Marcus Richards
The US Supreme Court’s decision to legalize sports gambling in New Jersey and other states opens up a world of opportunities for entrepreneurs looking to break into the industry.
Entrepreneurs already involved in gaming operations need accountants, lawyers, marketing, IT support, and more. So now is the perfect time for entrepreneurs to take their shot at creating new jobs and providing those services to legal online gambling sites in the US! At oceanalaw.com, you can find all the links you need to discover these legal gambling sites.
There’s a wealth of opportunity available for those skilled in many different roles.
Starting From Scratch
Though the landscape of online sports gambling is changing, there are still hurdles before entrepreneurs can jump in with both feet.
First and foremost, individual states must legalize sports betting – which will take time to figure out how to balance safety concerns while allowing for this new form of entertainment. States like New York, California, Texas, and others might not allow online sports betting, and other states like Rhode Island and Pennsylvania might limit who can legally gamble online.
Finally, bookies must figure out how to process payments securely for this billion-dollar industry – the fear of laundering money via sports gambling exists on a federal level, and such concerns will likely slow down the growth of this new market. With all the possibilities that are emerging within this burgeoning industry, it looks like several issues are holding it back as well.
State Regulations & Licensing
One of the most significant hurdles facing entrepreneurs is which states are likely to legalize online gambling and how they will do it. At this point, we really are stuck with a wait-and-see approach.
New Jersey has been proactive in legalizing online gambling – with sports betting set to be approved on Monday, May 14th, 2018. Despite its early move into this market, New Jersey is still working out regulations regarding licensing, taxation, and reimbursement to state programs. Other states have a more difficult road ahead in legalizing online gambling – California only just legalized fantasy sports, and there is no indication that they’re going to allow for real-money gambling in the immediate future.
Ten states have already passed legislation related to online betting, but it will take time before anyone starts moving into this space.
Bookies and payment processing – the other major hurdle for entrepreneurs
The growth opportunities for entrepreneurs are endless as the market grows and evolves.
One of the biggest hurdles for entrepreneurs is figuring out how to process payments securely; fear of laundering money via sports gambling exists on a federal level, and such concerns will likely slow down the growth of this new market. Bookies need to find ways to keep their pools secure while giving bettors enough information to make educated choices.
Entrepreneurs can make a massive splash in this space by providing the IT and security services that bookies need and marketing, customer service, and other essential services necessary to grow their pool of bettors.
Before entrepreneurs dive right in, they should learn what states have already legalized online gambling and how they handle the process as well.
Summary
There are many opportunities for entrepreneurs in the newly legalized world of sports gambling. Entrepreneurs looking to break into the industry have more options than they’ve ever had before because gambling operations need all sorts of services, from accountants and lawyers to marketing and IT support.
Now that the “old guard” is no longer in power, it is the perfect time for entrepreneurs to take their shot at providing these services! Just as with any industry, some states have more favorable business conditions than others – so it will be best to focus on the states where online gambling is legal and start building your client base there.
The wait-and-see approach is still the dominant mindset regarding gambling legislation on the state level. It’s unclear how this will play out in the long run, but there are massive opportunities for entrepreneurs who want to get in on the ground floor of this burgeoning industry. So far, New Jersey has been the most proactive in legalizing online gambling, but other states are starting to move as well. To be successful, entrepreneurs need to understand the regulations in each state and how they differ.
Gambling is a booming industry with massive potential – it’s time for entrepreneurs to stake their claim!
