The New Kansas Sports Betting Bill
The New Kansas Sports Betting Bill
It was only a few years ago where you had to travel to Las Vegas in order to place a bet on live sporting events. In 2018, the U.S. Supreme Court ruled sports betting to be allowed nationwide. Now, Kansas has entered the conversation in becoming the next state where the legalization of gambling is permitted.
Legal Gambling Helps Addicts
In today’s world, gambling is among the most prevalent addictions someone can contain—a lot of sports gamblers reserve to use an offshore gambling firm to place their bets. Instead of depositing real money, which people do with DraftKings and FanDuel, people are given a certain amount of credit each week and rely on their instincts to win.
These offshore gambling firms are a part of the black market. Therefore, people who lose a lot of money aren’t necessarily legally in debt but rather illegally. Someone who doesn’t have the money to pay can quickly look the other way; it’s the moral aspect that keeps regular gamblers involved.
Legalizing the practice of gambling could benefit more people as opposed to hurting them. Many sports gamblers run into the issue that they are placing wagers online with money they don’t have. When it comes time to pay, what do they do?
In states where gambling is regulated, sports gambling addicts are much less likely to lose money they don’t have. They have successfully created a system where you need money to make money. When depositing the money for a wager, that money is instantly deducted from your bank account, and when you win, it is all returned along with the profit made.
Key Components of Kansas Sports Betting Bill
The Kansas sports betting bill is referred to as ‘Senate Bill 84.’ In this bill, many elements would boost the amount of revenue the state of Kansas can bring in for the future.
The bill would impose a 7.5% tax for wagers in-person and a 10% tax for those placing bets online. These numbers are significantly under the average rate for other states with legalized gambling.
Kansas residents will be able to place wagers on out-of-state and in-state collegiate programs. This is rare because the suspect that gamblers could gain insider information from someone they know within the collegiate organization. Now, people can bet on the University of Kansas and Kansas State, who both have historically had a dominant presence in NCAA Basketball.
Similar too many other states with legalized gambling, the person placing the wager must be 21 years old or older to place an online wager. They must also be located within the state’s border when placing the wager.
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Kansas Could Make A Lot of Money
Being the home too many people gambling on horse races and in casinos, sports betting would be another revenue stream that the state can rely on for a generous income. The Kansas Lottery estimated that Kansas alone could bring in a number north of $3.5 million in 2021. It was noted that this number could potentially rise given the amount of interest Kansas residents have in sports gambling.
