Business and Legal Issues in Sports

I would like to come up with proper platform for setting up the business and commencing operations. The business is set to thrive on the losses people make after they have placed their bets and they fail to get the correct prediction concerning the outcome of a game. This would take the shape of placing bets based on the “odds” provided by the business then waiting for the game to proceed to conclusion. After the end of the game, the business is supposed to either credit the account of the gambler or debit it based on whether the prediction turned out to be correct of wrong. If the prediction was correct, the gambler’s account would receive the amount which he ought to have received considering the odds of the bet and the amount of money he used as stake.

Whether I have questions on pertinent issues such as licensing requirements, liability issues and why I think the issues could be of importance to my business I have questions on pertinent matters which can affect the business in terms of compliance with the legal requirements. I would like to be on the right side of the law. I know sports betting is controlled by legislation but I do not know the extent to which this control is done by the government. I would therefore need to be briefed in the form of a legal opinion on the legal implication of sports betting on the betting business or company. Further, I would like some form of clarification on the licensing of the business and have an estimation of the money to be incurred on the licensing.