On May 14, the U.S. Supreme Court issued a decision that struck down a 25-year old law, daftar poker which was known as the S the Professional and Amateur Sports Protection Act, explains Glenn Rogers, contributing editor to Internet Wealth Builder.
That law largely outlawed sports betting anywhere in the country other than Nevada It had been challenged in the courts by several states with the lead plaintiff being New Jersey. Now the Supreme Court has had the final say and the states have won.
As a result, any State that wants to allow betting on professional and college sports is free to do so and a number of them are planning to get started right away. A racetrack in New Jersey intends to have betting windows open in two weeks. Mississippi and West Virginia are likely next, followed by New York and Illinois.
It’s estimated that as many as 32 states will have legalized gambling over the next few years. daftar poker Of these, 20 states have already introduced bills that would legalize sports betting.
This ruling is a big deal for the gambling industry. A number of companies saw share prices jump on the news and by the time you read this they will surely have moved higher. But this is an enormous market. Some estimates run as high as $150 billion in the illegal sports betting market that exists today.
In Nevada alone, gamblers spend $5 billion figures in U.S. dollars betting on football, both college and professional, along with basketball and other sports. daftar poker Because this is likely to be a bonus for the states in terms of increased tax revenue, it is unlikely at this point that many will refuse the opportunity.
There’s still a chance that Congress will act to establish some federal guidelines. In fact, some participants hope it will do so in order to smooth out the differences that will emerge by allowing a free for all state-by-state implementation.
However, whether Congress acts or not it is entirely likely that legalized sports gambling is now a reality. Of course, there continues to be concern that this rollout of sports gambling will lead to corruption on a massive scale and result in athletes being ensnared in various forms of gambling scandals. daftar poker Be that as it may, it’s going to happen and the question now is who is going to benefit and how can we profit from it.
Interestingly, the companies with regional interests did much better than companies like Wynn Resorts WYNN and Las Vegas Sands LVS, which actually sold off after the news broke.