Delaware Legalizes Sports Betting
Gov. Jack Markell signed a bill into law on Thursday, May 14, 2009, that legalized sports betting in the state of Delaware. While the bill is undoubtedly a step in the right direction for the eventuality of allowing legalized sports betting in the U.S., the bill may cause more harm than good in the long run.
The bill is also likely to face legal challenges, most notably from the NFL. The NFL argues that because skill, not luck, is the dominant factor in correctly picking winners, the Delaware law is prohibited by its state law.
Parlays Only
In an attempt to make sports betting more a matter of luck, Delaware will only offer parlay wagers, where bettors must pick two or more games correctly in order to win their wager. Many smart sports bettors advise staying away from parlays, where the odds are worse than they are with straight bets.
Another factor that will likely come into play are the payouts offered by the state. It's unlikely they will match the standard parlay payouts, making a bad bet even worse for the player. Seeing how it's going to be a state-run project, a hold of 50-percent wouldn't be shocking.
The bill would allow betting at the state's three casinos and officials hope to have everything ready to go for the start of the football season. A committee has been formed and given 75 days to iron out details, such as betting limits, and determine which games can be played.
While it's no secret Markell would like to eventually see single-game betting allowed in the state, the parlay-only plan isn't all that unusual for a new type of betting, as states are often more strict and less likely to take risks in the initial phases.
Worse Case Scenario
The worst thing that could happen, as far as bettors hoping to see legalized sports betting one day in the U.S. is that revenue projections are likely to be much less than anticipated, which could prompt other states to shy away from the activity.
And if Delaware doesn't meet it's projected revenue from sports betting, it will give opponents of Barney Frank's bill ammunition to claim that it won't have the impact he claims.
All we can do is wait and see what happens in the future.
