From a financial crimes perspective, it will be important for online betting services to have strong identity verification and customer screening programs. The same customer anonymity criticisms that have impugned growing industries such as virtual currency and digital payments are likely to affect immature sports betting compliance programs at the state level.
Customer identification may also play a key role in high risk consumer protection and market manipulation issues that surfaced in the Daily Fantasy Sports services in 2015.
$16.4 million was wagered on sports match-ups from June 14-30 in the State of New Jersey, during the first period in any month that sports betting was deemed legal in the state. The handle -- that $16.4 million wagered -- was a positive sign for the state, and its neighbor Delaware did not do so bad itself. From June 5-24, Delaware received roughly $7 million in sports bets as a legal environment for such wagering. Right now, the focus is on New Jersey and Delaware as the first states to take the plunge in allowing sports betting within their borders. However, many other states are considering legislation to follow suit, each seemingly with its own type of regulations and taxation plans in play.
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