Gambling

US Real Money Gambling Regulation vs European Models in 2023

US Real Money Gambling Regulation vs European Models in 2023

We can notice a significant rise in the popularity of gambling in recent years. The leading factor is related to the expansion of online gambling platforms. According to some studies, more than 25% of the people in the world are gambling on a regular level. 

If we count those who are playing some games from time to time, the percentage would be much higher. The fact is that we all love playing these games because they are exciting, and of course, there is a chance to win a great prize. 

Before you start testing your luck, the crucial part is to choose the right place. The selection of online platforms is especially important due to potential issues like scams and malicious files. 

On the other side, there is a huge advantage of choosing websites, which is related to common promotions these sites are offering to attract more players. The No Deposit feature is at the most popular, and if you are looking for a website with this feature, visit NoDepositHero.

Moreover, you should know that your location can greatly affect your experience. For example, there is a huge difference between gambling in Europe and the US. Here are the most important things to know about gambling regulations in the US and Europe. 

Legality

Legality

The available gambling options are the biggest difference between them. Europe is known for being more progressive with some laws, and the same case is for this industry. On the other hand, there are some states that are adjusting the regulations in an attempt to follow a similar approach.

There have been some significant changes made in the US in recent years because officials in many states recognized the advantages of allowing people to play online games, or to bet on sports. 

There is a long-lasting tradition in the US with determined spots where people can go to try their luck. The most popular are big casinos in Las Vegas and Atlantic City. Besides that, there are racing tracks where you can bet on horses. Also, the US has one of the biggest lotteries in the world. The PowerBall main prize can reach an amazing amount of over $1billion. 

On the other side, things are much more complicated with online casinos and sports betting platforms. The recent changes have led to the point where you can finally use these options. Still, in most cases, there will be only a few websites available. 

When it comes to legal regulations in Europe, there is a standardized institution that provides licenses, and most of them are centralized, which means that one country can allow a certain online gambling platform, while another one might ban the same. 

The key feature is that you can always choose form a wide range of platforms, which is great since you can enjoy a better selection of games, various promotions, and other benefits. 

Advertising and Promotion

If you are watching soccer or the Euroleague on some European channel, you will notice that there are so many ads from online gambling platforms. They are also allowed to be sponsors of clubs. 

The break between full halves will especially be full of advertisements from online betting sites, online casinos, land-based casinos, and other similar places. 

That will be quite surprising from someone who is from the US. Since online betting and casinos are not allowed in many states, the same is for the advertisement of these platforms. There are some changes made recently, such as the expansion of DraftKings and similar sites, but the huge difference is obvious. 

On the other hand, even though there are many ads in Europe, there are some rules companies must follow to get their place in the public. The first and most important one is to include a warning about addiction, and to highlight that gambling should only be played for fun. 

Safety 

Safety 

Both markets are focused on providing a safe environment for players. There are some standards in European countries where you must be at least 18 to register on a platform, and you must provide the details from your ID to prove that.

There are other types of safety measures. For example, you will have to provide the details of your bank account, but sending them won’t be enough in most cases. You will need to provide proof of identity, such as a selfie with your credit card. 

Those states where gambling is legal in the US are also following the same standards. We also have to mention the self-exclusion program. In Europe, it is known as GameStop. This is a great feature where you can ban yourself from playing, and once you do that, you won’t be able to create another account on the same website. There are also limited periods available, like one week or one month. 

What About Taxes?

What About Taxes?

Taxes for the money won on some online gambling sites were not so common in Europe until a few years ago when more and more countries started introducing tax rates. In most countries, there is a standard rate that is the same as VAT of a certain country. 

On the other hand, the US is known for being much more complex when it comes to calculating the tax, how much you should pay, and other details. For example, you can provide details about all your wins and losses, and pay for the difference, but only if it is positive. 

Besides that, we have to mention the feature where you can apply for some tax returns by adding your gambling report. The crucial part to understand is that gambling prizes are subject to federal tax. 

The Bottom Line

Even though there are some significant differences between them, we can see that many of the states in the US are looking forward to implementing the same or similar system that Europe is using to regulate this market. 

For you as a player, the most important part is to follow the regulations and choose only those platforms and places that are legal. That is especially related to those from the US. While there are many off-shore online casinos available, you should be cautious when making that choice, and be sure to only register on well-known sites.

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