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In the 27 states where it's legal, placing bets from a phone or other device has opened the door to much larger audiences.

Placing a bet on a video game or match is as easy as opening an app on your phone.

From workplace pools to gambling establishments to online betting apps, March Madness attracts sports lovers and casual audiences alike to predict a winner of the annual NCAA college basketball tournament.

Sports wagering in gambling establishments or racetracks is now legal in 38 states and Washington, D.C. And that number keeps growing. As of this month, 6 more states-Alabama, Georgia, Hawaii, Minnesota (people handled), Missouri and Oklahoma-had procedures pending to license sports betting.

Related: March Madness Induces the Bets

Some states have actually made wagering even easier: 27 states with legal sports betting have actually also licensed online sports betting (with legislation presently pending in Mississippi). Online sports betting opens the door to much larger audiences due to the fact that users can wager from a computer or mobile gadget anywhere in the state.

While sports betting broadened quickly after the U.S. Supreme Court removed the federal prohibition in 2018, it's not rather the wild west, as states have actually established some guidelines.

For example, some states restrict which sporting events are subject to bets. All states restrict wagering on high school sports, however college sports betting is controlled in a different way in every state. Some states prohibit wagering on all college sports and athletic events, while others only forbid betting on in-state groups. Other states have no restrictions on college sports wagering.

Here are details on how states control:

- Blanket prohibition on all college sports and athletic occasions: Oregon and Tennessee.
- Prohibition on in-state groups and in-state college events: D.C., New Hampshire, New Jersey, New York City, Rhode Island ** and Vermont.
- Prohibition on in-state groups: Connecticut, Delaware, Illinois, Iowa, Maine, Massachusetts *, South Dakota **, Washington and Wisconsin.
- No restrictions: Arizona, Arkansas, Colorado **, Indiana, Kansas, Kentucky, Louisiana, Maryland, Michigan, Mississippi **, Montana, Nebraska, Nevada, New Mexico, North Carolina, Ohio, Pennsylvania, West Virginia and Wyoming.

* Massachusetts allows banking on in-state groups when those teams are getting involved in a tournament.

** Rhode Island, South Dakota, Colorado and Mississippi likewise forbid proposal bets on college sports and athletic events. So-called prop bets are side wagers that have nothing to do with the result of an event, such as wagering on the first string to score, and even the length of the pregame nationwide anthem.

Lottery-Run Sports Betting

Lottery commissions in numerous jurisdictions-Washington, D.C., Montana, New Hampshire, North Dakota, Oregon, Tennessee, Virginia and Wyoming-partner with personal operators to offer sports betting. In the district, the lotto provides its own sports betting item in addition to partnering with private operators.

Does Sports Betting Pay Off?

States generate earnings from sports betting by taxing earnings. Tax rates on sports wagering range from 6.75% in Iowa to 51% in New York and Rhode Island. A few states levy different rates on retail and online betting. Retail video gaming operators revealed concern that online video gaming would siphon off casino and racetrack consumers and injure their bottom lines. In response, policymakers in some states created a two-tier tax structure to give retail sports wagering a lower tax rate. While most states have a flat rate for sports betting earnings, Arkansas and Mississippi use graduated tax rates, and Vermont enforces different rates on the 3 different sports wagering operators. (For current state tax rates, see March Madness Induces the Bets.)

Since the legalization of sports wagering, states have gathered numerous millions of dollars in tax revenue. Most of that has come from online sports wagering since people who do not regular gambling establishments can participate the action through a mobile app or website. And more betting methods more earnings.

Take Arkansas and New York, for instance. Both states expanded sports wagering to include online betting in 2022. The next year, taxation doubled in Arkansas, with incomes going from less than $2 million in financial year 2022 to over $4 million in financial 2023. Similarly, New york city gathered less than $2 million in tax profits during the first nine months of financial 2021; after online sports wagering began in the last 3 months of financial 2021, income collections leapt to $163 million. The large boost in collections is due in part to the 51% tax rate on online sports wagering.

The experience in other states is comparable. In fiscal 2023, online sports betting made up 92% of gross betting invoices in Indiana and 89% of gross invoices in Pennsylvania.

However, tax income produced from sports wagering is simply a portion of the gaming pie compared to total gambling establishment income. According to the American Gaming Association, commercial video gaming operators contributed over $14.4 billion in video gaming taxes in 2023, compared to $2.1 billion from the sports betting industry.

Where Does the Money Go?

Sports betting offers a stable income source for states, however it's not without expenses.

Gambling addiction is an issue exacerbated by much easier access to sports wagering. In reaction, legislators in 14 states and D.C. earmark a part of sports wagering profits for problem betting treatment. Other typical receivers of betting income consist of education programs, local governments and labor force development programs. Many states deposit the income into their basic funds and assign the funds where they see fit.