“The American Gaming Association estimates there is currently a $150 billion-a-year illegal sports-betting market.”
This week the Supreme Court of the United States invalidated a federal law that prohibited gambling on football, basketball, baseball and other sports in most of the US, clearing the path for individual states to give the go-ahead to legalize betting on sports in the US.
“New Jersey has long been the lead advocate in fighting this inherently unequal law, and today’s ruling will finally allow for authorized facilities in New Jersey to take the same bets that are legal in other states in our country”
New Jersey Governor Phil Murphy, a Democrat, said in a statement.
One of the guidelines of the statute is that 32 states of the country will have legalised sports betting within five years.
The consequences of this landscape changing event has already taken an impact on the industry. Since the Supreme Court struck down the nationwide ban on sports betting that has stood for more than 25 years the value of London-listed gambling firms, including 888, Paddy Power Betfair and William Hill, surged by more than £1.5bn within hours.
Gambling industry analysts said the scale of the opportunity for gambling companies would depend on how tightly individual states decide to regulate the industry. Opinions in favour and against are part of the agreement.
Opponents against this announcement argue that the legalisation of sports betting will attract young people to gambling, encourage people of modest means to spend their savings and earnings, and corrupt professional and college sports also.