Betting is a very lucrative business. According to statistica statistics, it makes 30-40% of the global gambling market; the gross gaming amounts to more than 400 billion US dollars every year. Despite its increasing popularity globally, the nature of betting differs from one region to the other. People bet for different reasons ranging from making money to a form of cheering on your team. People in the US and EU follow individual systems, tools, rules, and regulations. This article explores the variations between betting in the US and EU.
Differences in Betting Odds Calculators.
Betting companies in Europe use decimal odds which is a simple representation of the potential return of a bet. To know your possible return, you multiply the amount you want to bet by the decimal odds given. American odds/ Moneyline odds are mainly used in the US. This system shows you the money you will win on a $100 bet. Depending on your and the formats, you can use the smart odds calculator and converter to determine your potential winnings. Use this smart odds calculator for betting as it is free, simple and easy to use.
Differences in Regulations.
Betting in the European Union is legal and regulated using a set of strong laws. It is a big business with the biggest betting groups found in British and Scandinavian countries; smaller companies are located in Poland and Germany. Both online and land-based gambling sites are available so people can play their favorite games conveniently. The industry has a turnover of over $100 billion a year.
To ensure that laws and regulations are upheld, the most prominent players in the industry started a body called European Gaming and Betting Association (EGBA) to work together with the authorities. ESSA’s (Sports Betting Integrity) mandate is to protect the integrity of sports. The body is equipped with a sturdy internal control system and an early warning system that detects any suspicious betting patterns, match-fixing, and money laundering.
The legality of gambling in the USA is still in the works. Federal and state government permit Land-based gambling and states governments have the freedom to regulate or ban the business. Due to lack of oversight from local authorities, no taxable income for states aside from the ones that have legalized gambling and also lack of customer protection makes gambling in the USA a precarious business.
The lack of regulation also affects the integrity of sports. State bans on gambling also resulted in the emergence of underground betting markets which make over a billion dollars tax-free turnover every year and even offshore betting websites. Sports leagues spent years fighting against legal sports betting, but they have realized that regulations benefit them more than having no control over sports betting.
Technology keeps on reinventing the way we do things. For instance, odd calculators help users to analyze their expected winnings before placing a bet. Proper regulation of betting and availability of more betting tools means people can enjoy betting and business can make money without violating any rules.