On Wednesday, BetMGM debuted their new seamless digital wallet feature that can be used in all 29 states where they are currently licensed.
This is a mobile sportsbook app industry first, as current regulations require that any sports betting deposits uploaded to a domestic book can only be wagered within that same state.
Regions where BetMGM Sportsbook’s digital wallet can be used include Arizona, Colorado, Illinois, Indiana, Iowa, Kansas, Kentucky, Louisiana, Maryland, Massachusetts, Michigan, Mississippi, Nevada, New Jersey, New York, North Carolina, Ohio, Pennsylvania, Tennessee, Virginia, Washington, D.C., West Virginia, and Wyoming.
The app is also available in Puerto Rico and the Canadian Province of Ontario.
BetMGM attained approval in each of these states before applying for regulation in Nevada. Users that want to establish this multi-state wallet feature must first register while inside NV.
“this innovative feature makes BetMGM the only legalized sports betting app to allow Nevada residents and visitors to wager in the state and carry their funds to BetMGM mobile markets nationwide…”
BetMGM Press Release From August 22nd
What’s intriguing is the minimum sports betting age from state to state varies in some cases. In Nevada and most other regions, players must be 21 and older, but Tennessee, Kentucky, Wyoming, and Washington, D.C. all allow 18+ wagering.
Why This Is Important
This development will certainly inspire other multi-state books to pursue a similar path with regulators. Soon, all of the current industry juggernauts could follow this playbook and establish nationwide accounts.
On the player’s end of things, it takes the pressure off of requesting a payout when leaving your home state and remove the need to start fresh somewhere else. This perk alone could propel BetMGM up the ladder in most gambler’s eyes.
What isn’t clear is the breakdown from the perspective of sportsbook revenue distribution. The accounting can become complicated if a deposit is made in Nevada on a winning bet placed North Carolina, and the resulting payout is collected in Michigan.
Why This Doesn’t Matter
Anyone seeking to utilize a sportsbook that can be used nationwide can simply join offshore gambling sites. No pesky in-person registration is required and accounts can be created in any state the book operates within.
These online sports betting sites are largely 18-friendly and several major brands are already as familiar to Americans as BetMGM and other domestic operators.
Some states prohibit betting on college sports, but international sportsbooks aren’t held to that standard and offer odds on NCAA games and matches in all areas they serve.
The move by BetMGM is a step in the right direction, but the impact on offshore activity will be minimal.