While betting on sports at a kiosk in New Hampshire one day soon may be a longshot, many states are gearing up to get ready for the 2018 NFL and NCAA season following yesterday’s Supreme Court allowing all states to proceed with plans for betting on professional and collegiate sports
Under the Professional and Amateur Sports Protection Act only Nevada was exempt from that 1992 gambling law.
Enter former New Jersey Governor Chris Christie. In an effort to boost gaming revenues in Atlantic City and elsewhere in the Garden State, Christie challenged the 1992 legislation and Nevada’s monopoly on legalized sports gaming.
It took six years and six different losses in court but following Monday’s 6-3 ruling in Washington, every state now has the right to institute their own forms of legal sports gaming.
The American Gaming Association estimated that Americans spend approximately $150 billion annually betting illegally on professional and amateur sports.
It was also reported that of the nearly five-billion dollars spent wagering on the most recent Super Bowl between the Patriots and the Eagles, 97 percent of it was done illegally.
Although Christie is no longer its’ chief executive, New Jersey seems to have inside track on becoming the nation’s second state to have legal sports wagering.
Bookmaker William Hill has already set up a sports book at Monmouth Park in Oceanport, NJ and at Borgata Hotel Casino and Spa in Atlantic City. Monmouth Park announced Tuesday that sports betting would likely begin on Memorial Day, Monday, May 28.
Delaware already has legalized sports gaming through its state lottery but bets are limited to pro football parlays. Governor John Carney is reportedly working on a plan to offer soon offer wagering on all pro and college sports.
How has pro sports reacted to the Supreme Court verdict? Major League Baseball and the NBA are looking to states for what’s being termed an “integrity fee”. It remains to be seen whether Monday’s ruling creates or eliminates a need for such taxation.
NFL Commissioner Roger Goodell is calling on Congress to create a “core regulatory framework” for legalized sports gambling.
While commissioners and other sports officials are mostly guarded with their reaction, Dallas Mavericks owner Mark Cuban in an interview with CNBC said, “I think everyone who owns a top four professional sports team just basically saw the value of their team double."