The US Supreme Court has struck down a federal law that will allow states across the country to legalise gambling on sports including football, basketball and baseball.
US Supreme Court Paves Way For States To Legalise Sports Betting
This Monday, the U.S Supreme Court stated that states can now legalise sports betting. It upholds the legality of a 2014 New Jersey law permitting betting in sport at both casinos and racetracks. It is said that some states believed sports betting was incredibly similar to lotteries, as potentially hugely influential in tax revenue. This practically means that anyone aged 21 and above is now allowed to bet on sport at New Jersey casinos and racetracks but would prohibit wagers on college teams constructed in the state.
The Supreme Court took a vote, finishing 6-3 in favour of sports betting, with ustices then striking down the entire federal law. Samuel Alito, the voice of the majority opinion said: “The legalization of sports gambling requires an important policy choice, but the choice is not ours to make. Congress can regulate sports gambling directly, but if it elects not to do so, each state is free to act on its own.”
However sports betting is still not prohibited nationwide, with this ruling taking states a step closer to legalisation of betting in sport. Nevada was one of the first to legalise gambling, which is home to gambling capital Las Vegas. Draftkings CEO, Jason Robins, proposed that Americans wager approximately “$150 billion illegally each year through offshore, black market bookies.” This fantasy sports company have close to 10 million customers and active bettors across the country. He also added: “States are now free to allow their residents to place mobile sports bets with licensed, trusted companies based in the U.S. and that pay taxes here.”
Shares of several casino companies increased due to this new ruling, including Caesars Entertainment (6%) and Penn National Gaming (4%).