The Odds Look Good for Sports Betting

Jan 12, 2015

Sports betting is a multi-billion dollar business across the globe, but it is still a new and unexplored frontier on American soil. Yet states across the nation are fighting to make offline sports betting a legal and thriving enterprise. New Jersey is the latest state to wage war against the federal ban on sports betting, citing that the federal ban is a violation of state’s rights.

Governor Chris Christie signed legislation in October that partially repealed the ban to allow sports betting in racetracks and casinos. Shortly after, the NCAA and the four major professional sports leagues filed a suit in hopes of stopping the legislation from taking place. The league claimed that the legislation was a flagrant attempt to violate federal law to operate, sponsor, license, advertise, or authorize gambling on any amateur or professional at casinos and horse racetracks.

New Jersey State Sen. Raymond Lesniak, says that general police powers gives the states the power to restrict where activities like sports betting can take place. In December, a New Jersey federal judge rejected the Christie’s bill legalizing sports betting in designated facilities, citing that the effort violates the 1992 Professional and Amateur Sports Protection Act (PASPA) – the federal law that currently bans sports betting in America. The upholding of the ban is a blow to owners of New Jersey casinos and racetracks.

The case has received national attention due to its implications for states’ rights and federalism issues, commerce, and anti-commandeering clauses in the Constitution. One of the main questions being, whether PASPA can prevent state efforts to allow sports betting without commandeering the state’s autonomy recognized in the Tenth Amendment.

In a world where Internet sports betting, fantasy gaming, and other forms of legalized gaming are embraced, many in the industry are questioning why sports betting is not allowed to operate in legal and regulated environments. Should New Jersey ever find a way to successfully challenge the ban, it would undoubtedly set off a chain reaction of legislation throughout the country as many states are desperate to find more profitable revenue streams in the recovering economy.

Most in the sports betting world, organized sports, and many legislators have conceded that the legalization of sports betting is inevitable. In the meantime online sports betting is a booming industry where enterprising individuals can make a fortune by offering consumers safe, legal sports betting opportunities. Learn more about starting your sports betting merchant account.

 

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Having a merchant account allows an account holder to take advantage of merchant cash advances. When a merchant is approved for an advance, the business agrees to receive a lump sum of cash in exchange for an agreed-upon percentage of future credit card sales.

Pricing varies depending on the merchant’s industry, past credit card processing history, the type of business seeking the account, average ticket sales, and average transaction volumes.

Yes, EMB works with merchants who are building their credit, as well as those who have poor credit. EMB also approves merchants that have no credit card processing history and businesses that have lost their merchant accounts due to high chargebacks.

Several factors influence a merchant’s risk level. Though only one factor likely will not get a merchant classified as high risk, a combination of these may: business size, location, and industry, credit score, credit card processing history, a industry’s reputation for excessive chargebacks, a prior history of high chargeback ratios, and whether a merchant exclusively sells online.

Virtual terminals are stationed on a merchant’s website, making it easy for customers to make a payment or purchase online. Merchants or a payment processor can easily set up virtual terminals, so online businesses can accept credit and debit card and e-check transactions.

A merchant account is a business account with an acquiring bank. Without this business account, which actually works more like a line of credit, a merchant cannot accept and process credit and debit card transactions. Businesses need a merchant account to accept major credit cards via a static point-of-sale terminal, mobile card reader, or through a virtual payment gateway.

After filling out EMB’s simple online application and submitting any necessary, requested documents, many merchants get approved within 24 and 48 hours.

EMB specializes in working with high-risk merchants. EMB works with many merchants, including but not limited to businesses in these industries: gambling and gaming, adult entertainment, nutraceuticals, vaping and e-cigarettes, electronics, tech support, travel, high-end furniture, weight loss programs, calling cards, e-books and software, and telecommunications.

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