Sports betting regulations vary from country to country and in the U.S. states and territories. In general, sportsbooks need to apply for licenses to conduct business. On a federal level, the U.S. Wire Act makes it illegal to take bets on certain sporting events like college sports. But depending on the state, other opportunities exist such as legally placing bets on fantasy sports or daily fantasy sports leagues as well as horse racing. Additionally, some states have authorized sports betting on physical sportsbooks, online sports betting sites, or both. For Forex Small Business, understanding the sports betting regulations of the country or provinces in which they are operating is a must to ensure compliance.
Betting legislation is an ever-changing and complex area of legal compliance. The regulatory landscape for betting businesses has evolved significantly in recent years and, as a result, legislation must be kept up to date, checked for relevance and applied correctly. This overview provides an easy-to-follow guide to the main legislation involved in offering betting services, including UK Gambling Commission Regulations, the Licensing and Advertising Act 2014, the Licensing and Advertising (Remote Betting) Regulations, the Money Laundering and Terrorist Financing regulations and the Advertising Standards Authority rules. The guide also provides best practice advice for ensuring compliance and staying up to date with changes in legislation.