Is Online Sports Betting Safe?
With the repeal of the Professional and Amateur Sports Protection Act (PASPA) in 2018, the flood gates were opened for private and public money alike to rush in and set up operations in an increasing number of states. While each state has its own legislation regarding the matter, most begin with a physical location and expand to offering online sports betting.
Let’s discuss the pros and cons and if the new online frontier is in fact safe.
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Is Online Sports Betting Safe?
It was not long ago, that those looking to bet on sports in the United States (outside of Nevada) had to do so via sketchy-looking websites with servers located in faraway places such as Costa Rica. It’s also worth mentioning, in a potentially ironic manner given its similar trajectory, that Bitcoin was a major catalyst for bettors looking to wager large amounts.
Now that both sports betting and Bitcoin are entering the mainstream culture, the question constantly arises, is it safe?
I’ll save Bitcoin for another day (and venue), but let’s talk sports betting.
With the legalization not only did institutional money come in to form public companies that are regulated by such organizations as the SEC, but the banking system has signed on as well. Whether it be DraftKings, FanDuel, or others, the major banks have signed on to not only allow deposits into these ecosystems but withdraws.
For me, PayPal is the method of choice, and one can now deposit and withdraw money into a PayPal account with a few clicks of a button.
While this is no doubt a great advancement and convenience, it’s hard to argue the danger this could cause those who are not responsible bettors. Now more than ever, a compulsive person can get their fix with the ease of ordering an Uber.
So though it is safe from a financial system standpoint, it could potentially be dangerous for those who don’t take the risks seriously.
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Johnny Perun is a featured writer at BettingPros. For more from Johnny, check out his archive and follow him @JohnnyCovers.