The U.S. Supreme Court busted Nevada’s monopoly on legal sports betting Monday, allowing more states to get in on the action and reap the tax benefits.
According to NBC News, “The court, in a 6-3 ruling, struck down a federal law that required states to ban gambling on the outcome of sporting events. The Professional and Amateur Sports Protection Act was highly unusual: It did not ban sports gambling nationwide as a matter of federal law, but it said the states were not allowed to permit it. (Nevada was grandfathered in when the law was passed in 1992.)”
Related: An ETF Game Plan to Play Major League Sports Opportunities
Dozens of states across the country are prepared to move forward quickly to offer sports betting and join in on what has become a lucrative industry. In a couple of weeks, you may be able to start wagering on your favorite teams outside of your March Madness office pool…
Currently, betting on sports (other than dog and horse racing) is permitted in some form or another in only four states: Delaware, Montana, Oregon and Nevada.
According to Forbes, “Estimates for the total value of underground sports betting range from $150 billion to as much as $400 billion, and one report estimates that expanded legal sports betting could generate around $12 billion per year in gross gaming revenue, which is the amount of total wagers less the amount paid out to winners.”
This also may negatively impact Nevada as other states open up and people won’t have to travel to Las Vegas to gamble on their favorite teams.
What will the future of sports look like? Will you be able to bet on games right outside of them? Where will the sports casinos open up in your town? W