Sports betting at Monmouth Park delayed until June
- Author: Julie Sanders May 17, 2018,
May 17, 2018, 12:36
The ruling endorsed New Jersey's bid to allow sports betting and struck down a 1992 federal law that widely prohibited the practice, potentially adding a new line of business for many casinos and for betting technology providers such as Scientific Games and International Game Technology.
As it was New Jersey that instigated the initial challenge against PASPA, with its final legal bill amounting to $8.7 million, its natural that the state is one of the happiest to see the archaic act finally overturned.
States now can adopt laws regulating sports betting, though some already have the legal framework in place. The illegal sports betting market is worth billions of dollars annually.
The American Sports Betting Coalition estimates that as much as $150 billion a year is illegally wagered on sports.
"It is possible for Congress to ban sports gambling nationwide, but it can not dictate those terms at the state level", legal experts say.
"It remains to be seen how states will react to their newfound freedom, though this certainly opens the door to a large scale expansion of sports betting".
MA officials have begun to weigh the pros and cons of legalized sports betting, along with the "hows" and "wheres". States now are free to legislate on the issue any way they choose.
Everyone is talking about betting on their favorite sports team. But Delaware, Mississippi, New York, Pennsylvania and West Virginia are expected to follow suit soon after.
Now that it's legal, what barriers remain? . This is good news for a lot of esports organizations as NA is a huge market and sports betting has increased the pure potential money that could be gained from sponsorships. But the National Football League should be the last sports organization to use the word integrity.
Its hardly surprising therefore that since the decision was announced on Monday there has been an outpouring of opinions on the issue, including from politicians, sports leagues, and the gambling industry as a whole.
According to the AGA, the average sports book keeps only about 5% of the money wagered. "Sports gaming also provides the state with a revenue stream that supports critical priorities, such as investing in roads and schools, without increasing the tax burden on citizens". For example, he said, would it occur at a physical sports book or could wagers be placed online?
"I think everybody who owns a top four professional sports team just basically saw the value of their team double, at least", Cuban told CNBC.
One has already been proposed, although the bill hasn't budged since it was outlined about a year ago and was introduced in December. And there are serious doubts Congress wants to get involved. Prior to Monday's ruling, Nevada was the only state in the country where you could bet on a single sporting event.
"I think maybe on the surface it sounds fine", Bourne said. "There has been significant movement on the state level with no corresponding movement on the federal level". "We have to adapt to it, I think, a little more readily than some folks would like to".
"Today the Supreme Court sided with New Jersey in striking down the arbitrary federal ban on sports betting".
- The U.S. Supreme Court has cleared the way for states to legalize sports betting, but don't expect any quick changes to the status quo in the Tar Heel State. "We also will work closely with our clubs to ensure that any state efforts that move forward in the meantime protect our fans and the integrity of our game". These hedge funds, he says, can be public, or users can set them to private and charge a fee for people who want to look and learn from them.