U.S. high court paves way for states to legalize sports betting

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The Supreme Court opinion means states can offer the same betting options as any other sports books, including college and professional sports, horse racing, golf, combat sports and non-American sporting events.

It does not mention sports betting, which, until now could occur only in Nevada where such gambling predated the federal law. Sports betting in Nevada, where it is now legal in some jurisdictions, reached $4.9 billion in 2017.

Striking down a federal law from 1992 that banned sports betting in most states.

The ruling reversed a law established in 1992 that prohibited most states from betting on sports.

Senate President Steve Sweeney (D-Gloucester) went a step further yesterday by introducing legislation that would establish an 8 percent tax rate on sports gambling - the same rate already levied on other gambling at casinos in Atlantic City - and a 12.5 percent rate on sports betting that will be permitted online through gambling websites operating with a state-issued permit.

New Jersey has been preparing in earnest for legalized sports wagering since 2012, and many locations are ready to move quickly.

He added, "We are looking forward to working with New York State officials to enable legislation that will allow this dynamic opportunity to become a reality".

"I don't believe this is the answer, I don't think that sports betting or the gaming expansion is good for my county or the area", he said.

By then, legal sports betting is likely to be well established in other states.

While professional sports leagues have been public in discouraging betting on athletic contests, the associations that govern them have partnered in recent years with oddsmakers and data companies in ways that will allow them to profit from sports betting.

"There is not an immediate effect of the ruling on Montana".

Grow says much like the lottery, legalized sports betting could have a huge tax benefit for the state.

U.S. high court paves way for states to legalize sports betting
U.S. high court paves way for states to legalize sports betting

Right now, sports betting apps work by using the phone's Global Positioning System to know whether the user is in a state or city that allows sports betting.

"I think that is the biggest sticking point", Hoskins said.

But some groups, such as conservative, Lexington-based group The Family Foundation, strongly oppose legalizing sports gambling.

No surprise that the stock market reacted immediately: Caesars Entertainment rose 6%, and DraftKings said it will enter the sports betting market.

Hawaii is now one of only two states - Utah is the other - without any form of legalized gambling.

According to research by UNLV's Center for Gaming Research, legal sports betting in Nevada totaled almost $5 billion past year, led by football - both college and professional - which accounted for $1.76 billion.

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.

Dallas Mavericks owner Mark Cuban on Monday said franchise owners were poised to hit the jackpot with legalized sports betting.

If single-game betting were to be legalized, there would be a need to protect sports from corrupting influences, he noted.

The Supreme Court is ushering in a new era of sports betting, and now its up to each individual state to make the final decision.

"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.

Even 14-time World Series of Poker bracelet victor and Poker Night in America's inaugural King of The Hill Phil Hellmuth struck up a sports betting legislation convo with his social media followers... although the Poker Brat's observations were quickly called on the carpet by iGaming analyst Steve Ruddock.

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