get thousands of dollars in extra money for MLB baseball, NFL, NBA, NHL NCAA Basketball and Football, as well as hundreds of other events.
Online sports betting sites give you free bets to test out their user interface. No deposit free bets are usually small, and if you win you’ll keep your winnings but not the stake.
However, no min deposit is required. With deposit match free bets, the online sportsbooks will match your first deposit with a free bet of the same size. Bet settlement must usually happen within 7 days so that you are eligible for the bonus.
Risk Free Bets
Risk free bets are the most common sports betting bonus offers in the US. If your first baseball bet loses, the sports betting site will give you a refund in site credit or a matching free bet. You must then bet through the amount a set number of times to satisfy wagering requirements. In rare cases, the loss is compensated in cash. Check T&C for details.
Deposit Match Bonus
Deposit match bonuses match your deposit up to a certain percentage – always clearly stated: “We’ll match your deposit 200% up to $100!”. Effectively this means that when you deposit $50, you’ll get $150 to bet with. It’s a great deal. The most common deposit bonus is a 100% deposit match.
⭐ Online Betting Sites USA
Real money online betting in the United States is becoming regulated state by state. Considering we’re the Land of the Free, that hasn’t been the case for sports bettors. Fortunately, the tide’s about to change, and online betting is becoming legal slowly but surely. Here below you can find all the legal sports betting sites in America:
- BetMGM Sportsbook
- Caesars Sportsbook
- DraftKings Sportsbook
- Golden Nugget Sportsbook
- Borgata Sportsbook
- Fox Bet
- FanDuel Sportsbook
- BetRivers Sportsbook
- Hard Rock Sportsbook
- SI Sportsbook
- Barstool Sportsbook
⭐ Mobile Sports Betting Apps
You don’t need real money sports betting app to place sports wagers on your phone. All the online betting sites are entirely compatible with your phone’s browser, no matter if you’re running an iOS, Android, Blackberry, or Windows Phone.
However, you can find betting apps if your state has legalized online gambling. For example, in New Jersey, FanDuel and DraftKings have their real money betting apps in Apple’s App Store and Google Play Store. But you don’t need them as the mobile betting sites work just as well on your browser.
Online Sports Betting FAQ
Is online betting legal in the USA?
Yes, there are many legal sports betting sites in the US. The legal betting market is opening up state by state. You can find all legal and safe USA sportsbooks (along with online casinos) on BonusFinder.com. We've also employed a Sportsbook Tester to find out the best sportsbooks.
Are online betting sites safe?
Yes and no. An offshore online sportsbook might take in US customers, but that does not mean that it's legal. When wagering on foreign sports betting sites, your money might not be safe.
Are my betting winnings taxed?
Sports betting winnings in the US are subject to taxation, both at the federal and state level. At the federal level, any winnings of more than $600 are subject to a 24% withholding rate tax, in accordance with. Additionally, depending on the state in which you place your bets, you may also be subject to state taxes.