Sports gambling, also called sports betting, involves prediction of sport results by making a wager on the outcome of a sporting event. The legality and acceptance of sports betting varies from one nation to another. It also varies from one state to another. The legal age limit for sports gambling is frequently twenty-one years. Some of the sports that an individual may bet on are NFL games, horseracing, professional hockey, hound racing, and baseball. Some of the sports which are not usually accessible for gambling are golf, Indy 500, and tennis. A gambler can wager on sports in Nevada and Oregon where betting is legal. Wyoming also allows betting on sports but there is some ambiguity about the subject. Even though it is illegal to bet on sports within the US, there are various illegal bookmakers in each and every town and city. Other betting options include Internet and offshore gambling that are a relatively new phenomenon. Internet gambling is a little riskier compared to land based gambling because the gambler can not judge the quality of the gaming institute. Many frauds and swindles have become known within the recent years. On the flip side, lots of individuals successfully bet on-line and win regularly. There are many kinds of bets in sports gambling. Some of the popular types include spread bets, proposition bets, money line bets, over/under bets, parlays, and teasers. The winnings and procedures for these bets differ based on the bets themselves. All gambling wins and losses are to be reported to the IRS yearly and anyone betting an amount in excess of $10,000 will have to fill up a form for the IRS before starting the betting procedure. As outlined by surveys, seven out of ten adults in the US betted on some sport within the year 2005. The total revenue generated because of fantastic online football gambling site betting exceeded $12 billion in the same year. This shows that sports- betting is not frowned upon around other gambling since it really is a skill game where the comprehension of the gambler about a particular sport is tested as well as his betting abilities.