Supreme Court to hear arguments Monday over sports betting ban
A 25-year-old federal law restricts sports betting to Nevada and three other states, but a challenge to that ban by the state of New Jersey has set the stage for the Supreme Court to decide whether the law is constitutional. If the justices decide the federal ban is an unlawful intrusion on states’ rights, such a ruling could open up more of the country to sports wagering.
Analysts estimate an expanded legal marketplace for the sports betting industry could generate between $7 billion and $15 billion annually in the U.S. That is up from a current $270 million in legal betting and an estimated $3 billion generated in unregulated black markets, including through unlicensed offshore operations in the Caribbean and elsewhere that take wagers online.
In addition to generating new business for casinos in the U.S., where gambling revenue growth has slowed in recent years, supporters say sports betting could provide a boost for professional leagues in the form of licensing fees for game data and enhanced viewership among fans.
Information from The Wall Street Journal