Start Placing Your Bets

Previously, on August 9, 2016, the United States Court of Appeals for the Third Circuit ruled against New Jersey’s attempt to legalize sports betting. On May 14th, 2018, the Supreme Court declared a law passed by Congress 25 years ago as unconstitutional. This law, which banned sports betting in most states, will now welcome approximately $150 billion in illegal bets on sports . The Professional and Amateur Sports Protection Act, which was overturned, banned states from allowing sports gambling. Justice Samuel A. Alito Jr. said, writing for the majority said, “A more direct affront to state sovereignty is not easy to imagine.” Justices Ruth Bader Ginsburg and Sonia Sotomayor dissented, and Justice Stephen Breyer dissented in part.

After an electric 6-3 decision, six states have unveiled their interest in this new extracurricular. On June 11, 2018 New Jersey formally legalized and regulated sports betting. The other states that followed New Jersey are Delaware, Nevada, Mississippi, West Virginia, Pennsylvania, Rhode Island, and New York. Some of these states have not passed new laws regarding sports betting yet, however they have found a loop hole through older laws until a new law can pass. An addition of 18 more states and Washington D.C. are on their way to legalization. Experts say that even if states don’t face an abundance of new taxes legalization, the new law will lessen the black market which, in turn, increases tax income, but also to protect bettors.

The success of sports betting will likely vary state-by-state. For example, Pennsylvania and Rhode Island, have placed high taxes on sports gambling, while MGM casino in Nevada reportedly made an “historic” deal with the NBA to share data with bettors. However, it is important to understand the possible hazards of legal sports gambling. Until sports gambling is legal nationwide, one must be in a state where sports gambling legal. Even if that state has legal mobile sports betting, the law still applies within that state. Also, fantasy sports teams are under the scope of legal sports betting. Until laws become uniform or change, we should tread lightly and understand that this Supreme Court decision is regulated heavily and on a state-by-state basis.

There is no doubt that sports betting will continue to grow, and it looks like the sky is the limit.


Sources:

http://https://www.cnn.com/2018/05/14/politics/sports-betting-ncaa-supreme-court/index.html

https://www.nbcnews.com/news/us-news/sports-betting-now-legal-several-states-many-others-are-watching-n894211

https://www.forbes.com/sites/dustingouker/2018/07/12/where-is-legal-us-sports-betting-2018/#28e6ad92533e

http://www.espn.com/chalk/story/_/id/19740480/gambling-sports-betting-bill-tracker-all-50-states

http://https://www.legalsportsreport.com/23368/legal-sports-betting-problems/

Image:

http://https://www.annistonstar.com/opinion/hotblast/the-coming-of-legal-sports-gambling-in-the-sec/article_70b11326-69b0-11e8-843d-d7e29858a0ce.html

 

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