How New York can benefit from legalized sports betting
- Author: Rogelio Becker May 15, 2018,
May 15, 2018, 13:15
As for a timeline, assuming the state legislature wants to pass a sports betting law, that wouldn't happen until next year at the earliest.
Some sports leagues have urged states to ban some prop bets, primarily the situational variety that can be easily impacted by a single player or decision without necessarily altering the game's outcome.
On Monday, the court struck down a federal law barring state-authorized sports gambling in almost all cases except Nevada. And if politicians believe they can get their hands into the lucrative bookmaking cookie jar, you can bet they will act quickly. The Supreme Court on Monday gave its go-ahead for states to allow gambling on sports across the nation.
"While other states will scramble to get organized for this massive move, Pennsylvania will be one of the trailblazers", Cooley said.
New Jersey's law allows people age 21 and above to bet on sports at New Jersey casinos and racetracks, but would ban wagers on college teams based in or playing in the state.
While it's probably impossible to accurately estimate, experts suggest that illegal betting in the United States is a $50-150 billion business - perhaps significantly more.
Now only Nevada offers legalized betting on sports, thanks to a grandfather provision in the federal act. Hours after the Supreme Court ruling, Central Valley Assemblyman Adam Gray announced he's moving forward to amend the California constitution, which now bans sports betting. "I'm sure there are some that would like to return to a poly-Amish time where people aren't spending that money, but the fact is that it's happening and we can either do it in a regulated manner or we can put our heads in the sand". "We already have pari-mutuel wagering on horses, and I think this is the next step and it's appropriate to do that".
Texas always fights gambling and normally is overrun by a Santa Anna-like charge armed not with guns, but with satchels of money. Some states see sports betting, like lotteries, as a potentially important source of tax revenue.
It opens the way for the liberalisation of sports betting, creating an industry which analysts have estimated would be worth around $16 billion, with around $250 billion in annual turnover.
Gaming has slumped in Tunica down from a high of $1.1 billion in gross gaming revenue in 2006 to roughly $575 million now.
Under PASPA, only four states met a 1991 deadline to legalize sports betting, with Nevada authorizing wagers on football, basketball and other athletic contests.
"Today's victory would not have been possible without the incredible bipartisan effort from so many in our state, particularly former Governor Christie and former State Senator Lesniak", Murphy said.
Leaders in the gaming industry were downplaying Monday the possibility that the expansion of legalized gambling could damage the integrity of amateur sports. States can now decide whether to legalize sports betting.
Shares of William Hill, the British bookmaker, plunged by 12 per cent last month after a report that the British government was going to reduce the maximum amount bettors could wager at fixed-odds betting terminals.
"The problem is with gambling - any kind of gambling - generally speaking, one of the two spouses ends up enjoying it too much", said Family Foundation Executive Director Kent Ostrander.