The Supreme Court has just lifted the ban on sports betting and has ordered states to tier down the 1992 federal law that had prohibited citizens from betting in the game.
This is considered a bright future for the US as several states across the country prepares to quickly offer sports betting in the wake of the court’s decision on Monday 14, 2018. Experts believe that America’s sports betting market could be the biggest in the world if only the practice was legal outside Nevada, New Jersey.
The court’s decision was based on the fact that the federal law violated constitutional principles limiting the federal government from controlling state policy, unconstitutionally forcing states to prohibit sports betting under their own laws, according to CNN report.
Justice Samuel Alito who presided over the judgment wrote in the 6-3 opinion, quote,
“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.”
Many stock prices have reportedly risen over the new development and many companies are expected to troop in on the sports betting market.
Meanwhile, the former governor of New Jersey Chris Christie who brought the lawsuit and the current governor, Phil Murphy both are thrilled over the news and the latter said he would start the implementation with the state lawmakers to enact a law authorizing sports betting “in the very near future.”
However, New Jersey officials said they would allow only certain types of sports betting, at casinos and racetracks, with a minimum age of 21 to participate.
New Jersey officials said they would allow only certain types of sports betting, at casinos and racetracks, with a minimum age of 21 to participate. In January when the case was argued, Christie said the state was prepared to act within two weeks of a Supreme Court ruling in its favor.
Gambling Compliance recently estimated that a fully developed US sports market – in which wagers were allowed through both land-based and digital channels – could generate annual revenue of $12.4 Billion, more than the size of the UK’s mature sports betting market.
Already, The American Gaming Association has estimated that Americans would wager over $12 billion on this year’s NCAA men’s basketball tournament alone, with just 3 percent of the bets placed legally through Nevada.
As of this day, the US sports betting market which is referred to as the “sleeping giant,” has awakened as many experts had predicted that the year 2018 will see a major transformation in sports betting. So far the NFL, MLB, NBA, NCAA and others prominent sports figures are most welcoming to the Supreme Court decision.